Annual 310 Budget Estimate - newbie here

Discussion in 'Blog' started by Larry Warren, Aug 10, 2021.

  1. Larry Warren

    Larry Warren New Member

    11
    Jul 25, 2021
    Boatless
    Boatless
    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
     
    Last edited: Aug 10, 2021
  2. Stee6043

    Stee6043 Well-Known Member

    Jun 1, 2015
    West Michigan
    1997 Sundancer 400
    7.4L Gassers
    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 :)
     
    dtfeld likes this.
  3. Stee6043

    Stee6043 Well-Known Member

    Jun 1, 2015
    West Michigan
    1997 Sundancer 400
    7.4L Gassers
    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/
     
  4. Steve S

    Steve S Well-Known Member PLATINUM Sponsor

    Jun 5, 2007
    Northern IL.
    2000 400 Sedan Bridge with twin CAT 3116's

    2000 340 Sundancer - SOLD!
    210 Monaco 1987 - SOLD!
    Twin Caterpillar 3116's 350 HP straight drives
    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.
     
  5. Larry Warren

    Larry Warren New Member

    11
    Jul 25, 2021
    Boatless
    Boatless
    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?
     
  6. Strecker25

    Strecker25 Well-Known Member PLATINUM Sponsor

    Nov 20, 2014
    Rochester, NY
    2002 410DA
    Caterpillar 350HP 3126
    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.
     
  7. 370Dancer

    370Dancer Well-Known Member

    Oct 2, 2006
    Florida - Alabama
    1998 370 Sundancer
    380hp MAG MPI Gen VI with V drives
    10% per year for the boat. Fuel and dockage extra.
     
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  8. Carpediem44DB

    Carpediem44DB Well-Known Member GOLD Sponsor

    Aug 18, 2015
    Sanfransico Bay area
    2000 Carver 506
    2006 44 DB Sedan Bridge
    Volvo TAMD 74 P
    +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
     
  9. northern

    northern Well-Known Member

    Jan 17, 2007
    Anacortes Washington
    380 Aft Cabin 1989 Charts Timezero radar Furuno
    Twin 454 strait shaft
    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.
     
    firecadet613 likes this.
  10. Creekwood

    Creekwood Well-Known Member GOLD Sponsor

    Apr 26, 2009
    Oakville and Georgian Bay, Ontario
    '97 330 Sundancer, Raymarine C80 suite with radar, Mercury 310 Hypalon w/8hp Yammie 2stk
    2X 454 carbs w/ vDrives
    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
     
  11. Larry Warren

    Larry Warren New Member

    11
    Jul 25, 2021
    Boatless
    Boatless
    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.
     
  12. Strecker25

    Strecker25 Well-Known Member PLATINUM Sponsor

    Nov 20, 2014
    Rochester, NY
    2002 410DA
    Caterpillar 350HP 3126
    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! :)
     
    Larry Warren likes this.
  13. Larry Warren

    Larry Warren New Member

    11
    Jul 25, 2021
    Boatless
    Boatless
    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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