Make Your Boat a Great Investment

Make Your Boat a Great Investment, Not a Sinking Ship

I’m sure there are plenty of people out there who would never consider owning a boat, based on the belief that a boat is a terrible investment unless you enjoy throwing money away. One of the most popular misconceptions is that the word BOAT stands for “Break Out Another Thousand.” Although some boats do end up costing quite a bit in service and repairs, there are many ways to avoid these extra costs. A boat actually is a good investment, not just a floating money pit, and will only increase in value to you and your family as time goes by.

As any boater can tell you, the rewards and benefits of boat ownership far outweigh the costs. For one thing, boating greatly improves your quality of life. Everyday stresses from work, the kids and the nonstop hustle and bustle of a hectic life can really wear on you. Boating is a proven way to relax, ease stress and tension and gain a new perspective. A day out on the water with friends and family provides a chance to catch up on that hard-to-come-by “quality time.” Spending an afternoon fishing, tubing, or just enjoying nature with the kids allows you to talk, laugh and share the moments in life that we sometimes take for granted.

With household budgets tighter than ever, boating allows more affordable options for recreation. Two-thirds of our planet is covered in water, so it’s usually not a problem finding a boater-friendly waterway to explore. Not only can you cut back on travel expenses, but you also can save on lodging and dining if your boat is equipped with a cabin. And last, but definitely not least: The main benefit of owning a boat is an element that we seem to have less of as we age…FUN! That feeling that comes from cruising the open water with loved ones, on a gorgeous day, racing other boats and enjoying the camaraderie that boaters possess is something that money just can’t buy.

A boat used to be considered a luxury that only the wealthy could possess, but that isn’t so today. There are so many options now that anyone who is financially responsible can become a boat owner. Research, scouting potential purchases, and planning and comparing prices before buying are vital to the process.

The first step is to figure out how much you can afford to spend. Be sure to take into account all of the extras that may not be included, such as surveys and safety equipment. The next step is to research and compare financing options and providers. Financing is basically the same as with a car loan, and there are plenty of online services, dealerships and banks to assist you. Banks have several different types of loans available, such as home equity, line-of-credit and collateral boat loans. The terms vary with the type of loan, as do the interest rates, but a loan officer will work with you to ensure your needs are met.

Once you have your finances in order, it’s time to purchase, and that opens another wide range of options and opportunities to save money. You should carefully consider which type of boat will work best for your family and lifestyle. From pontoons to yachts, there are numerous options. Do you buy new, used or repossessed? Can you deal with a fixer-upper, or does it have to be turnkey? Do you buy from an individual, a dealer or a broker?

There are plenty of professionals ready to assist you through the buying process. A dealer can help you decide which boat is right for you and most can provide financing. Boat brokers help owners sell their boats. Working with one is similar to dealing with a real estate agent. Boats for sale by owner are another option to consider and can be found online, in boating magazines and in classified ads. When dealing directly with a seller, be sure to have the proper inspections. A marine survey and a sea trial are also highly recommended before purchasing. A private sale can save you money on the purchase price, but comes with added responsibility for the buyer.

With so much research involved in buying a boat, it is highly recommended that anyone considering a purchase attend at least one boat show. Almost every state hosts at least one show a year, so no matter where you live, there’s probably a boat show near you. These events are fun for the whole family. The top companies in the marine industry gather to show off their newest innovative creations. You’ll be able to visit different companies, builders and exhibitors in every aspect of the industry from all over the country. Representatives from manufacturers, finance companies, insurance providers, engine builders, painters and more will be on hand to display products, answer questions and offer advice. Boat shows are proven to be one of the most vital sources of information and contacts for prospective boat owners. Take advantage of having all the industry’s best resources under one roof.

Once you find a boat, you must purchase the appropriate insurance. Many factors determine the cost of your policy: your location, boating experience (taking a boater safety course and/or getting a Captain’s license will reduce your rates), credit history, driving record, past insurance claims, etc. Take the time to compare providers to obtain the best coverage and rates for you.

There are many things you can do to prolong the life of your new investment and help stretch those dollars even further. Fuel is expensive, so here are some tips to help you get the most out of every drop.

Fuel Tips:
• Drive at slower speeds to increase fuel efficiency
• Learn the proper use of trim tabs to reduce drag and fuel usage
• Minimize the amount of time spent idling at the dock
• Keep the engines running smoothly

Keeping your boat clean and performing regular preventative
maintenance can save you big bucks in the long run:
• Washing down your boat after use is the easiest way to protect the finish and keep it looking good
• A boat cover keeps the sun from fading the interior and protects the finish
• Have the engine tuned up and inspected on a regular basis
• Make sure you’re using the correct propellers
• Winterizing your boat can ensure your boat is ready to go come spring.

A boat is one of the best investments you and your family can make, and with so many options available, almost anyone can afford one. The time it takes to thoroughly research and compare your options is a small price to pay for the money you save in the long run. The benefits of relaxing and creating cherished memories with friends and family can make your vessel worth its weight in gold.

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Category: Blog, Featured, Sports & Toys