In our January blog, we discussed that making a large purchase, such as a boat, is primarily an emotional decision. But now that you have made that decision, you need to move on to the less fun, mundane things. The question of how long you intend to own a boat is a great next step.
Buying a boat is a big deal, it is a fun deal, but still big. It takes time, effort, and money, which are the three most valuable things we have available for us to “spend”.
It follows that you should at least have an idea how long you want “spend” these resources on boating. If you are looking for a lifestyle for as long as you can crawl around the deck (that is me) then you can spread the costs of your effort and money across more time. If you are looking for a short-term specific experience like completing the Great Loop or a run up the Inside Passage, then those costs will be incurred in a shorter time frame. This will not only define the type of boat you might want to buy, but brings into the discussion things like depreciation, sales tax, broker’s fees, title fees, lending fees, interest rates, sales costs etc. A boat is typically a depreciating asset and the chance to recoup any costs through appreciation is slim. Each one of these items is worthy of discussion and needs to be understood as you move through the process. If you are new to boating, I recommend you find and work with an experienced broker that can help you evaluate these questions and what works best for you. Part of the boating journey is selling your boat and decisions made at the beginning can make all the difference how you feel about the finish. Which brings us back to the initial question of how long? Are you going to spread the use of those resources over 5, 10 or more years? Give it some serious thought and it will help guide you towards the right boat for you.
Todd Powell Boats 