Yearly cost to own a 65 foot yacht - Budget vs. Reality

[Music] hi everyone happy new year happy it's January 1st and we're talking to you from the boat in Philadelphia at Penn's Landing yeah and awesome fireworks last night right yeah double one was clear as day and the other one was all fine a big fog rolled in you couldn't even see 30 feet in front of you but they still did the fireworks oh basically was glowing skies and it was pretty cool pretty cool so what we're gonna talk about here is the budget and what we thought it was gonna be and what it actually was and since Ed's the financial adviser he will be doing most of the talking take pictures yes we'll do the color commentary the first thing we're going to talk about is our big trip of the season we went to Key West and came back and I'll put up a little slide showing our expenses there okay so let's let's take a look at the numbers now our biggest expense of course was fuel that far exceeded everything else that we had we spent twelve thousand three hundred and eighty six dollars on diesel fuel for the trip now that's over a thirty to about three thousand miles on the trip itself so and the fuel is more expensive than it was last year yeah yeah you're right the last year we were probably averaging around 250 260 yeah this year we probably were closer to $3.00 325 yeah it depends where we were so the fuel was more expensive this year and we used a lot more because last year we came back from Florida this time we went from here all the way down to Key West and back again we also spent about 140 on oil and that's just because they're Detroit diesels I like to eat oil slick fees five thousand eight hundred and forty two dollars we stated a lot of slips yeah I'm kind of saved a little bit we can kind of count it to save because we Hank about a couple times so yeah that's a win yeah I think we heard up maybe six eight times so that saved us a little bit of money repairs that's that was kind of sad with we spent five thousand five hundred twenty-five dollars in repairs two thousand of that was that dumb towing mistake that I made and otherwise it would have been about thirty-five hundred then we of course we had the Cutlass bearing that we had to replace and then hitting bottom in Little River Inlet where we had to have the shaft this also includes the divers that we had to pay and also I have one here I kind of kept it out separate its problem that was worth the fifty five hundred to get the divers for her rank I also have one here nine hundred fifty dollars for prop and shaft repair I kind of kept that separate only because I didn't really spend that yet I had a spare prop and a spare shaft on board so which is something we're gonna do over the winter but I you know really it took place last year so I'm kind of including in last year's budget we also spent four hundred fifty dollars on tips that's just tips for Doc hands that's not you know servers or uber drivers or anything like that in fact none of these numbers include any of those things there's no restaurants there's no bars that you know cuz we know we would do that anyway if we weren't on this trip when we were home we still have to eat we're still gonna go out and party we're still gonna have fun so I'm not only putting including things in this list that are unique to the fact that we took this trip in other words just voting expenses so the total came to twenty five thousand two hundred and ninety three dollars that's what the trip cost us in total leaving here three thousand miles back and everything else okay now the next slide I'm going to show you guys this has to do with our expenses not including the trip now I separated this out because not everyone who owns a boat like this is going to go on a 3,000 mile adventure sometimes you're just gonna go local or you're gonna hit the Chesapeake or gonna hang around the Delaware or wherever you're from and so this expenses without the trip is really the cost of ownership in general and fuel outside of the trip we spend another 1361 dollars on the fuel that's for a couple of trips we did down to Baltimore Chesapeake Bay area we had you know I changed the oil at the beginning of the season new filters new ray cores we did all the work ourselves it cost about $180 slip rentals for the year here where we're at Philly was seventy nine hundred dollars now we're not here all year but I pay for the whole year because we want them reserved for us we did some improvements on the boat not a lot we we got a new VHS radio for the flybridge we did buy another inflatable tender and a battery and a motor for that so altogether we spent about twelve hundred eighty-five what I would call it improvements things that weren't repairs but things that you know we added to the boat actual general repairs outside of the trip was two thousand one hundred twenty-five dollars and that's almost all for having heard avid fixed now when we bought the boat the davit wasn't good we noticed it leaking oil right away it worked however through the course of the year it stopped working you know and so right before we left yeah right that's why we have the two tenders exactly yeah right before we left we've realized it wasn't just leaking oil it was done working and all right we have that 13-foot Boston Whaler up there at the forty horsepower Yamaha and it's not coming down without a doubt it so we know would take a while to get the dabit fixed in fact we were gonna try and do it on the trip but we couldn't coordinate it with anybody so what we decided to do is go out buy a cheap inflatable dinghy which we got last marine West marine sold us their floor model for four hundred bucks you know we're like could be a hundred dollars originally I think we got 50% off yeah I was just I asked I was just looking for like 10% so he said fifty I was like good and it's like we're taking it now yes we just took it right off the floor I didn't know applying a that a motor the electric motor which is turned out to be pretty yeah yeah you know we're crazy okay my friends say their name