How much does it cost total to own a boat per year?

[blueplastic]

I spend some time tonight doing calculations and creating an excel spreadsheet with how much it costs to own a boat.

Below is a cut + paste of an e-mail I sent my friend tonight. If you are interested in looking at my spreadsheet, you can download it from:

http://www.blueplastic.com/BoatUpkeepCosts.xls

Do you guys find that it costs the same to own a boat? Are your figures roughly the same as mine? How much do you guys charges guests per set these days?

Carlos,
 
Since we were talking about selling the boat next summer so we can concentrate on and put the money towards a business or house, I spend some time tonight calculating how much it actually costs to own a boat. The figures below do not include the fact that wakeboarding and owning a boat kills takes up A LOT of time.
 
I broke the costs down to yearly, monthly and per session (considering I take the boat out 4 times per month). I also included how much money I could get if I sold the boat + boat accessoreis + wakeboarding toys.
 
All of my figures in the spreadsheet are are precise as possible. None of the numbers are inflated. There were determined by reviewing how much it has cost to own the boat for the past 2 years.
 
The boat costs me $5,700 per year. This translates to $474 per month or $120 per session (4 sessions in one month).
 
Another interesting calculation I did was how much more it costs me in gas to own a 1999 F150 V6 manual instead of a 1999 Honda Civic manual. If I drive about 15,000 miles per year and if 87 grade gas costs $2.80, then it costs me $1,100 more every year to own a truck instead of a Honda Civic. My truck gets an average of 18 mpg and a Honda Civic gets $30 mpg.
 
Another interesting calculation. Suppose I take an average of 3 people out on the boat per session (so 4 riders total) and we go out four times a month, 12 months a year. If each guest pitches in $10 for gas, that's $30 per session, $120 per month and $1,440 per year. If I raise the price of per session to $15, it translates to $2,160 per year.
 
After looking at these numbers, I think I'm going to start charging people $15 per set and $30 if they want two sets. They're still getting one hell of a deal because OWC charges $50 for each boat pull/30 minute set.
 
If I sold the boat + everything else I could get $24,300 at the current NADA average boat value. I would have to double check this, but I think I currently owe about $16,000 on the boat. So if we sold the boat for $24,000, I'd get $8,000 cash.
 
Honestly, depending on the house we buy or the business venture we go into, I'd like to continue keeping the boat, but only taking it out once or twice a month. This would reduce the yearly cost to about $4,000 a year, which is still a lot. The most intelligent thing to do would be to sell the boat and be without a boat for 2 - 3 years and buy a nice malibu or mastercraft or another Toyota after that time.
 
See the attached spreadsheet for the rest of the details. Call me after reviewing the spreadsheet to discuss it.
 
Here is a discussion on wakeworld.com about how much it costs to own a boat:
http://www.wakeworld.com/MB/Discus/messages/3183/252485.html?1126493851
 
Here's a thread about how much gas a boat chugs and how much other people are charging guests for pulls. Everyone seems to be increasing it to $15 per set b/c of the gas price hike:
http://www.wakeworld.com/MB/Discus/messages/3183/252485.html?1126493851
 
Sameer

[Bitzco]

Man, that's just too much reality for me. Don't let my wife read this post.

[HCollado]

 

You need to stop talking to Carlos...

[festivus]

I am not sure I want to know how much it costs to own a boat, but I do know it is a lot less owning an Epic than it would be for a new MC or Mally.  Sometimes ignorance really is bliss. I'm blissfully ignorant.  Let's keep it that way.

[dawsonr]

My Daddy once told me that if you have to ask how much something costs, you can't afford it.  Well, if you own it and have to figure out how much it costs to operate, you need to sell it, because you obviously aren't enjoying it that much.  When it comes to big boy toys, it is how much enjoyment you get out of it that counts, not how much it costs you.
At this point, I wouldn't sell my Epic unless someone gave me way more that it's worth so I could buy another one.  Like that's ever going to happen.

[blueplastic]

I don't agree with that Dawson...

Even though I own it and now know how much it costs, I realize that I CAN afford it. I enjoy my Epic just as much as the rest of the owners out there, probably more so than most. But that didn't keep me from wondering how much the toy cost to own and figuring out the costs associated with the toy.

My dad actually taught me to always ask how much something costs and then negotiate the person down till he can't go any lower. I negotiated my boat down about $2,000. I guess your dad taught you to just buy stuff.

I don't understand some boat owners' antagonism towards discovering the true cost of their boats...

[wakejunky]

BLUEPLASTIC have you had enough yet? You are spreading this stupid thing you've come up with from here to wakeworld and have been bitch slapped so many times I have lost track. Give it up!

Dawsonr and festivus both hit the nail on the head. and you just keep coming back for more punishment. Don't you get it yet? It guys like you that ruin boating, wakeboarding, etc.

