We are glad you like the videos. We try to make them like something we would enjoy watching. We will be starting up again in a couple weeks and plan to post more frequently this season.
@@tryingnottosink9107 Belated viewing & comment: Hey, what happened to the miss-matched, blaring background music and shaky cam work prevalent in so many yacht vids.............................?!? I wanna refund!
WOW. Excellent breakdown of the financial side of the experience... We too are looking at going from 33 to 50 feet some time this next year... Sharing your experience is a super helpful reference. Keep up the great videos and insights !
I went from a 35 dual gas to a 50 dual diesel and it is a WORLD of difference in expense. For one, it's much harder to find slips that will accommodate over 40' which was a shock. Another, not everybody works on diesels and the parts are a lot more expensive because of how heavy duty diesels are. I even had a friend who owned (bought new) a 42' for many years and after he did the math, put it up for sale - his rationale was for the amount of time that he used it vs. usage cost and cost of ownership, he and his wife could take some amazing commercial cruises every year for a fraction of the cost and liability.
Have enjoyed your videos and appreciate your openness on costs. Hoping you keep posting! One of these days I hope to upgrade to a larger boat and travel the loop! For now our family enjoys boating locally in the great lakes.
We are glad you enjoyed the video. I know someone who got a sail boat for free. It needed a lot of work but he had the time. This type of life can be done for a lot less money than we spend.
Fantastic breakdown and presentation. $3,000 - $5,000 a month for this lifestyle is a bargain. Finding a woman to share it with genuine enthusiasm and participation; priceless.
I'm glad i found you on youtube. I have been kicking around the Idea of going 45+ from my 32, your break down of costs was very helpful in picking a size that could work for me. I look forward to your next set of videos.
Wow. Just found your channel and watched this episode. Your discussion was by far the best, most thoughtful commentary on the coast of boat ownership that I’ve seen. Also impressed with your bargaining skills. I have to go watch your other videos now. Thank you!
Cool video and great explanation, thanks for that. Watched a couple of your other videos and they are very interesting and fun to watch as well . Wish you guys the best of luck and God's blessings to you and the Hatteras 👍😉
A video of me in the fetal position with my eyes closed may not go over well! 😁 The roughest we have been in were 6-7 foot, 25-30 knots, and that is about as bad as I plan to be out in.
Thank you for your transparency on the financial aspect of ownership. This is my dream for the future and I’ve never seen someone be upfront about the costs. I’m inspired to chase my dream more than ever now! Wishing you great weather and great health for this years travels.
Ed , you have no idea how good you are at informing us (trawler - yatch) future owners that talk to are spouses About doing extractly what your doing now. THANK YOU !!! For your time & giving up your own very personal information Just to educate total strangers. I was not board for a second, thank you next time me & the wife go to Hibachi restaurant on Top of Dave & Busters , I'll float by and scream in ur window (joking) we have A Baja outlaw in Salem Harbor condo in Bensalem around grant ave. & a Houseboat down in Wildwood , oh yeah- great ship captain best of luck for your future travels
Thanks. I am glad you like the videos. And i am happy you find them helpful. We are at Penns Landing just about every weekend. Stop by the boat next time you are down. Just look for Triton.
I was a marine mechanic and have been a service writer over the past 15 years and I own a 2000 Tiara 29 Coronet. A general rule I have found and tell customers is to put save and put away 5-10% of the boats current value. As you mentioned, sometimes unexpected things come up. Insurance doesn't cover new electronics if you travel a lot and need them. There's engine rebuilds, bent running gear, etc. Also, take into consideration if your running your boat that much, oil and fuel filter changes. I can go on and on, but a good rule of thumb is 5-10% of the boats value.
I wish you well on your boating adventures. I forgot to mention I was sublet service for a Hatteras dealer (I can't mention which one because of territorial disputes), but it seems like you got a good deal. Salesmen don't talk price much but I can tell you a new 65MY goes for 2.5 to 3 mil. I had a customer buy a 1978 55MY at auction for 30K. I left that place of employment and he hadn't finished the project yet and had 200k into it.
Good for you two, you made exactly the deal I would have wanted to make for the boat. Always look for a special situation, a motivated seller or someone who is just completely over sailing (or whatever it is you're buying). Good luck.
I enjoyed the video but the estimates for maintenance are low. $4,000 a year for regular maintenance and another $7,000 for major repairs will not cover the cost to keep a 1979 58' Hatteras MY in good condition. If you fix everything yourself, you can avoid the $100+ per hour charge for a marina mechanic but otherwise the hours and $$$ add up quickly. The $13,000 spent after the survey for a short list of repairs will happen again but for different things. I'm glad you love the yacht, she is beautiful but it will cost more.
I guess time will tell. I used the 4k figure because I try to do all the work myself. This probably cuts the cost at least in half. We also made sure everything was right before we bought the boat so there is no catch-up maintenance. If I am wrong you will see it in future videos. We plan to post all repairs.
Ed, I like your videos and the presentation is excellent. I made my comment as a life long boat owner. Currently, my wife and I own a 1997 33' Sea Ray Sundancer that we bought three years ago from a freshwater owner. It was in outstanding condition but we still have spent over $7.000 each year in maintenance and upgrades. It is expensive to keep a boat in top condition. Keep posting the videos. Thank you.
Life is not supposed to be about money. Yes we do need some to survive but we also need happiness to survive and money does not equal happiness. Spending a day on their boat vs a day coupt up in a house does not even compare. I am going to live in my rv 3/4 of the year starting in June of this year and I know on my soul that this is something that is going to complete me and should the day come when my life is over? I will not say ....If only I did...or I wish I would have but here's a bunch of money....REALLY??? Go live your dream now and find a way. Don't wait till tomorrow because tomorrow is not ever promised to be here. Congratulations on your beautiful homeboat and I wish you a life of many many adventures and wonderful memories 😊 Thank you for sharing your story and journey with us. I'm excited for you both 💖💖💖 Michelle from Michigan ❄
Thanks Michelle. We agree wholeheartedly. My brother died in a tragic accident when he was 49 and it made me re-evaluate the equation between saving for the future and living for the day. We are not neglecting the future but the balance has shifted. Have fun on the RV this year!
Trying Not To Sink Awe! I'm so sorry you lost him at such a early age. The prime of his life. 😔 I lost my mom, my life and best friend a few wks ago and cannot stand it. I need to travel or I'm going to literally lose my mind. I need to grieve for my loss of her alone but I'm going to bring her with me and sprinkle some of her at every beautiful place I see. I know we all need to prepare for old age but holy crap.....enough is never going to be enough anyways. I will live out my days in my rv in a park or land and I swear....I would plan a going away party for myself if ever there came a day that a senior home was needed. No way! But your lives seem just lovely and I wish you all the health and happiness you two need to fulfill your dreams. Take care and be safe 😊 Michelle from Michigan
That's awesome, I love the part about "but here's a pile of money". Live your life, don't be a miser so you can have a big pile of money on the last day of your life....
Fantastic presentation skills . I just watched them all and never lost intrest. The honest/open approach worked better then click bate for me. I learned so much about each stop . I hope you continue shairing your future vacations. Thank you.
Amazing history you guys had so far. My wife and live in St. Augustine and we are contemplating the idea of buying a boat ( smaller than yours) and I’m learning a lot from your videos. Thank you for sharing your amazing journey and hope to meet you guys in the near future.
Hi guys thank you so much for this presentation. I have vague and romantic notions of owning a yacht. Your video helped bring my dream one step closer to reality and was another piece of the jigsaw. Really appreciated the costings. Hope you guys enjoy fantastic voyages and may your yacht fulfill all your hopes and dreams.
Thanks. We spent several years dreaming about a yacht too. It took some planning, and some patience, but eventually we were in a position to get our starter boat, the Carver, and two years later we made the leap to our dream boat, the Hatteras. Thanks for the good wishes!
Great post and a nice breakdown of all of your funds and you kept the video moving. Thanks for sharing. After having been into it, I would say your total annual maintenance costs are about 50% of what they are going to be over a five-year spread. Also, I agree with you on the depreciation already been had for the most part. And lastly the correct purchase of a vacation home has a good chance of increasing in value, not a lost opportunity cost. Enjoy that boat :-)
Hi Ed, love the vid's and all the commentary...loved seeing the numbers side of a boat this size. Question, I see the boat is titled by a Delaware company, and hailing port of St. Thomas.....I assume tax benefits...?
