You know that hole in the water you throw money in?

[eeboater]

So, being a nice son, I had my mother at my house over the weekend. At some point the topic that I have been saving for a boat came up and my mother presented me with some stern advice. She said the obvious... you know the usual "A boat isn't anything but a hole in the water you throw money it." <br /><br />Thanks mom, I was trying to avoid THAT statement around my wife seeing as she would wonder WHY there is a statement in existence like that. <br /><br />I assured my wife that my mom was just being her "usual self" in that she is overcautious with everything having to do with her kids. <br /><br />What I'm wondering from you guys is what expenses (that weren't out of the ordinary) you experience each year with your boat. Lets go with this discussion based upon the theory that:<br /><br />1. There will not be any Major mechanical failures immediately after I purchase it.<br />2. It is going to be a late model boat with a decent sized motor (V6 or greater) powering an I/O.<br /><br />I know I shouldn't discount the idea that I wouldn't experience any mayjor mechanical failures, and I'm not. I am treating it more like an automobile. When I pull off the lot I am not EXPECTING the engine to throw a Rod. I feel to live your life that way, is a great disapointment.<br /><br />So what do you guys think?<br /><br />Sean

 

[Solittle]

Re: You know that hole in the water you throw money in?

Sean - You may have put yourself in a box with this.<br /><br />We eliminate ordinary expenses like insurance, payments and operating expenses (fuel/oil/annual service).<br /><br />We eliminate mechanical failures.<br /><br />Thus we have a big ZERO for annual expenses.<br /><br />P.S. Maybe you could even get mom involved with this.<br /><br />Maybe you can think of some way to make money with it to show wifey what a great investment it would be for the family to have a new boat. Bet she would buy that. You could say "It won't cost us a dime and we can make lots of money with it." Think she would bight into that?

 

[JasonJ]

Re: You know that hole in the water you throw money in?

Well, the unfortunate thing about boats is that they are unnecessary (blasphemy!). The only way you can get a woman to appreciate, or even tolerate the presence of a boat is if she is a part of it, gets to go out in it and have fun with it. Lord knows how many guys there are out there who bought some screaming bass boat and has an angry wife because she can never enjoy it. If you and the wife are in agreement on the type of boat and what it is used for, then you have the next hurdle. It is an unfortunate (or fortunate) part of boating that your bank account will vomit countless hords of cash towards anything boat related. It always goes the same way. You get a boat, you use it, and you start to see things that could be improved. As soon as you spend several hundred dollars on shiny widgets, the lower unit self destructs. Then you get to spend even more money. It is a never ending cycle that takes a truely understanding woman to support (tolerate). I am blessed in that my better half could give a rip if I go buy some shiny widget for the boat because she appreciates the fact that I built a fishing boat that still allows her to sunbathe and swim from it on our sunday boating events. <br /><br />It really isn't possible to give an idea of expenses because every situation, even every year for the same individual can be different. Gas, widgets, all sorts of things end up having money spent on them, and it adds up. If you are on a very tight budget, it can be difficult, as a boat can eat up discretionary funds very quickly. I go into every year knowing I will compulsively change something, or add something, or whatever. Its a part of boating, it comes with the boat. Good luck...

 

[eeboater]

Re: You know that hole in the water you throw money in?

Thanks for the feedback guys. As I move forward, I am thinking I may be moving back the purchase of my boat another year. I was going to purchase it this spring, or even later in the season to get a better deal. But the more I think about it the "responsible" thing to do is to get all my debt paid off BEFORE creating more. Even if I am paying 100% cash for the boat, the way it sounds from your descriptions, boats are more 'accident' prone than the average car, so I shouldn't compare the two. I've operated for countless hours, but never owned one myself. While I'm 25 and in a better financial situation debt wise than the average 25 year old, who seems to have the tendency to be living in a apt with 5 credit cards with a greater than $5000 balance on each card, it's probably a better plan to get rid of all debt and then pay cash for a really nice boat... (under warranty )<br /><br />Thanks again for the input.<br /><br />Sean

 

[rogerwa]

Re: You know that hole in the water you throw money in?

