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Buying my first small motor Yacht.

Discussion in 'General Yachting Discussion' started by AckAck, May 27, 2019.

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  1. AckAck

    AckAck New Member

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    I am located in Fort Lauderdale. I will 100% be hands off. I can’t even change a light bulb in my home. My wife calls a handyman the second something is broken in the house. Maintenance is my biggest concern for the boat. I’m leaning towards buying brand new and negotiating significantly off MSRP to decrease my eventual depreciation. Does the 10% annually of the cost of a brand new boat still apply today in 2019? Or is this for “older” pre-owned boats? Does having a new 3 year warranty really help or is it fluff?

    I was told by Marine Max on a brand new 2019-2020 boat the standard annual maintenance would be:
    1)Annual Engine Service $1,800 per engine ($3,600 total)

    2)Annual Generator Service $800

    3)Annual Bottom Paint Renewal (If I kept it in the water full time, but I could most likely skip this they said) $2,700

    4)Wax and detail every 6 months $1,000 ($2,000 total)

    Approximately $6,400-$9,100 depending in fixed maintenance costs, of course not including any issues or fixes that arise throughout the yearly ownership. But they said with a new boat and under warranty I shouldn’t have too many financial surprises....

    Do these maintenance numbers seem way off? Is there anything they didn’t tell me?

    The boat will most likely be stored indoors out of the water in a “high end” marina. Quotes were expensive! $3,300 including tax a month for a 43’ Galeon 425. For a 34’ Azimut the quote was $1,760 including tax per month. This includes indoor storage and...
    • Open 7 days a week (8am - 5pm)
    • Unlimited IN & OUT Launches
    • 30 Minute Launch Time (minimum)
    • OnLine Launch Requests
    • Complimentary Wash & Chamois Upon Launch
    • 2 Bags of Ice (upon request)
    • Complimentary Fueling (upon request)
    • Hose & Electric at Every Dock
    • Rinse from Rub Rail Down & Scrub Waterline
    • Outside Service Racks Available (3 Hour Limit)
    • Hurricane Storage Included
      • Both Buildings Hurricane rated to Category 4 (up to 135 mph winds)
    • Night Security Guard
    The Marina also offers boat painting, waxing, detailing and fiberglass/gel coat repair.
    Seems very expensive for storage, but I guess I’m paying for hands off all inclusive. Then of course insurance, I’ve been told roughly 2% annually of the cost of the boat? Fuel. Any other fixed monthly costs I’m missing besides storage, maintenance, insurance and fuel?

    Please tell me like it is, and let me know if Marine Max is completely BSing me or they are actually truthful? I’m a numbers guy, I’m in finance. Purchasing the boat isn’t an issue, I’ll write a check and be done with it. The monthly costs are what I truly want to know for a new 34’-43’ sport cruiser because I budget monthly down to the last penny my entire families financial well being.
  2. ranger58sb

    ranger58sb Senior member

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    If you intend to hire all your service, then maybe 10%/year is useful for long-term planning... but be aware that's a really wild rule of thumb, and in any given year it's liable to be incorrect... by a lot.

    The MM costs are VERY high, but then again they've got labor charges built in, too. I can't tell if they're BS'ing or not, but I'd guess they're maybe also trying to prepare you for the worst. But for comparison, my cost of typical annual diesel service is probably $250/engine (plus my labor); annual service usually means an oil/filter change, coolant filter change, fuel filter clean-out (Racors) and change (spin-ons), zinc anodes... and sometimes a raw water pump impeller change. Longer term maintenance items would be things like valve adjustments, coolant system drain/flush/fill, belt changes, hose replacements, etc... but then those service points might only come up every 3-5 years depending on your usage. I have purposely used that as an example that you maybe don't know much about, point being that you'll want to know lots more about everything or else service guys will take you to the cleaners...

    And then replacement of major systems -- air conditioners for example -- will greatly skew costs in any given year, so you should expect a baseline (to be learned in your first few years of ownership) plus some big jumps from time to time.

    That marina cost is also VERY high, almost as much per month as we pay per year. Even when we lived near FLL and kept our previous boat in the Dania Cut... it was LOTS less than your quote and not too far different from what we pay now. OTOH, we're not in your environment now and our current boat doesn't lend itself to inside storage high-and-dry storage. BTW, "Complimentary Fueling" will likely mean they do the pumping... but you still pay the cost of fuel. And on that topic, you'd likely find that fuel will not be your largest budget item.

    You might be in luck about buyer's brokers. Look up user JWY here; Judy has a good rep here.