Yes, tax benefits. The boat does not spend more than 6 months in any one state, and since it spends a lot of time in Delaware, we did the state registration there, through a Delaware Corporation that I own. It is a Coast Guard registered boat, so we can pick any location in the US or territories. We like St. Thomas so we chose that location.
very interesting analysis. I disagree a little in a couple of points, but i guess all depend on what part of the country you are ,as well as other factors i guess. not sure if disagree is the right word, but is the only one that i know how to use it right now. the maintenance is from my point of view WAY bigger than posted. Last year my maintenance on a little smaller boat (but newer than yours) was like 1000. No more !! Fantastic right ? Uhmm .. not so fast guys, this year was like 12.000 !!!!! 3 years ago like $2000 but 4 years ago was over 40.000 . I would say 5% of the cost of the boat per year may be a good reference. Some friends say 10%, but i am very handy, so i survive with that 5%. If you have a 500K yacth, i would calculate 25K per year on maintenance. Perhaps you have a couple of lucky years , but an overhaul will catch you soon or later and will kill your record. Or a failure. Or whatever. Marina fuel and others .. i concur with you pretty much on that. Insurance ..... !! Yours is FREE !!! In the south get ready to pay BIG BIG money for that. Hurricanes and so make your life financially miserable. Have a comparable beach house or condo is not free either. HOA, property tax, maintenance, water/electricity will make a big chunk of money and a yacht is WAY MORE FUNNY all the way !! Nice analysis and sorry my poor english. Still learning.
Sorry I did not notice your post until now. I do not think we are to far off on your estimates. We allocated 4k for maintenance and 7k for long term maintenance. 11k total. We paid 181k for the boat, so that equals 6 percent per year.
eloyex You offer counter arguments, personal experience, different point of view. Yet you don't mention the core of your comment - Which boat do you own? Come ON !! Year model engine size cost... We need something to refer to....
Really enjoyed your videos. Came across it by accident. Your costs analysis of purchasing and operating a boat was very interesting and informative. Looking forward to hear why you were taking on water in the other video. Be safe and enjoy!
Hey, I just wanted to tell y'all how much I appreciate your financial analysis of owning a motor boat and the comparison of the boat to a vacation home. I have been weighing those two options for over a year. Really helpful. Thank you for taking the time to do that. Cheers!
If ever interested in subsidizing costs by renting me a stateroom during a leg or two of your itineraries - I’m your huckleberry. :). I’ll even throw in provisioning!
You are a good teacher. You educate people to the realities of boat ownership. Heck, I wish I could hire you to do my taxes. You broke it down simply to where anyone could understand. I enjoy your videos.
I worked at Hatteras Yachts for many years starting back in 78. I may have helped build that yacht as I built the engine rooms and steering systems on 53's and 58's back then. I left Hatteras in December 1998 where I had worked my way to 130'. Glad you enjoy the Yacht and never lose the fun and joy of boating. You gained another sub and God Bless.
My father told me you never discuss your money with complete strangers. I'm 75 and he is long gone. Obviously this yacht owner is set financially at all levels. Having said that I don't think he is worried that he will now be attacked by poor relatives ,friends , strangers, scam artists or nuclear Sam. The point of succeeding here in the US is to amass wealth and live as far up the ladder as you can afford.
My parents, and grandparents, never spoke about money either. I made a different choice when it came to my children. I thought it beneficial to teach them about money, and how I manage it. I am an accountant, so it is something I deal with on a daily basis. Still, the decision to share my boating budget with strangers was not made lightly. I debated it for a while, but decided it was information that I wish I had when I started, and believed it would do more good than harm. Based on the feedback, I was correct. Although we get attacked by the occasional troll, 95% of the comments have been supportive.
@@tryingnottosink9107 yes, appreciate your sharing and people don't realize you didn't share all of your finances, but mostly just what you see related to boat ownership.
@@tryingnottosink9107 Your videos really help all of us from different backgrounds. My father never spoke about money, as is our culture, so I had to learn everything the expensive way. I came to the US with nothing and now I'm shopping for a sunseeker. With careful planning and execution it's possible to buy a boat, sail for a year, and still come out on top. People have lost tons in the financial markets and don't even have the experiences to count for it. That's exactly what I plan to do. Buy a used sunseeker, take my family around the Caribbean, and then sell it in a year. With a vigilant broker it's possible to find someone desperately seeking liquidity.
@@tryingnottosink9107 it's obvious you and your lovely wife are very happy and are having the fun of your life, and it comes acrossas... and, is nothing wrong with giving information to people like me a d others, it is very much appreciated my friends. Safe voyages! Enjoy your life!
Hi ya guys from the UK I have found your honesty and figures great and have used these to work out the valises I need to work to Many many thanks for your guidance 👏
I own an 89 Bertram 37 Convertible. Sunk a ton of money into it. The big difference between a second home and yacht is the home will appreciate, the boat will continue to depreciate. All the money you sink into the boat in upgrades = Out the window!!! You'll only recoup pennies on the dollar, maybe! Would I trade my boat for a second home? Hell no! I live in So. Cal, so the boat is no longer is a tax ride off, but still love it! BOAT = Bend Over AND TAKE IT! The cost of ownership is worth all the family memories - keep the videos coming!
We agree, it is worth every cent. As far as depreciation, we don't expect to see much. The boat is already 40 years old. 50 year old boats, similarly equipped, are not any less expensive. But you are right, any improvements are not going to increase the value. Fortunately, we do not really need any improvements. Although, we may update some of the electronics.
Too funny..."she stopped listening to me 10 minutes ago..." That's because she's looking into the camera thinking, "I hope that camera angle is capturing my best features..." Uh....yeah...I would say so...maybe a little zoom might be helpful...
Okay...I can believe that. A few rum and cokes and you probably start talking like pirates. "Avast ye scurvy dog! I'll cleave ye to yor brisket! Arrgh! Blow me down, ye limey biscuit eater!" Or words to that effect...(maybe that last one is a little too Hollywood...or Key West...)
Nice summary, but you left out the fact that the condo would continually appreciate in value and the boat has an upward limit. Other than that you are spot on. BTW The 58 Hatteras has been one of my dream boats. The other being a 42' Grand Banks. This is your first video I have watched so I'll binge watch some more. Great idea for a series. Thanks, Steve McV (Your neighbor in Medford, NJ)
I left off the appreciation because it varies so much. Where I live, we are just now getting back to values in 2008. In much of Florida they are still in the negative. But you are correct, historically, there should be appreciation.
Luckily, right over the bridge here in Medford prices have been steadily rising. That's going to be a good thing when I decide to pull the plug in a few years. I'll have to pop over and say "Hi" to you while you're still in the marina.
I've always been told that the 2 happiest days in a boaters life is when they buy the boat and when they sell it. Everyday in between is just a money pit. I personally rather travel the country and seeing the sights than spend my time looking at the coastline and the cost is cheaper.
blueknight - you hear all kinds of sayings about any form of recreation. You have to decide what you like best. I have owned a 45’ boat for over 15 years and wouldn’t give it up for a motor home. I’ve been coast to coast by land and have a lot of great memories. None of them are any better than cruising into the Caribbean and finding a isolated island or even just island hoping or cruising the keys without red lights traffic jams. Set the auto pilot and relax. I found that those who use that quote had no business having a boat to begin with. Enjoy you drive vacation and if you’re driving the coast and see a motor yacht leisurely cruising along and people are walking around enjoying themselves on deck give a wave. We always wave back.
1951RKP Well I use that quote and I don't own nor ever plan to own a boat. I will enjoy my drive and all the sights that go along with that drive. I'll also enjoy knowing that if my vehicle happens to breakdown during one of my trips and a storm hits, I won't have to worry about treading water.
Depends on the boat and other factors. I own a 2006 bayliner 197 deck boat and a 2007 sun tracker 24' party barge. I've owned both for approx 10 years and haven't had any problems with either. I keep up on routine maintenance. I have the 4.3L and 3.0L mercruiser engines in them and they start up and run strong every time. I live in Vegas, so I spend every weekend on the lake for about 8 to 9 months out of the year. The problem with boats is that many people neglect them and don't give them the proper maintenance. On a basic boat, there is less things to break than on a car
There's an awful lot of BS attendant to boat ownership. That old chestnut on the happiest days is one of 'em. Yeah, some people wear the yacht expenses as a badge on their sleeves. But it's a heck of a lot harder to quantitate the joys of being on the water. In freedom. Sometimes in solitude. One other thing to consider: when our economy goes to hell in a handbasket for one reason or another, a yacht's not too bad an escape tool investment.
You guys did a fantastic job explaining what it cost to purchase, maintain, and enjoy a nice yacht. What to set aside for future maintenance cost, unforeseen repairs, etc. Thank you.
