beat this! money lost on boats!

P

patrick and linda

New member
so, just for the fun of it i decided to figure out how much this boating gig has cost me over the past 20 years. i would love to hear your story as well! lost
25' maxum, cost + tax = 26000 sold for 23,000 - 10% comm. 5,300.
31' silverton, 74075 50,000 24,075.
16' yamaha jet 13000 6,000 7,000.
41' carver 191,700 169000 " 39,600.
12' zodiac 12,900. 10500 3488
23' trophy 34450 20000 14450
22' c-dory 49000 31000 18000
___________________________________________________________
total down the drain! $111,913.

lessons learned:
1. pay cash or don't buy
2. stop buying boats
3. drink more beer and think less about boats
4. stop buying boat stuff i don't need
5. look for another hobby

so, hope this exercise in stupidity helps you from becoming like me!
pat
 
Hi Pat,
I think you should cut yourself some slack for depreciation and use time.

My previous boat was a Bayliner Cuddy cabin that I bought brand new for $14,000. I used it hard for 7 seasons (but maintained it) and then sold it for $9000. I think I did quite well to run it for 7 seasons and get $9k out of it. I suppose if I added in maintenance costs the numbers would not look as good but there is definite value in the hours logged on the water.

It's a little more difficult with some boats but you minimize your exposure if you keep what you buy and use it beyond the date of the last payment.

For example, my Toyota truck is paid for and I plan to drive it until it disintegrates beneath me (ha ha).
 
1977 Apollo 17- bought for $1800, Received $2500 in trade toward- (net +$500 after minor repairs)
1973 Glas Ply 21- boght for $5,000, received $5,000 in trade toward-
1969 Chris Craft Cavalier 26 Futura- bought for $7000, sold for $8500 (net total now $2000)
1967 Chris Craft Constellation 30- bought for $6900, destroyed in winter marina collapse- insurance paid $9500 totaling boat (net $2600 for new total of $4600)
1971 Chris Craft 31 Commander sedan- Bought for $11,800. New drapes, carpet and FWC. Used two years. Sold for $27,000. (Net $13,700 after repairs, new total $18,300)
1972 Chris Craft 35 Commander Sport Sedan- bought for $45,000 (including shipping from New Orleans). Replaced one 454 engine, sold for $45,000 ($3000 loss after engine repair, new net $15,300)
1985 Carver 3207 Aft Cabin- bought for $35,000. Lost one 305 engine, replaced ($2500 cost) only to lose it again (long story). Survey value of $50K used in divorce paperwork (dumb mistake), sold boat with bad motor for $25,000. (Net loss $12,500 (leaving divorce out of it) leaving new total net now $2800)
1986 Bayliner 2560 Trophy- bought for $4000, installed new motor, did upgrades. Sold for $12,500 (net $4000 after repairs- new total now net $6800)
1988 Bayliner 2988 Avanti Command Bridge- Paid $6000. Repaired steering, outdrives service, bottom painted, reupholstered bridge. In boat about $7500. Work in progress, but worth around $10,000 currently.

So, except for the $25,000 loss in the divorce, I would be up about $8,000 in my boat adventures. I have bought boats that were good values. Some needed lots of work, some just soap and water. The current boat was one I couldn't pass up because the price was right. Even with some unexpected expenses, it looks like it may turn out to be a good value.

Now if I just had the income to finish it, and the use tha damn thing! :?
 
I think I might be ahead of break even here goes

84 16 ft Bayliner cuddy paid $6900 sold $6500

85 19 Bluewater cuddy $16000 sold $12000

89 23 seaswirl cruiser $23000 sold $19000

82 21aquasport $6900 sold $6200

90 17 renken bowrider $4000 sold $2500

95 17proline c/c $5500 sold $5000

98 21hurricane $15000 sold $12000

99 24 glastron cruiser $23000 sold $21000

04 19 hurricane $20000 sold $17000

02-04 boat condo $19000 sold $40000

99 22 c-dory cruiser $26000 sold $26800

06 cape cruiser $ still spending not yet

So after all is said and done I think I'm ahead$ 8000 not bad for over 20 years of boating fun If I take out the boat condo I'd be behind $12000 . Anyway pick the right boat buy low sell reasonable and it's a win win for everyone .
 
Matt, I'm afraid to list my boat plusses and minuses.

