Are Boats a Waste of Money?

Author : Efrain Silva

Are boats a simple waste of your money, you might wonder, a question that so many dozens of upper middle class Americans think to themselves every single month of the year? I mean, if such an expensive and maintenance costly product is going to be sitting around without use for so many weeks out of the year (or months, in many cases, let us be honest), can that money not just be spent and put to a better use somewhere else, such as in saving up for my kid to go to college one day, or perhaps in taking a much - needed cruise vacation to Mexico? It’s a question that both creates a sense of honest awareness as well as some guilt, and you have to decide if you want to keep asking yourself that as long as you own the boat.

Are Boats a Waste of Money?

Because think about it (and I know you already have, many times over, sometimes even in your sleep, to be frank) : You not only paid a few thousand good, hard - earned dollars to have the boat, in the first place, not to mention getting the needed insurance and licensure to operate it (and renewing these, as needed, by law, depending on your state’s guidelines for this). But you also are likely spending money every single month in the lease of the dock space that it happens to be sitting in, and that all adds up and takes a nice little big - mouth bite…from where? From your precious source of funds. And money does not grow on trees, even for the wealthy. It all tends to deplete, and then, more must be made!

Plus, besides all the fees, renewals, ownership paperwork, and all that stuff you have to go through, there is also the aspect of maintenance : Yes, boats do not maintain themselves, and certainly not forever. You will need to, at some point (even on the fanciest of boat models, as well), pay money for new parts or repairs on certain parts, not to mention repainting jobs, new seats, and other forms of care. A boat can be an expensive hobby, much like a car, but one that you will most likely use less often and get a lot less enjoyment out of (unless you can commit to making the time, each week, to really use it and learn all its built - in perks and features).

Even if you manage to have parties on your boat every week, that still takes a toll on your bills. You pay for the use of water on the ship, gas, electric, you name it. And not only that, but you have to pay for all the common enjoyments and refreshments, as well as the gift of your precious time, in efforts to impress or entertain your boat guests. None of this is to discourage you : But think hard and long if you wish to make the investment on a boat. Only you can decide if it’s worth it.