Buying a boat is an exciting prospect. The open seas, the fresh air, and the ability to escape from the hustle of modern living. Yet, there is a lot more to consider than simply which model to choose or how to configure it. What many folks tend to forget is that even when your boat is moored up at the harbor, it will continue to cost you money whether you are using it or not. Therefore, you must keep in mind some vital factors before going out buying your first boat.
1. What Is Your Budget
Unfortunately, life dictates that you consider your budget before you can consider the fun aspects of boating. This is because you are not purchasing a new phone or computer, but something that will depreciate and cost you a serious amount of money for upkeep (more on that in the next section). Luckily, there are several ways that you might be able to afford the boat of your dreams without having to fork out an initially large amount. You could consider financing options like those provided by the boat financing specialist over at https://www.seadreaminc.com. The great thing is that they offer loans for both new and used boats. This allows you the flexibility to choose something within your price range. Additionally, many of these loan companies aid you with the registration processes, which can be cumbersome at the best of times.
New Or Used?
In addition, you will be able to choose between a new or used boat. These vehicles can depreciate rapidly and, in some estimations, can lose 40-50%of their initial value over the first eight years. This is quite extraordinary, but like most other vehicles, it can benefit you greatly if you opt for a used model. If you do your research and can settle on the fact that someone has used the boat before, you can often find some incredible bargains.
2. Can You Afford The Upkeep?
So now that you have established whether or not you can afford one or use a loan, the next question you must ask yourself is if you can afford the upkeep. This is overlooked in the excitement of boat shopping, but the maintenance can eventually overtake the cost of the boat over time. If you're going to maintain your boat, expect to spend about 10% of its value each year. To put that into perspective, if you bought a new boat for $500,000, you should expect to pay $50,000 per year in upkeep. That is an enormous amount to pay each year. The rate is so high because several factors go into the yearly costs, such as:
Mooring costs.
Insurance.
Licenses.
Fuel.
General maintenance.
Staff (if large enough).
Mapping, GPS, and weather forecasting subscriptions.
These costs fluctuate depending on the size of the boat and where you keep it, but the fact remains that you will end up paying for extra ancillary items over its life. For example, if you opt for a small boat that you store at home, you will need to invest in a trailer to transport it. If you have a sailboat, you will need to maintain the sails and rigging.
Nevertheless, you shouldn't allow this to put you off because you can lower them and increase frugality if you work out your costs. For instance, instead of mooring your boat in a desirable area, you could moor it somewhere a little less accessible, which can often decrease expenses dramatically.
3. What Will You Use It For?
After whether or not you can afford one, this is the next most important question: how you plan on using the boat. The type of boat you choose will significantly impact your purchase as if you were looking for a basic weekend fishing boat for use on your local lake; a smaller outboard model will save you money. If trans-Atlantic travel to the Med is more up your street, then something over 40 feet long and an engine frugal enough to travel those distances.
4. Where Will You Keep It (Port Or Home)?
The next question that arises is which location you will keep in. As discussed, most boats require a harbor to keep your boat moored when not in use. This is true for any ship too large to be safely transported by car. But when you purchase a small fishing boat for use at the weekend, do you need to pay for expensive mooring? No, but it also brings up another question: where will you store it in your home? Even the most diminutive boats take up a certain amount of space, which you will have to consider.
5. Have You Taken Any Training?
This question is somewhat use-specific but generally speaking; it is always best to take some form of training. If you are going to travel on the open seas, then education is essential. From learning navigation to understanding how to communicate on the radio, there are many things to know. Alternatively, if you go fishing every other weekend, you might not need the full training suite. Nonetheless, whatever boating you are looking to participate in, you should get some training under your belt. This could include man overboard procedures to general first aid. It is never a bad thing to understand specific methods and techniques.
6. How Often Will You Use It?
Finally, you must ask yourself how often you will use your new boat. Be honest with yourself because it is your money, but if you think you won't use it as often as you might want to, you should carefully consider whether it is worth the expense. If you only plan on once a year use, that shouldn't be enough to put you off entirely because you might be using it as part of your annual holiday. The critical point is to analyze if it is worth it. If you are unsure about the boating lifestyle, it could be better to charter a boat for a holiday with friends and family and see how you like it.
Buying a boat is an emotional experience and one that is often dictated by the heart rather than the mind. However, it would help if you attempted to engage your brain when possible because many things need consideration, from whether you can afford the upkeep to where you will keep it.
