My husband wants to buy a boat. My Brother in Law is going to sell him his used boat for $2000. I understand it's a very nice fishing boat that holds five people that you can take somewhere like Lake Erie. Thing is my husband knows nothing about operating a real boat. He has an aluminum 6 footer that he uses a little electric motor on. He thinks because he can navigate this little boat that he does not need any training with this new boat.
Not only am I afraid he's going to run into something but I'm concerned about the cost of owning a boat like this. He fish practically every single day summer and winter, spending $15 a day for gas and bait, so that is $300 a month. Now he wants to add an additional expense just for his personal enjoyment.
I really don't want to "rock the boat" around here but I am seething about this. He keeps asking me what's wrong but right now I'm too upset to talk about it rationally. Really, we can afford the $300 a month for his fishing but I am not willing to pay more than this. He really has his heart set on this and keeps bragging to is friends about his boat and I'm afraid to say that I'm am not on board with this. Maybe I'm wrong about the expense and even if not, should I just go along with this to keep the peace and try to fit any additional expenses into our budget? Right or wrong, I think I'm upset because I spend very little money on myself and he does not mind going hog wild.
Does any retirees here own a boat and what are the expenses? I would appreciate any input.
I've owned a number of boats in my life. There will be a steady stream of maintenance/repair/upkeep costs in addition to operating costs. That stream can be a trickle or a roaring river ---- depends on how much boat you own, what it needs, and whether the owner wants to put it & keep it in tip-top shape with all the bells and whistles or is able to accept not having everything non-safety related perfect all the time.
I try to balance how much money I put into my boats. You will always end-up underwater in the value of your boat .... it's a matter of how much underwater you are willing to go versus how
nice you want your boat to be.
Then of course there are operating costs ... not much you can do about that ... it costs a certain amount to maintain the motor & a certain amount to operate it. (Saltwater fishing boats in the 20' to 25' range around here with older 2-stroke motors average about 2 mpg in fuel.)
So ... here's my advice. Set a budget.
1st ---after purchase of the boat, how much money will he need to initially get it into the shape he wants it? (aside from repairs/update items needed, don't forget to include any anchors, ropes, bumpers, life vests, safety equipment, flares, radios, gps, fishfinder, etc etc)
2nd --- how much money it will costs per month or year to keep maintenance up-to-date? (oil changes, tune-ups, spark plugs, winterization, etc etc) As much mechanical/maintenance he can do himself will reduce this figure dramatically. Don't forget to budget some for trailer maintenance every few years if it's to be operated in saltwater. Saltwater is hard on boats.... well, it's hard on
everything! Annual registration & insurance is another recurring cost. Also ... will there be storage costs for the boat?
3rd --- how much gas & oil will it cost to actually operate the boat for fishing trips - average per month or year? (considering there may be quite few months it's used very little and some months it's used a lot)
4th --- you may or may not want to also include a separate budget for tackle, gear, bait, beer, restaurants, motels, tow vehicle gas, etc for the fishing trips themselves.
After you have arrived at, are both cognizant of, and in agreement upon these figures, you will be more comfortable and have no more problems with this.
Don't mean to scare you with the above. I've always bought used boats (except one) and managed to keep & use them fairly efficiently ... (
more so than some other folks who always have to have the latest greatest gizmos, fix every cosmetic flaw, and always running the boat to the mechanic for every little thing they might could do themselves.) But boats do cost
some money to keep & operate, it's just a matter of how much & whether one is okay with that amount ... that said, I
love boats!
(Note: A fishing boat will generally get used more & hold value better than a strictly pleasure craft)