Why are Boats Considered Money Pits?
For many people, a boat purchase represents the culmination of a lifelong dream. But for some new boat owners, it’s not all it’s cracked up to be when the expenses start piling up.
There’s an old saying that the two best days of a boat owner’s life are the day he/she buys and the day he/she sells a boat. And that’s not an awesome picture of boat ownership. So what happens?
Some people don’t fully grasp the expenses that come with keeping up a boat when they buy one. The water is a punishing environment, and the wear-and-tear it exerts on all kinds of boat components means repairs and replacements come more often than new boat owners might imagine. With that in mind, let’s walk through some of the “baked-in” costs that come with boat ownership.
Boat Maintenance and Repair Expenses
Salty air, water and vibration, among other things, all take their toll on a boat’s components. A car operates in a fairly hospitable environment compared to a boat, and that means if the frequency of repairs you’re expecting is based on your automobile experience, you’re in for a rude awakening.
The start of each boating season brings an array of maintenance tasks such as outboard de-winterization, and another series of maintenance tasks is needed to prepare for the offseason such as winterizing an outboard. In between, unexpected repairs can leave you with the choice between “fix it now” or “park it.”
This can mean renting storage space to protect your boat from the elements when it’s in the offseason, and it might mean getting a slip somewhere to keep it when boating weather is superb.