Is a boat ever a good investment?

12
Paige Altenwerth asked a question: Is a boat ever a good investment?
Asked By: Paige Altenwerth
Date created: Sat, Feb 6, 2021 4:14 AM
Date updated: Tue, Jun 28, 2022 7:48 AM

Content

Top best answers to the question «Is a boat ever a good investment»

A boat can be a great investment, perhaps not in the tangible way real estate or a mutual fund can increase in value, but certainly in a non-material way… And like those other vehicles, a boat comes with a cost of ownership—for fuel and maintenance, insurance and registration, and accessories and storage.

A boat can be a great investment, perhaps not in the tangible way real estate or a mutual fund can increase in value, but certainly in a non-material way. Owning a boat is about the pursuit of pleasure or adventure, of bonding with family and friends, of a passion for freedom that many people find only on the water.

10 other answers

If you’re thinking about buying a boat, it might be a much better investment than you think it is. There is a lot of time and money that goes into maintaining a boat, but there are also tons of benefits that you’ll get to enjoy when you have access to a boat. Here are 9 reasons why buying a boat is a good investment. Brings Your Family Closer

Owning a yacht may not always be the best financial investment, but it can be an investment in your mental and physical well-being. There are few things more relaxing than enjoying the stress free times out on the open waters aboard your own crewed yacht. Then there are the other, incalculable returns on investment.

And finally there’s the crème de la crème of investment tips: “Never buy a boat.” For the most part, that’s been pretty good advice. Boats are notorious money sucks that people buy with grand plans of fishing trips and cocktail cruises, but the vessels often end up decaying in a marina or garage only to be resold at a fraction of the price.

Don’t just say ‘no’ to any particular purchase or investment. Run the numbers to see if you can afford, say, a boat. Then think about whether it’s worth it to you.

First and foremost, a new boat is NOT an investment. If anything it's an expensive liability. As for financing, very few people buy a new boat or even a really nice used boat and pay cash for it. Now, I will say I think you fall into the sucker trap if you finance one more than four or five years because of a couple of reasons.

As the saying goes, a boat is a hole in the water you pour money into. Bills for maintenance and repair will never cease to creep up on you, whether it's your annual insurance renewal, paint retouching, the air con or refrigerator that needs fixing, or the electronics playing up.

“It’s obviously a good investment right now.” “The bigger, the better—if you can find the bigger boat slips, I say buy them,” Hornaday said. Still, the average boat size is 55 feet, and according to Jackson-Pownall, “there is an equal demand for boats of that size, and an equal lack of waterfront facilities to handle them.”

When Looking to Protect Investment. One situation when getting boat insurance is a good idea is when you are looking to protect your investment. Purchasing a boat is always a significant investment. If the boat is ever damaged or stolen, you will need to come out of pocket to pay to repair or replace it.

This is certainly some distance away from the numbers associated with boat buying. A typical bowrider boat with a capacity of 6-10 persons will cost anywhere between $30,000 and $60,000 on average. Likewise, maintenance costs may vary wildly between boats and jet skis, depending on the model, storage fees, and a number of other factors.

There is a good possibility that you may be able to call your local marina and reserve a boat for the day of your trip. This is particularly true during the off-season when sailing is not quite as popular.

Your Answer