While I’m twiddling my thumbs waiting for my engines to be granted asylum in the US (see post 38) I thought I’d philosophize. When I started looking at building a boat about 10 or 15 years ago, I couldn’t get my brain around why they cost so much and frankly, I assumed everyone was wrong when they said you really can't get a good cruising boat cheap. Now I’m older, but not really any wiser, I figured I’d share my experience in pricing out new build boats.
I’m technically not under a non-disclosure agreement with my current build, but since I adhere to the philosophy that gentlemen don’t discuss women or the price of their boat, I’ll give you some real world numbers from research I did a couple years ago that never resulted in a contract.
First, I used to look at boats on a cost per foot basis. But anyone bothering to read this probably already knows that cost per foot is a poor metric because it ignores total volume. Cost per pound of dry displacement is more accurate because it accounts for all the "stuff" that went into the boat. It is of less use when comparing two different types or materials (aluminum costs more AND it is lighter - so you'd expect the cost per pound of an aluminum boat hull to be different than steel or fiberglass).
In the summer of 2017 I had a well-known NA develop study plans for an aluminum monohull new build. Here’s a sketch I did – it looked a little better when the NA was done with it, but I’m not really at liberty to show his product here. That boat was 38' x 12' and we estimated the weight at 19,500 lbs with a half load. It was to be powered by a single 160 hp John Deere. We estimated 10 to 12 knots cruising speed.
I reached out to 5 well known aluminum boatbuilders and all the estimates came in around the same range (give or take $25K). Including the cost of design fees, NC cutting files and additional engineering costs (which totaled about $28,000 for a 1st time build), the best value came to $539,553 total or $27.67 per pound (that included all design costs). That bid was from an east coast builder that produced good, honest boats without a “yacht-level” finish.
One of the bidders on that job also had produced several semi-displacement catamarans and I looked at the specifications for a catamaran with a comparable level of finish that was under contract at the same time. That catamaran was 40' x 13' and had an estimated displacement of 25,000 pounds. Since the cutting plans and engineering for that boat were already in existence (this company had built several similar cats before) the total cost came in at $563,860 or $22.55 per pound. While this was almost $25,000 more than the monohull with similar length, it was a much better price per pound. And this boat had 2 x 225HP John Deere engines.
As an aside, at that time I was told these engines ran around $30,000 each with reverse gear – so at 1300 pounds an engine costs about $23 per pound; similar to the overall boat cost per pound average. Frankly, I suspect these 1300 pound JD engines costs less than 1300 pounds of high end teak and mahogany joinery.
So in the case of the cat, the old adage of catamaran hulls costing double because there are two hulls didn’t hold true. I think the reality is builders often hedge their bets on a new design – so if you can build a boat that has been built before, you lower your risk of performance shortfalls and you lower the builder’s risk of underestimating construction costs.
One more point of comparison: at the same time I was helping a friend develop specifications for a weekender lobster boat built on a Duffy 35 hull with a 2’ extension in the cockpit. This boat had a shelter top and basic accommodations for two below. The final dimensions were going to be 37’ x 12' - almost exactly the same as my initial aluminum monohull. We estimated the finished weight would be 15,000 and the cost to build this boat at a nice, but not luxurious, level of finish by a well-respected builder in Maryland would be around $450,000 including design costs. So that’s significantly cheaper than either of the two aluminum options on a dollar per foot basis, but the cost per pound was close to $30.00. So in the end, it was a cheaper boat but a worse value (from my perspective – everyone has their own tastes and requirements). For reference, that boat had a single 300 hp diesel if I recall correctly.
I used to read every source on boat construction costs that I could find and I appreciate the work of those folks who educated me. Hopefully this is useful information to someone. The most useful thing I got from reading other’s input is that boats really aren’t cheap and just because it doesn’t make sense that a simple boat costs more than the median house price doesn’t mean it’s not true.