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. 

Why are boats considered money pits

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? 

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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 ownership costs money

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. 

Boat ownership is expensive repairs

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.”

Boat Fuel Expenses

Obviously running a boat costs money. A motorized boat burns through fuel, and keeping the tank full is expensive. But unlike a car where you mostly just drive and park, a boat is often kept idling when it’s not running at full speed, and that means even more fuel consumption

Boat ownership costs fuel

Boat Storage Expenses

In the offseason or when you’re not running it, you’ll need to store your boat. If you’ve got a garage that can accommodate it or water frontage on your property, your problem is easier. Otherwise, you’re probably going to have to pay for storage. 

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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. 

Boat Cleaning Expenses

Unless you’re doing it yourself, you’ll probably need to pay someone to clean your boat. The hull and bilge areas can be particularly vulnerable to damage when they’re not maintained. 

Boat ownership expenses cleaning

Save a little money by cleaning your boat yourself. The upkeep and quick depreciation of a boat can make the investment difficult to swallow for some. However, if you’re prepared for the additional expenses, and are willing to take them on, boat ownership can be a fantastic experience.

 

 

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