    -Chris
  3. AckAck

    AckAck New Member

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    Thank you. Usage will be sparingly and not hard whatsoever. Weekends mostly, 4 hours at most on a given day just cruising around slowly or anchoring and letting the kids jump off the back. No long trips anywhere. The furthest maybe up to Palm Beach or down to Miami, it’ only for leisure and relaxation with the family. That’s why I’m thinking yearly maintenance shouldn’t be near that 10% rule of thumb? But I could be wrong. To answer your question above I will be completely hands off, I will be hiring a service company and will not be doing any work myself on the boat whatsoever. Your absolutely right I need to educate myself so I’m not bled dry by maintenance companies sniffing out a newbie. Thank you for the recommendation I’ll look into a buyers broker and see the difference between the experience of going to a boat “store”.
  4. Zud

    Zud Senior Member

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    "Look up user JWY here; Judy has a good rep here."
    I will second this thought.

    When I started looking a few years ago, many on here told me (rightfully so) that I dont even know what I dont know. Time and JWY made it go very smoothly. Under the expert guidance of Cap'n Don I learned many "tricks" during our excursion and have been learning new stuff every day. Take your time...dont rush what may be the first or second largest capital outlay in your life. Good Luck !!!!
  5. ranger58sb

    ranger58sb Senior member

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    I meant to hum a few bars about that. I expect if you negotiate cut-throat style and get your purchase price down to as low as possible... a year old version of the same boat would cost you 20-30% less than that. Just a WAG, but a buyer's broker can look up Sold Boat prices and give you real comparisons.

    Anyway, that could mean you could get essentially the same boat (used) for less money... or a larger used boat for the same money.

    Also, it's not uncommon to "survey" new boats... just as you would a used boat... because new boats often don't come off the showroom floor (so to speak) in perfect working order. IOW, brand new isn't always the virtue you might expect. Used boats often have some of the kinks worked out already... although that depends largely on the previous owner, his/her wallet, his/her inclination and/or skill at upkeep.



    Depends, largely on the dealer, especially the actual dealership, and somewhat on the builder. You can read about Marine Max or Azimut (for examples) on line in various places.


    Yep, somewhat wrong. Light usage isn't always great, which is probably counter-intuitive. Systems on an unused boat often crap out earlier than a well-used boat.

    You use case suggests membership in a boat club could be viable. You don't own stuff, you just rent when you want to... and they do all the service and so forth on their boats. I'd imagine yearly costs could be much lower than straight ownership.

    It occurs to me Carver also has some new-ish express boat styles that you might look at.

    I mis-spoke earlier about marina costs. About 2-1/2" months at the place you quoted would be about a whole year for us.

    -Chris
  6. olderboater

    olderboater Senior Member

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    The Galeon is very large for dry storage and that would account for the price, if it can even be handled.

    You're a rather typical totally unprepared new boat looker falling victim quickly to Marine Max without the knowledge or experience to know whether anything they say is true or not.

    You're in no way ready or even close to ready for boat ownership. My earlier suggestion of renting was completely ignored so I'll make it again. You need to take some courses, including hands on, and you need to rent for the occasional use you have. You can rent for very little more than you'd spend for dockage and maintenance without the capital layout. Rent, charter, learn. Don't even think of buying until you've done those.

    You keep saying how you're in finance. This isn't finance. Any good financial evaluation would say boat ownership is a lousy investment. My background is originally financial but I graduated to operational and I do budget everything but boat ownership is not a financial decision. I buy new boats, but buying new is a horrible financial decision where you pick up the first three years depreciation as the value drops dramatically.

    I see people going to Marine Max and buying and first time out running aground and destroying the props and shafts and when they get the boat back two months later they decide to go to Bimini and it breaks down on them there and they realize no warranty service there. After about six months they sell the boat at a huge loss and celebrate being out of boating and never going to own another boat. Marine Max is convenient but not the place for you to learn. You think you're going to decrease your depreciation with your negotiation skills. Marine Max sells the brands with the huge markups and everyone gets discounts but the depreciation is still there. Dealers like Marine Max typically have costs 30% or so less than the MSRP. Boats sold through brokers or by the brand ownership run on more like 10-15%.

    I'd suggest you sign up for a Captain's course at a place like MPT just to find out how much about operating a boat you have to learn, not to become a captain. Then charter with a training captain. Oh, and if you come back and say, the course is expensive at $999 and the charter with a captain is expensive and renting is expensive, then you're in no way ready for the real world of boating as boating is expensive.

