Boat Ownership: is it Extremely Expensive?

[drjones96]

Originally Posted by DCguy03

While on vacation this weekend, I saw so many people with beautiful new boats out on the water.

I've never owned a boat, but I've heard that they are incredibly expensive. Even just the storage fees alone must be in the thousands per year.

I'm just curious...how many boat owners do you think really "own" their boats, and how many can't (or shouldn't) really afford them but buy them with financing anyways?

If you know what you're looking for you can find a 20ft fiberglass bass boat for next to nothing. Just have to be at the right place at the right time. Some people like to ditch their boats when the summer is over. My dad's business for 30 years was repairing damaged boats. We had people drop their boats off to be fixed in the fall that never came to pick them up because they couldn't afford the bill (as it states on the ticket that if payment for services is not recieved within 30 days property can be sold to cover cost of repairs). I can't remember a time when we didn't have a boat of some kind. We never went to a dealer and bought one...but we always had one. We weren't wealthy people...but that didn't stop us from having a boat.

The flip side of that is that there are people who have overextended themselves buying boats just the same as they have buying houses, cars, credit cards, etc etc etc.

If you've ever seen that show "Repo Men" you know that those guys periodically have to go retrieve boats just the same as they do cars.

Small boats aren't too bad on expenses. If you can keep them on your own property in a garage you'll find that it helps a lot. I wouldn't keep a boat at a dock. It just adds another variable in there you can't control. Understanding mantainence is another big factor. Taking care of it out on the water yet another (if you hit a log you'll find that it will shorten the life of your boat).

I had a jetski for about 4 years when I was in my late teens/early 20's. The only things I ever had to buy for it was fuel, 2 cycle oil, and battery. I did all the work on it myself and when I sold it it looked just like it did when I bought it. When most people sell their boats they look like they've been through a hurricane.

[GJBenn85]

Owning a boat does not have to cost an arm and a leg. Part of the problem though is that people do not do enough research and they end up with lower quality boats that cost a fortune to maintain and repair as components fail. Ever wonder why Bayliners and similar are so inexpensive relative to the competition? It is RARELY because the other brands have significantly higher profit margins...

[spankys bbq]

The THOUGHT of owning a boat costs money.

Had a 1994 Regal Valenti with a 5.7L Volvo.

Boat: $17000
GPS: $500
Boat slip: $600/year (cheapest I've ever seen)
Fillup in boat: $350-ish
Cleaning: $200 for the materials, I cleaned it myself



If you're gonna get a boat and are worried about the cost, it ain't for you. If you want to get one for fairly cheap, it ain't for you. The easiest to own, in my opinion, is a pontoon. A lot less crap to break.

Would I own another boat? Absolutely. And as soon as I can.

[GJBenn85]

I also disagree with the adage that the two best days of a boat owner's life are the days they buy and then sell the boat. There is nothing like being out on the water (whether it is a lake, river, or ocean). It is indeed a luxury but you have to prepare for it or the adage will hold true. In other words, if you know going into boat ownership that it can be expensive, it will be a completely different experience versus if you go into boat ownership thinking the only expenses are storage, fuel, and the finance payment. If you buy a boat with knowledge and you are willing to and have the ability to pay for build quality and maintenance, it will be a rewarding experience.

[car54]

Originally Posted by GJBenn85

I also disagree with the adage that the two best days of a boat owner's life are the days they buy and then sell the boat. There is nothing like being out on the water (whether it is a lake, river, or ocean). It is indeed a luxury but you have to prepare for it or the adage will hold true. In other words, if you know going into boat ownership that it can be expensive, it will be a completely different experience versus if you go into boat ownership thinking the only expenses are storage, fuel, and the finance payment. If you buy a boat with knowledge and you are willing to and have the ability to pay for build quality and maintenance, it will be a rewarding experience.

Absolutely....there's nothing like being afloat! I also love messing about the boat...painting, varnishing, oiling teak....which is a good thing because a 57 foot wood boat takes a LOT of messing about!

Being somewhat handy is key to affordability....I can't believe some of the simple maintenance stuff some boaters I know are incapable of....they don't know what a seacock is, much less how to find them.

One of my greatest accomplishments has been learning how to replace injectors and "set the rack" on my 8V-71 Jimmies. I haven't had to call the marine diesel guy, with his white shirt and bowtie, in more than 10 years now!

Who was it, J P Morgan?, who when asked how much his magnificent yacht, Corsair, cost, replied, "If you have to ask, you can't afford it.". I guess that's still true of the custom mega-yachts....