love boats, love boats, love love love boats. love big boats. love little boats. love sail boats, love powerboats, love motorsailing boats. i plan to live aboard one day. no house no car just boat. i'm considering a 2003-2005 version of the mirage 37 ft flybridge trawler for about $350k or a 15 to 20 year old 42 ft krogen for $250k & then add $100k to refit. i think i could single-hand either. i would trade my house today if you all hadn't already scared the inflationary hell out of me. so now i feel it makes more financial sense for me to wait until i'm at least 55 or better yet 57 before i sell the hopefully appreciating house to buy the more likely depreciating boat.
boats do not necessarily depreciate if you buy an excellent quality boat and maintain it properly like i plan to do. likely its value will not beat or keep up with inflation but it could actually appreciate some under the right circumstances.
many boaters cite 10% of the cost of the boat as the average annual cost of keeping it. this depends on moorage (much cheaper in some mid atlantic states than florida or northeastern metro areas), the boat's condition (will you be replacing lots of electronics, rigging, etc.?). insurance can vary widely. for instance. on $300k hull value, you might pay $3500 per year excluding florida but pay $6500 to cruise here (during hurrican season) & with a higher deductible. will you be home-based or cruising constantly, and if so, staying on the hook or at marinas? dockage is a lot cheaper if you pay annually as opposed to a few days at a time.
better than the 10% rule, the general rule is that you'll spend whatever you have. my tentative budget for planning purposes includes: $5000 boat insurance; $9000 dockage; $6000 fuel oil (bahamas or caribbean winters/downeast or great lakes summers); $10,000 msl repairs & replacements which i just added up and it coincidentally comes to just under 10% of the $350k boat i'm considering. my moorage will be high because as a single guy i figure i'll want to stay at marinas for socializing.
justin, 35 ft is plenty good for two adults and two little kids. not good for kids going through adolescence. i can't imagine a better life for kids than cruising with their parents. such living makes up some of my very most wonderful memories.
this is the mirage 37. it actually has more living space than the krogen 42 and the engine room is large enough to dance in. twin screw (both skeg protected) and shallow draft (i think about 3 ft 6 in). will go 1500 miles on 600 gals. you can sort of go around the world in this but you'll be shipping the boat across the big oceans on transport vessels.
here's the krogen 42. top off 700 gals and throttle back to 6 knots and you can make it to hawaii so, properly fit out, this puppy can take you around the world on its own bottom.