now but anyway there's a video I think it's on our YouTube or not our patreon channel where we did an unboxing yeah yeah but anyway we gots a little motor and a little battery and that did did us fine for the trip you know I mean we've been nice to have the the whaler out we're definitely gonna have it out when we go to the Bahamas next year but it worked fine anyway okay repairs in the davit was most of it there's a couple other little things I had a buy some you know I don't know things to fix the heads you know stators little things like that but other than that it wasn't really much now I have on here maintenance amateur ization and I'm gonna explain what I mean by that when we had repairs done on the trip in Florida since the boat was out of the water we took the opportunity to take care of preventative maintenance so we wouldn't have to worry about it in the years to come for instance although we only damaged the one Cutlass bearing we replaced them all we also since the shafts are out we put new drip and drip with shaft seals in it didn't need they weren't broken it's just that I know that if we did these things we won't be worrying about our drive shafts and anything like that for the next decade we had the bottom painted me was getting close to needing if it didn't have to be done but we decided let's just get that done as well and you know some blisters fixed and it way anyway we did a lot of preventative maintenance and instead of calling it I think we spent all together geez I don't know close to 15,000 or no that's including the repair probably around ten eleven thousand something of that nature I decided to write it off over time so if you notice in the previous video when I talk about cost of ownership I said that I was going to be setting aside about seven thousand dollars a year for the repairs when the engines go or something that boat needs to be painted things of that nature it's kind of like a kiddie fund and for these big expenses now I took the money out of that because these are things that are gonna last some of them make the Cutlass bearings the triple sails the last ten years you know I might have to get the bottom painting again another 3 years for depends on you know up here you hardly ever have to do it because we're not in salt water but you know if we spend a lot of time down in the tropics or Florida you know then we'll have to get it done so anyway I broke those out over the lifespan of what it was we purchased and so I have that listed here as $2,300 which was what it would come out if I amateur eyes certain things over 10 years certain things over 3 years cleaning we rarely do that ourselves but I did pay a couple of guys to come help wax before we left last year I paid those guys $550 insurance went up a little this year $3,100 for insurance tips $600 that's just for tipping our local doc hands yeah you know yeah our great local dog ins is Jimmy and Richie here in the in the marina they're there they're fantastic and yeah in about 400 hours worth of miscellaneous just nonsense things you had a body so anyway the total expenses outside of the trip was 19 thousand eight hundred and one dollars so that's realistically what it costs us to have this boat if we were to be locals now what I did is I combined them all just to saying what we actually spent personally and this is our total expenses for 2018 and you can read through the list here it's basically those two things combined the trip combined with our regular expenses total costs this year to own this boat and do that trip was just over $45,000 their kids their inheritance is just disappearing right now so that's what it costs now I also put together a slide to show you as well that has what I thought things were going to cost last year and what they actually cost this year and you'll see there's a little bit of a significant difference here I we spent forty five thousand and ninety-four dollars and I was expecting to spend twenty nine thousand eight hundred biggest difference yeah well but the biggest difference was we decided to take a really big trip if you look we spent thirteen thousand seven hundred forty-seven dollars on fuel and I had budgeted four thousand because I thought we're gonna stay local I thought maybe we go up to the vineyard or something like that I didn't think we were gonna go all the way to Florida so that's the big difference you got an extra ten thousand dollars on fuel slips and it came in pretty close to what I had budgeted repairs were higher mostly because of my dome hitting ground than two thousand dollar tow job but that was we spent my educational cost so we spent eighty six hundred repairs as opposed to the four thousand the maintenance and amortization that's kind of a given that's 2,300 insurance was up a little bit and some miscellaneous costs are up a little bit it's mostly because like I said we bought the the tender and things like that that's our miscellaneous did go a little higher than 2,000 but really if you take the trip out of this two extra expenses we've spent on the trip it's I think it actually cost us less you know then I actually anticipated if you took the trip out but all in all its forty five thousand and ninety-four compared to twenty nine eight so we overspent about fifteen thousand dollars this year and well that's that's it that's it didn't include drinks no no gosh no we could be doubling this for your room I'll do it one of these days we'll do a video on our alcohol bug yeah Cheers mm-hmm Merry Christmas Happy New Year yep back to work for me tomorrow end me Roger Allam Roger out

Channel: Trying Not To Sink

Views: 530,263

Rating: 4.8059406 out of 5

Keywords: Hatteras, yacht, motor, boat, 58, my, ed, lyn, trying not to sink, sail, sailing, boating, cost, budget, money, own, marina, philadelphia, philly, slip, repair, maintenance, triton, lair, cost to own, cutlass bearing, key west, chesapeake, penn's landing, cruise, amortarize, reality, actual, paint, dripless seal

Id: 7LQI5q-Hd6o

Length: 12min 45sec (765 seconds)

Published: Sat Jan 05 2019