So, it's about $950 per foot per year, all-in, for a significant user. Ie you travel, rather than polish it on a Sunday. Interesting analysis. Also, I have a viking hat, but only a 4m RIB. North Kent coast, UK. Hope you both continue to have fun. Matt.
You two are awesome together... Great commentary, nice to see a couple enjoying life and having fun. Super informative, if I show my wife this, she may even let me buy a boat.
Great vid. Good questions. I have a 72 foot that I live on all year long. I live in Sebastian FL. It's wonderful and my wife and I love it... I am 55 years old and retired from Harley Davidson after 35 years of service. I subscribed to your channel and think you guys are great!!! Thanks guys!!!!
We are glad you enjoy the videos. More to come! One of these days we might become full live-aboards. I would love to, but Lyn and I built the home we live in and she is sentimental about it.
"Rich" is a relative word. When I was 16 I was homeless and living on the streets. By comparison, I suppose I am rich now. However, I am really just a middle class guy who learned to use money wisely - out of necessity. Now, I reap the rewards of delayed gratification.
What is nice is the opportunity it available to everyone. It may be more difficult for some than others, nonetheless, the opportunity is there. Of everyone I've talked with about it, none have said it was easy. Look at the owner's reply...he was homeless at a young age. Yet look what he has now. That is proof. Myself, I was homeless for awhile and there was the time in my mid-20s when I found a dime on the sidewalk. I felt incredibly wealthy. But I got out of it by hard work and have done pretty well. . Hard work is character building. Do not be afraid of hard work by which wealth is made. There is the opportunity to build wealth, get busy but not chopping on someone else. Don't tell me you can't or some people do not have the opportunity. Those are excuses and show one is not ready for wealth. And if one thinks they do not know how, there are many people willing to help others to achieve their goals. Instead of looking for them, make yourself ready for them. They are there to help but you have to bring something to the table; a desire, a positive attitude, willing to learn.
Richard H . . . hey!, that's ME!! Ha ha. You are correct, if you are willing to work, positive attitude . . . well, you said it all. You can be rich through an inheritance, win the lottery, etc. You become wealthy through your own effort: learning, working, applying common sense, building. Isn't 'life' fun ???
3077nrth 40 don’t miss the important information given here you can use it to learn even on a smaller scale. Rentals apartments, townhome purchase, vehicle l, jet ski purchase. It’s all relative.
Justin . . . Ha ha ! ('cheap - shot') I kinda' like it for their video, it let's the less (wealthy/rich) people like me know that a boat like this requires a bit of horsepower in order to support it/afford it in the long run.
Richard Hobbs, indeed. I was taught one thing about boats that seems to ring true for everyone I've ever known to own one...in that "boat" is just an acronym for "break out another thousand" because they are just a good way to flush money down the drain. But hey....if a person has the means, more power too them. Having said that, how's a person going to buy a couch or chair they can't even take a decent nap in? That's just wasting money for the sake of wasting it.
Ed and Lyn, I have very much enjoyed watching your videos on CZcams. Your boat is lovely and your stories are outstanding. I am in the infancy of my boat buying experience - my plan is to liveaboard full time and get a slip in the Florida Keys. This would allow me to be on the water living and diving in the Florida Keys, the Dry Tortugas National Park area and most importantly it would give me access to cruise the Bahamas. I work from home and have for about 4 years now - my plan would be to not only make my boat my home, but also my home office. I am a scuba diver and I love underwater photography. I've taken dive trips all around the world and long ago I used to fantasize about living on my own boat and then got away from that dream for about 15 years and now it's back and it's hit me really hard. I realize that diving and dive travel versus cruising and boating are two totally different things and cultures....I'd like to find a way (in my life at least) to marry them up. I have had some deeper realizations in life that have drawn me to this choice and now every single night I am looking at boat tours, studying charts, reading about diesel engine maintenance, solar panel installs, marine head repairs, etc. I really need to do this. I live in Cottage Grove, MN (although I lived in Hawaii for 14 years from 1999 to 2013) and will likely be going down to Florida in 2020 or 2021. My boat of choice (as of now) is likely going to be a Bayliner 4788 - probably a mid to late 90s model or early 2000s. It's a great layout for a guy like me who is single, I should be quite comfortable onboard. There's also a lot of them for sale on various yacht sales websites so I imagine that isn't likely to change much in the next few years. There is one other boat that's kind of similar to your boat that's even better for me though..... I LOVE the Viking Cockpit Motor Yacht 55 (or the 57). Something in the late 80s or early 90s. The problem is most are priced at over 300K and I can't afford that. Some I've seen are in the mid to even low 200K range and that gives me some hope that I may be able to comfortably secure financing after making a decent down payment. So maybe if I get a good boat buyers broker and there happens to be a motivated seller, perhaps my dream boat may become a reality. Care to offer any opinions on either the Bayliner 4788 or the Viking 55 motor yachts? Your video blogs are particularly helpful because from the standpoint of an accountant going for a boat that's priced very much in my same budget - it gives me a rough idea of what kinds of costs I should expect after the purchase of the boat goes through. A couple questions: I hope you both continue with your CZcams videos and I'll be very curious to see your intended course for your 2018 cruising season. I'd also be curious if you've ever considered putting solar panels on your boat to cut down on fuel consumption by your generator.....any thoughts on this? I'm very curious. Also....ever considered a trip to the Bahamas on your boat? There's some great cruising to be had there. Last question....did you consider a Bayliner 4788? I've heard good things but a lot of people in the boating world tend to think of the Bayliner 4788 and similar boats to be "too common".....not sure what to think about that. They seem like they are well built vessels but I'm trying to take input from various points of view and make my decision later. Right now it's all about saving money. Best wishes! Eric
Hello Im a retired Chief Boatswains Mate from the Coast Guard, really enjoy your videos.....I was the Commanding Officer of Hobucken which ya went buy that was my last Station, keep up the good work
Yes, I remember passing by Hobucken. It was the only peaceful water on that particular day! We are glad you enjoy the videos. We have a lot more to post, as soon as I catch up on my editing. We are on our way to Annapolis right now, but I haven't finished editing the final part of our trip home. Hopefully we will post another this weekend.
Just found your channel…we used to live in Solebury, just up the road from Peddlers Village. We boated out of Great Oak Landing marina on the Eastern Shore of the Chesepeak. Last boat was a 36 Catalina Sloop. Now living in Port St Lucie FL.
My office was in New Hope. We were in the old Paper mill office next to the mill condos. We also owned the house at the bottom of Windybush at River rd where Jessica Savage died. Our kids went the NH Solebury HS. Small world…enjoy cruising. If u ever get down to the Treasure Coast (FL) give me a shout we would love to met and have a cocktail/dinner. We owned (in order) 26 Wellcraft, 33 Searay, 36 Carver MY, and last a 36 Catalina sloop..that’s right a sailboat!
Hi guys, thank you very much for this informative video! You really made my day. I thought owning such a wonderful yacht was going to be much more expensive. Happy boating to you two!
Ed and Lynn, I have enjoyed your voyages and stories. My wife Barbara and I recently purchased a 58 Hatteras MY, that we have recently moved to Annapolis Md. this will be home for a while. I appreciated your openness regarding the expenses. I think you bought the boat at a great price. We bought our boat in Chattanooga TN. , and have had a great time getting the boat to Annapolis., almost 3000 miles. Would love to keep in touch, and if you ever get down to Annapolis, would love to get together.
Congratulations on boat! We go to Annapolis often and would love to get together. We may be cruising down next week, if we can clear our schedule. Otherwise, we will be down for the boat show next month.
Your analysis is honest,straightforward. You guys are great. You are going out together and enjoying it. The only problem with boats, even old boats, is that they lose value over time. You might want to keep this in mind and not be too surprised if you try to sell it one day. Unlike the opportunity cost of a bank deposit which should get larger in the bank, the opportunity cost of boat ownership will get smaller.
@13 minutes - very nice that you considered opportunity cost. I think that you are the only person that I have ever heard, aside from myself, speak to it when doing various things. Its as if people either don't know that it exists or they don't want to think about it. It shows that you really thought about the costs from top to bottom.
Thank you for a very frank discussion of your ownership costs. You worked hard to find a boat at that low an initial cost that was not a fixer upper! especially as its 38 years old!being a cash buyer helped I'm sure. A quality boat helped too. You defiantly proved the boat vs shore house argument I've been making for years. especially as most shore houses will be at least 2-5 time your boat cost!.I will check out some of your other videos as handling a 65' or is it 58' TSDY in unknown marinas could be quite a challenge.cheers warren
What an honest video, Thank you so very much for spending the time to post it, You both make a great team. i have a 364 Catalina sailing boat. She was a dream when i was in my 20,s. Im a bit older now but still young,lol. like yourselves. i retired basically at 37 and outside of a few odd jobs, ive been living the dream. My goal is to have a 48 Catalina Morgan sailboat, who knows, i tend to exceed my dreams with Gods help. i wish you the best on your youtube channel. Any work you have done, i would love to see vids on it. i have a you tube channel as well. I love the fact that you worked your way to your dreams, so awesome. im proud of people like yourself, very inspiring.
