Cost of Ownership Question

[jbparse]

Hello,
My family is considering purchasing a Freedom 307 (New or Used).

What should we factor in for annual cost of ownership (Insurance, maintenance, winter storage in Cape Cod MA, etc.)?

Thanks for your thoughts!

 

[jlipsky14]

Would be prepared to spend 30-40k annually averaged out for average usage.

This will depend how you use it and how long you plan to keep it.

 

[Hookup1]

In NJ, in very rough numbers, $5k dockage, $2k winter storage, $800 insurance, maintenance will vary depending on how much you are willing to do but oil and filters $400 and labor to do it $500. Winterization $1k. Plus fuel. I would budget at least $10k not including boat financing.

I do most of the maintenance myself. Not really sure what it would cost to outsource.

 

[PointedRose]

To start: would you keep at a marina or at mooring? If marina- you’ve got monthly dues, usually priced annually and paid upfront - thousands per year based on size of slip/berth.

If mooring- it’s the cost of the mooring, chain and diver, and getting the location approved by the local jurisdiction- going to be thousands up front cost, but then annual cost is pretty minimal. Every three years you need a diver to inspect. You take the mooring ball off at end of season and put a winter stick on.

insurance isn’t small depending on value of the boat but for my 2 cheap boats it’s like $500 per year. Registration annually is minimal. Trailer costs can be contained if maintained well.

On cape cod you would have basically a 6 month season at the most - April to October roughly. More likely June to Sept. If you can haul it out and splash it yourself, and store in your own yard, you can save yourself a lot of money and won’t spend nearly the amounts jlipsky mentioned, but if you pay someone else to do it, it’ll be thousands per year.

My dad and my brother and I have had boats in the cape for 40+ years and have minimized costs with a lot of sweat equity. basically we have the local marina usually handle winterizing the engine each year, and usually a power wash, and any major engine repairs/maintenance. Sometimes we have them get it started at the beginning of the season and splash it for us. Most of the work is done ourselves, but sharing costs makes it pretty minimal.

 

[Legend]

282 Sailfish - insurance, marina, winter storage, shrink wrap and winterization it runs around 15K in SE Mass. Add in fuel, repairs and entertainment 2-5K

 

[jbparse]

Thank you all.

We have a dock which handled our previous 26' boat, but in the Bass River it is shallow at low tide. Maybe 2'?. Old boat never grounded, but launching at low tide required care. Specs for the Freedom 307 say 1'-10" hull depth....

We should probably calibrate depth at low tide w/ tide tables before getting ahead of ourselves...or get an estimate Zoning opinion on extending the dock.

We've outsourced haul-out & winter storage at a local marina. Location is a family vacation home, intermittent usage, May/June - Sept.

Other things we should be considering?

Thanks!

 

[SkunkBoat]

Other things we should be considering?

hehehe-- bait, ice, gas, tackle, lures, jigs, lead sinkers, new rods & reels....3 or 4 anchors and chain...10k. If you buy used....new electronics, radar, sonar, autopilot.....new everything thats broken....

Consider golf....

 

[Blaugrana]

Remember my uncle telling my mom 20 years ago that if you are looking at a luxury car, you don’t compare their MPG. If you are, you shouldn’t be buying a luxury car.

I’d say the same if you are looking at a new 307. The costs are the costs, if you can afford the boat, the rest is pocket change.

I’m on the other side of the fence, which is why I bought a 20yr old boat

 

[seasick]

There can be a large range of costs depending on who does the maintenance, you, the yard, or a mobile tech. Mobile techs are like plumbers, it $500 just to show up
The historical rule for maintenance costs used to be 10% of purchase costs. There are also cost that repeat but not every year like hull blasting, canvas replacement or repair, upholstery and electronics upgrades. Little things like new life vests for the family all add up. Twin motors will double the motor maintenance costs. Of course you can pay someone to trailer, haul and put on stands and take off stands next season will probably cost about as much as a winter storage contract at a marina , especially if you have a seasonal contract at the same marina.

The 10% rule is reasonable as a guide just to make sure folks understand what they are getting into. Many first timers have no idea of the expenses in addition to the obvious ones like insurance and gas.

 

[PointedRose]

Thank you all.

We have a dock which handled our previous 26' boat, but in the Bass River it is shallow at low tide. Maybe 2'?. Old boat never grounded, but launching at low tide required care. Specs for the Freedom 307 say 1'-10" hull depth....

We should probably calibrate depth at low tide w/ tide tables before getting ahead of ourselves...or get an estimate Zoning opinion on extending the dock.

We've outsourced haul-out & winter storage at a local marina. Location is a family vacation home, intermittent usage, May/June - Sept.

Other things we should be considering?

Thanks!

A good relationship with the marina and a solid boat mechanic goes a long way. You want them to help you when you need their help. You can do a lot of the work yourself though, especially if you’ve got a number of people benefiting from its use and that are happy to help you. Just set the expectations with them before splurging.

 

[SeanC]

NO! NO! NO!

That's not how you do it. You buy the boat you spend what you need to keep the boat. You never work out the annual cost of ownership. That will leave you in a deep, deep depression. If you are foolish enough to work it out never, never tell your partner.

 

[loubeer]

When I bought my first boat 40 years ago. a wise friend told me: "Once you own a boat, everything else seems reasonable." He wasn't wrong , but I wouldn't change anything. Boating friendships, experiencing the sea and its wonders, teaching kids/grandkids to fish, weekend island trips with kids and, now, grandkids - priceless!

