Buying Your First Boat
Starting Up
Prices for new boats vary, but many boat manufacturers and dealers can put you in the captain's chair for considerably less than a monthly new-car payment. Compare boats and their prices to come up with the ideal choice for you.
Financing
Everyone said that you can finance a new boat just like a new car. As with cars and homes, boat loans have carried extremely appealing interest rates in recent years. Terms generally range from two to 20 years. Comparing rates on-line is a great starting point.
Outfitting
Similar to cars, new boats are offered with different accessories and options. When pricing, factor in the cost of electronics, accessories and water toys. Modern marine electronics are extremely reliable, are loaded with features and more affordable than ever. Don't skimp on safety gear.
Operating Costs
Boating isn't like driving where you're using gas all the time. In fact, when a person is boating, they may be fishing or swimming and not using the motor at all. Most boats in use today are less than 21 feet and do not require exorbitant amounts of gas. In fact, 64 percent of boaters say they purchase less than fifty gallons of gas per season.
Maintenance and Upkeep
Boat, trailer, and motor maintenance can be as simple as a freshwater wash down after each use and keeping them covered. If you don't feel like you have the time and energy to do it yourself, hire a pro. Costs for routine maintenance vary by region, but for more involved services, such as oil changes and winterizing, expect to pay what you would for your car on an hourly basis.
Storage
When it comes to storing your boat, you have several options. You won't find a less-expensive way to keep a boat than storing it on a trailer in your driveway. Another alternative is rack storage that keeps your boat in a covered shed filled with trailer-like cradles. For owners of larger boats, and owners who crave convenience, a marina slip is the best way to go.
Insurance
Boat insurance varies by length, type, cost and level of coverage. Consult your agent for quotes or compare rates online. Smaller boats can be insured for a nominal sum as a rider on a homeowner's policy. You can reduce the cost of marine insurance premiums by taking an education course.
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