It is understandable that some people have mixed feelings about boating.
They love to boat. They just have no interest in owning one. But just because someone cringes at the thought of taking care of boat, and all the expenses that go along with it, doesn’t mean they have to miss out on all the fun and benefits of boating.
For some people, who don’t mind the cleaning or maintenance, owning a boat might be the best choice. But for others, joining a boat club might make the best sense, both financially and in terms of time commitment.
Let’s compare the bottom line:
Becoming a member of a boat club involves paying an initiation fee, typically in the $5,000 to $6,500 range. Then there is a monthly payment of $350.
After that, members only pay for gas, regardless of how often they take out a boat. Club members have the benefit of knowing their fixed expenses and the elimination of costly surprises that are so common with boat ownership. Plus, they can choose from various types of boats.
So, in terms of annual expense, a boat club member can expect to pay between $9,000 and $11,000, the first year.
In general terms, a person who buys a boat, in the $20,000 – $30,000 range will have a monthly payment of $1,000. But that is only the beginning of the costs associated with boat ownership.
In addition, there is insurance, $150 – 300 a month; dock or storage fees, $450 a month (even higher in colder climates for winter storage); registration and taxes, around $600 (varies by state); maintenance, 2,000; and the unknowns involving repairs. On average, a boater might expect to spend 20-30,000 a year. Plus, every year there is depreciation on the boat. Boat club members, who join at a guaranteed fixed rate, know they will always have late-model boats in excellent operating condition.
So, surprising as it might seem, joining a boat club not only saves members from all the hassles associated with boat ownership, in most instances, it can also result in greater savings.
Surprised? Don’t be.
If you didn’t know why so many people are choosing to join a boat club now you know.
It not only saves time, but money as well!
Check out this great article, “Confessions of a Boat Owner” for more insight on this which decision is right for you: http://bit.ly/2y4Sco1