If you're thinking that a boat is too expensive to own because of maintenance, think again.
Anyone can own any kind of boat if they work hard and save money. You don't have to make a million a year by any means.
While buying a boat is exciting, you might want to keep in mind the maintenance costs.
Maintenance of your boat is not a one-time task. You must do regular maintenance check-ups to make sure everything is working fine.
You must maintain your boat in order for it to run smoothly. You need to conduct regular check-ups to ensure that everything is in top shape. The big question you ask is how much will it cost you?
Having an idea of the monthly cost of ownership, upkeep and maintenance is critical.
So, let’s get into the last question in the 4 Key Questions. And it is:
How much will it cost to keep and maintain your boat?
Setting aside the finances for purchasing a boat and getting an agreement with your partner or spouse to do so, is one thing. Having an accurate idea of the monthly cost of ownership, upkeep, and maintenance of the boat is the critical fourth key question to explore.
Keeping up a boat can be a full-time job. There are many people who are surprised by the amount of time and money it generally costs to keep a boat going for each season. While your exact numbers depend on the size and type of boat you have, the sea region that you're in, and other factors.
The last thing you want is an unexpected financial hit to you or your family’s budget or any nasty costs surprises that need to be explained and paid for. Let’s kick off this question by considering what monthly boat expense budget you are anticipating.
We all want the lowest possible cost of course! Apart from that, which of the following expense category would be your preferred budget?
Less than 1,000 per month (y/n)
1,000 – 3,000 per month (y/n)
3,000 – 5,000 per month (y/n)
5,000 – 10,000 per month (y/n)
Above 10,000 per month (y/n)
I don’t know (y/n)
Ok, thanks for putting a number on.
One way to reduce your monthly costs is to do some of the maintenance work yourself. You can reduce your expenses quite significantly if you are “handy” or have some time and inclination towards tinkering with your boat. This could include cleaning and diving the boat yourself or undertaking minor repairs and maintenance.
Ultimately, keeping a boat is less about the initial cost and more about the ongoing costs and your ability to handle them. You will have to budget for fuel, dock or marina fees, possibly insurance, and general maintenance. Some of these costs can be reduced by buying a used boat and/or negotiating with your marina or fuel provider. Keep in mind that owning a boat is usually more expensive on a yearly basis than a vehicle and new parts can get expensive quickly if you are not careful.
In the end, buying a boat should be treated as a big decision. There are plenty of financial, safety, and practical concerns to keep in mind as you go into the process. With that said, if you've got your heart set on a boat purchase, there are plenty of resources out there to help you make the right choice. But before you run out there and buy your first boat, make sure that you ask yourself these four key questions first.
Note: If you want to find the right boat at the right price, with the right experience along the way, to transform your life with boating and friends & family on the water, there is a great way to get there. The framework is proven to help you do just that no matter whether you're an Expat boater, or new to boating.
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