Total incremental cost to upgrade G23 every 1, 2 or 3 years?

[greggmck]

Yea that's about right. With fuel and oil changes I was at just about $125 / hour operating costs.

[simplysanj]

The recent Covid induced market demand has altered the depreciation of used boats (see how little depreciation I incurred on my 2020 G below). How long this lasts is anyone's guess.

Furthermore, the greatest depreciation occurs in the first year, after that depreciation rates diminish. For example, in 2016 I traded in my 2014 G for less than they are selling today. As much as many complain, the annual price increases have significantly helped inflate the prices of used boats.

I published this some time ago, but here are my numbers.

2014 G23
Purchase 8/13/2014 Price $112,342.00
Sold 2/27/2016 Hours 90
Net depreciation = 6.54%
% Value when sold: 93.5%

2016 G23
Purchase 2/27/2016
Sold 10/30/2017 - Hours 165
Net depreciation = 10.66%
% Value when sold: 89.34%

2018 G23
Purchase 10/30/2017 (triple axle trailer)
Sold 9/11/2018 - Hours 268
Net depreciation = 12.77%
% Value when sold: 87.23%

2019 G23
Purchase 9/11/2018 (no trailer, thruster)
Sold 10/18/2019 - Hours 285
Net depreciation = 14.73%
Value when sold: 85.27%

2020 G23
Purchase 11/6/2019 (no trailer, thruster)
Sold 10/21/2020 - Hours 255
Net depreciation = 2.5%
Value when sold: 97.5%

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Thanks Greg, very helpful!

When you are calculating depreciation, are you starting from a purchase cost including a 25% preferred customer discount? Also, since you keep getting new boats I am guessing that you are trading in your boat to your dealer and getting a sales tax credit if applicable, is that right?

Thanks again friend!

[greggmck]

Yes. These are factored using the price I pay and the price I receive on my trade-in. Also I should add that in the state of Washington we have a 10% sales tax on the FULL price of the purchase. So by trading in my boat I save that amount of the 10% tax on the purchase price of the new boat.