ANNUAL COST OF WAKEBOAT! Wakeboat Ownership, Episode 11

[@timetoride32]

Was the gas figure based off marina fuel?

[@wake_mann]

No, marina doesnt have fuel where I go. It was based on what fuel costs per gallon were at the time at the pump I go to normally.

[@timetoride32]

@@wake_mann Lucky. Haha. Marina fuel on the lake i go to frequently is around 3.50-4.50 a gallon. About 4 years ago it was the highest I’ve ever seen. 5.90.

[@wake_mann]

Yes, its similar here on the lakes you can get it and at the other end of the lake im on. Thats why I have a fuel transfer tank in the back of my truck. Rough to fuel up at the lake. There is a town really close to where we go too and the fuel is usually only about 30c a gallon higher.

[@dcasandman]

Boat slip cost Oklahoma 2400-3000 per year. Lift for 6-8k pounds brand new $10-12k for nice one used found for 5-7k but hard to find. If you are starting out new $1000 in boards, $300-350 in dock rope and bumpers $200 nice box anchor and rope $100 Trash life jackets to stay legal $300-600 for nice life jackets to use when boarding $50 for grease gun and grease for trailer $100 in detailing supplies to keep looking nice $500-1000 extra prop for unforeseen bad days on water $150 nice first aide kit $25-50 for nice tool kit for annoying small things

[@wake_mann]

Great info, thx

[@mcwaker1]

20 years!?!!?

[@wake_mann]

Yup

[@brentwhite2057]

Best part of this, great times with family and friends.... priceless!!! Love the vids.

[@wake_mann]

Hell yea, thanks Brent!

[@treysals]

Great video as always, one thing I wanted to add is with the market condition the way that it is I actually sold my used boat for $5000 more than I paid for it seven years earlier. This was on a boat that I paid $11,000 for and seven years later sold it for $16,000. I understand this is not a norm, but my previous boat. I also think I broke even after keeping it for four years. My advice is to buy a boat in premium condition and you will get over market value when it’s time to sell.

[@timmoore6656]

We have that 1% luxury tax also 😐

[@wake_mann]

Man that sucks, sorry. We have a luxury tax here on cars over $200k and motorhomes over $300k but nothing on boats so far, but its still only like $1750 for a $300k motorhome. Fingers crossed it stays that way.

[@timmoore6656]

@@wake_mann Quick question, do you wax the bottom of your boat? I was planning on cleaning the algae growth but it’s difficult cleaning the entire hull when on the trailer. I was wondering if people just wax the sides of their boat.

[@wake_mann]

Yes any place I use hull cleaner in try to rewax after just wherever you can, if you don't the build up will collect much faster subsequent times but want necessarily hurt the gel coat if you don't mind what it looks like

[@timmoore6656]

@@wake_mann Thanks WakeMann

[@wake_mann]

You're welcome!

[@ryanshimabukuro3283]

Another great video, Tim! I thought I was the only one who got OCD about monthly/yearly costs of boat ownership. Nice to know you share my secret shame, LOL! Just wondering if your estimates factored in the trailer maintenance costs at all? (tires, bearings, etc.). Because I always do that separately from my boat. Also, instead of hours, I use the number of wakeboard sets taken since I figured the boat isn't constantly on & running when we're on the water so hours, for me, doesn't give an accurate indication of fuel consumption. My 02' SAN 210 has a 39 gallon tank and with it fully loaded, can get anywhere from 16-20 wakeboard sets in. But if we have to travel far from the marina to get to the good water, and/or riders are falling a lot during their sets, that obviously eats more gas. Finally, do you collect money from your friends who ride with you for their time behind the boat? I was shocked to hear that some boat owners don't. I was taught from day 1, even before I owned a boat, that you always give the owner gas money for your sets behind the boat. Even if they deny, you make them take the money. Here in UT, with gas prices this year, I collected about $1,800 from riders who rode behind my boat, and I gave about $1,100 to those I rode with on their boat. It's about $10-12 a set per person (so if you ride twice per person, you're paying $20-24). Some of my regulars always are talking about getting their own boats, but discussions like this tend to change their mind really quick since they realize it's MUCH cheaper to give gas money than the cost & some times headaches of boat ownership. LOL!

