Buying a boat is a huge financial decision, sort of like a house. You need to make sure that you can fit the expense in your budget and other expenses such as maintenance, fuel, and docking charges. Let’s calculate the lump sum amount you will be making on the latter three:
The price of your boat depends on its model and size. (Something that we will discuss later.)
- Docking Charges: $240/year
- Fuel Charges: $4/gallon (A standard, small boat requires at least 8 gallons of fuel, which lasts for 1 hour, bringing the fuel charges to $32 for an hour)
- Maintenance cost: Usually, the cost of maintenance is 10% of the boat’s price. So, if you bought a boat for $20,000, expect to pay $2,000.
This brings the total yearly cost to: $2,000 + $240 + $3,000 (2-hour cruise on weekends) = $5,240.
Of course, the cost will rise based on the boat you buy and how many times you take it out for a cruise.
Now that you know the total cost of owning a boat, let’s take a look at how to choose on:
Picking Your Boat
When deciding on boat size, there are a few things you need to consider:
- How many people will be on board with you?
- Will you be towing your boat?
- Where do you plan to sail? (For large waterways, you need a light boat with a deeper hull. In small waterways, you will require a small boat)
- Will you store your boat at the marina, or do you have a personal dock?
So, what comes first: the boat or the dock? It’s the dock. If you don’t have the means to secure your boat, you will have to choose a nearby marina with reasonable docking charges.
Set Your Budget
The bigger the boat, the more expensive it will be. Here are a few boat prices to give you an idea of how much you would have to cough up for your leisure activity:
- SuperJet: $9,500
- Jet Ski: $12,000
- Pontoon Boat: $20,000
- Wake Boat: $60,000
- Yacht: $300,000
If you want to buy a big boat, there’s some good news for you: Just like getting a mortgage for your house, you can also apply for a boat loan. The terms will be the same: You will have to make a down payment, and the interest rate will be set based on your credit. Don’t forget to buy boat insurance for protection.
Start Searching
With the budget in mind, it’s time to shop for your boat. We have already mentioned the price range different sized boats come in. So, all you need to do now is figure out which one you can handle. You can take the boat for a test drive and find out how it feels under your hand.
After you have found the one, ask the dealer the total cost of purchasing the boat and if they offer loan services. Don’t fall for the bells and whistles, such as boating accessories, even the ones deemed necessary by the law. You can always buy them at a lower price from your local store.
Now that you know what to do, go ahead and start shopping!
Visit the EZ Dock website for floating docks and other solutions. They also have products such as do-it-yourself docks, covered floating docks, industrial floating docks, kayak launches, etc. For a quote and more information, call on (800) 654-8168.
