How Much Should I Spend On My First Boat?

Why is owning a boat so expensive?

There is no getting away from the fact that boats are expensive – both to buy and to maintain.

Many factors influence the cost of owning a boat.

It begins with the purchase cost, whether new or used, and continues on to the upkeep, where maintenance, birthing or storage fees, fuel, and insurance can add up..

Why are new boats so expensive?

The tangible things like materials used, labor costs, research and development, meeting EPA regulations, developing and maintaining solid dealer networks, and shipping costs all add to the price tag of a boat. …

What can you do with old boats?

8 Ways To Get Rid of That Old BoatTry contacting your local vocational school and see if they are open to a donation for restoration—you can still get a tax break.Call your local town hall and the board of health to see if they can help. They will often have a local contact and maybe even a budget for abandoned boats.Call a boat salvage yard.

Is financing a boat a bad idea?

Consider the downsides of boat loans Some estimates say your boat’s value could drop by as much as 20% within a year. … You’ll repay more over time than what the boat is worth. Worst of all, if you can’t make your payments on a boat loan that’s a secured personal loan, the boat will be the first thing you lose.

How old of a used boat should I buy?

Our experience indicates that boats in the 2-4 year old range usually offer the best prospects. Of course, boats that are only one year old are hard to find since not many people sell at that age.

How much should I pay for a new boat?

Your Choice of Boat The average price for a brand new pontoon boat is around $35,000. That’s for the popular 22-foot pontoon boat size that can be seen on lakes and rivers all around America. You can find smaller pontoon boats for less than $20,000 and you could easily spend more than $50,000 as well.

Is it smart to buy a used boat?

Benefits Buying a Pre-Owned Boat With a used boat, you get more boat for fewer dollars, lower cost per year of ownership, and less on the line if you decide a different style or size boat would better serve you.

Is 400 hours on a boat a lot?

While higher hours typically won’t impact the performance or reliability of a boat in a negative way, it will have an impact on the value of a boat, especially if a boat has “high hours” for the year. 400 hours won’t harm the resale value on a 2010 boat, but if a boat is a 2018 that is a different story.

Is buying a boat a waste of money?

Boats are a good investment if you don’t overshoot your budget. If you research your options and go for a vessel that you can afford, nothing trumps the joy of spending time on the water. However, a boat can definitely also be a bad investment. A rule of thumb is to only buy a boat you can afford to pay for in cash.

What do I need to know before buying a boat?

#1 — Know What You Want. The first and most important decision is what sort of boat you want. … #2 — Consider All Boating Costs. You’re not just buying the boat. … #3 — Shop Like You Mean It. Don’t just window shop. … #4 — Be A Boat Detective. … #5 — Read The Fine Print. … #6 — NEVER Buy On Impulse.

Do Boat dealers haggle?

Very much like negotiating the purchase of a car or home, you as a seller, may have a stronger position to negotiate if: The boating market is strong and boats are selling quickly. You are not in a rush to sell. Similar boats are listed slightly above your asking price.

Is it cheaper to build or buy a boat?

It is cheaper, but for most people takes a long time and can be overwhelming. Easier for a person to build a house then a 30′ express. Most look for a good older used hull, then build it from there. If you put new power, new eltcs, etc… in the boat then your build will be cheaper compared to buying new.

How do people afford a new boat?

Boating on a BudgetSave, Save, Save. Save for your boat and pay in cash, thereby keeping loan interest costs away.Finance Your Boat. … Consider Buying Used. … Attend a Boat Show. … Buy Only the Size Boat You Need. … Do Your Own Maintenance. … Store Your Boat at Home. … Remember that Fuel Costs Vary Widely.More items…

Should I buy a new or used boat?

When deciding to buy a new or used boat, Price is by far the biggest reason to go the pre-owned route. … Not only is the price lower, but like a used car, much of the value depreciation has already happened, so a used boat will hold its value better as well.

Are Lowe Boats better than tracker?

I think the difference is in fit and finish. If you plan to use the boat a lot, and have the money to spend and plan to keep it for generations, get a lowe. If you want a knock around boat and will only use 6 or ten times a year get a tracker.

Will boat dealers negotiate price?

Negotiating Your Boat Purchase Ask an honest dealer what the bottom-line price is, and you’re likely to get a straight answer. That doesn’t mean, however, that you can’t make some special requests. Dealers can sometimes add an extended warranty or an option or two to sweeten the deal, without taking too much of a hit.

What is the best month to buy a boat?

Buying the Latest and Greatest New Boats If you’re one of those people who likes to get the hottest new models on the market, late winter or early spring may be the best time for you to buy a boat.

What is the best boat to buy for a beginner?

Best Boats for Beginners – Getting Your Feet WetBowrider Boats. Bowrider boats are popular lake and inshore boats that can range in size from 18-feet to 40-plus feet and can accommodate 6 to 12 or more passengers. … Fish and Ski Boats. … Pontoon and Tritoon Boats.