The purchase price is only one part of buying a cruising sailboat. It is the obvious number, the one we all look up, but it is rarely the complete number.
A boat can look affordable online, then become expensive once you add survey, haul-out, insurance, repairs, upgrades, marina costs and the first round of maintenance.
Before you buy, count the real costs.
Start with the purchase price, then add the first jobs. Most boats need something when you buy them, maintenance is ongoing, so of course there will be something. Add to that your personal preferences; changes you want to make for your persona comfort.
Remember that even a good boat may need repairs and replacements. They’ll definitely need servicing, safety gear, antifoul, and maybe new batteries. Rigging checks are important, as is age. Same goes for engine work and then there are the small upgrades before you feel ready to use it properly.
Do not spend every cent on the purchase itself. Keep money aside for the first round of work.
Include survey and haul-out costs
A proper survey usually involves more than just paying the surveyor.
You may also need to allow for:
- haul-out
- slipping or yard fees
- pressure wash
- travel costs
- specialist checks
- engine or rig inspection
- oil sampling if needed
These costs can add up quickly, especially if the boat is not close to a good haul out yard.
Check insurance before you commit
Insurance can be a nasty surprise with older boats, unusual construction, older rigging or long-distance cruising plans. You will probably need an insurance survey for an older boat. Before you buy, ask whether the boat is likely to be insurable for what you want to do.
Check with your potential insurer:
- recent survey
- rigging age
- engine details
- mooring or marina location
- cruising area
- safety equipment
- repairs before cover is confirmed
You do not want to buy a boat and then discover insurance is difficult, expensive or conditional.
Allow for the big-ticket items
The big costs are often not glamorous. Think about:
- sails
- standing rigging
- engine work
- batteries
- electronics
- plumbing
- seacocks
- safety gear
- steering
- refrigeration
- gas systems
A cheap boat with tired systems can become more expensive than a better-maintained boat with a higher asking price. Remember there will be more work to do than what you see on the first viewing.
Add the ongoing costs
Once you own the boat, the bills continue. Allow for marina or mooring fees, antifoul, slipping, servicing, registration, insurance, maintenance and general upkeep. Older boats always bring surprises. That does not mean they are bad boats. It means you need a contingency fund.
A cheap boat is not always a bargain
The cheapest boat on the market is not always the best buy. Sometimes it is cheap because the work has been delayed for years. Sometimes it is cheap because insurance, rigging, engine, sails or structural issues are waiting for the next owner.
Before you commit, look beyond the asking price.
The question is not, “Can I afford to buy this boat?”
The question is, “Can I afford to own, repair, insure, berth, maintain and actually use this boat?”
Want help making a clearer buying decision? The Buying a Cruising Sailboat course walks you through the costs, red flags, survey questions and decision checks before you commit. We also have a Boat Buying Club.
