Quite often, boat buyers get caught up in buying their new boat without taking into consideration all the costs involved–both the one time costs and the on-going costs.
How much should you budget for your new or used boat so that you don’t end up like the boaters in this horror story.
Tim and Tammy attended their first Boat Show with their young family thinking that they would like boating. They had many friends who were enjoying their summers on the water and wanted to join them.
They did a quick calculation and decided they could borrow $20,000 for a boat so their Boat Buying Budget was $20,000.
With this figure in mind, they looked at several bowriders and settled on a “Boat Show Special” for $22,000 (they were “up sold”). It was just a couple of thousand more and they thought they could handle it. They signed the deal and excitedly planned their boating summer on the drive home from the Show.
Their excitement sank very quickly, when they learned that the bank would only loan them $19,000. But, they reasoned, Tim could work a little overtime to make up the difference.
Over the next few weeks, the other boat bills started rolling in—taxes, insurance, dockage, skis, clothing, fuel etc., and the $20,000 became $26,000. They were overextended and had to cut the summer short, because they didn’t have any money to enjoy the boat.
Their Boat Buying Budget was overspent
Tim and Tammy, like so many other boaters, could have saved money and a pile of stress by establishing their budget for the boat AND the extra costs of boating before buying, then sticking to it. DON’T SPEND YOUR WHOLE BOAT BUYING BUDGET ON JUST THE BOAT! Carefully plan how much of your budget to spend on the boat and how much you will need to cover the other expenses.
If you are in the market to buy a boat, do your homework first. Buy a Boat With Confidence will show you how to budget for the boat and the extras, so that you have enough to buy the boat and enjoy boating all summer. Don’t Forget Traveling Money
Buy a Boat With Confidence covers in detail,
- how to establish the budget,
- how much to allow for the boat
- how much to allow for the other one time and on-going costs
- loan calculations,
- what information to take to the bank,
- what other one time costs to consider,
- all the on-going costs and
- how to ensure you have travelling money.
- Plus 100’s more money saving tips
Don’t blow your budget prematurely
or you could end up with
no fuel or funds to enjoy your boat.
Be an informed buyer!
Available as an e-book or Printed