Can You Afford a Boat?

Buying a boat is somewhat similar to buying a car or truck. You pick out what you want, go to a dealer, haggle on pricing, sign some papers, and take it home. There are some important things to keep in mind as you buy your boat so you don't end up sinking in more debt than you first imagined.

When deciding on a boat, don't buy one that will just become pretty yard candy. If you don't plan on using a boat more than once or twice a month or you don't plan on going offshore very far, save money and go with a more "reasonable" boat. Just because your neighbor has a pretty 36' Yellowfin center console fishing machine doesn't mean you have to get one bigger and better.

If you don't have the cash up front, you can finance a boat just like a car. Compare terms and rates before you go to the dealer. Their house financing isn't always the best option.

Don't let companies trick you into searching for financing for you. They may put in 5 or 10 requests and that can hurt your credit. I know because it happened to us on our first boat purchase! That dampens your credit score for quite a while.

Boats have and need optional accessories just like new cars. Before buying a boat, think about the necessary electronics you'll have to buy, such as GPS, fish finder, radar, VHD radio, safety gear, etc. Again, draw a line between your wants and needs. Some boat companies offer a package deal with a new boat, like $5000 towards Garmin products for example. That would definitely be a good thing in cutting costs out of your own pocket.

Let's face it, outboard motors have horrible gas mileage. In the outboard boating world, 2 miles per gallon is fair, 4 miles per gallon considered great! Depending on what engine(s) you get on your boat, consider how much gas you'll be using and how much that will cost you every week/month.

If you have a choice, outfit your boat with economical engines instead of just wanting the biggest motors possible. Weigh the benefits of two strokes vs four strokes vs diesel too.

Boat, trailer, and motor maintenance equals the old saying of "Break Out Another Thousand". You want to keep your boat operating smoothly for safety, enjoyment, and re-sale reasons. You'll have to change the oil, filters, fix anything that breaks, etc. You can do maintenance yourself or have a mechanic do it for you. Mechanics in my local area are charging $100- 125 an hour in labor rates!

If you can store your boat on its trailer in your yard that's perfect. But, if you can't, you have several options: a friend's backyard, a storage lot, rack storage, wet slip at a marina.

In addition, having your boat in wet or dry storage presents its own set of expenses. Will you have to paint the bottom of your boat? What about hurricanes? Is it safer? Will the operators scratch my boat? I've seen the forklift operator take off a radar dome before!

Are you going to be trailering your boat? If you do, you might as well factor in your vehicle tow costs - extra gas, wear and tear, etc.

You need boat insurance! Prices vary by boat length, type, coverage. Shop around for the best rates. If you take a boater's education course some insurance policies will be cheaper.

Factor in these expenses that go along with owning a boat FIRST, and THEN decide if you can afford being a boat owner.