It doesn't have to cost a lot. Soince you live in a winter area, you could proably buy something older that will still be in great shape. It all depends on what you want. I would rather be on the water in something not as pretty than to be saving for something pretty.<br /><br />I do all my work myself which definitely makes it affordable. My wife knows that this is a hobby for me and cannot really argue when she wants to pursue her hobbies.<br /><br />For me, I have a 1987 Sea Ray Seville which I bought for $5200 and have only spent around $500-$600 max a year not including gas. Insurance is a major piece of that. The most expensive things I have done is to replace props three times due to feeling the bottom. I have not had any mechanical problems with it because I keep on top of the maintenance.<br /><br />In Minnesota, you can find very well cared for, garage stored boat that are used three months of the year. If properly pickled for the rest of the year, boat can last a long time. If your handy, the costs do not ahve to be great. If your not, then I would plan significantly higher costs..

 

[Chris1956]

Re: You know that hole in the water you throw money in?

eeboater, I wanted to advise you of some facts. Experience tells me that barring major mechanical failure, an I/O will still cost about $300 more per year to maintain than an outboard, if you do all the work yourself. An I/O has many more parts that need periodic replacement such as exhaust manifolds, u-joints, gimbal bearings, bellows. In addition, I have found that I need to replace starters, alternators and engine circulating pumps on a reqular basis. An outboard will consume more fuel per hour than an I/O, but its components (stator, coils, starter...) tend to last a long time. The question is whether you will burn enough fuel in the boat to compensate for the difference in maintenance cost.<br /><br />I currently have an outboard and an I/O. I like the smoothness, sound and fuel economy of the I/O, but hate the expense of Mercruiser (or aftermarket)replacement parts. My outboard needs very little maintenance: gearlube, grease and fresh gas keep it happy.

 

[Philip Stone]

Re: You know that hole in the water you throw money in?

I agree with the remarks about getting your wife involved. In my case my wife was the prime motivator in getting me actively looking for a boat. Not that I didn't want one but I'm self employed, have two young kids, have a property to maintain and it just wasn't getting up on the radar for me. It was also difficult finding the right boat. If you are new to boating then reading endless classified listings in the local Buy, Sell And Trade is like reading Greek for a long time. You have to go and see a number of boats until you understand what it is you are looking at and reading about.<br /><br />Of course the internet is incredible in helping as you can phone someone and more often than not they can email a picture or two so at least you can see if it is worth travelling to see.<br /><br />The best advice I got was to make sure you understand what you want to do with the boat before commiting to a purchase and that is definetly whre the missus comes in. If you know what you want to do (and her too) then you can imagine yourself with each of the boats you look at and see if they fit those ideas.<br /><br />Another lesson I learned years ago watching a buddy's boat purchase go down is be wary of second hand motors. My friend plowed $18,000 into a tricked out Polaris inflatable with a 90hp 2 stroke. Sure it had all the mechanic's reports and receipts etc... but the very first day he took it out on the water the engine died (I don't remember the cause) but the net result was he was back in the hole for a new O/B. This time he bought (or rather leased) a 50 hp 4stroke Honda. As that turned out, a wise choice.<br /><br />Now I know there are fans of O/B, I/O, 2 strokes and on and on everyone has their favorites but around here Honda 4 strokes are the only engine of choice. I'd say at least 50% of all O/B's tied up at any of the docks here on the BC coast are Honda. They are tested and proven. <br /><br />So what I looked for was a hull I knew would fit my family's interest and one that came with either no motor or the right motor. I intend to do some work with my boat too to help justify it, I've done that with photography and it has worked very, very well),<br /><br />In the end I found exactly what I wanted a trailerable welded aluminum hull with an old 8hp Honda 4-stroke for a great price. So I ended up replacing the 8hp with a new 50hp and moved the 8 over to a kicker bracket and away she goes. Instead of ending up with a lemon of a motor setup I have a dream team on the back.<br /><br />So the last piece of advice I would impart is that when it comes to budget don't spend all your budget on the boat. Buy a boat less than your budget remembering that as soon as you get it home or take it on the water you are going to realize it needs more work, parts and $$$. In my case I left the whole cost of a new O/B out of my hull purchase plus a couple of G's for refit items, tabs, bilge pumps etc..<br /><br />When it comes to boats being holes in the water remember the smaller the hole the less it takes to fill it!!!

 

[JasonJ]

Re: You know that hole in the water you throw money in?

