What is the Cost of Boat Ownership

[@SeanHorsfall]

Have you ever sold a boat to close to, equal to, or more than you paid for it?

[@1ststater611]

Sean Horsfall Never

[@gvmesut]

Sean Horsfall no never. There is no any boat that hold it’s value.

[@1ststater611]

@@gvmesut If you want to dispose of your disposable income, it's a good investment ;-)) Sold my boat (26' cruiser) little while ago and could not be happier. Did have fun while we had had her for 8 years, but, the last 2 were f'in awefull. Dealing with mechanics, boat brokers, the marina (s), etc...etc...is f'in ridiculous.

[@boatinglessons]

@@gvmesut we are not saying it is common, and yet seen it happen a couple times. It is a little more common in Canada (or outside the US) as the exchange rate and increases in boat prices can have an impact.

[@jayb7675]

I've owned 5, not even close. The idea that a boat holds it's value is absolutely ridiculous.

[@calin7017]

Guys, guys, for anybody who thinks a boat is a money pit, there is somebody else who thinks a bike is a money pit, a vintage car or a horse or a snowmobile is a money pit as well. Bottom line is, you reach that point of no return in your age where you know that if don't do it now, you'll never have another chance to do it. The rule is simple: don't buy something that you cannot afford and cannot handle, period.

[@noulafrantz8589]

Well said 👏

[@opinionsrlikeaholes359]

THANK YOU!!

[@supertruckerextraordinaire]

Im gonna tell this to the wife! Now shell let me buy a new boat!

[@groslait7814]

@@supertruckerextraordinaire😂

[@quantumtechcrypto7080]

All those other toys don’t float on a lake of metal melting liquid.

[@AlabamaSkunkApe]

One example for me was an unusual situation. I purchased a bow rider from a local military family who had been given orders to Europe and had to sell the boat in two weeks. The price should have been $35-40k, however he was only asking $24k. I just knew there was something bad wrong with the boat. We went for a test drive on the Alabama river and the boat performed flawlessly. Wrote the officer a check and took the boat home. My family enjoyed the boat for 8 years. Literally never had a problem and simply did routine maintenance. Sold the boat for $24k.

[@boatinglessons]

Gene, that is some great boating value...thank you for sharing!

[@miguelarreguin64]

Boat hacking awesome 😎

[@michaelstone1407]

I live in a resort community in Wisconsin. To rent a slip is minimum $3500 and goes up to $8000 if you want to be in one of the marinas. Bouy rentals are $1500-1800. Add that into the other costs and now you are at $3200-9200 a year.

[@crisprtalk6963]

I got a very good used Bayliner.... rented it out at our lakehouse.. one year later.. free boat.

[@boatinglessons]

Great plan!

[@acousticmikeb8119]

I live in the northwest US. My boat was 180k used, annual moorage is $6,000. Annual maintenance, insurance, repairs, replacements, upgrades and fuel costs average probably $5,000 per year. The value of the boat is probably $150k after 5 years, but there would be a 10% brokerage fee and my state charges a 9.8% asset transfer fee on the sale price. Lets do the math on a sale after five years using your formula: 180k cost+ [(6000x5) + (5,000x5) operating costs]- [(150k - 29,700)net sales price]= net cost is 114,700 spread over 5 years, or $22,940 per year. And for people considering buying a boat it is EASY to spend 200k to 500k or more on a boat. Unless you buy the cheap boat in this video’s example that you keep in your yard under tarp, annoying your neighbors and attracting rodents to live under your boat cover while chewing your wiring throughout winter.

[@supertruckerextraordinaire]

I do things in life based on enjoyment…not if other people think its affordable. The value in boating is the fun and memories we get from it. Real boaters get that. Its a passion and a lifestyle….wanna invest then go to the stockmarket.

[@mrrusty1965]

He mentions it at time stamp 4:35 😊

[@incontruth4116]

If you’re worried you won’t be able to afford a boat you’re probably right.

[@boatinglessons]

Worried is not the word we would use...more "informed"

[@ascent3487]

i bought a 15ft boat with a running 2 stroke engine. 2 weeks ago, the starbord, port lights are brand new got them for free since they followed with the boat., lantern i got for free, the only thing i paid for was the new paint, ancher, rope, and some boat cleaner, there is no fee to let your boat out at the marina here, i already have first aid kit, and a fire estingusher, i only use it in the lakes here to fish. the boat cost me 1709 pounds including a good trailer. and i have just bought 175 pounds worth of items. so it really depends on person to person, but i really like your opinion it helps people understand that owning a boat is not cheap, and i have a boat saving fund of another 2000 pounds just for emergency if i need new parts or anything. so money wise its planned out, and i love taking my dad and brother out fishing every chance i get, its really worth it the memories i get is priceless. and im the same as you i want my kids to grow up with boats and make a good memory with them, when it comes to fishing and the ocean. in my personal opinion if you have the money and the time i would say buy a boat, you will not regret it, but dont buy a to big of a boat.

