Updated 6 May 2022
How much does it really cost to build a boat?
A question I often get asked is; what is the cost to build a boat like Tokyo Express?
The cost to build a boat can quickly add up. It’s a good question and one I spent a long time pondering before I started.
If you are considering building to save money, buying a second-hand boat is also a way to save money, and could be even cheaper than building. Although, second hand cats hold their prices pretty well, usually better than a keel yacht.
Doing the work yourself, you only have to pay for the materials. But if you put an hourly rate on the time you spend building and add that to the cost of materials, it may seem an expensive exercise. I put in close to 8,000 hours of work making my boat. Although, that also included building a shed, designing a lot of my own things – everything.
Some suggested I was wasting my time, putting in so many hours when I could surely find a 2nd hand boat cheaper. Just buy one! If you have a good-paying job and the only reason for making a boat is saving money, then maybe working longer in your day job and buying a boat is a better option.
Comparing apples to oranges
But, my reasons to build were not just about saving money. For a long time, I’d dreamed of building a boat. Saving money was certainly a high priority, but the journey was just as important as the goal. So I built, and as a side benefit I actually did end up saving a lot.
Adding the cost of hours worked to the final price to compare with buying a boat is not a true comparison. It is like counting the hours spent playing tennis or doing a hobby, and calculating how much money it costs in lost work hours. Maybe it’s not quite the same, but I think you understand what I mean.
Making something to live on and sail across an ocean is a rewarding exercise. The satisfaction of launching a boat I’d spent three years building is not something money can buy. And in the end, I owned a new boat, not a secondhand one… And it was built to my standards. I knew every inch of my boat. Something that is no small deal when you are riding out a storm, out of reach of help, in the middle of the ocean. A situation I lived through more than once…
Now, to answer the question.
The cost of raw materials and equipment to build TE added up to around $75,000 (AUD) in 1995. Things have gone up since, especially in the last year (2021/22), but something’s not so much. In fact, some items are cheaper these days. A few comparisons below.
– Epoxy cost me $13AUD ($9USD)/litre back then – buying 200 litres bulk at a time. (A quick look online in 2022 in Australia for small amounts, 10 to 30 litres (not bulk price), the price = $18 to 26 USD/litre).
– Wood has gone up a lot in the last year (2021/22).
– Electronics are less expensive (and better).
– Solar panels now cost about 1/15th of what I paid back then.
– Tools are cheaper today, thanks to the flood of Chinese stuff, (although the quality is questionable).
I sold the boat for about 3 times more than the material costs, after living on board for 5 years. The rule of thumb I’d heard many times was that material costs are half to one-third the value of a boat, and that works out about right.
I think it’s rare to get the same satisfaction working for someone else compared to being your own boss. So comparing giving up my day job to build, with working and paying someone else to do it, while my “hourly rate” was not that high I did finally get paid for my work when I sold the boat. And they were the most enjoyable 3 years “work” I’ve ever done.
Read the book…
I wrote a book about my experience, called “Building Tokyo Express“. Inside, I talk about the costs and how I did it. I had more time than money. I made a lot of the systems and major components myself, things you would usually buy or have made. It saved me a considerable amount of money. You can weigh up for yourself if it is worth it or not.
If you have more money than time, you can get some, or all of that work done for you and finish the boat quicker. There’s a timeline in the back of the book detailing how long it took me to complete each part of the boat. Use it to make your own calculations. There are also many ideas from things I learned. You can do it more economically than you may first think.
I hope this helps, and gives you a little more to think about.
Tim Weston
thanks ,,, great information and great professional designs . I know ,because I was born in Alameda california
Tim, I’m reading your book and checking out your website. I have built a nine meter Jarcat in my backyard in Adelaide and launched her in 2002 after five years of building. I have modified the plans with the designers consent (twice) and I now live on Lake Macquarie with ‘Cobwebs a drive to the ramp, put the dinghy in the water and get onboard all within ten minutes. ‘Cobs isn’t an ocean crosser but she is a very nice coastal cruiser. She cost me around $70k but I made a few expensive mistakes, like buying and fitting a diesel motor only to change it over for an 18hp four stroke outboard. I also had a stainless canopy, liferails, pushpit and pullpit made which was about 10 percent of the total costing. Like you I’m a fitter and turner l and have designed and built a number of fittings in stainless and aluminium. I built the steering wheel for less than $30, the new ones being over $400 at the time. I am enjoying your body of work and can relate to a great deal of it, I find we have the same philosophy towards things boatie, best regards Ross C.
Hello, Ross.
Thanks for your comment. Yes, we have similar philosophies and fitter backgrounds. A good trade to come from;) It’s a good feeling to be able to make things, that are just as good or better than something they try and sell us at 10x the price.
Your boat sounds great, and you are still enjoying her. I need to get back on the water too. Take care. Tim
Hi Tim, I watched all your videos and left a comment, to which you kindly responded. I am really thinking seriously about this now and although I have no way of building it myself because I am fully engaged in my business, it happens that my business is a factory and I have workers or can hire a few more to help me with this. I was just looking at the Arrow 1500 and I think I can build that much cheaper than they suggest, which is A$290-350k for materials, assuming you buy their kit I presume. I won’t be buying that. Their full plans, manual and support cost A$19,500 which, for a professional design with support, is probably reasonable I think. I do not want their onboard motors or big fuel tanks. Your idea for the Tokyo Express was brilliant I think. I would look at building a compartment to take a couple of outboards and put them on vertical slide rails with an electric actuator to drop them down vertically into the water through a sliding trapdoor. I think this would save a heap of space, be far cheaper than diesels and be a lot easier to maintain.
They estimate that this would take 7000 hours to build. http://www.schionningdesigns.com.au/arrow-1500
For me the cost of 7000 hours is less than US$30k, not counting any time from me. I will source most of the materials locally and use our own wood for the hull and fitout. I don’t want to use their sandwich panels, I will do it the way that you did back in 1995.
If I can afford to do this, the plan would be to sail down the Yangtze and head over to Japan. After a few short runs based out of Mizushima, I will sail back to Perth to retire on the coast. Ideally a place with a berth for the boat. This one looks good! https://www.domain.com.au/33-2-the-palladio-mandurah-wa-6210-2016381113 The flat is a bit small, but the boat would be great guest accommodation. Maybe with A/C plugged into the mains!
I will download your manual and get your book sent to me. I can’t buy it online from here. I will let you know how I go. Send me an email and I will keep in touch. If you get to Perth in about 4 or 5 years time (after I retire) you will have a place to stay.
Regards
Terry
Hi, Terry. That sounds like a great plan you have. You have the most important thing already, a place to build. I wouldn’t build from a kit either, that is why they costs you quote are so high. Strip plank is a great way to go. All the with your planning, Terry. My email is [email protected]. 👍
Hi Tim, really like your videos and webpage, I’m going to buy your book, I was thinking to build a catamaran, but I question myself if it is not better to build a bigger trimaran, assuming that is much less material comparing the same lenght. So instead a 40 foot cat I could build an 60 foot tri, what do you think? have you thought to build a tri?