New Boat? To Buy or Not to Buy?

Something that might not be obvious to someone who never owned a boat are the extremely expensive ongoing costs.

For a seasonal recreation in a landlocked state, joining a boat club to rent instead of buy a vessel offers flexibility and all the fun with a fraction of the cost and care.

Costs

Most boat clubs cost far, far less over time than buying a boat. In addition to the purchase cost, the upkeep, dock, marina fees, dry docking and winterizing sink thousands of dollars per year, additionally and regularly.

Nashville Boat Club memberships start at $283 to $358 per month, and include unlimited boat usage, guaranteed reservations and use of water toys.

One time membership fees start at $1395- and after that and the dues, only fuel costs extra.

CLUB MEMBERSHIP  (Options) BOAT OWNERSHIP   ($35,000 Boat)
INITIAL CAPITAL REQUIRED

ONE-TIME membership fee
$1,395-$2,295
Outfitting (life jackets, toys, skis, etc.)
$0
Total Initial Capital Req’d
$1,395 – $2,295
INITIAL CAPITAL REQUIRED

10% downpayment
$3,500
Outfitting (life jackets, toys, skis, etc.)
$1,000
Total Initial Capital Req’d
$4,500
ONGOING MONTHLY EXPENSES ONGOING MONTHLY EXPENSES
Monthly Dues
(no loan to repay)
$238-$358
Insurance
$0
Mainenance
$0
Slip Fees
$0
TOTAL MONTHLY EXPENSE
$238-$358
5-year Monthly Loan
Insurance
$48
Payment (8%)
$639
Slip Fees
$190
Maintenance
$53
TOTAL MONTHLY EXPENSE
$930

 

Time and Money

Boat owners in the United States take to the water an average of 15 times per year according to the National Marine Manufacturers Association. Based on monthly costs, they spend $500 to $800 for each three-hour tour.

That leaves out time lost. Properly maintaining a boat in clean and safe operating condition takes one to two hours per outing, between covering/uncovering, cleaning and general upkeep. Also, boats like cars should see service every year from a qualified service technician.

If you don’t keep your boat in a marina which costs thousands of dollars per year, buying a trailer takes money and unloading, launching, reloading and stowing the boat bite another couple of hours out of your fun.

If you do keep your boat in a marina, come the end of the season it takes hours and hours to ready it for the six months or so of down time. Winterizing and dry docking can cost thousands of dollars.

For both casual boaters and even old salty dogs,  joining a boat club is the most economical and efficient way to enjoy boating.

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