[@jimjimmyjam8242]

It all comes down to how much you enjoy boating. Its not cheap but its not very expensive either. Is it worth it for me and my family? YES! Is it worth it to others? Probably not. I didnt buy a boat for resale value I bought it to enjoy it.

[@boatinglessons]

Couldn't agree more Jim!

[@WilliamDraper-ym3nv]

I worked the boating market with two different diesel engine manufacturers. Diesel engines cost more upfront but use less fuel, often have lower insurance rates for the entire boat. Many owners of boats with with large gasoline engines have upgraded to diesel in recent years. I thought the video was excellent, as a rule of thumb boats that operate in salt water require 10-15% of the original cost of the boat in maintenance every year. Boats used for family activities typically have a small item added to the boat every time it is used. It can be additional carpet, more fishing poles or a big upgrade would be addition of a generator. All of this can and is a lot of fun but it is expensive.

[@solidsnake4022]

Let's not forget the cost of a boat trailer and cost of truck to tow the boat. If the boat is left in a marina slip or storage place then that is an additional cost.

[@brandonhunziker9686]

The best way to really understand boat ownership is cost per hour of use. That's the only way to really judge whether it's worth it to you. My back of the envelope calculations for a $70k new boat - OTD - with 45 hours/use per year (15 x 3 hour trips out) - is about $200/hour over five years. That includes taxes, insurance, gas, maintenance, and depreciation. Could be more, could be less - but $175-225/hour for time running the motor is a good rule of thumb for a 22' foot new boat today.

[@boatinglessons]

Brandon, are you factoring in depreciation to that calculation? Wondering if making an assumption on what it is worth in say 5 years, and baking that out, would dramatically change your numbers or had you already factored that in?

[@brandonhunziker9686]

@@boatinglessons As noted in my post, "That includes taxes, insurance, gas, maintenance, and depreciation." Let's do the math:

[@brandonhunziker9686]

@@boatinglessons I've tried to leave a longer response with the full breakdown of costs, but it's not allowing me to. But there really is no way around it - $175-225/per hour of engine time is a reasonable estimate for actual engine running time. Tell that to your customers. :)

[@brandonhunziker9686]

@@boatinglessons I sent you a message at Len's Cove's website with more details.. But upshot is - owning a new $70k boat costs about $3-4/minute for time spent on the water running the engine. :)

[@MrMediterrano]

In the equation are missing: 1) Marina costs (permanent berth + stopover fees). In the Mediterranean, they can makeup 20K+/year 2) costs of refitting (sails, standing rigging, engine, dingy, outboard, A/C, etc)

[@NiaEsto]

And how much is that? Let's say in Berlin?

[@CR-qu5jc]

No it stands for “Break Out Another Thousand”

[@magnemmar4869]

Seriously. "Bring On Another Thousand" implies someone is giving you another thousand. Which they aren't. Unless you're a boat mechanic, in which case it totally means "Bring on Another Thousand"

[@Larry_Kabberga]

Minimum 5% depreciation per year, 1K in storage, $500 in fuel, $400 insurance, $600 winterization/summerization, $500 other repairs/updates, $800 gas, $2000 marine slip....your talking 3k/year MINIMUM no exceptions, but can go up to 6-7k easy

[@scottkuhn]

500 gas, 800 fuel? What am i missing?

[@andychips6923]

$600 winterization/summarization? Lol uhh no..

[@qualitymarine2081]

i have been servicing boats for over 35 years and been on them since i was a kid in the 70s you had the larger cruisers and the wealthy owned them and you dreamed of owning one . but the average guy that owned one had a 20ft or smaller and that was a big deal then. understand this i have seen people buy boats because of the fun factor. they buy them thinking they can beat them up ,not maintain them, and they go down the water and they should just go and go. wrong they are vessels that have engines like your car but your car has wheels . boats and there engines would be like towing a camper up a hill behind your car and hill never ends.they are put in the harshest environment water,sun,load and you want it to never fail . i have seen the guys that take care of there rigs and run them for decades. i have seen more of the newbies lately think it is this toy they wanted and could not take care of it and bitched about the cost of running it. so its not the boat is the issue.there are people that want it but cant afford it or learn what it takes to keep it going. so dont buy one and bitch when it takes a shit because of a failure or a lack of education it is not the toy for ya. and i work on boats for a living for 35 years people today dont take long trips they sit on them at the dock. a new rig today is 40000 for a little pontoon and that will need service and repair if you beat the shit out of it and then you want to sell it and get your money back that wont happen.