Thank you for your kind words. We feel we are living the dream as well. We will be posting some of our maintenance work in the near future. We are glad you enjoyed the video!
So, right as I was commenting, I was wishing there was a video tour. I sent it, scrolled down a little & then I saw it. My eyes lite up, I got butterflies in my belly, I swear I even heard fireworks. The Tour Video! I'm about to watch it, I bet it's gorgeous inside. Thanx folks 👍
Thank You guys for sharing a little bit of your life's with us. I plan on buying My 1st boat soon. I really appreciate the information! It gives me something to think of, and look forward to. Stay Safe and Stay Blessed!
I know nil about boats and boating life, but I love the frank explanation from an accountant who is honest about real running costs. Great breakdown. Maybe someday ...
Thanks. I really appreciate your open and honest style. Really interesting to see the cost that comes with owning a boat. Also good to have the comparison of owning an estate. I wish you all good and happy times on your boat.
Great video. You definitely hit the main points that I was thinking. The one thing I think might help round out the story is to explain more about depreciation. Where I boat, most people have boats less than 10 or 20 years old, not 40. So, depreciation for us is a major factor. In many cases, depreciation is the #1 cost of owning a boat. Congrats on your awesome yacht.
Thanks for watching! I mentioned depreciation briefly in a video. Perhaps not this one. I am not factoring depreciation into the calculations on my particular boat because it is 40 years old and should not depreciate much, if at all, if I keep her in good shape. But you are right, depreciation is a huge factor in newer boats.
As much as you are traveling. Its really not bad at all. TY for posting...It gave me hope...The vacation home comparison was good but I think WE would agree atleast that you are on waterfront "property" in the coolest harbors and towns you are willing to sail to....I LIKE what yall are doing best!!!
i just bought a hyatt 40 with twin 250 cummins..5kw northern lights gen. ben sitting for a while n tn. enjoy yalls postings and adventures..hoping too copy your adventures..down waterway too keys..first...take my son cobia fishing n late feb..thanks ..keep up your interesting adventures. ill b keeping up..b fun too meet an swap stories..theaks again
Thx for your candor & comprehensive cost analysis. FLA country club HOA homes w/mandatory membership are generally NOT a good investment. 20 yrs later we broke even and didn't have as much fun or adventure as you guys. :-))
Thanks. We are glad you enjoyed the video! I got some flack by viewers for leaving out potential appreciation on vacation homes but it does not always happen, especially in Florida.
Thanks for posting this. I have not viewed your other videos but will plan to do that now. I owned a 1977 58 Hatteras EDMY for about 6-7 years. Initially in Sausalito, CA but eventually moved it to North Carolina. Spent time in the Bahamas, FL, SC, GA as well as most of the west coast destinations. Many exciting adventures and family experiences. The numbers you provided seem about right to me. The one item that you might plan to increase would be the long term repair reserve. Items like paint, A/C systems and engine rebuilds don't come often but they are very pricey. Easy to get into 6 figures quickly here. Also the recurring costs such as bottom paint are not cheap. I now have a 28 foot Searay and it is right at $2K just to do bottom paint and outdrives (every 2 years).
The 77 EDMY is a beautiful boat! I will be bottom painting this coming spring. Not sure if I will do it myself or not. We did the Carver ourselves, but that was a different animal. I do not mind doing my own maintenance but do have my limits.
I have a 40' sailboat, and am considering a 46 MY to live on. All the naysayers can go pound sand. You only live once. Thanks for the honesty and numbers. Hope to see you out on the water of the Chesapeake!
Loved the video. we are about to retire and start cruising from Texas to the islands and the Great Loop. We have a 40' flybridge motoryacht. Hope we see you out on the water.
Absolute success story. Waterfront view really got my attention. I am very attracted to the Florida powerboat Club with the thought of having a 185 mile-an-hour twin 1650s pushing a 50 ft catamaran but that is an absolute Act of insanity LOL. Your story is quite wholesome. Very realistic and very sane.
![Do you REALLY want to buy a BOAT? WATCH THIS FIRST! Plus, weekly Q&A [NORDHAVN 43]](http://i.ytimg.com/vi/DT7k7qgqQp0/mqdefault.jpg)
Thank you for the financial breakdown. Vertical thorough and honest. I especially liked the home ownership costs comparison.
You guys are so down to earth, it's truly nice to see you share your experiences. I love your videos and thank you for your genuine insights. :-)
We are glad you like the videos. We try to make them like something we would enjoy watching. We will be starting up again in a couple weeks and plan to post more frequently this season.
Thank you so much for sharing. We are 2 years away from living our dream . This video is so very helpful !!!
Glad it was helpful!
Trolls can't afford yachts. I haven't got a jealous bone in my body, so yachts and fast cars and mansions are things of beauty and amazement to me.
I agree!😁
Good words- I like to think I am the same way. Plenty to learn no matter where life takes your interests.
Troll what are u talking about what they have 36000 friends lol
Very respectable video. Thanks for the casual breakdown. It does help for a prospective boat owner!
Thanks. Glad you enjoyed it!
Marty Duvall - Right on!
@@tryingnottosink9107 - Including opportunity cost & projected repairs was impressive - and honest.
Thank you!
@@tryingnottosink9107 Belated viewing & comment:
Hey, what happened to the miss-matched, blaring background music and shaky cam work prevalent in so many yacht vids.............................?!?
I wanna refund!
Love You Guys. My wife and I are doing the same thing with a 42 Silverton on the Great Lakes. Thanks for the inspiration.
WOW. Excellent breakdown of the financial side of the experience... We too are looking at going from 33 to 50 feet some time this next year... Sharing your experience is a super helpful reference. Keep up the great videos and insights !
Thanks. We are glad you find them helpful.
I went from a 35 dual gas to a 50 dual diesel and it is a WORLD of difference in expense. For one, it's much harder to find slips that will accommodate over 40' which was a shock. Another, not everybody works on diesels and the parts are a lot more expensive because of how heavy duty diesels are.
I even had a friend who owned (bought new) a 42' for many years and after he did the math, put it up for sale - his rationale was for the amount of time that he used it vs. usage cost and cost of ownership, he and his wife could take some amazing commercial cruises every year for a fraction of the cost and liability.
Slips are certainly more difficult to find, and more expensive as well.
I always wondered operating costs for a boat that this. Thank you for sharing.
Have enjoyed your videos and appreciate your openness on costs. Hoping you keep posting! One of these days I hope to upgrade to a larger boat and travel the loop! For now our family enjoys boating locally in the great lakes.
Thanks. We will be posting more in few days.
Vintage Beauty 225 n7
I am poor, I'm in expat living in another country, the detail in which you speak provides all I need for a great fantasy life.
THANK YOU.
We are glad you enjoyed the video. I know someone who got a sail boat for free. It needed a lot of work but he had the time. This type of life can be done for a lot less money than we spend.
Fantastic breakdown and presentation. $3,000 - $5,000 a month for this lifestyle is a bargain. Finding a woman to share it with genuine enthusiasm and participation; priceless.
You are absolutely right. We are lucky that we enjoy the same things and can spend a lot of time together without throwing anyone overboard! "-)
I'm glad i found you on youtube. I have been kicking around the Idea of going 45+ from my 32, your break down of costs was very helpful in picking a size that could work for me. I look forward to your next set of videos.
Omg that boat is nice, God Bless you guys. Looks so safe and well built
Great video. Casual conversation. Thanks. I like your perception and logic.
We are glad you liked the video!
Wow. Just found your channel and watched this episode. Your discussion was by far the best, most thoughtful commentary on the coast of boat ownership that I’ve seen. Also impressed with your bargaining skills. I have to go watch your other videos now. Thank you!
You are welcome. We are glad you liked the video!
Cool video and great explanation, thanks for that. Watched a couple of your other videos and they are very interesting and fun to watch as well . Wish you guys the best of luck and God's blessings to you and the Hatteras 👍😉
Thanks. Glad you like the videos!
Wonderful video!, loved the stopped listening comment, I can relate. Looking forward to following in your footsteps.
Ed, I cant wait for you to show us how to navigate rough seas in this beautiful 65' foot yacht. Thanks'
A video of me in the fetal position with my eyes closed may not go over well! 😁 The roughest we have been in were 6-7 foot, 25-30 knots, and that is about as bad as I plan to be out in.
