Published on July 18th, 2019
The dream of travel and adventure is still very much alive but consumers are changing the way they do it. While travelers are boating just as much as before, they are no longer opting to be boat owners.
Recent reports have shown that boat ownership has declined in recent years, with the number of boat owners between 20-39 years old particularly dipping.
Some people may think the goal of owning a boat may be a bit outlandish, particularly in times where consumers are struggling to get their feet on the housing ladder.
While there are costs involved (including the constant cost of maintenance), a boat serves as much more than simply a travel vessel; it can open up unexplored adventures and avenues.
Whether it’s exploring the local wonders in America or venturing into foreign waters, owning a boat can bring major lifestyle consequences and many of them for the better.
The Cost Of Owning A Boat- Is It Within Your Reach?
The purchase price of a boat is not the only cost to consider when buying a boat. There are also operating, maintenance and storage expenses to think of.
Like a home, your boat will require standard maintenance and of course, repairs from time to time. With this in mind, it’s best to take time to financially plan for both the initial and subsequent costs.
When it comes to storage, you should plan for the cost of a trailer for those winter months and aid in transport. Boat trailers run between $600 to $8,000 depending on its capacity, design, and size.
There is also the cost of insurance which averages at $429, according to ValuePenguin’s study in 2018. One alternative is opting to go the finance route.
In this case, take the time to do your research and comparisons of finance terms including interest rates, duration of the credit agreement for vessels and any potential penalties for early or late payments.
Be sure to visualize the monthly payments in your current budget, to be sure that it fits comfortably within your current financial reach. While the benefits of owning a boat can be exciting and far-reaching, you must first be sure it is financially sound.
Possibilities To Be Explored- A Potential Income Source
While on the topic of finance, owning a boat can be a great income source at some point in your life when not being used. When looked at from this angle, you can end up recouping the money spent on your boat (or at least a good percentage of it) from renting your boat out to yacht companies. Other options include offering personalized cruises such as fishing cruises, photographic tours or even blogging about your boating adventures.
Explore The World In A Less Traveled Way
Americans love to travel, and they want to do more of it, particularly the younger generation. In the Get Going Travel Insurance report, the U.S. ranked second for outbound travel and when it comes to Millennials, 55 percent would like to travel more in the next 12 months.
Boating allows you to fuel the desire to explore in a less conventional way and a great alternative to long flights and layovers. In waterfront states such as Florida or Michigan, day trips are common, easy and allow you to skip those airport queues.
Fuel Your Social Life- And General All Round Health
Did you know that boating can be good for your health? According to scientific research, boaters can experience both physical and emotional health benefits from spending some time on a boat.
Boating is said to trigger a more calm and restful state of mind which is conducive to stress reduction. Owning a boat is also great for your social life.
It allows you to meet new people and make new friends by joining boating or yacht membership clubs in your local marina or even fostering the bond with your own family by spending quality time on the waters.
With so many benefits to be experienced and continuing popularity for being out on the waters, why not invest in owning a boat? The key lies in sound financial planning and management throughout so that you can focus on simply enjoying the joy and adventure that boating and travel bring you.