[@wake_mann]

Thank you Ryan! I did not tale trailer maintenance into consideration for annual or hourly cost but tried to design the video so a person coyld add whatever variables they think are important. I'm planning on doing a 5 year cost and adding several other items in that video including depreciation. I think its a great idea to do a video on cost per wake set. I do charge people for the fuel they use and I've done it for years. I'm perfectly fine taking my boat out with just me and my wife and getting sets by myself so I'm not interested in paying for other people to ride behind my boat. Most are ok with this and those who are not simply don't come on my boat. I should base it off total cost instead of fuel maybe... I also make people sign a liability waiver as well, another video I plan to make. Thanks for your insight!

[@ryanshimabukuro3283]

@@wake_mann Thanks for your reply, Tim. I've never had any issues with people paying for gas money either, but I do know that some of my friends have experienced it & it blows my mind. But I agree with you, if they have any issues with it, they just don't get invited back. Many years ago, I thought about doing waivers as well, but my brother owned a wakeboard shop in Hawaii from 1995-2003 called RNR Surf & Ski (you might have seen it in old videos like Hit It, Skurf's Up, 24-7, etc) but he obviously had waivers for his business but in the end, it didn't actually protect him or the business since Hawaii was a "no fault" State. So I'd check on Montana's laws because in the end, a waiver may not do you any good. And I've spoken with some wake school coaches, and they don't do waivers either because in the end, it doesn't stop someone from suing them. So if they have to go to court for any reason, the lawyers will just argue for their side at that time. Just an FYI. Have a great weekend!

[@wake_mann]

Good to know, thx

[@lukewilson2739]

Storage is another thing many of us have to consider. Big expense every month when in an urban area.

[@wake_mann]

I agree, add the variable which apply to your scenario.

[@jerrodbuckner7793]

Thank you so much for doing this! Considering opening a wake surfing business and this is vital information to consider.

[@wake_mann]

You're welcome, glad I could help!

[@sswebster1]

Boat slip cost?

[@wake_mann]

You will definitely want to add any other variable which would apply to your specific scenario. I've never paid for a boat slip but I did pay for storage at one point in time.

[@reedwymond5404]

You’re still paying for storage...it may be attached to your house but it ain’t free. Ok I’ll stop now...

[@wake_mann]

Very true!

[@wake_mann]

@richardredhead me too! Luckily real estate is much cheaper in mt and wy.

[@toddhewett1027]

Good break down, but you missed something. Storage. One of the reasons I chose the older Tige vs newer MC was storage fees and arrangement. The Tige had been stored by the previous owners outside in Helena, so I knew keeping it here at home and not paying anything for storage was an option. The MC would have been stored inside when not on water. We have half acre and can build, plus I had permission from wife to do so, I still thought it was silly to build a boat garage here. Nothing against that, but we are also looking at land outside of town to build a shop and possibly a cabin type thing. I spoke to 2 lenders here about loan rates... and both were unacceptable as of May 2020. Depreciation... Here is some comparison for you Since we live out on the west end, last fall I bought a 03 BMW 325xi( awd sedan) as a kid taxi beat around car.( NO OIL LEAKS!!!!) price when new aprox $38k. Price I paid last year $1k ( i had to fix some things, CV axles, brakes and tires) so more like $1600 to get it where it is now. The Tige is also an 03, 20v riders ed... new cost was from what i can find was $45-48k.... We paid $25k for it. ( we had $47k saved for boat) and that price is less than what it books for( even tho I dont go by what the nada says because they dont count for hours on the engine in their estimates). So for people that want to be worried about the value of their boat depreciating, well they do.. just not nearly as fast as cars. Another thing viewers should realize before commenting is, that is your life and your money, not theirs. Could we invest in things that make money, yep. And some of us do that too. Me personally the only way I will break $100k for a boat will be a center console with 4 or 5 Mercury 450Rs mounted to the back.... but that will also require me living in south beach.

[@wake_mann]

Thanks for adding yout info

[@matthewtudhope3201]

Great video! From my own experience I know the first year is always a bit more expensive, life jackets, ropes, buoys, dive knife/mask, cleaning/detailing supplies, etc. (disregard if not your first boat) all add up rather quickly. If you want to get really into the weeds, trailer maintenance could be considered as well. New set of tires every few years depending on how much you are towing, etc. No two ways about it, owning a wake boat isn’t cheap, but I happily cut those checks. Nothing like the time/memories spent on the water with family and friends!