My wife and live in Philadelphia and thought about a boat. Love your videos, very helpful!
Thanks. We are glad you enjoy the videos!
Thank you for your transparency on the financial aspect of ownership. This is my dream for the future and I’ve never seen someone be upfront about the costs. I’m inspired to chase my dream more than ever now! Wishing you great weather and great health for this years travels.
Thanks. We are glad you found the video helpful. Follow your dream. We did and it was the best decision ever!
Ed , you have no idea how good you are at informing us (trawler - yatch) future owners that talk to are spouses
About doing extractly what your doing now. THANK YOU !!! For your time & giving up your own very personal information
Just to educate total strangers. I was not board for a second, thank you next time me & the wife go to Hibachi restaurant on
Top of Dave & Busters , I'll float by and scream in ur window (joking) we have A Baja outlaw in Salem Harbor condo in Bensalem around grant ave. & a Houseboat down in Wildwood , oh yeah- great ship captain best of luck for your future travels
Thanks. I am glad you like the videos. And i am happy you find them helpful. We are at Penns Landing just about every weekend. Stop by the boat next time you are down. Just look for Triton.
Trying Not To Sink thanks for the invite.
I was a marine mechanic and have been a service writer over the past 15 years and I own a 2000 Tiara 29 Coronet. A general rule I have found and tell customers is to put save and put away 5-10% of the boats current value. As you mentioned, sometimes unexpected things come up. Insurance doesn't cover new electronics if you travel a lot and need them. There's engine rebuilds, bent running gear, etc. Also, take into consideration if your running your boat that much, oil and fuel filter changes. I can go on and on, but a good rule of thumb is 5-10% of the boats value.
That is probably a good estimate, depending upon the age and condition of the boat. I am still waiting to see and hoping for the best.
I wish you well on your boating adventures. I forgot to mention I was sublet service for a Hatteras dealer (I can't mention which one because of territorial disputes), but it seems like you got a good deal. Salesmen don't talk price much but I can tell you a new 65MY goes for 2.5 to 3 mil. I had a customer buy a 1978 55MY at auction for 30K. I left that place of employment and he hadn't finished the project yet and had 200k into it.
That is exactly what the surveyors said. 3 million is way out of my league!
Best vid I have seen on this subject and EXACTLY what I needed...thank you !!
Glad it was helpful!
Good for you two, you made exactly the deal I would have wanted to make for the boat. Always look for a special situation, a motivated seller or someone who is just completely over sailing (or whatever it is you're buying). Good luck.
I enjoyed the video but the estimates for maintenance are low. $4,000 a year for regular maintenance and another $7,000 for major repairs will not cover the cost to keep a 1979 58' Hatteras MY in good condition. If you fix everything yourself, you can avoid the $100+ per hour charge for a marina mechanic but otherwise the hours and $$$ add up quickly. The $13,000 spent after the survey for a short list of repairs will happen again but for different things. I'm glad you love the yacht, she is beautiful but it will cost more.
I guess time will tell. I used the 4k figure because I try to do all the work myself. This probably cuts the cost at least in half. We also made sure everything was right before we bought the boat so there is no catch-up maintenance. If I am wrong you will see it in future videos. We plan to post all repairs.
Ed,
I like your videos and the presentation is excellent. I made my comment as a life long boat owner. Currently, my wife and I own a 1997 33' Sea Ray Sundancer that we bought three years ago from a freshwater owner. It was in outstanding condition but we still have spent over $7.000 each year in maintenance and upgrades. It is expensive to keep a boat in top condition. Keep posting the videos. Thank you.
That is true and that's freshwater. Saltwater is much harsher on boats by far. I also thought the maintaining figure low.
Life is not supposed to be about money. Yes we do need some to survive but we also need happiness to survive and money does not equal happiness. Spending a day on their boat vs a day coupt up in a house does not even compare. I am going to live in my rv 3/4 of the year starting in June of this year and I know on my soul that this is something that is going to complete me and should the day come when my life is over? I will not say ....If only I did...or I wish I would have but here's a bunch of money....REALLY??? Go live your dream now and find a way. Don't wait till tomorrow because tomorrow is not ever promised to be here.
Congratulations on your beautiful homeboat and I wish you a life of many many adventures and wonderful memories 😊
Thank you for sharing your story and journey with us. I'm excited for you both 💖💖💖
Michelle from Michigan ❄
Thanks Michelle. We agree wholeheartedly. My brother died in a tragic accident when he was 49 and it made me re-evaluate the equation between saving for the future and living for the day. We are not neglecting the future but the balance has shifted. Have fun on the RV this year!
Trying Not To Sink
Awe! I'm so sorry you lost him at such a early age. The prime of his life. 😔
I lost my mom, my life and best friend a few wks ago and cannot stand it.
I need to travel or I'm going to literally lose my mind. I need to grieve for my loss of her alone but I'm going to bring her with me and sprinkle some of her at every beautiful place I see. I know we all need to prepare for old age but holy crap.....enough is never going to be enough anyways. I will live out my days in my rv in a park or land and I swear....I would plan a going away party for myself if ever there came a day that a senior home was needed. No way!
But your lives seem just lovely and I wish you all the health and happiness you two need to fulfill your dreams. Take care and be safe 😊
Michelle from Michigan
Money puts you in the market for happiness.
Maybe you live in a bad area. I enjoy my house and time with my wife.
That's awesome, I love the part about "but here's a pile of money". Live your life, don't be a miser so you can have a big pile of money on the last day of your life....
Fantastic presentation skills . I just watched them all and never lost intrest. The honest/open approach worked better then click bate for me. I learned so much about each stop . I hope you continue shairing your future vacations. Thank you.
Thanks! We hope to do a better job putting them together as time goes on.
Amazing history you guys had so far. My wife and live in St. Augustine and we are contemplating the idea of buying a boat ( smaller than yours) and I’m learning a lot from your videos. Thank you for sharing your amazing journey and hope to meet you guys in the near future.
Thanks for joining us!
Im late here, this is an awsome explanation on cost. thanks.
Thanks for watching!
Great story! Congrats for kicking ass!
Thanks!
Hi guys thank you so much for this presentation. I have vague and romantic notions of owning a yacht. Your video helped bring my dream one step closer to reality and was another piece of the jigsaw. Really appreciated the costings. Hope you guys enjoy fantastic voyages and may your yacht fulfill all your hopes and dreams.
Thanks. We spent several years dreaming about a yacht too. It took some planning, and some patience, but eventually we were in a position to get our starter boat, the Carver, and two years later we made the leap to our dream boat, the Hatteras. Thanks for the good wishes!
Great post and a nice breakdown of all of your funds and you kept the video moving. Thanks for sharing. After having been into it, I would say your total annual maintenance costs are about 50% of what they are going to be over a five-year spread. Also, I agree with you on the depreciation already been had for the most part. And lastly the correct purchase of a vacation home has a good chance of increasing in value, not a lost opportunity cost. Enjoy that boat :-)
Hi Ed, love the vid's and all the commentary...loved seeing the numbers side of a boat this size. Question, I see the boat is titled by a Delaware company, and hailing port of St. Thomas.....I assume tax benefits...?
Yes, tax benefits. The boat does not spend more than 6 months in any one state, and since it spends a lot of time in Delaware, we did the state registration there, through a Delaware Corporation that I own. It is a Coast Guard registered boat, so we can pick any location in the US or territories. We like St. Thomas so we chose that location.
very interesting analysis. I disagree a little in a couple of points, but i guess all depend on what part of the country you are ,as well as other factors i guess.
not sure if disagree is the right word, but is the only one that i know how to use it right now.
the maintenance is from my point of view WAY bigger than posted. Last year my maintenance on a little smaller boat (but newer than yours) was like 1000. No more !! Fantastic right ? Uhmm .. not so fast guys, this year was like 12.000 !!!!! 3 years ago like $2000 but 4 years ago was over 40.000 . I would say 5% of the cost of the boat per year may be a good reference. Some friends say 10%, but i am very handy, so i survive with that 5%. If you have a 500K yacth, i would calculate 25K per year on maintenance. Perhaps you have a couple of lucky years , but an overhaul will catch you soon or later and will kill your record. Or a failure. Or whatever.
Marina fuel and others .. i concur with you pretty much on that. Insurance ..... !! Yours is FREE !!! In the south get ready to pay BIG BIG money for that. Hurricanes and so make your life financially miserable.
Have a comparable beach house or condo is not free either. HOA, property tax, maintenance, water/electricity will make a big chunk of money and a yacht is WAY MORE FUNNY all the way !!
