Ah! Life in the open sea. If a sailor’s life has always been one of your dreams, perhaps you’ve stumbled upon this article because you are wondering what considerations to make when purchasing your first boat. Will the wife go for it? Are you financially prepared to take on all the costs of maintaining a boat? Are you going to completely plunder the family budget? Here are tips to aid you in the boat decision-making process.
Considerations
Boats come in a wide variety of shapes, sizes and uses, so one of the first things you’ll want to determine is what you’ll be using it for. Is it to zip around the lake when the whole family is up at the cottage for the weekend? Are you planning a long trip through the Mediterranean with a houseboat or cabin cruiser? Or, is it a peaceful morning of fishing that you had in mind? If so, you can get a small boat with no outboard motor for a few hundred bucks, or go top of the line with a sport fisher, equipped for the deep seas for over $100K.
Can you afford it?
There’s an old saying in the boat world: A boat is a hole in the water to throw money into. The biggest factor when buying a boat is undoubtedly the cost. Whether you go new or used, there are all sorts of hidden fees you may not be aware of. First you’ll have to get your boating license, then there’s usually a sales tax on the boat, plus registration fees. Insurance is another expense you’ll have to factor in.
Once you own a boat, fuel and maintenance will be the largest operating expenses. Marina fuel can be as much as a dollar more per gallon than what you pay to fill up your car. As one boat owner quotes: “Your boat, no matter how efficient, will not match the family truckster in gas mileage. Even if you drive a one-ton Chevy extra cab 4X4 with the 7.2L engine, your 90 HP outboard equipped boat will easily drink it under the table.”
Like websites need a website hosting provider for webspace, you will also need to store the boat somewhere, so if you don’t have a large enough garage at home you will need yard storage or rented space at a marina.
Also, a boat may not come equipped with safety devices so you’ll also need to think about the cost of things like a fire-extinguisher, flares, safety jackets and other floatation devices into your budget. A GPS system is also essential to make sure you don’t find yourself lost at sea.
You should also factor in the cost of electronics, accessories and water toys you may want. But be sure to buy what’s appropriate for your boat type and size.
These are some of the essential costs to factor into your boat budget. A word of advice. Buy a boat that is slightly used which you can work on gradually. Chances are it will already come with most of the things you need which wouldn’t be included with a new boat. If owning a boat is truly a longtime dream of yours, I have no doubt you will find a way to make it work.
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