How many here have a boat?

[dwk]

I'm in the process of buying a boat and got to wondering how many here have one. For certain a boat is a money drain -- and the bigger the boat, the bigger the hole. It's not a question of justifying the purchase -- the enjoyment of fishing, crabbing taking the grandkids out for shelling, a sunset cruise...is priceless.

But, it is not an insignificant expense. Even buying an older (used) boat to lessen the effect of depreciation. The purchase will not delay my entry in early retirement.

I have some expensive hobbies and this is one. I recently gave up my salt water tanks, primarily because of the commitment required and the impact of being able to travel for long periods of time. While I miss the beauty of the tanks, I'll admit having $3,000+ per year for savings is a great feeling.

Trying to be objective about owning a boat -- financially it doesn't make sense. But we make these choices all of the time. I've had a boat of some sort most of my life -- its part of who I am.

So for the boaters out there -- how do you approach boat ownership?

dwk

[bbbamI]

We bought a boat (small one), then sold it.

PITA to tow and launch. If we had the inclination and extra bucks, we would get another one, but only if we had a slip.

[brewer12345]

Does a canoe count?

[yakers]

Three kayaks! Had a couple more but they went to older son & his wife.

[chinaco]

I owned a 22ft sailboat about 15 years ago. I bought it used and sold it for about the same amount that I purchased it. I kept it in a slip so I had those fees, plus insurance and upkeep for the 3 years I owned it.

I found that I could not use it enough to justify owning it. Of course I was working at the time and the boat was docked about 25 miles from where I lived (not convenient for a quick trip).


My opinion is: Unless you are absolutely sure that you will use it frequently... consider renting a boat instead. Or identify a friend that has a boat and pay for the fuel. My expereince was that boaters are often looking for people to share in the boating experience. 8)

[donheff]

I love having access to a boat but hated owning one (23 foot Rinker cuddy cab). It was just more worry and hassle than it was worth. I wish I had a friend with one convenient to my river house -- I do like to head out trolling early in the morning when the Rock Fish are running.

It will be a lot easier if your are mechanically inclined and like doing the upkeep.

[justin]

I plan on buying a $200 used jon boat or canoe since I live on a lake.

I used to want to buy a sailboat. For now, I'm putting that off at least until FIRE. I've never really been on a sailboat and I don't know how to sail, so I'd have to take sailing lessons and charter a boat a couple times at least before I decide to buy one.

Or find a friend that needs a hand with his sailboat.

Right now I know I wouldn't use it more than a few times a year due to work and kids. Maybe when I have 365 Saturdays per year I can up my "utilization estimate" by a few dozen. I'm still trying to sell DW on the benefits of owning a sailboat...

[dm]

I have a 27' sailboat. I live about 4 blocks from the harbor so I thought I'd give boat ownership a try. I joined a golf club so I don't get out much anymore. The slip fees and insurance bills keep coming though.

The problem is it's no fun for me to go out by myself so you have to find others who also have the time. The wife will go out but she goes to sleep once we pull out of the slip and after about an hour she's ready to go back in.

And I still want a bigger boat.

[DRiP Guy]

Thank goodness this is one bug that never really bit me hard. I have always had friends with boats, so for just bringing the cooler, rods, bait, helping with fuel and helping do scrub downs, I have always had all the fishing and pleasure boating I can stand. Even did the Bimini big tuna tourney as angler, and bummed from the Tortugas up to Stuart... after 18 years in Florida, though, I pretty much don't feel the urge any more.

I used to like sea kayaking... but that can be pretty cheap.

[Moemg]

Soon to be ex boat owner .The maintenance was brutal .I still have a kayak and a canoe .
I'd rather spend my money on travel than boating .

[Ed_The_Gypsy]

I have a picture of a boat. Every once in a while I look at it and burn a $10 bill.

[Budman]

Boating is a progressive disease. After 20 years in boating I now own my 5th boat. I have a 47 Bayliner Pilothouse. Its beautiful and after I retire, DW and I intend to circumnavigate the Great Loop in 2008-2009. And yes, it is maintenance hungry, so I have to allow for that expense in my budget.

[unclemick]

Moving to Lake Ponchartrain in 1979 - we had a flatboat and a runabout that stayed on the trailer never running anywhere. After a couple years got rid of them. Rode in my neighbors boats from then on - waaaaay cheaper.

heh heh heh heh heh heh - also had friends who sailed the Gulf - got caught helping with maintenance a few times - that cured my brief sailing ambitions. Love sailing - on someone else's boat.

[bearkeley]

2004 24 ft Albemarle Center Console that we got used (1 yr old) - hasn't depreciated, so got a good deal on it. We use it 9 months out of the year and we're not even retired yet, so we're definitely getting our money's worth.

Last Fall, however, we decided to also buy a 13ft 1963 Whaler for $500 from a neighbor's 14 year old kid. Got a brand new 2yr old Honda 4stroke, approx $600 on paint, rub rails, brand new whaler stickers and A LOT of hours sanding and painting and sanding and painting and sanding.... in short...wouldn't sell this boat for double the amount of money we put into it!!!

It was really neat (definitely not when we were putting on the rub rails!) to be able to completely rebuild an old boat and have lots of strangers admire your hard work. We get more comments about our little 13ft boat than the fancy expensive boat....not to mention that this boat is a lot of FUN! Our plan is to keep the whaler and sell the Albemarle when we retire. The smaller boat can easily be towed and if something breaks, we can fix it ourselves! ;-)

[bssc]

I had a couple of GFs whose father's owned boats. That swore me off boats and their costs. We did have a good time but it was expensive. Put me in the No column.

[boots]

Sail out of Willsboro Bay NY on Lake Champlain

http://www.trip.net/~snichols/phoeni...nix%20T-30.JPG

[Sarah in SC]

Ah, yes, the boating life! We've owned boats for years, starting with a Hobie cat, a couple of creek boats, a trailer sailor, and a 28 ft sailboat we lived aboard in the Bahamas for a summer in 2003. We sold that boat last year, and the financial reality is tough to hide.

We are trying really hard not to look at boats until we meet our FIRE goals (when my DH turns 50, in 5 years). We want a trawler, and I spend dangerous time looking at boats on yachtworld that would be perfect. Once he isn't working, he will have time to devote to maintenance, upkeep, and time to play on it, even though I'll still be working (for a few more years after he retires).

I think you should always go with less boat than you think you need--if we had put more money into the 28' boat, we probably couldn't have afforded to quit working and go sailing, which started us on the FIRE dream.

Hold out as long as possible, then dive in--even if it is a money pit, try to pack in lots of fun between those two happy days--they day you buy it and the day you sell it! Best of luck!

Sarah

[maddythebeagle]

I have several lakes around me....bought a used john boat to get out fishing.....not sure if I can justify more boat unless I am fully FIRED and have plenty of time to go out several times a week...

I like everyone else's advice...find a friend with a boat

[Jeb-NY]

I down sized from a 17.5 foot canoe to a 12 foot when I retired. Trying to keep costs in line.

Jeb

[TromboneAl]

I feel the same way about big boats as I do about dogs. Love 'em, but can't justify the hassle of owning one.

I just pet other people's dogs and boats.