Buying a boat can change your life in many ways. There is a special kind of freedom when you are out on the water and nobody else is around, telemarketers don’t know where you are, and you can do whatever you feel like doing. Boats can cost anywhere from $750 for a little aluminum boat you can strap to the top of your car to hundreds of thousands for a decked out yacht. They all have one thing in common however, and that is hidden costs. Hidden costs are just things most people don’t take into consideration when making that purchase.
The financing part of it is the easiest. You simply check a few banks and other financial institutions and choose the one with the best interest rates and the plan that appeals to you the most. The thing people forget about is insurance. If you are lucky, you can combine it with your homeowners insurance so the payment is combined. If not, you will have to find an insurance company. There are tons around so that shouldn’t be much of a problem at all.
People sometimes forget about the equipment they will need. There are tons of very cool electronic devices, entertainment options, and safety equipment you should definitely consider purchasing. Do you want a sextant and a compass or do you want a state of the art GPS system? It’s all personal choice so choose what appeals to you the best. A fish finder can be useful as well as a backup radio and extra life vests.
Most boats have engines so you will have to fill the tank, get an oil change occasionally, and at least a yearly tune up if you use the boat often. If you don’t use the boat too much, the gas won’t be much of a factor at all.
The last hidden cost is storage. You bought a boat, but where are you going to keep it? If you have a large piece of property and a small enough boat to get on a trailer, you are set. Many of us live in the middle of the city and will have to pay a facility or storage fee of some kind.
Just keep these extra costs in mind before you spend your entire boat savings on the sticker price alone.
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