I bet people are just waiting in line to hang out with you on your boat. You must have a nine foot pole to smack the huge crowds back. I don't ask and don't expect people to pay for anything and I truly believe that's why people always give something. if you have a good group you never should have to ask or even bring up the subject.

if you negotiate everything down to where the poor guy cant even feed his family. your just a stand up act. You truly are a tribute to your heritage. I don't know what business your in but may it all catch up to you one day.

Your putting a price on wakeboarding and all the fun that comes with it. I can say for me at least wakeboarding, my EPIC, and just being on the water is PRICELESS. So would you stuff a big sock in it!!!!!

[Bitzco]

Okey Dokey then, can't we all just get along. Personally I can see both viewpoints. I know my little hobby is a dang expensive one. It takes cash, and if you don't have much cash or even a normal amount of it, boating may be a sport you just have to forego. I have a cashless friend (poor slob works for Delta) who loves boating, has a cheap piece of crap boat, and can't go to the lake unless he takes passengers along to pay for the gas. He's a nice guy with the bug for the wrong hobby. Anyway, he always charges people gas money and sometimes even the marina entrance fee. He dreams about boating and waterskiing and couldn't do it any other way.

Fortunately, I'm in a different position than my pal. I dream about dragging myself and my family around on the boat all the time and I can foot the bill. I don't care what it costs even though I do wince a bit whenever I think about the reality of the costs. My wife and I decided when we bought the boat that we would never charge anyone to tag along. We have the means to do that and want to share the experience with friends and family even if they can't, don't or won't chip in to pay for it. People offer to chip in and we say "no" in the hope that they will use their resources to do something good for someone else. I don't think charging for gas money ruins the sport, is illegal or immoral, or even is a rude thing to do. You just gotta do what works for you and your situation. I've got a bunch of teenage friends who use each other's boats and always pay each other for gas. Those jobless wonders couldn't afford to board unless they did it that way. I think they are smart, they are each able to work or weasel enough money to get out two or three times a week all summer. Long live sharing and long live giving it away when you can do it.

Dang, that was a real post.

[Rambling Wreck]

At first, I didn't even read your spreadsheet as I agree with Bitzco's post (both of them). However, after seeing some of the tension, I did read the backup info. First of all, your calculations are flawed. I won't go into the details as I am not that interested but two quick examples. You incorrectly calculated the cost" of a loan. You are building equity (even if negative) so the cost should be limited to the interest. Second, you didn't calculate depreciation.

One other issue I had with the post. You refer incorrectly to "guests". You should be calling them "customers". You refer to 3 guests per session yet 4 riders per session. I will assume you are the 4th rider, not knowing how you account for your sisters you say(in the spreadsheet) that you take with you. You go on to calculate your recovery of costs based on the 3 "guests". Using your figures (again, flawed), you are currently equally sharing the cost but you now propose to raise your "price".

I think your approach to the issue is what has put some people off. This is not a business forum.

[festivus]

I think ole' bluepastic is on to something, and let me be the first to tag team with him.   Spread sheeting out cost approach like you have done is ingenious.  I use spread sheets to track all of my business expenses.  I couldn't be as successful in my line of business without keeping tabs on expenses, customers, overhead, etc..  If one is to turn a profit, these things aren't an option. 

[blindside]

Heres how I look at it.  If I have enough money this month, I ride as much as I can, if I dont, then I don't.  I don't ever depend on other riders money to help pay for me having fun and I usually don't have fun unless there are other riders with me. If someone new comes along and they annoy the crap outta me and do or don't pay, no 2nd invitation.  If somone new comes along and they are a good cat and do or don't pay, I don't care, thier fun to hang out with.  It's all about having fun. Peace. 

[lesman01]

Just create a category in Quicken called "Boat" and be done with it.

[dudebro22]

Well I don't really see whats wrong with asking for money for gas most of the people that come out with me usully give me gas money anyway, but Im 19 and I have a good friend that we always going out boarding about 5 days a week and we are always at the pumps and we usually split the cost of gas because it's just too expensive these days usually $100+, I mean if he is always out there with me why should I have to pay for his fun.  But I always have thoes people that wont give you anything after a day worth of riding I really dont mind but i will think twice about calling them again.

[phenom_1819]

My friends chip in, but just because it's a courtesy. I never ask for it.? I agree with Blindside. It really just comes down to having fun, and I invite the people that I like to hang out with.? If they chip in, cool.? If not, cool.

But regardless, to each his own... and who really cares?? When you buy a boat, you earn the right to treat your "guests" however you damn well please. ?

As long as you follow the boating courtesy rules on the water and promise you will never EVER pull a tuber in an s-shaped path the entire way down the lake, or purchase a sit-down jetski, you're cool with me.?

[jeffcpa]

Thank You Cal,

What is up with F***ing retards going down the middle of the river in an S-shape?

And they know we're skiing.

Do people really don't know the courtesy rules?

We have to find a way to maybe pass out these seemingly common-sense reminders in license renewal envelopes or something.