Can You Afford a Boat?

By Martin Reid

Just as with buying a vehicle, buying a boat is a similar process. You can go to a dealer if you want or buy from an individual. You haggle on the pricing, you sign the papers, and then you take it home for you to use. Of course just as with buying a car, there are hidden expenses you should be aware of that are part of the package.

While making your decision on a boat, you need to be realistic. Do not try to keep up with your neighbors or even better them. Buy what you would use not something that will just sit there. If you are planning on using it all the time then plan accordingly. Just as if you are planning to use it sparingly make sure you plan the extra maintenance needs for doing so.

As with any car purchase you can finance your boat, again just as with a car purchase, shop around and get your best deal. Make sure you know what it is going to cost you to get a particular financing. Even then think twice and get it double checked. This is a major expense.

As part of the purchase consider what else you will want with the boat. Just like a car you can get accessories, but obviously it will all cost money. Make sure you get only what you need. Not what you want. Check on offers and deals they are offering to make sure it makes since with how you will be using the boat.

Another thing to consider during your purchase is the mileage you are going to get with your engine. How much gas will it use? Do you need the bigger engine or will a smaller one work better for how you plan on using the boat? Plan for the extra gas cost of using the boat; make sure you plan for winterizing and storage of the boat to include the motor. After all you want to protect your investment so that it lasts as long as possible.

Just as you include tires with your boat you need to make sure you include any maintenance and expenditures to include the trailer, plan for regular maintenance such as oil changes and such on the boat and trailer. Hopefully, you can do some of the work yourself, if not plan for the extra cost of storage and maintenance. And lastly make sure you include the cost of insurance in your purchase. You want to make sure you cover your expenditures. Not only protecting you but everybody else involved in any accident.

So you can see just as with any vehicle purchase you have a lot of other things to put into consideration before you buy a boat. A boat is very similar so if you plan for those expenditures you will have a good start but the unplanned expenditures such as storage and winterization could put a damper on your purchase and stretch your income too much.

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