Nice analysis and sorry my poor english. Still learning.
Sorry I did not notice your post until now. I do not think we are to far off on your estimates. We allocated 4k for maintenance and 7k for long term maintenance. 11k total. We paid 181k for the boat, so that equals 6 percent per year.
eloyex You offer counter arguments, personal experience, different point of view. Yet you don't mention the core of your comment - Which boat do you own? Come ON !! Year model engine size cost... We need something to refer to....
Really enjoyed your videos. Came across it by accident. Your costs analysis of purchasing and operating a boat was very interesting and informative. Looking forward to hear why you were taking on water in the other video. Be safe and enjoy!
Hey, I just wanted to tell y'all how much I appreciate your financial analysis of owning a motor boat and the comparison of the boat to a vacation home. I have been weighing those two options for over a year. Really helpful. Thank you for taking the time to do that. Cheers!
Thanks. I am glad you found the video helpful. I did two others since then. I try to do a budget video every year.
If ever interested in subsidizing costs by renting me a stateroom during a leg or two of your itineraries - I’m your huckleberry. :). I’ll even throw in provisioning!
Damn... Y'all's boat cost almost twice as much as my house... Haha.
You are a good teacher. You educate people to the realities of boat ownership. Heck, I wish I could hire you to do my taxes. You broke it down simply to where anyone could understand. I enjoy your videos.
Thanks. I appreciate that. Thanks for watching.
I worked at Hatteras Yachts for many years starting back in 78. I may have helped build that yacht as I built the engine rooms and steering systems on 53's and 58's back then. I left Hatteras in December 1998 where I had worked my way to 130'. Glad you enjoy the Yacht and never lose the fun and joy of boating. You gained another sub and God Bless.
We love our Hatteras. Espcially the engine rooms and steering systems!😁😁😁 Our Hatteras was originally built for Dr. Douvas.
My father told me you never discuss your money with complete strangers. I'm 75 and he is long gone. Obviously this yacht owner is set financially at all levels. Having said that I don't think he is worried that he will now be attacked by poor relatives ,friends , strangers, scam artists or nuclear Sam. The point of succeeding here in the US is to amass wealth and live as far up the ladder as you can afford.
My parents, and grandparents, never spoke about money either. I made a different choice when it came to my children. I thought it beneficial to teach them about money, and how I manage it. I am an accountant, so it is something I deal with on a daily basis. Still, the decision to share my boating budget with strangers was not made lightly. I debated it for a while, but decided it was information that I wish I had when I started, and believed it would do more good than harm. Based on the feedback, I was correct. Although we get attacked by the occasional troll, 95% of the comments have been supportive.
@@tryingnottosink9107 yes, appreciate your sharing and people don't realize you didn't share all of your finances, but mostly just what you see related to boat ownership.
@@tryingnottosink9107 Your videos really help all of us from different backgrounds. My father never spoke about money, as is our culture, so I had to learn everything the expensive way. I came to the US with nothing and now I'm shopping for a sunseeker. With careful planning and execution it's possible to buy a boat, sail for a year, and still come out on top. People have lost tons in the financial markets and don't even have the experiences to count for it.
That's exactly what I plan to do. Buy a used sunseeker, take my family around the Caribbean, and then sell it in a year. With a vigilant broker it's possible to find someone desperately seeking liquidity.
@@tryingnottosink9107 it's obvious you and your lovely wife are very happy and are having the fun of your life, and it comes acrossas... and, is nothing wrong with giving information to people like me a d others, it is very much appreciated my friends.
Safe voyages!
Enjoy your life!
Wisdom. Though it’s hard not to gloat all the unfaithful family and friends.
Good stuff! Thanks for sharing....
Thanks.
Hi ya guys from the UK I have found your honesty and figures great and have used these to work out the valises I need to work to
Many many thanks for your guidance 👏
Awesome! Thank you for joining us!
This was very informative. Good luck
Thought about it...🙉🙉Thought about it some more...Ahh! 'll just get a waterbed😬🐟🐟🐟
18:47 I wish *my* tax accountant ended every explanation this way!
;-)
I own an 89 Bertram 37 Convertible. Sunk a ton of money into it. The big difference between a second home and yacht is the home will appreciate, the boat will continue to depreciate. All the money you sink into the boat in upgrades = Out the window!!! You'll only recoup pennies on the dollar, maybe! Would I trade my boat for a second home? Hell no! I live in So. Cal, so the boat is no longer is a tax ride off, but still love it! BOAT = Bend Over AND TAKE IT! The cost of ownership is worth all the family memories - keep the videos coming!
We agree, it is worth every cent. As far as depreciation, we don't expect to see much. The boat is already 40 years old. 50 year old boats, similarly equipped, are not any less expensive. But you are right, any improvements are not going to increase the value. Fortunately, we do not really need any improvements. Although, we may update some of the electronics.
Excellent deal. So nice that your wife loves boating and helps you. My wife wouldn’t do anything
B.O.A.T. = Bust Out Another Thousand
👍😁
Q: How do you make a small fortune in boating?
A: Start with a large fortune
😁
winky phillips of
Bust out another TEN thousand,then another..then...
Too funny..."she stopped listening to me 10 minutes ago..."
That's because she's looking into the camera thinking, "I hope that camera angle is capturing my best features..."
Uh....yeah...I would say so...maybe a little zoom might be helpful...
lol
Couldn't resist...
You folks seem like super-nice people. My best to you both...
We seem nicer than we really are 😁
Okay...I can believe that. A few rum and cokes and you probably start talking like pirates. "Avast ye scurvy dog! I'll cleave ye to yor brisket! Arrgh! Blow me down, ye limey biscuit eater!" Or words to that effect...(maybe that last one is a little too Hollywood...or Key West...)
Martinis!😁
Thanks so much for doing this,actual numbers from the owners. Great to hear how you have enjoyed boating.
Our pleasure!
Nice summary, but you left out the fact that the condo would continually appreciate in value and the boat has an upward limit. Other than that you are spot on. BTW The 58 Hatteras has been one of my dream boats. The other being a 42' Grand Banks. This is your first video I have watched so I'll binge watch some more. Great idea for a series. Thanks, Steve McV (Your neighbor in Medford, NJ)
I left off the appreciation because it varies so much. Where I live, we are just now getting back to values in 2008. In much of Florida they are still in the negative. But you are correct, historically, there should be appreciation.
I like the Grand Banks as well, but I am partial to my 58😁
Luckily, right over the bridge here in Medford prices have been steadily rising. That's going to be a good thing when I decide to pull the plug in a few years. I'll have to pop over and say "Hi" to you while you're still in the marina.
In Short, If you have to ask...you can't afford it.
I've always been told that the 2 happiest days in a boaters life is when they buy the boat and when they sell it. Everyday in between is just a money pit. I personally rather travel the country and seeing the sights than spend my time looking at the coastline and the cost is cheaper.
We are saving that adventure for when we are too old to do what we are doing now.
blueknight - you hear all kinds of sayings about any form of recreation. You have to decide what you like best. I have owned a 45’ boat for over 15 years and wouldn’t give it up for a motor home. I’ve been coast to coast by land and have a lot of great memories. None of them are any better than cruising into the Caribbean and finding a isolated island or even just island hoping or cruising the keys without red lights traffic jams. Set the auto pilot and relax. I found that those who use that quote had no business having a boat to begin with. Enjoy you drive vacation and if you’re driving the coast and see a motor yacht leisurely cruising along and people are walking around enjoying themselves on deck give a wave. We always wave back.
1951RKP Well I use that quote and I don't own nor ever plan to own a boat. I will enjoy my drive and all the sights that go along with that drive. I'll also enjoy knowing that if my vehicle happens to breakdown during one of my trips and a storm hits, I won't have to worry about treading water.
Depends on the boat and other factors. I own a 2006 bayliner 197 deck boat and a 2007 sun tracker 24' party barge. I've owned both for approx 10 years and haven't had any problems with either. I keep up on routine maintenance. I have the 4.3L and 3.0L mercruiser engines in them and they start up and run strong every time. I live in Vegas, so I spend every weekend on the lake for about 8 to 9 months out of the year. The problem with boats is that many people neglect them and don't give them the proper maintenance. On a basic boat, there is less things to break than on a car
There's an awful lot of BS attendant to boat ownership. That old chestnut on the happiest days is one of 'em. Yeah, some people wear the yacht expenses as a badge on their sleeves. But it's a heck of a lot harder to quantitate the joys of being on the water. In freedom. Sometimes in solitude.
One other thing to consider: when our economy goes to hell in a handbasket for one reason or another, a yacht's not too bad an escape tool investment.