[@boatinglessons]

All true statements GD :)

[@henrylawson430]

I bought a boat for Australian $15k in 2007 and sold it for $15k in 2012. The only thing I replaced was the toilet and outboard.

[@stoundingresults]

I own 3 vehicles (truck, car and motorcycle), they were cheap when I bought them. It's a pain in the ass removing car covers and cycling the use of each so batteries don't die and to keep engine seals hydrated. I would rather rent a boat than have more junk I need to mantain. Dry rot tires are a money pit. Registration and insurance on a car you use less than 3000 miles a year is a money pit.

[@SGTSpliffer]

The greatest day is when you buy a boat. The second greatest day is when you sell a boat.

[@sschevy8558]

Would love to own one for my kids but my God it’s like you can’t afford one unless you make $100,000 a year

[@sschevy8558]

@On A Mission No idea what you mean so I’ll just say, hey thanks for stopping by.

[@thatguyjoe007]

@Mission Gameliel The man was having a private talk with God about how difficult is is to own a boat. Why do you see the devil in everything?

[@warlordop713]

More than $100,000 per year. My parents both make $250,000 per year and can barely afford a 30 footer or so they say. Maybe just being cheap, lol.

[@kentalkins6032]

Looking at a 1988 searay 34ft sundance-twin 454-a c- generator. Great interior & very clean. Around 1000 hours. Last survey 2020. Only used 5 times on lake Simcoe. Should have another survey. What should I look for on water test. Your comments appreciated

[@NiaEsto]

Thank you for this. Can you explain the meaning of 5:50 right after you recommend us to buy in autumn/winter?

[@alancalvitti]

slip costs? shore power? water? any taxes? can you break down maintenance costs? - this video gives no more detail than a brochure.

[@greatmusicgoodfeel826]

In Canada, We have a Bayliner 275. Monthly slip cost 340 bucks a month year round. The power approx 25, Yearly maint doing everything approx 1000. The trick , Keep learning with youtube info, do everything yourself. Easy to change oils, If you cant do any work yourself plan to spend big money. On Vancouver Island The rates fir a Mechanic is outrageous $$, $$$. Yes I was told my motor had to be taken out of my boat at 450 hours with a starting 10k . I did everything to spec using the best parts I can get , costing approx 2500 that year. Hope this helps. Love my boat

[@boatinglessons]

Alan, it is a good idea to do a more in depth video in the future, I agree.

[@Freedo1234]

Owning a yacht is the most stupid and expensive thing of my life , Over the past 2 years it had caused me so much trouble and worry . It almost drive me crazy !

[@TheUrbanEpicure]

I would have hoped for A LOT more detail on maintenance cost, some of which is actual fixed cost, as most engine require an annual (small) service regardless of the hours you put on them, as well as anti-fouling, which is different from winterization. Can anyone tell how much they are paying for maintenance on their modern 200-250hp outboards at 50 engine-hours per year? That is if everything is done by an OEM-certified tech.

[@dude4173]

I don’t like how everyone includes storage as a cost. Many of us own homes where we can park the boats? Also, aren’t boat owners mostly home owners? Why can’t you just bring the boat home afterward and save the cash? I know it means more work but if it’s $500 a month to store a boat, it’s a no brainer.. park it at home and cover it.

[@michaelstone1407]

Valid points; however if you live in a gated community or other type of homeowners association, parking your boat/rv in your drive or yard might not be possible.

[@dude4173]

Michael Stone Ah, fair point. I live in a Non HoA community so we can park our boats in our front yard if we want 😝. Not that I would, but yeah.

[@WayneTheBoatGuy]

Some of us live very close to a marina and keeping my boat in the water means I use it a whole lot more because I can just walk down and hop on.

[@jims3114]

@Mission Gameliel As with many fixed keel sailboats. There are some smaller models and swing or retractable keel models. I have a vehicle with almost no tow capacity. Also with trailering a sailboat you get to set up (step) the mast every time you put it in the water.

[@MarcAOuellette]

When I was 14 I asked my uncle how much his boat cost. He said if you have to ask you can’t afford it

[@Flow_State1991]

Does this apply to live aboard yachts?

[@PennWolfsSailingAdventures]

We always said "bust out another thousand"....

[@deadastronaut2440]

Thank you for a very informative and helpful video

[@boatinglessons]

Our pleasure!

[@teretere9038]

do fishing boats eg Kingfisher 3425 GFX vs a fiberglass cruiser boats

[@boatinglessons]

That would be a very specific comparison video which we have avoided so far. We think we’d be too bias on brands.

[@willtell7023]

Like some of your vids. This one confused me. Mist have missed something. The math on your example did not come out as shown. $16385+$1950=$18335 $18335-$15475=$2860 $2860/3=$953.33

[@darrellfoster5889]

Great video!!! Great advice!

[@boatinglessons]

Glad it was helpful Darrell!

