When people think about buying a boat, usually only two things come to mind: relaxation and recreation. If you’re wondering if you should buy a boat or not, then I have to make one thing clear to you, there is much more stuff to think about than just relaxing on your boat.
A boat can be fun and a great way to unwind, but there’s a lot of additional aspects to consider when deciding whether or not to purchase one.
Now that brings us to this important question:
Is buying a boat a bad idea? Some people will say yes, and some will say no. It all depends on how much you will use the boat, and if you’re willing to put time and money into it. It also depends on what the boat will be used for; are you only buying for pleasure? Or are you also looking to make revenue?
For someone who lives close to the water, I’d definitely say purchasing a boat is a good idea. On the other hand, if you are only looking to take it out 1 or 2 months out of the year, I would suggest renting a boat this way there is no maintenance, no money wasted.
Maintenance is a huge part of owning a boat, and not to mention, an expensive piece. You need to fully understand all the expenses that come along with a boat before purchasing.
Most likely if you’re unsure about purchasing a boat that means you probably don’t realize all the payments and care that come along with it, such as insurance, taxes, licenses, registration, maintenance and don’t forget fuel.
I’ll get through every critical part of owning a boat from costs to care in this article to help you determine if buying a boat is a good or bad idea for you.
Reasons Why Buying A Boat is a Bad Idea
Maintaining your boat
Like I said above, maintenance and care is a huge problem with boat owners. Maintaining your boat is probably one of the biggest reasons why buying a boat would be considered a bad idea.
You have to periodically check your engine and fluid levels to make sure everything looks okay. There’s always the problem with things breaking and wearing out over time. You might find yourself spending a little over $1000 a year on just fixing your boat depending on how much you use it.
Not being able to use the boat often
This can depend upon where you live. If you live in a place where it’s cold most of the time, you probably aren’t going to take your boat out as much. If you do take it out in the cold weather, you could risk damage to your boat from the icy water.
Also, renting would be a better and cheaper option if you are only looking to take occasional rides on your boat.
Expenses
Just like you would for your car, obtaining all the proper paperwork comes with owning a boat as well. Licenses, registration, insurance are all costly things to keep in mind before purchasing a boat.
There are also storage costs to think about. If you don’t have a place to store your boat, you’ll have to find local boat storage. The expenses of boat storage vary significantly on the size of your boat, the type of storage you choose, and how long you wish to keep your boat stored away.
Keeping your boat clean
Saltwater and boat engines don’t really mix well. You’ll need to wash out the engine every time you take your boat into saltwater.
Corrosion can also build up around and inside of the boat, so keeping your boat clean is very important.
Reasons Why Buying A Boat is a Good Idea
Quality time with your family and friends
Owning a boat allows you to spend time with your family and brings everyone together. If your family is like you and enjoys the water, then this will be an excellent investment for you.
Making money off your boat
If you’re the type of person who won’t be using your boat so frequently, then a great idea would be to rent out your boat. You can self-rent your boat, or you can rent through a charter.
With self-renting, you will make 100% of your profit, as opposed to renting with a charter, who would take a percentage of the renting price. The only problem with renting on your own would be that you are responsible for handling the repairs if someone were to damage the boat unless you add leasing to your insurance provider. Although doing this would make your insurance rate much higher.
Boating activities
There are so many great activities that can be done on a boat. Fishing, diving, wakeboarding, swimming and playing sports in the water are all terrific reasons why owning a boat is worth it.
Similarly, a boat allows you to learn new skills, such as learning how to navigate in different types of waters. How to utilize navigation instruments And so much more.
There are plenty of wonderful advantages to having your own boat, and I’m sure if you’re looking into buying a boat of your own, you have a good reason for doing so.
Buying a New or Used Boat
This is a topic that most boaters will agree upon; buying a used boat is better than buying a new one. The reason is that a new boat will lose a fifth of its value within the first few years, so when you want to sell your boat, you won’t get close to the amount you paid for.
A used boat is cheaper, and if you know how to shop around, you can probably find one in good condition for a reasonable price. This allows you to save money if you’re unsure about wanting to keep the boat or not. Especially for a first-time boat buyer, used is always the best way to buy.
If you are set on wanting to buy new, then make sure it’s the exact boat you want, and you have the money to spend on it. Please don’t put your life savings on a new boat, you will regret this decision, mainly when you decide you want to sell the boat.
All The Paperwork and Filing That Comes With a Boat
When buying a boat, you have to think of all the paperwork that needs to be filed. A lot of boaters choose not to get insurance on their boat, probably because it’s old and beat up. But if you’re looking into getting your first boat, it might be a good idea to get insurance.
Insurance costs can vary from what type of boat you have and which company you decide to go with. There are several different coverages for boats.
Boat registration is pretty basic. You can file online or in-person with your title or bill of sale along with the registration fee according to where you live.
You may need to file for a boating license depending on your location. Some states in the US require boating education courses as well.
There is also a sales tax on boats in some states, and the amount differs from state to state.
What Type of Boat Should I Buy?
For your first boat, I would recommend buying a small and simple one, but your decision should rely on what you want the boat for.
Do you want a boat mainly for fishing? Or would you rather have one to relax with your whole family? Would you prefer a small jet boat just to cruise around in? Here we cover the difference between a deck boat and a bowrider.
Here is a list of some small recreational boats that would be perfect for new buyers:
- Bowriders
- Pontoon Boats
- Jet Boats
- Center Consoles
- Deck Boats
- Ski Boats
- Power Cruisers
These boats are great for spending quality time with your family and are reasonably priced.
How Long Does a Boat Last?
A well-maintained boat can last up to 20 years, but some boats can last longer than this if they’re not being used as much, and then some boats won’t even make it to 10 years. This is all considered on how well a boat is taken care of and how much usage you put on it.
Another way you can determine how long your boat will last is by the motor. A boat motor will probably last you around 1500 hours before it needs fixing. You can always get the engine replaced if it completely breaks down.
A standard boat will probably last you longer than you’re willing to keep it. Even if you decide to buy a used boat, with proper maintenance, it should last you a long time.
Whether you decide that buying a boat is a good or bad idea, I hope this article was able to help you with your decision.