You guys did a fantastic job explaining what it cost to purchase, maintain, and enjoy a nice yacht. What to set aside for future maintenance cost, unforeseen repairs, etc. Thank you.
I truly admire your passion for yachting. Keep up the great videos!
Thanks. We are glad you enjoy the videos.
You already got her for the lower price of the boat then asked for 13ooo dollars for some repairs? It takes allsorts doesn't it.
You can't be wealthy and spend like a celebrity...
Thats how it goes with boats mate... its just a business deal.. leave your emotion on the jetty.
Which is why they had 180k to but the boat and many do not.
So, it's about $950 per foot per year, all-in, for a significant user. Ie you travel, rather than polish it on a Sunday. Interesting analysis. Also, I have a viking hat, but only a 4m RIB. North Kent coast, UK. Hope you both continue to have fun. Matt.
The woman’s husband just died and you took the “Let’s take advantage of this” approach? Wow.
Knot times knot equals knot. Carry the 5, ummm. QUIET! Can't you see im cyphering.
You two are awesome together... Great commentary, nice to see a couple enjoying life and having fun. Super informative, if I show my wife this, she may even let me buy a boat.
We are glad you enjoyed he videos. Good luck on getting the boat!
Great vid. Good questions. I have a 72 foot that I live on all year long. I live in Sebastian FL. It's wonderful and my wife and I love it... I am 55 years old and retired from Harley Davidson after 35 years of service. I subscribed to your channel and think you guys are great!!! Thanks guys!!!!
We are glad you enjoy the videos. More to come! One of these days we might become full live-aboards. I would love to, but Lyn and I built the home we live in and she is sentimental about it.
"Trying not to sink"-The automatic bilge pumps will soon start pumping this guys money overboard
must be nice to be rich
"Rich" is a relative word. When I was 16 I was homeless and living on the streets. By comparison, I suppose I am rich now. However, I am really just a middle class guy who learned to use money wisely - out of necessity. Now, I reap the rewards of delayed gratification.
I'd rather be *wealthy* than rich.
What is nice is the opportunity it available to everyone. It may be more difficult for some than others, nonetheless, the opportunity is there. Of everyone I've talked with about it, none have said it was easy. Look at the owner's reply...he was homeless at a young age. Yet look what he has now. That is proof. Myself, I was homeless for awhile and there was the time in my mid-20s when I found a dime on the sidewalk. I felt incredibly wealthy. But I got out of it by hard work and have done pretty well. . Hard work is character building. Do not be afraid of hard work by which wealth is made. There is the opportunity to build wealth, get busy but not chopping on someone else.
Don't tell me you can't or some people do not have the opportunity. Those are excuses and show one is not ready for wealth. And if one thinks they do not know how, there are many people willing to help others to achieve their goals. Instead of looking for them, make yourself ready for them. They are there to help but you have to bring something to the table; a desire, a positive attitude, willing to learn.
Richard H . . . hey!, that's ME!! Ha ha. You are correct, if you are willing to work, positive attitude . . . well, you said it all.
You can be rich through an inheritance, win the lottery, etc.
You become wealthy through your own effort: learning, working, applying common sense, building. Isn't 'life' fun ???
3077nrth 40 don’t miss the important information given here you can use it to learn even on a smaller scale. Rentals apartments, townhome purchase, vehicle l, jet ski purchase. It’s all relative.
Ed, thoroughly enjoyed the video. Very informative. Especially appreciate the time you took to create the vacation home comparison. Well done.
Thanks. I am glad you enjoyed it!
The most comprehensive breakdown I have seen of a running cost of the boat. Opportunity missed cost? You are definitely an accountant. Like it a lot.
Thanks. We are glad you enjoyed the video!
Good video.....but just because you have money is no excuse to buy tacky "renaissance" style furniture.
To each their own.
Justin . . . Ha ha ! ('cheap - shot') I kinda' like it for their video, it let's the less (wealthy/rich) people like me know that a boat like this requires a bit of horsepower in order to support it/afford it in the long run.
Richard Hobbs, indeed. I was taught one thing about boats that seems to ring true for everyone I've ever known to own one...in that "boat" is just an acronym for "break out another thousand" because they are just a good way to flush money down the drain. But hey....if a person has the means, more power too them. Having said that, how's a person going to buy a couch or chair they can't even take a decent nap in? That's just wasting money for the sake of wasting it.
Ed and Lyn,
I have very much enjoyed watching your videos on CZcams. Your boat is lovely and your stories are outstanding. I am in the infancy of my boat buying experience - my plan is to liveaboard full time and get a slip in the Florida Keys. This would allow me to be on the water living and diving in the Florida Keys, the Dry Tortugas National Park area and most importantly it would give me access to cruise the Bahamas. I work from home and have for about 4 years now - my plan would be to not only make my boat my home, but also my home office.
I am a scuba diver and I love underwater photography. I've taken dive trips all around the world and long ago I used to fantasize about living on my own boat and then got away from that dream for about 15 years and now it's back and it's hit me really hard. I realize that diving and dive travel versus cruising and boating are two totally different things and cultures....I'd like to find a way (in my life at least) to marry them up.
I have had some deeper realizations in life that have drawn me to this choice and now every single night I am looking at boat tours, studying charts, reading about diesel engine maintenance, solar panel installs, marine head repairs, etc. I really need to do this.
I live in Cottage Grove, MN (although I lived in Hawaii for 14 years from 1999 to 2013) and will likely be going down to Florida in 2020 or 2021. My boat of choice (as of now) is likely going to be a Bayliner 4788 - probably a mid to late 90s model or early 2000s. It's a great layout for a guy like me who is single, I should be quite comfortable onboard. There's also a lot of them for sale on various yacht sales websites so I imagine that isn't likely to change much in the next few years. There is one other boat that's kind of similar to your boat that's even better for me though.....
I LOVE the Viking Cockpit Motor Yacht 55 (or the 57). Something in the late 80s or early 90s. The problem is most are priced at over 300K and I can't afford that. Some I've seen are in the mid to even low 200K range and that gives me some hope that I may be able to comfortably secure financing after making a decent down payment. So maybe if I get a good boat buyers broker and there happens to be a motivated seller, perhaps my dream boat may become a reality. Care to offer any opinions on either the Bayliner 4788 or the Viking 55 motor yachts?
Your video blogs are particularly helpful because from the standpoint of an accountant going for a boat that's priced very much in my same budget - it gives me a rough idea of what kinds of costs I should expect after the purchase of the boat goes through.
A couple questions:
I hope you both continue with your CZcams videos and I'll be very curious to see your intended course for your 2018 cruising season. I'd also be curious if you've ever considered putting solar panels on your boat to cut down on fuel consumption by your generator.....any thoughts on this? I'm very curious. Also....ever considered a trip to the Bahamas on your boat? There's some great cruising to be had there. Last question....did you consider a Bayliner 4788? I've heard good things but a lot of people in the boating world tend to think of the Bayliner 4788 and similar boats to be "too common".....not sure what to think about that. They seem like they are well built vessels but I'm trying to take input from various points of view and make my decision later. Right now it's all about saving money.
Best wishes!
Eric
Wonderful dissertation regarding life values. Everyone’s are different. Cheers!! You guys seem like a wonderful couple. Hats off to you!
Thanks. And thanks for watching!
Hello Im a retired Chief Boatswains Mate from the Coast Guard, really enjoy your videos.....I was the Commanding Officer of Hobucken which ya went buy that was my last Station, keep up the good work
Yes, I remember passing by Hobucken. It was the only peaceful water on that particular day! We are glad you enjoy the videos. We have a lot more to post, as soon as I catch up on my editing. We are on our way to Annapolis right now, but I haven't finished editing the final part of our trip home. Hopefully we will post another this weekend.
Just found your channel…we used to live in Solebury, just up the road from Peddlers Village. We boated out of Great Oak Landing marina on the Eastern Shore of the Chesepeak. Last boat was a 36 Catalina Sloop. Now living in Port St Lucie FL.
Welcome aboard! We have been to Great Oak once, on our Carver. New Hope is our main hangout.
My office was in New Hope. We were in the old Paper mill office next to the mill condos. We also owned the house at the bottom of Windybush at River rd where Jessica Savage died. Our kids went the NH Solebury HS. Small world…enjoy cruising. If u ever get down to the Treasure Coast (FL) give me a shout we would love to met and have a cocktail/dinner. We owned (in order) 26 Wellcraft, 33 Searay, 36 Carver MY, and last a 36 Catalina sloop..that’s right a sailboat!
