Annual 310 Budget Estimate - newbie here

Larry Warren

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Jul 25, 2021
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I'm a long time sailboat owner, now switching to power (and quite excited about it !) I am trying to get a rough budget for annual operations cost based on 5 months hard and 7 months slip, in coastal NC. Does this look about right? Am I missing any major items?

Annual boat cost estimate
Used Sea Ray 310, cash price $60,000
Boat will be stored outside at local marina

1. Hard storage 5 months incl out/in $500
2. Slip 7 months $350/mo confirmed $2500
3. Normal Maintenance (oil, filters, etc) $1,000
4. "Escrow" maintenance, yearly reserve $1,000
5. Insurance (1.5% of boat value) $1,000
6. Fuel: 500 miles at $4/gal, 1 mpg $2,000
7. Registration/Taxes (NC) $1,000

Total per year $9,000
per month $750
 
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I don't know the NC market but your items 1 and 2 look very, very low to me. Have you quoted wet slips and indoor/outdoor winter storage? I believe I boat in one of the cheapest areas around and for a 40 footer it's typically over $4k for indoor heated storage, more than that for a wet slip for the summer. I'd be budgeting $8k+ annually vs your $3k.

The rest of your numbers don't look crazy to me. You don't mention the year of the boat you're looking at but $2k might be a bit light for "average" maintenance. Paying the marina to do just about anything very rarely costs less than $1k. You may also want to add an "upgrades" line item. Inevitably you'll be looking at stereo equipment, chartplotters, canvas, flooring, etc and so on. It's easy to find $5k worth of "must have" neat stuff pretty consistently :)
 
I was curious so I popped open Google maps.

I found one marina that published pricing. They charge $12.50 per slip foot with a $450 monthly minimum. If you end up in a 40 foot slip you'd be paying $3,500 for your 7 months. They don't publish storage rates, unfortunately.

https://www.homersmithdocksandmarina.com/leasing/
 
My marina is about 8.75 a square foot plus the rental of stands for heated winter storage. Works out to about $5,700 for my 400 Sedan Bridge. My slip is about $3,700 per year.
 
Thanks for your replies and my additional research, I've got a handle on all items except "major repair/maintenance" reserve.

How much should I reserve, and how often, for major engine and out drive maintenance/overhaul? This would be for a used 310, used in NC waters with less than 750 engine hours. I'm assuming $5000 total per engine/out drive, every 5 years?
 
Thanks for your replies and my additional research, I've got a handle on all items except "major repair/maintenance" reserve.

How much should I reserve, and how often, for major engine and out drive maintenance/overhaul? This would be for a used 310, used in NC waters with less than 750 engine hours. I'm assuming $5000 total per engine/out drive, every 5 years?

thats probably a good number. On the quiet years you’ll be saving up for a possible repower/drive replace. Not saying it’s for sure, but does happen and it’s good to be prepared.
 
10% per year for the boat. Fuel and dockage extra.
+1 on 10%, I have a $280,000 boat and I budget mortgage but when we retire the note the same amount will be budgeted it will sit in reserves for major engine/drive work/overhaul
 
If you budget 5K a year for maintenance you will create a fund that will replace engine and running gear over the time you own the boat. If you are going to detail it yourself you will save 1 to 2K a year that comes out of the 5K. If boat has canvas it will need work that comes out of the 5K a year. Set the rules for visitor or you will be subsidizing peoples vacations.
 
I'm a long time sailboat owner, now switching to power (and quite excited about it !) I am trying to get a rough budget for annual operations cost based on 5 months hard and 7 months slip, in coastal NC. Does this look about right? Am I missing any major items?

Annual boat cost estimate
Used Sea Ray 310, cash price $60,000
Boat will be stored outside at local marina

1. Hard storage 5 months incl out/in $500
2. Slip 7 months $350/mo confirmed $2500
3. Normal Maintenance (oil, filters, etc) $1,000
4. "Escrow" maintenance, yearly reserve $1,000
5. Insurance (1.5% of boat value) $1,000
6. Fuel: 500 miles at $4/gal, 1 mpg $2,000
7. Registration/Taxes (NC) $1,000

Total per year $9,000
per month $750
Take a look at my post from a few years ago. This is in Canada and the dollars are Canadian but it will give you a relative idea. http://clubsearay.com/index.php?threads/real-cost-of-owning-this-boat.95912/page-4#post-1098437
 
Thanks Creekwood ! Couldn't ask for a better answer than the 10 years of actual expense for your 330 that you guided me to. As an aside, as I strive to learn more about power boats, I've subscribed to a YouTube guy with the same boat as you. His boat is boogaboo and I think he's also located in Ontario. Anyway, very entertaining and informative. https://www.youtube.com/channel/UCCu_g5uzsn3EpGKPHzd_Zhw

Finally, while $12,000 a year sounds expensive (compared to my sailing experience), when I think of the cost per hour to be on the water, it's a great bargain ! 150 hrs/yr on engine + another 450 hrs per year hanging out on the boat, for a total of 600 hrs on the water, comes out to about $20 per hour. I don't know of any other activity that would come close to the cost/enjoyment factor! LOL. Thanks again for all who offered their inputs.
 
Thanks Creekwood ! Couldn't ask for a better answer than the 10 years of actual expense for your 330 that you guided me to. As an aside, as I strive to learn more about power boats, I've subscribed to a YouTube guy with the same boat as you. His boat is boogaboo and I think he's also located in Ontario. Anyway, very entertaining and informative. https://www.youtube.com/channel/UCCu_g5uzsn3EpGKPHzd_Zhw

Finally, while $12,000 a year sounds expensive (compared to my sailing experience), when I think of the cost per hour to be on the water, it's a great bargain ! 150 hrs/yr on engine + another 450 hrs per year hanging out on the boat, for a total of 600 hrs on the water, comes out to about $20 per hour. I don't know of any other activity that would come close to the cost/enjoyment factor! LOL. Thanks again for all who offered their inputs.

i like that math. If I do a similar calculation (4 nights a week, 5-6 days a week) my boat basically pays me to use it! :)
 
Okay, one more question, and maybe this should be a different thread? This is regarding MAJOR preventive maintenance. In looking at YouTube videos, I believe I could inspect/replace the manifolds, risers and impellers (Bravo III) myself. What are the other major engine, preventative maintenance procedures I should be aware of ?
 

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