Getting rid of your debt is a wise thing, and more people should do it. The down side, I should know (bankrupt in the early 90s thanx to a wonderful ex), is that the next thing you know years have gone by and you still havn't got the boat, and you are still paying debt off. Debt is a funny thing, it always sounds easier to get rid of than it is. You pay things down, something happens, you have to charge something for an emergency, etc and time goes by. <br /><br />I feel that a compromise between debt elimination and getting the things you want is about the best thing to do now-a-days. Yeah, instant gratification is what everyone seems to live by lately and thats a bad thing, but at the same time you only get to live once. What am I trying to say? I have talked to a lot of people, especially older people, who have obsessed over money and realized they never lived. All I am saying is definatley keep the debt under control, but also keep your mind open to that sweet deal that may come along. You can have your cake and eat it too if you play it smart. Good luck...

 

[rnsi]

Re: You know that hole in the water you throw money in?

Well said, JasonJ.

 

[rschnack]

Re: You know that hole in the water you throw money in?

I have met too many people who have waited to have kids to have boats only to panic and finally buy a boat when the kids are almost old enough to move out. I bought our boat in part to let my son gain an experience and knowledge about something besides video games. This is something he can pass on to his kids someday. As far as the money, just buy something basic in good condition for now. The problem people seem to get into is buying lots of toys for the boat. These can really add up and when they break they feel they must replace them. You are young. Be patient and add things slowly, as you find the need for them. <br />RCS

 

[jtexas]

Re: You know that hole in the water you throw money in?

The wife and I agreed that I could get a boat when I had enough cash to pay for it. Twenty-three years later, I got my bass boat, a gift from my dad who got too old to use it anymore.<br /><br />As far as out-of-the-ordinary expenses, two words: upgrades and accessories. Examples: upgrade the fishfinder, bilge pump needs replacing, maybe add a compass & GPS, new seats, basically as much as you desire to spend, you can spend it. And, some component will probably break down, like the starter motor or fuel pump. Oh, and don't forget about trailer maintenance and additional wear & tear on the tow vehicle.<br /><br />But it's worth it!

 

[karrick]

Re: You know that hole in the water you throw money in?

eeboater,<br />If its going to be your first boat, look for a deal. I'm glad I have my 71 starcraft now after I have scratched the hull on the dock a few times. Owning a boat can be very similar to owning a car. What 16yr old gets a brand new car when they start driving? Not many. Generally their first is a "beater". While they drive the beater, they can save for a nicer model. This is not always the case, but it makes a lot of sense. Being 24 myself, it does not make sense for me to spend 10k on a boat. I'm glad after about 1200 I can spend a day on the lake fishing and tubing without a hitch.<br />Good Luck<br />Karrick

 

[Franki]

Re: You know that hole in the water you throw money in?

I own my boat outright, but its costing me money nevertheless...<br /><br />I just discovered that the main support of the tailer is rusted out, and thats after years of painting it with rust inhibiting paint, pressure blasting it in and out.<br /><br />I think of it as a hole in the backyard into which I throw money.. and it's not even insured. (no point insuring it if it aint in the water anymore.)<br /><br />I rebuilt the engine myself, and I'm doing all the weilding on the trailer myself, but parts and materials in Australia are really really expensive.<br /><br />Rgds<br /><br />Franki

 

[beezee28]

Re: You know that hole in the water you throw money in?

eeboater take the advise of karrick... Get a workable 'beater' to test out the water and your boating skill. Then when you have save enough money go and get the baddest and newest boat on the block. Mean while you can look for good workable boat at your local credit union or bank. Many times the repo boat goes cheap as the CU or bank wants to get rid of it and make their money back. In some cases these boat are in really good condition. The bank or cu might just work out a deal for you. That was how I got my present boat. Poor fellow defaulted on his loan and his toy got repo. and now it is mine. I feel sorry for him but I did get a good deal as the boat was kept really good.

 

[swist]

Re: You know that hole in the water you throw money in?

One of the things you throw money at is stuff that is real indirect - tow package for your vehicle, for example. Another thing that got me is I have an umbrella liability option on my homeowner's insurance policy (takes over from your regular policies if you get sued big time). Having a boat jumped that premium more than I would have thought.<br /><br />These are things I would never have thought of if I tried to enumerate all the costs of boating before I got into it.