[@wake_mann]

Thank you Matt! Good points.

[@taylorleevers8341]

What about depreciation? If you buy new, depreciation probably doubles this cost to 20,000 per year

[@wake_mann]

I discuss depreciation and my thoughts about it in the video. If you habe a monthly payment for most of the purchase pruce then i think its covered in your monthly payment. If you dont have a loan then you should probably figure in a depreciation amount.

[@reedwymond5404]

Depreciation doesn’t have anything to do with whether you have a loan or not, it’s just the boat itself going down in value over time. If a boat depreciates 20k over six years that money is gone. If you took out a loan for the boat, you paid interest for the privilege.

[@wake_mann]

Reed, all Im saying is if you are including a boat payment for most of your purchase pruce then there is no reason to calculate a depreciation cost as your monthly payment will likely be higher than your depreciation cost. If you dont have a monthly payment and boat is paid of then I would figure in an annual depreciation cost. Im not saying they are the same.

[@reedwymond5404]

Right, they are separate issues. If you paid cash for a new boat, 100k let’s say, and sold it for 80k six years later you would be out 20k. The same would be true if you borrowed the money to buy the boat. You’d be out 20k. The interest you paid to borrow the money is a separate issue. Without getting too far in the weeds it is conceivable that you could owe more on your boat loan than your boat is worth. That is what they call being “upside down”.

[@wake_mann]

Yes I explain being upside down in my most popular video which is referenced in this video and the example I use assumes you will not put yourself in a situation to be upside down. But a valid point nonetheless. The fact is there are too many variables to put a very accurate number on annual cost of ownership and this video merely provides tools to help a prrson estimate it.

[@HenryPetit1]

Depreciation, is such a complex part of the discussion right now. With prices as they are now I expect my 2017 21VLX to almost be worth what I paid for it 4 years later. which I believe to be absurd

[@wake_mann]

I hear ya, crazy things are happening in the whaleboat world

[@reedwymond5404]

Seems like a fair assessment. If you want you could also take a look at opportunity too, say you invest $868/mo for 20 years and make about 7% you could be looking at close to 500k.

[@wake_mann]

Yes, but how would you wakesurf on your money in an account, haha.

[@reedwymond5404]

True that! Just a thought...

[@wake_mann]

@@reedwymond5404 your point is very valid and I'm not discrediting it. There is a fine balance between enjoying your life now and building your future.

[@brentwhite2057]

Do both! The boat and invest, winner chicken dinner!

[@reedwymond5404]

Sure, why not?

[@ducati_red9162]

You should cover ski boats!!! Also how much does it cost to buy land somewhere and build a boat garage there?

[@wake_mann]

Noted

[@gardenmamacita]

You gave a good explanation as to why you chose the total payment over breaking out interest and depreciation. But interest can be a very high cost for those with less than stellar credit. Like how you discussed higher depreciation in first few years. Well done! Really enjoyed. 😃

[@wake_mann]

Thank you! I agree, interest can be a huge cost if your credit score is low.

[@andrewdorland9350]

hey I love you're channel! Im only 19 and was curious if you had any suggestions of things I can do now for wake boat ownership in my future?!

[@wake_mann]

Thank you Andrew! I would say you should do your best to target a career which supports fast growth. Also, do as much research as you can to develop your money making skills. You are not limited to one source of income. Lastly, do not let someone else's life or way of thinking limit you.

[@andrewdorland9350]

@@wake_mann Thanks! I will definitely keep all of that in mind. I will start looking for a second source of income! Again thank you, means a lot.

[@wake_mann]

You're welcome. Maybe I will do a video about how I've put myself in a position to buy a wakeboat at some point.

[@andrewdorland9350]

@@wake_mann Great idea! You'd have my view.

[@clarkgwozdecki6782]

Ahh spent more on strippers and booze in the 90's every month. Just buy the boat and dont worry about how much it costs

[@wake_mann]

Very good point!

[@jerrodbuckner7793]

Could you do a video on when someone should sell their boat based on hours. Along with that if buying a used boat, how many hours is a good margin to buy used. Thanks!

[@wake_mann]

Great idea, noted!