Owning a boat, regardless of the type, can be costly as you count up the bills. Let’s face it, a boat is a luxury for most of us and unless you make your living from your boat that’s exactly what it’ll be – a luxury. A fantastic luxury for sure, but it is an expensive toy and depending on your budget can cost moderate monthly bits of your income or large chunks of it.

Before you buy a boat there are three vital aspects to consider;-

1. You have the initial capital expenditure
2. The insurance and boating permits
3. The maintenance costs in the future
4. Petrol for the motor

You then have a few more sub aspects to think about

What do you want the boat for and why?

This sounds like a dumb question but it really isn’t. Actually it’s quite profound. Do you want the boat for a few weekends at the lake? Do you want to do water sports and entertain with the boat? This will determine what boat you will get and consequently at what price bracket you’ll be looking at. But right now, lets understand our frailties as humans and our naturally impulsive desires that can get us into a whole lot of trouble when buying a boat.

Most of us, being human, like the idea of something we dream about. Perhaps we like the idea of a fast sports car, or we like the idea of having a Lear jet, maybe we like the idea of owning a boat. Our desire sometimes blinds us to the practicalities of something. On the face of it, we can, unless we have bags of cash, forget about the purchase of an expensive sports car – for now at least and the Lear Jet comes under the list of ‘one day maybe’.

However, boats can lure us by their do-able price tags. It seems possible to have a boat. The price tag is reasonable. That’s the bait right there. The price tag is possible but in our excitement and enthusiasm we forget the real price – the cost of maintenance and permits. The cost of a trailer to take it to the lake or the cost of mooring if we choose not to transport. Suddenly, the hidden expenses start to rear their ugly and costly heads.

There’s the insurance you didn’t bargain for,
The mooring prices which are far higher than expected,
The permits and maintenance that blows your budget sky-high.

Yes, it’s a tempting mistress, a boat, but a mistress that can steal your time and cost you far more than you bargained for. Look past the price tag and investigate the real costs. Do your cost projections based on sound research and build in a buffer on all costing at 15 percent per annum. This will save you from under budgeting and guard against inflation, along with protecting you from the unforseen and inevitable price hikes. All going well a generously over-calculated budget will give you a surplus to play with for luxuries.

Let’s say, as an example, after all costs projected the boat will cost you $500 per month including repayments. Well, take that amount and add 15% on that and you’re looking at $75 plus the $500 = $575. This will be your real costs and if you budget like this then you’ll start to get a better picture about how much this ‘luxury’ will cost you. Now, based on these figures, take it even further and look at value vs cost projections.

This is where it gets really enlightening.

Determine your projected use of the craft and how much each outing will be costing you per annum. If you plan on 2 outings a month – based on the above example would really mean you are paying $285 per trip.(excluding gas for the car) Is that a fair price for you for a good weekend or day at the lake? Also consider that you will unlikely be using the boat year round so that could definitely up the cost of each outing if you calculate per annum usage.

Obviously you also have an asset – but a depreciating one. Determine the depreciation of the asset over 5 years and calculate a projected sales price to that. Subtract the sales price from your projected expenditure and usage over the next 5 years and you will reach a sum value or cost per outing. See how this helps sober the excitement and allows us to be pragmatic about our purchases?

How much do you want a boat – all things considered? You still think this is something you want then welcome future boat owner to a club and community of people who live their lives to the full, enjoying the family, friends and their boats. And how much more enjoyable will having a boat be when you know you have budgeted well and see the value you have from the boat in terms of family outings to the lake?

It’s all about getting real and, instead of fearing the idea of budget processes because we ‘just want the boat’, we can make a decision based on some sound judgment. Don’t let any of this put you off buying as boat – it can be one of the most rewarding of investments but only if you do it sensibly.

Before you put up the large amount of money necessary to purchase a boat, make sure you are getting a good deal on a boat you can realistically use.

Who will use the boat? Are you going to use the boat for yourself or for family use? Primarily we use fishing boats for own use and cruising boats for family use. So first of all check how many members are willing to take rides on the boat. Otherwise it can be a sad story if the boat is small for the whole family. How frequent will the boat be used? If you use the boat on weekends in various locations, then ensure the size, because it should fit into the trailer. Larger boats mean larger operating costs and maintenance. Today many boats come with galleys. In the galleys we get cooking facility and staying area. So it can be used as a second home. So if you can get permission from the local authority, the boat can be a wonderful vacation home.

Where will you use your boat? If you have a plan to spend overnight in the boat, then a 25 feet long boat would be suitable for you. A smaller boat would be small for your family. Away from the shore you can expect rough waters. For that purpose a boat with hull design would be perfect.

What type of boat would suit your needs? There are five types of boat we see. Lets find out the types in detail and their usage.

Fishing Boats: Fishing boats are suitable for inland waters and shallow waters. These are not suitable for deep seas or large lakes. The boats are designed only for fishing nothing else. Usually fishing boats are equipped with fishing poles, bait, tackle, and specially designed tanks to hold live fish. An open platform is provided for the angler to catch the fish from all sides of the boat. Power Boats: This is the most popular type of boat. It comes in different designs according to use. The boat can be used for rafting also. In many boats you can enjoy fishing too. So enjoy a speedy ride and fishing.

Sailboats: Sailboats float using wind power only. It is one of the most difficult skills in sport.

Personal Watercraft: Sportive and adventurous men and women prefer this type of boat. Up to four riders can ride this boat. A skier also can be added to it. Personal watercrafts come in different designs, from single sit to multiple sit. There are two varieties sit-on and stand-on.

Self-Propelled Boat: This is the oldest category of boats. In this category one to multiple riders can sit. The boat moves when we row and in pedal boats, the boat moves by pedaling.

After selecting the right category of boat you need to inspect the boat. Take an experienced person, someone who has purchased a boat along with you. Do some survey work. Get information regarding the brand. Check out the engine and other mechanical parts. Read the purchase agreement thoroughly. Get insurance done. And then finalize the deal.

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