[@dogfacesailor]

Just paid $9k for a $12k TROPHY 2002 WA in 98329. All safety gear and ready to go into the water (with 50 gallons of fuel) Minus any outboard motor, what is my hull worth in 98% condition, buffed with new decals on the hull?

[@boatinglessons]

Have you tried running it through NADA to see what it says? We rarely sell boats without engines, so I would be truly guessing.

[@davidkiker3786]

Incredible video, just subscribed.

[@gabeross515]

Make that two

[@boatinglessons]

Thanks David!

[@boatinglessons]

@@gabeross515 awesome, thanks!

[@jamesjoyce2528]

Don't be fooled. Boats have *horrendous* depreciation. Boats depreciate worse than cars -- and cars are a terrible purchase, from a financial point-of-view. Anything with an engine is a bad "investment," which is precisely why businesses are given such generous depreciation tax writeoffs. And at the top of the depreciation curve are boats and airplanes.

[@boatinglessons]

James, I have to respectfully disagree and that is ok. :)

[@crazy10seven]

Airplane market is insane now, some planes are valued 2x compared to last year

[@rjimbowintergrove5813]

Great video!!

[@boatinglessons]

Thank you Rashard!

[@maksimosiychuk1669]

Sean! Thank You for providing tremendous value in your videos. I am in the market for a wakeboard boat. Wanted to find out what brands provide the best quality boats. Would you be able to put the brands in order from best quality to worst? Thank You for your help, Max.

[@boatinglessons]

Max, did you end up buying? If not, I am happy to do that although there will be some bias there.

[@mariov4717]

@@boatinglessons I am in the market for a Deck boat. Could you do a video on Deck boats? I'm currently looking at the Tahoe 2150CC. Thanks!

[@tankeater]

Bust Out Another Thousand...

[@davecummings7477]

Left out trailer maintenance

[@SigXman]

Owning a boat is expensive. Have a good friend who’ll let you borrow his.

[@J3ff415]

Is a 1994 Donzi sweet 16 a good first boat ? I’m looking to use it half the time n rent it out the other half . I live in Hawaii . Thank you

[@boatinglessons]

That is a beautiful and classic boat. I would say it is going to be slightly repair and maintenance intensive though. What is the engine? I assume you are using it in salt water then?

[@rileytavares4087]

Only in the US it’s this expensive

[@1ststater611]

Do not own a boat unless you can afford 10 times it's worth. Boats are NOT an asset. Boats are a money pit.

[@boatinglessons]

There are some cases where you are right, and MANY more where they really are very affordable to own. Everyone needs to be well informed. Thanks for the feedback!

[@cme4brain11]

As are any non-investment such as a car, RV, and TV/electronics. Expensive yes, but I can put 10 people on my boat and have a great day on the water. How many persons fit in your car, and what fun are you having?

[@alexg8460]

I am a huge diy guy and have a home to park it but im afraid of the cost to own it. Something around 20 or 30k for a 24 or 26ft boat cruiser. 2006 ish

[@mococaboy17]

yeah but think of how much puss youre going to get

[@heyarnold7256]

What if you want to live on one?

[@reed7562]

Watch it at 0.25x

[@dewantausifyarchowdhury2449]

Just rent it out a few days a month

[@boatinglessons]

Yes - that can offset most of your costs for sure

[@guilemiran4059]

Some of these videos are stupid. We want to know about how much the docks charge. How much are insurance fees gasoline. Your talking half the video of the price of the boat. I already know that there's expensive boats and cheaper boats.

[@boatinglessons]

Those rates vary wildly in different areas, so we kept it pretty general. I guess in hind site we could have given an example from our own marina. Thank you for the feedback!

[@lukehelsel4496]

Does anyone have any specific brands of boats that hold their value or, better yet, appreciate in value?

[@CR-qu5jc]

Absolutely none appreciate, some brands that might depreciate less and could be more dependable are Grady White, Boston Whaler and Chris Craft.

[@user-cu6zs2en9p]

A in that are is it

[@boatinglessons]

Not sure I understand

[@williamsimotas1231]

this video is not helpful

[@johnbarron4843]

This guy talks 0.5x speed too slow

[@boatinglessons]

Practice will make me better eventually :-)

[@srossano]

Len's Cove Lessons in Boating - I think Sean does an outstanding job at delivering the message clearly and concisely. Thank you Sean!!!!

[@dredma1]

KZbin let’s you change the playback speed.

[@TMcD3]

Agreed! Sean you do a great service to owners and future buyers. Yours are the few videos I come away with useful information especially when it comes to looking at used boats. I’ve been renting Bowriders and the more I try to talk myself out of a boat the more I want one.

[@quantumtechcrypto7080]

Another ten thousand

[@j-hickz4078]

I like this guy.. what's your Instagram buddy?