    I had nearly 30 years experience boating when I moved to FLL, but I knew that I was just a novice when it came to coastal and ocean boating and larger boats.
  7. AtomicLobster

    AtomicLobster New Member

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    Maintenance is not a reason to go straight to new in order to save money in my experience, even if you were able to negotiate a decent price. Find a good surveyor as well as the broker, and if you can find a pre-owned boat that's only a few years old and been properly taken care of, the numbers will be likely be much, much better on the front end and the depreciation curve is not as steep. Boats have a fair amount complexity and parts, especially the bigger you go, and yours will be sitting in and around salt water which is a terribly corrosive environment. You're going to have maintenance issues new or used in that first year. It's just the nature of boats.

    Also, it's already been covered a bit by others, but you don't really know what you're going to like and dislike yet. You mentioned that you've walked a few and discovered features that you prefer, but you really have to get on on the water and see how they all operate to make a proper judgement. For example, you say you don't like the plastic curtains and you don't want a fly bridge, but you may discover that you actually don't like the closed in feeling and like the feeling of the wind in your face when under way. Stuff like that you can only discover after you've been at it a while.
  8. ranger58sb

    ranger58sb Senior member

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    AA, a few more thoughts...

    An example of more things you'll need to learn: lines, knots, and hitches, included in a field called marlinspike seamanship. You'll need to know at least some minimums -- bowline, clove hitch, cleat hitch, etc. -- and you'll also need to be able to instruct crew on how and when to use some of those.

    FWIW, I am purposely trying to emphasize how much work it will take to get from zero to hero. What happens if your boat breaks down while you're out on the water somewhere? Often that means you've got to fix it, at least enough to limp home, using whatever tools and onboard spares you happen to have with you. Which in turn means you'll need to know how to do that. IOW, "hands off" works OK if the boat never leaves the dock... or never breaks down... but "it's a boat" and they do that so sometimes all that goes downhill in open water. (And of course unlimited towing insurance can be a good thing, too.)

    Fractional ownership might be another approach to consider...

    I think Regal, Marquis, and maybe Formula built some hardtop express boats; you might have a rummage for those brands.

    Further to OB's post, he may well be able to point you at some local charter/rental operations who offer the kind of sport boats you've been considering. Crewed charter first, then charter (often) with a teaching captain, eventually work up to being safely able to bareboat charter, etc.

    -Chris
  9. AckAck

    AckAck New Member

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    Chris,

    Thank you once again. I understand Marine Max is absolutely not the way to go. It was just my first ever experience with boats. As I was leaving they said “we can take 15-20% off any new boat you want.” I got in the car and laughed. Boat club is a smart move I will look int9 it now. I need to get out and learn.
  10. AckAck

    AckAck New Member

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    The dry storage can handle up to 40,000 lbs. so the Galeon would be fine. Your absolutely correct I need to take as many courses and classes as possible quite even for an entire year or two before I even consider buying. As well, I need to work with a captain for many many hours before I even feel remotely comfortable. I’m realizing now buying new financially would be absolutely stupid for a person like me who is all about the dollar. Using a broker and looking for a 1-3 year old pre-owned is definitely the smart move. Again, thank you for your detailed response. Much appreciated.
  11. AckAck

    AckAck New Member

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    Your right, I need to get out on the water. But most of the local boat rental companies are small 15-20’ fishing boats. Even joining the “yacht” clubs, they still don’t rent out 34-43’ Mutts, Sunseekers, Galeon’s etc. And sea trials aren’t an option I’m told until I’m under contract. So how do I take out the boats out on the water that I’m potentially interested in? I guess it’s not like walking into the Mercedes dealership and being able to test drive any car I want in a moments notice?
  12. AckAck

    AckAck New Member

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    Chris,

    Once again your 100% correct. I couldn’t tell you a thing about lines, knots, hitches etc. nor could I think about instructing anyone. I would purchase a TowBoat membership even if I was experienced just for the piece of mind. Courses are needed for an extended period of time. I’m realizing I am well over a year or two away from even considering potentially owning. It looks like the only way is to charter with a teaching captain to be able to see the boats I think I’m interested in. Chris, thank you once again for opening my eyes and telling me like it is. I now realize I am so unprepared and not even ready to consider anything but signing up for boating courses, learning the language and possibly working with a teaching captain a year from now or so.
  13. Pascal

    Pascal Senior Member

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    Your best bet is indeed chartering various boats on day charters to get a feel for what works for you. On a charter the captain may not really be able to teach you any thing but he will offer some idea and tips.