Hi guys, thank you very much for this informative video! You really made my day. I thought owning such a wonderful yacht was going to be much more expensive. Happy boating to you two!
Thanks. We are glad you like the video!
Ed and Lynn, I have enjoyed your voyages and stories. My wife Barbara and I recently purchased a 58 Hatteras MY, that we have recently moved to Annapolis Md. this will be home for a while. I appreciated your openness regarding the expenses. I think you bought the boat at a great price. We bought our boat in Chattanooga TN. , and have had a great time getting the boat to Annapolis., almost 3000 miles. Would love to keep in touch, and if you ever get down to Annapolis, would love to get together.
Congratulations on boat! We go to Annapolis often and would love to get together. We may be cruising down next week, if we can clear our schedule. Otherwise, we will be down for the boat show next month.
I enjoyed all of the commentary on the costs of operating a 50-60 ft' hatteras. Thanks
We are glad you enjoyed the video!
Your analysis is honest,straightforward.
You guys are great.
You are going out together and enjoying it.
The only problem with boats, even old boats, is that they lose value over time.
You might want to keep this in mind and not be too surprised if you try to sell it one day.
Unlike the opportunity cost of a bank deposit which should get larger in the bank, the opportunity cost of boat ownership will get smaller.
It is definitely not an investment :-) It is a lifetsyle choice.
@13 minutes - very nice that you considered opportunity cost. I think that you are the only person that I have ever heard, aside from myself, speak to it when doing various things. Its as if people either don't know that it exists or they don't want to think about it. It shows that you really thought about the costs from top to bottom.
It is an occupational hazard! :-)
Thank you for a very frank discussion of your ownership costs. You worked hard to find a boat at that low an initial cost that was not a fixer upper! especially as its 38 years old!being a cash buyer helped I'm sure. A quality boat helped too. You defiantly proved the boat vs shore house argument I've been making for years. especially as most shore houses will be at least 2-5 time your boat cost!.I will check out some of your other videos as handling a 65' or is it 58' TSDY in unknown marinas could be quite a challenge.cheers warren
Enjoy yr videos…I lived in fairless hills pa…as a kid…loved living there…and taking trips to Delaware and yardley..👍
Small world. We have a good friend named Glenn Evans from Yardley.
Really appreciate the P&L approach to total boat cost! Best cost analysis I've seen - follower after this one video - thanks
Thanks. We are glad you liked the video.
I love your approach to owning a boat to travel on 8 months out of the year. Good luck on your dream and hope it works out for you.
What an honest video, Thank you so very much for spending the time to post it, You both make a great team. i have a 364 Catalina sailing boat. She was a dream when i was in my 20,s. Im a bit older now but still young,lol. like yourselves. i retired basically at 37 and outside of a few odd jobs, ive been living the dream. My goal is to have a 48 Catalina Morgan sailboat, who knows, i tend to exceed my dreams with Gods help. i wish you the best on your youtube channel. Any work you have done, i would love to see vids on it. i have a you tube channel as well. I love the fact that you worked your way to your dreams, so awesome. im proud of people like yourself, very inspiring.
Thank you for your kind words. We feel we are living the dream as well. We will be posting some of our maintenance work in the near future. We are glad you enjoyed the video!
So, right as I was commenting, I was wishing there was a video tour. I sent it, scrolled down a little & then I saw it. My eyes lite up, I got butterflies in my belly, I swear I even heard fireworks. The Tour Video! I'm about to watch it, I bet it's gorgeous inside. Thanx folks 👍
Thanks for watching. We are glad you like the videos!
Thank You guys for sharing a little bit of your life's with us. I plan on buying My 1st boat soon. I really appreciate the information! It gives me something to think of, and look forward to. Stay Safe and Stay Blessed!
Our pleasure!
I know nil about boats and boating life, but I love the frank explanation from an accountant who is honest about real running costs. Great breakdown. Maybe someday ...
Thanks. I am glad you liked the video.
Thanks. I really appreciate your open and honest style. Really interesting to see the cost that comes with owning a boat. Also good to have the comparison of owning an estate. I wish you all good and happy times on your boat.
We are happy you enjoyed the video! We will be posting much more these coming season.
You got a good looking old lady
Love the videos. The boat looks immaculate and very well maintained for a '79. You negotiated a great price. Well done!
Thanks! We are very happy with our decision.
Condo v boat expenses a lot of condos have HOA fees on top of those numbers. Thanks for all the info. Fred and Shari
Very informative. The two of you are clearly in the same groove which might not be common these days. I'm now a subscriber.
Thanks, and hanks for subscribing!
Great video. You definitely hit the main points that I was thinking. The one thing I think might help round out the story is to explain more about depreciation. Where I boat, most people have boats less than 10 or 20 years old, not 40. So, depreciation for us is a major factor. In many cases, depreciation is the #1 cost of owning a boat. Congrats on your awesome yacht.
Thanks for watching! I mentioned depreciation briefly in a video. Perhaps not this one. I am not factoring depreciation into the calculations on my particular boat because it is 40 years old and should not depreciate much, if at all, if I keep her in good shape. But you are right, depreciation is a huge factor in newer boats.
As much as you are traveling. Its really not bad at all. TY for posting...It gave me hope...The vacation home comparison was good but I think WE would agree atleast that you are on waterfront "property" in the coolest harbors and towns you are willing to sail to....I LIKE what yall are doing best!!!
That's the best part. And when we get bored with our waterfront view, we move on to another beautiful waterfront view!
i just bought a hyatt 40 with twin 250 cummins..5kw northern lights gen. ben sitting for a while n tn. enjoy yalls postings and adventures..hoping too copy your adventures..down waterway too keys..first...take my son cobia fishing n late feb..thanks ..keep up your interesting adventures. ill b keeping up..b fun too meet an swap stories..theaks again
Thanks for watching. We are glad you enjoy the videos. The Keys are a blast!
LOVE the hats. Thank you for the financial perspective.
Thanks. We are glad you liked the video!
Thx for your candor & comprehensive cost analysis. FLA country club HOA homes w/mandatory membership are generally NOT a good investment. 20 yrs later we broke even and didn't have as much fun or adventure as you guys. :-))
Thanks. We are glad you enjoyed the video! I got some flack by viewers for leaving out potential appreciation on vacation homes but it does not always happen, especially in Florida.
This is a great video. I especially like your points about the power of the interest you could make on that money, and compounding it over time
Thanks. Glad you enjoyed it!
Great video on costs for boat ownership....very thoughtful and relevant....thank you
We are glad you liked the video!
Thanks for posting this. I have not viewed your other videos but will plan to do that now.
I owned a 1977 58 Hatteras EDMY for about 6-7 years. Initially in Sausalito, CA but eventually moved it to North Carolina. Spent time in the Bahamas, FL, SC, GA as well as most of the west coast destinations. Many exciting adventures and family experiences. The numbers you provided seem about right to me. The one item that you might plan to increase would be the long term repair reserve. Items like paint, A/C systems and engine rebuilds don't come often but they are very pricey. Easy to get into 6 figures quickly here. Also the recurring costs such as bottom paint are not cheap. I now have a 28 foot Searay and it is right at $2K just to do bottom paint and outdrives (every 2 years).
The 77 EDMY is a beautiful boat! I will be bottom painting this coming spring. Not sure if I will do it myself or not. We did the Carver ourselves, but that was a different animal. I do not mind doing my own maintenance but do have my limits.
We love our 1988 70ft hatteras cpmy excellent long range cruiser. Nothing beats a HATTY.
Nice boat! We are jealous. Would love it if our boat was a LRC.
I have a 40' sailboat, and am considering a 46 MY to live on. All the naysayers can go pound sand. You only live once. Thanks for the honesty and numbers. Hope to see you out on the water of the Chesapeake!
Exactly. You have to follow your own path. See you on the Chesapeake!
@@tryingnottosink9107 cheers
Excellent summary of costs of ownership. Best wishes for happy boating.
Thank you, We are glad you liked the video!
Loved the video. we are about to retire and start cruising from Texas to the islands and the Great Loop. We have a 40' flybridge motoryacht. Hope we see you out on the water.
We have a 40' Aft Cabin that we traveled on a lot (in our early videos). That size is perfect for the loop.
Thanks for the honest presentation. Obviously, prices are higher 5 years later. But, so are alternate second home costs. Actually makes sense.
We make a budget video every winter, with updated costs. Thanks for watching.
Absolute success story. Waterfront view really got my attention. I am very attracted to the Florida powerboat Club with the thought of having a 185 mile-an-hour twin 1650s pushing a 50 ft catamaran but that is an absolute Act of insanity LOL. Your story is quite wholesome. Very realistic and very sane.