 

[SCW]

I am on the Cape with a Freedom 275. The Cape is expensive! I spend about 25k on dockage, haul out, storage, decommissioning, commissioning, winter wrap, bottom paint etc. Buying the boat is the easy part! Then of course fuel, Insurance, and normal operating costs. Good luck, Awesome boat! I would love to move up to the 307!

 

[Punchline Cap]

On my Fisherman 236 in South Jersey, between dropping off in the spring at the marina, slip fees, insurance, picking up in the fall, complete maintenance, shrink wrap and prep in the spring it runs between $7000 to $8000 depending on any additional parts or service needed. This does NOT include fuel, ice, lost fishing rigs or my addiction exhibited at Tackle Shops.

 

[SmokyMtnGrady]

NO! NO! NO!

That's not how you do it. You buy the boat you spend what you need to keep the boat. You never work out the annual cost of ownership. That will leave you in a deep, deep depression. If you are foolish enough to work it out never, never tell your partner.

its kind of like having kids. if you sat down and figured out the costs of having kids , our planet would be empty of people quickly. lol. well maybe not. i don't know how y'all in expensive states afford to live ..lol. Buy an Owens trailer and a F350 truck and keep it at your house for the expense of marina and storage fees you could get a nice truck.

 

[Don Davis]

Cost of boat ownership = “priceless”

 

[JJF]

Hi,

I am in Gloucester, MA. I have a 2018 GW 306 Canyon. This is my first summer season with it.

Excluding fuel/fuel additives, tackle/bait, fishing equipment, my number is approx. $16,000.

Slip: $5,750
Annual bottom paint: $1,000 - I may switch to bi-annual & begin doing myself, since I will be retired after 6/30/21.
Insurance via SeaInsure: $1,800
Sea-Tow membership: $175
Sacrificial anodes: $200
Winterization of pumps, engines, etc.: $3,500 (est.) - this includes regular engine maintenance at Baert Marine in Danvers, MA (see note below).
Winter storage, stand rental and shrink-wrap: $2,500 (est.)
Launch and haul, because I don't have a trailer: $500 (est.)
Cleaning supplies: $200 - I do my own waxing and detailing.
Excise tax $10 per thousand of some obscure value: $tbd

Note: Baert Marine is a Grady-White & Yamaha dealer. They are 100% honest and post the pricing for their service dept. and yard dept. on their web-site. See link below. It includes engine work to be done at winter layup, storage, etc.

https://www.baertmarine.com/--storage-rates

 

[hooked on Grady]

When I bought my first boat 40 years ago. a wise friend told me: "Once you own a boat, everything else seems reasonable." He wasn't wrong , but I wouldn't change anything. Boating friendships, experiencing the sea and its wonders, teaching kids/grandkids to fish, weekend island trips with kids and, now, grandkids - priceless!

it's been said life is better on a boat. Agreed, worth every hidden dime ever spent.

 

[Rustygaff]

Considering what some of you guys are shelling out, I am a bit on the lighter side. My Freedom 255 is trailered and I do all my own work since I am retired. My first investment was the shop manual for the F300 from SIM.
My boat is wet slipped and my fees are about $1200 per year at our local yacht club. Normal annual maintenance consists motor oil change, LU lube change, oil/fuel filters, and a few gallons of RV anti-freeze. I dont think I spend more than $100 annually for these basic items.
There is the as-needed work. For years that I do only "touch up" I will buy a quart of Petit which is less than $100.00. Every 3rd season I replace the water pump on my F300. That runs about $150.00 for the kit. At the same time I will replace the 2 thermostats. I forgot what they cost but not crazy expensive.
Last year I sent the injectors out for cleaning. That cost $180.00. Add another $100 for the VST filters and gaskets.
There will be always odds and ends that you will need for basic maintenance but no big ticket items stand out that I recall.
I shrinkwrap the boat in my backyard in the fall. I bit the bullet for a Dr. Shrink torch and it has saved me a bit of cash.
Insurance for my boat runs about $700 per year plus another $150 for BoatUS.
Fuel/Ringfree boils down to the type of boat one has and how much they use it. I fill my boat before I haul in the fall so I am still burning the $3 per gallon gas from last year.
But for what I save by doing my own maintenance, I piss away on upgrades. My problem is I sit around during the winter dreaming up my next boat project. 3 years ago I installed a windlass. 2 years ago a new 10" Garmin. This year I blew $3500 on all new JL sound equipment.
In the end, boating is not a cheap endeavor but it does not have to be as expensive as some make it out to be providing if one is willing to get their hands dirty and some basic mechanical ability.

 

[fastexas]

My experience mirrors Rustygaff....an advantage of boating on the Texas gulf coast is no winterizing or shrinkwrapping!
225 Tournament, single F225
Fuel for the average year about $600 (I don't put a lot of hours on her)
Insurance through Progressive is about $750, including sign & glide (like SeaTow)
Dry Stack storage is $3,600/ yr.
I do most of my own maintenance so let's say $250 year for oil/ grease/ filters, etc.
Guessing about $500 year for mechanic to fix things I can't handle or don't have time to address. Nothing major SO FAR.
I'm sure there are all kinds of minor miscellaneous costs throughout the year...maybe a couple of hundred bucks?
Not including fishing expenses... I'd have them even without the boat.