Unless you’re afraid of the water, chances are you are into boats like many others across the country. Boats are amazing ‘toys’ to have as they present a unique way of traveling. Boats allow you to explore the open water and enjoy many unexplored areas.
However, owning a boat comes with many responsibilities. Perhaps most prominently, there is a great financial cost. Despite this reality, many people purchase boats for their own use.
That said, buying a boat should be carefully considered. To help you do just that, we have created this article. Here are some of the unnecessary financial burdens of owning a boat.
Why Does The Owner Want To Sell?
First, when shopping around for a used boat, like any other machine, you want to know exactly why the owner is selling it. Chances are, they have noticed the impending financial strains that are never-ending.
When it comes to boats, the expense of having them run is, in most cases, not worth it. Most boat owners can attest that other than the day they bought the boat, the only happy moment with it was when they sold it. Check out the financial implications of owning a boat below.
Also Read: Practical Financial Guide to Prepare for Every Moment in Life
Insurance
You need to have insurance on your boat, and not just for the repairs; many accidents can occur. You need coverage for when they do happen. Boat insurance has several varying factors that decide how much you pay. First, it will depend on the type of boat you have. Your profile also comes into play when deciding how much you’ll pay.
Generally, boat insurance is supposed to cost at least several hundred dollars. But there are other boats where insurance can cost around $1,000. This can be quite expensive.
Maintenance
Boat maintenance can, and in most cases, cost an arm and a leg. Seawater is extremely corrosive, and boats don't fare well in it. They have to be well maintained to avoid accidents. Repairs and parts, a huge part of maintenance, should be marine grade. This ensures that your parts will last at least a year or two. And so you know, the recommended marine grade is twice as expensive as the others on the market. The difference is with the cheaper options. You have to make repairs almost every other month.
Mooring
Unlike a car, which you can buy and then park in your garage, a boat needs a place to be kept. Be it a marina, a boating club, or a mooring, these places don’t come cheap.
However, mooring costs vary by state. On the expensive side, it can cost around $12/ft annually to $240/ft annually. Los Angeles and Florida have the most expensive docks in the country.
Consumerism
The most exciting times are trying to fit your boat with new gadgets. This can be one of the most expensive parts of owning a boat. It is all too easy to want to customize and improve your already expensive boat. These customizations can get quite out of hand, from the detailing and the sound system to the motor itself.
Conclusion
Buying a boat isn’t that expensive. Someone may give you theirs for free. But the financial burdens that come with owning one are quite immense. You need to think about it carefully before undertaking the responsibility.