    Some of the apps like Boatsetters probably have boats similar to what you re looking for. Doesn’t have to be the exact same models but at east type and size
  14. AtomicLobster

    AtomicLobster New Member

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    I guess something to consider would be that, if you want to be a boater, just get a boat. Maybe not the exact kind you want in the future, but something to get you out on the water having fun, then after a couple years, buy that 40ft express.

    I think someone else mentioned a center console and I would agree. Dual console would be a great option to look at too. With the center consoles, that whole category of boats has advanced considerably from what was once mostly hardcore fishing boats now a slew of family friendly day-boating options. The creature comforts for the wife and kids you can get on those boats these days is impressive. Pursuit, Scout, Whaler would be good places to start. But they aren't cheap either and it's not my money so if you are set on the express cruiser right off the bat, then chartering is definitely an option. That just takes a bit more planning than having your own boat you can just jump in and use whenever you want.

    Hit the boat shows down there too. You're right in the middle of where some of the biggest shows on the planet take place and you'll be overwhelmed, but you'll see so many things you didn't even know existed. It's a lot of fun too.

    Best of luck in whatever you decide!
  15. AckAck

    AckAck New Member

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    I’ve theoretically dropped the size down to 31-37’ for my eventual purchase. Can find a lot more in the price point. Galeon makes some gorgeous boats in this range but are European models. Don’t understand why the smallest Galeon one can buy here is 43’. Something about the wiring? Can one buy a boat in Europe and have it shipped here? Or are their laws, codes etc that U.S. boats must oblige by, hence European models and U.S. models?
  16. wdrzal

    wdrzal Senior Member

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    There base line power at receptacles in Europe is 220 volt 50 Hertz , USA standard is 120 volt 60 Hertz. then a boat your describing will have 240 volt 60 hz AC, electric cooktop and maybe a small electric water heater.
  17. ranger58sb

    ranger58sb Senior member

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    Yes, and sort of. It's largely about the AC electrical systems... not just different voltages and clock speeds (Hz) as above but also that the actual wires can be skinnier (a technical term) on EU boats... not thick (another tech term) enough for some US voltages... so conversion to US voltages can be more problematic than just swapping a few appliances. There are ways around it, but for your purposes... I wouldn't recommend pursuing the idea.

    I think also (but don't know for sure) some boats in the EU can be delivered without holding tanks... which you would need here.

    -Chris
  18. Pascal

    Pascal Senior Member

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    It would have to be really cheap to be worth it. As mentioned above, AC power is very different. While generators can be adjusted to run at either 50hz or 60hz many appliances can not and while they may run ok, in the long term you will have issues.

    Electrical outlets are obviously different although they re cheap to replace.

    And don’t be fooled think Euro 240v must be the same as US 240v they are incompatible. Euro 240v has one 240v and one neutral whereas US 240v uses two 120v hots on opposing phases and no neutral.
  19. AckAck

    AckAck New Member

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    Got it, thanks guys.
  20. KoffeeCruising

    KoffeeCruising Member

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    AckAck

    Good advice given in other posts. My gentle recommendation is to “pump the brakes” a bit -not slam, just pump-in deciding what you want until you and your wife try out several types of boats. Day charters are great idea. Walk docks to get a sense of what exists. Go to boat shows. Read magazines.

    I live in Midwest, and after 15 years of lake runabouts bought my first big boat (2007 54’ Flybridge ) a year ago in FLL and it has been great; but I was almost 10 years into the process of deciding what I wanted and didn’t want. Time is a good thing to have on your side. What I ended up with is a direct result of trying Trawlers in a Boating 101 class, being a guest on. 54’ Pershing that will go 50knots, and attending a few in water boat shows- TrawlerFest, Palm Beach Boat Show...

    I’d also stay away from a dealer; find a buyers agent who can help you find the right boat - and who will absolutely and honestly tell you a boat you think is great is wrong for you.

    And all boats need ongoing maintenance ; luckily I’m the kind of guy who looks to get my windshield caulking redone, shaft replaced to get rid of vibrations, new mattresses, teak restored... I look at these yearly ongoing expenses as a part of the lifestyle that I am proud to be able to do.

    I earned my Captain’s license online from Mariners Learning Systems , but in no way was that more important than time on the water with a Captain you can learn from and who wants to teach you. In the first year we have put 210 Hrs on boat, but from May-December I always had my Captain onboard didn’t take it out solo til January. We mostly go on Intracoastal as far north as Titusville, and inside down to Key West.

    Year one taught me how much I didn’t know, but I luckily have a great captain/boat manager who is there for us.

    Good luck in this fun process