OTOH, how would you like to handle my investments? Sounds like you do pretty well with the floating stock, how about the other kind?

As Seawolf Joe says in his signature, "Most of my money was spent on Boats and Women, the rest I squandered!:mrgreen:

I won't even talk about the "women" part of that! My first wife would argue with that.... She's also my "last" wife as she frequently reminds me... She told me once I could have a trophy wife... When I exclaimed "Really??" She said "Yep, I'll hang her head on the wall.... right next to yours..." :disgust

Charlie
 
OK, let's see... I bought 'em for what I had to pay, and sold 'em for what I could get. And while I had 'em, I enjoyed every damn boat. :wink: And at the time, each boat was just what I wanted.

So, if I figure it all up... it was money well spent! 8) Oh, and I have no intention of figuring it all up. :wink: These boats have all helped me preserve what little bit of sanity I've had.

And, I'd do it all again. :D Some things are just worth it. :

Best wishes,
Jim
 
Okay, here goes, but I'm the kind of guy who hangs onto a boat for quite a while. Plus there's a bit of philosophy coming here. Please bear with me.

Bought new in 1986: "Spirit" a Jeanneau Tonic Sailboat (23'11", fin keel with a fractional rig) $12,500. Built in France and one of only 100 imported.

Sold in 2004 for $11,500.

Yes, there were lots of upgrades and expenses, but I spent hundreds of days cruising the Great Lakes and even singlehanded Spirit from Lake Erie to the Keys and Bahamas and back on a two year cruise. How can I put a price on quiet anchorages, beautiful sunsets, gin clear Bahamian waters, fish caught, friends remembered, glorious sails and even surviving a horrendous Gulf Stream crossing where I jammed myself into a quarter berth and practiced level ten sphincter control for WAY too long while hove-to under bare poles?

Come on, brother Pat, you had plenty of great times on those boats with your lovely bride, so please don't try to break that down to a profit and loss spread sheet! Boating may not be "cost effective', but it sure is "life effective"!

Best regards,

Nick
"Valkyrie"
 
JamesTXSD":2ds4lw71 said:
OK, let's see... I bought 'em for what I had to pay, and sold 'em for what I could get. And while I had 'em, I enjoyed every damn boat. :wink: And at the time, each boat was just what I wanted.

So, if I figure it all up... it was money well spent! 8) Oh, and I have no intention of figuring it all up. :wink: These boats have all helped me preserve what little bit of sanity I've had.

And, I'd do it all again. :D Some things are just worth it. :

Best wishes,
Jim
Click to expand...

EXACTLY!!!! It's not "money down the drain" it's money well spent. I tell my wife that we're saving money in psychotherapy that I don't need. Unless you include the financial value of the enjoyment obtained from your boat, you're not doing the math correctly.

Also one thing I learned from the above posts is "don't sell you're boat to Matt" - he's clearly got a knack for coming out financially ahead in most every deal (with perhaps the possible exception of one marriage). :wink:
 
jennykatz":2xjcc1vr said:
02-04 boat condo $19000 sold $40000
Click to expand...

That is real estate, though, right? Not fiberglass (or wood)?

My condo slip at Skyline is appreciating fast, whereas my house took a drop but probably is slowly coming up. My Tom Cat would go for a fraction of what I paid for it, unfortunately, but I am not planning to sell it any time soon. I got a good deal on my 22 so could probably sell it for more than I paid for it. But again, not selling any time soon.

Warren
 
All these years and I've been looking at it from another angle. All the money spent on boats and fishing gear. My brother keeps asking what the price per fish is. I haven't even tried to figure that out. Thinking about the next trip is what makes work bearable. Besides if you don't spend it on the boat you'll just spend it on the RV.
 
When I think of what my wife and I spent on our four children for post secondary education, marriages, and forgiven loans (more than I care to admit) boating costs have been minimal. John
 
I Guess Boating has kept me sane in this crazy world So no matter how much I spent or what it sold for .It kept me going I look forward to going out and beaching the boat taking a swim just relaxing .

