5 Reasons Why Not to Buy a Boat

symbol of a motor boat

Ever been tempted to splash out on the yacht of your dreams? Here are the main 5 reasons why not to buy a boat if you were considering the option!

As attractive as the prospect of lying out on your very own deck, soaking up the sun and taking in the beauty of the surrounding seascape sounds, it would be wise to think twice about undertaking such an important life project.

You might be able to afford ownership, and you could even be a sailor worth your salt, having garnered all the necessary boating knowledge over the years. But any boat owner will not deny the fact that having your private vessel amounts to so much more than initially planned for. You'll soon discover that owning a boat is a little (or a lot!) less idyllic than expected, and that it has become a nightmarishly time-consuming and costly ordeal.

1. Expensive to start up

A boat owner's best days are the day one buys and the day one sells. The purchase is actually the cheapest part, and the real cost is incurred the minute you're handed over the engine keys. The venture suddenly becomes a daily reality, with boat registration, tax payment, licensing, insurance and berthing fees all requiring settlement before you've even had the chance to step aboard and pop open a bottle of celebratory Prosecco. So much for thinking this was the kind of relaxation you were so utterly in need of!

2. Even more costly to run

As the saying goes, a boat is a hole in the water you pour money into. Bills for maintenance and repair will never cease to creep up on you, whether it's your annual insurance renewal, paint retouching, the air con or refrigerator that needs fixing, or the electronics playing up. It's no wonder that seasoned boaters themselves often advise newbies against buying anything that floats.

3. A lifetime commitment

Boats require constant care and attention, so be prepared. Commitment towards its upkeep will be ongoing, and you'll simply have to deal with juggling all the to-ing and fro-ing to get things sorted as soon as the issues arise. Moreover, with holiday time having become a precious premium for most, you'll only be making use of your boat during those rare moments when you can actually afford to get away from your hectic lifestyle. You might end up asking yourself: is a boat all I really want to be dealing with in my limited spare time?

4. Flexibility of usage begone

There will be times when you'd rather fly off on a city break or country stay. However, considering your boat's operational cost, you'll end up with no option but to take yet another boating holiday if you want to make your asset worth all the trouble and expense.

5. Rapid depreciation value rate

Take a closer look at the boating market and you'll soon understand how quickly boats tend to depreciate in value, sometimes even up to 40% in just the first five years. If you decide to sell your asset at any point in future, there's no uncertainty that you're going to receive a considerably lower sum than that initially forked out in return.

So take time to mull things over before making your mind up, once and for all, about your living arrangements on the water.

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