Key Takeaways
Boat ownership can provide convenient access to recreation, family time, fishing, watersports, and waterfront travel.
The complete cost includes more than the purchase price, with ongoing expenses for fuel, maintenance, storage, accessories, insurance, and repairs.
Buying is generally better suited to frequent boaters, while occasional users may find renting more practical.
Boating is always in style, but it’s become more popular lately. 2020 saw record-high sales of new powerboats, and sales aren’t going anywhere. And it makes sense: if you live by the water, there’s no better way to spend your time than getting out on the water. Whether you enjoy intense watersports or tranquil nature-watching, there’s a lot that boat ownership can enhance.
You probably already know that buying a boat is a significant investment. Not only do you have the obvious upfront cost of purchasing a boat, but there are also maintenance, moorage fees, accessories, fuel, and other expenses. It’s no wonder watercraft have something of a reputation as money pits.
Does that mean that a boat isn’t worth the cost? Not necessarily. Whether or not it’s the right decision for you is ultimately up to you, but weighing the pros and cons of owning a boat before you buy it will help you get the most out of it, your money, and your waterfront.
Advantages
If you plan on being on the water frequently, a boat is probably a sound investment, especially if you’re already renting a boat. Anyone who goes fishing every weekend or lives near the water could benefit from owning a boat because it makes getting out there more convenient and cheaper than renting one every time you set out. You could also save money on vacation expenses because you can travel wherever the water takes you and, if you own a luxury yacht, you don’t even need to pay for a hotel.
You can also treat your family and friends to a nice day trip on the water. Getting out on a boat for some recovery time from a hectic schedule is a great way to spend quality time together. You can enjoy a shared hobby, teach your kids something new, and get away to explore nature rather than go into the city or other busy areas. It’s great for your health and confidence to get out into the fresh air on a boat that suits you. You’ll be pretty popular if you’re up for taking people out for rides, which is a plus.
Disadvantages
Living on the water doesn’t guarantee ideal boating conditions at all times—boating is one of those hobbies highly dependent on your area’s weather. Seasonal boaters and those in cooler climates might not get as much use out of a boat as people who live where it’s consistently warm and better for boating. No one wants to be stuck on the ice, especially in the middle of the water, and no one wants to pay more than they have to for something that they can only use a few months out of the year.
Consider how much maintenance and cleaning you’re willing to do. Cleaning boats takes time, especially if yours is bigger. Your engine will need to be flushed with fresh water, especially after returning from a saltwater trip. On top of the time and skills required for cleaning your new boat, you’ll also need to learn new skills for boating itself. You’ll need to obtain a boating license to keep you, your loved ones, and other water users as safe as possible. If you’re looking to occasionally dabble rather than seriously dedicate time to the lifestyle, or you just don’t have the time to spend learning right now, you’re probably better off renting a boat.
As we mentioned before, boats can be expensive, and not only upfront. You’ll need to make sure you have the money to pay for storage and accessories, or else be prepared to get a trailer to haul it in and out of the water. Gas and accessories will also cost money. If your boat experiences problems, you’ll need a specialized mechanic—boat repairs aren’t something you want to DIY because you can make the problem worse or only fix it temporarily. Spare parts are also not cheap.
HydroHoist Boat Lifts
If you’ve decided that a boat is worth the commitment, congratulations! You’re joining a community of passionate waterfront enthusiasts. HydroHoist is proud to welcome you to the community, and we’d love to welcome you to our family. We employ experienced marine industry professionals who are passionate about innovation to create the boat lifts and accessories you need to protect your new investment. For more information, connect with a local HydroHoist dealer online.
FAQs
How often should someone boat before considering ownership?
Ownership may make sense for people who expect to use a boat regularly, such as most weekends during boating season. Occasional users should compare total ownership expenses with the cost and convenience of renting.
What expenses should be included in a boat ownership budget?
Plan for fuel, storage or moorage, maintenance, cleaning supplies, accessories, registration, insurance, and professional repairs. Trailer costs and boat lift expenses may also apply depending on the storage setup.
When is renting a boat a better choice than buying one?
Renting may be more practical when boating will be infrequent or when there is limited time for maintenance and training. It can also help someone explore different boat styles before committing to a purchase.
How can a new boat owner protect their investment at the dock?
Use a properly sized boat lift to keep the hull out of the water when the boat is not being used. Routine cleaning, scheduled maintenance, and appropriate storage can further reduce wear and long-term repair costs.