I got lucky buying and selling boats and offcourse that boat condo helped the bottom line (thats what I tell Loree) Anyway the maintenance , moorage, and repairs dont come into the picture who really wants to think about that stuff .The c-dory and this group of c-brats makes it all worth it .I think that's what a lot of us feel
 
my motivation for the original post was a recent post from Amanda, who is offering her 25' c-dory for sale. her 2009 boat was purchased little over a year ago and it would appear she's likely to take a small beating, price wise, to sell it. what i found interesting regarding her post was her positive attitude, in that, she states, her happiness is more important than what loss may occur from the sale of her boat. she's not happy with the boat so why keep it!
so, i guess her approach is shared by many of us and with that i decided to figure up the win/loss column for me. i wasn't overly surprised nor disappointed. i like sharing information like this, some might feel this is to personal, and it may be, however, spend 15 minutes with me and you'll know my life's history! that's the kind of guy i am.
many visitors to this site read our post and hopefully learn a thing or two. maybe this post, and your responses, will set the stage for taking one's time in choosing the correct boat for purchase as well as understanding, the money spent is not likely to be regained at sale time.
best regards to all
pat :thup
 
Although my first boats were home made--the first "commercial boat was an 8' kit pram, with 2 hp air cooled outboard. Paid about $100, traded that for a semi running 25 hp outboard. Purchased a Wolverine 13 foot with dry rot and built a trailer--traded that a couple of years later for a almost new 35 hp outboard, and purchased "Zin Craft 15 footer (with a hole in the side)--for $300. Sold that rig for $900 in Calif.

Columbia 29--Paid $10,000 in 1962 and sold it for $10,000 in 1972. Purchased #3 Coronado 35 for $23,500. Sold it 3 years later for $22,500 (of course some $$ on gear, such as auto pilot, spinakers, etc). Newport 18: paid $15,000 and sold a year later for $18,000--again a couple of new sails, made up the difference. Coronado 45 from the factory when out of business for $30,000, but had to buy parts to finish the boat--and got sails wholesale from North Sails. Total invested about $40,000. Sold in 3 years for $65,000. Bayliner Ciera $12,000--sold for $10,500 in 2 years--used while building boats. Cost to build a 38 foot sailboat (our production: $21,000--sold for $68,000. I also had a deep V Ray Hunt designed runabout with 115 hp outboard for about 15 years---sold for same price I paid for it: about $1,500. Next the Force 50--Paid $90,000 for almost new boat--put another $30,000 into it, and cruised for 4 years/41,000 miles--plus some repairs and upgrades--sold for $95,000--so some loss there. Several small sailboats which I broke even on--and then the Cal 46. Paid $40,000 (derilict condition)--spent about $30,000 on restoration, and sold for $128,000. Symbol 42 trawler--$128,000, sold for $125,000--but again about $15,000 in repairs and upgrades. Carver 30 aft cabin single diesel--$25,000 sold for $35,000 (some upgrades but a lot of sweat equity). Grady White 22 Paid $13,000, sold for $10,000 after 4 years. Rinker 270 Paid about $48,000 (6 months old--middle of the winter in Michigan)--sold in 3 years for about $45,000. C Dory 22--paid $25,000 and sold for $25,000. C Dory 25, paid $30,000--lots of repairs and work--sold for $60,000.

The problem is in anyones boats--you never count all of the costs of upgrades and maintance, or the cost of running the boat--because it is part of the "boating adventure". Boating should not be a "make" or "loose" money issue. It is what brings you pleasure--and what will do the job for you. For example, when we were not crossing oceans, we did not want to own the big sailboats--they were purpose bought for specific voyages or cruises. The racing boats were a different story--in that they had enough accomidation for the crew and some cruising--but were primarly to win races.

Of course I left out a few dozen dinghies and other small boats--most of those were 10 to 20% loss on sale--but often went with a larger boat when it was sold.
 
We've had three boats, and we still have the first (1993 13' glasply) and the third (1984 22' CD Classic). We sold the middle boat (a CD-16) for about what we bought it for (lost $750.00). In terms of cost, though, I suppose I should figure in the time I've spent away from my career, the home maintenance that I haven't gotten to, the money that I've spent on projects that didn't quite work out, and so on. But, if it was all about the money we wouldn't have the memories that we now share.
 
I have never lost a penny on a boat; the joy I have gained far outweighs the cost. We never really think twice about the cost of fuel, tow vehicle depreciation, launch fees, parking fees, etc, etc. We are here on this earth for a short time and you can’t take it with you, just can’t relate. When we retire in a few years a Nordic Tug will replace the house.

As long as health permits your passion should persist.
 
Back
Top