Owning a Boat: the pros and cons

Will Investing in a Boat Be a Smooth or Rocky Ride?

Picture it: you’re listening to your loved ones laugh as you bask in the sun and sip your favourite beverage, all from the comfort of your own boat. This seems like a dream to many of us when we imagine a blissful, stress-free life. Unfortunately, that’s when the harsh wave of reality hits us, and the drawbacks of owning a boat flood our minds. To help you decide whether it’s your time to sail away or stay landlocked, we have put together a list of pros and cons when it comes to making this major investment.

The positives of boat ownership

ONE: It will open the door to new hobbies

When you buy a new boat, you simultaneously gain access to ample new activities that can help you de-stress or even give you the occasional adrenaline pump. From fishing, to kayaking, to stand-up paddleboarding, the limitless waters bring endless hobbies. Many of these water sports also involve minimal equipment that will require little storage space and leave less of a dent in your wallet. Discovering these new interests is also a way to keep your mind sharp and stay physically active in your down time. Overall, owning a boat will likely lead you to new experiences that will enrich your life and expand your horizons!

TWO: You can share the boating experience with family and friends

An investment in a boat is equally an investment in the quality time you will spend with your loved ones. Disconnected from the rest of the world (sorry kids – no Wi-Fi) and surrounded by open waters, you will be giving your family and friends the chance to be fully present with one another. Your boat may become the new go-to hangout spot to recover from hectic day-to-day stresses and make new memories. By becoming a boat owner, you are also joining a community of individuals who share similar interests. This is a great way to meet people and develop new friendships. Ultimately, life comes down to the relationships you build around you, and investing in a boat may be a great way to foster these invaluable connections.

Bonus: For your next dinner party, consider bringing your guests to a dock-and-dine restaurant where you can all experience fine dining in a whole new light!

THREE: It gives you the opportunity to discover new destinations at an affordable price

As with many hobbies, a boat gives you access to countless new destinations to uncover. As your boat trips to nearby locations soon replace expensive cruise vacations, you may find that your costly investment has proven to be worthwhile. Additionally, given a currently volatile tourism industry due to the pandemic, now is an optimal time to purchase your personal mode of transportation to continue traveling on your own terms.

The negatives of boat ownership

ONE: Boating is highly dependent on weather conditions

While the stereotype of Canadians shivering in their igloos year-round may be inaccurate, it is unfortunately true that for the majority of the year, Mother Nature is not on our side. As a result, many boat owners have to pack away their gear in the winter months during which they won’t reap all the benefits listed above. This dependency on weather also requires additional storage space for when the waters have turned to ice rinks, and managing these logistics can be a headache for many. Therefore, the complications that arise from a highly unpredictable climate is an important factor to consider before investing in a boat.

TWO: You will need to dedicate time to acquire new skills and care for your boat

Making the purchase will likely be the easy part when it comes to owning a boat. Before cruising away, you must master the art of sailing and obtain a boating license to keep your passengers as safe as possible. Developing a new passion and unique skillset can be an exciting endeavour, but some may find that learning to manage a boat, while already being busy with other pursuits, becomes overwhelming. Even once you have learned the ropes, you will undoubtedly encounter boat malfunctions and other logistical issues that will require your ongoing time and patience. If you’re finding that your plate is currently full, it would be more feasible to consider this investment as part of your future retirement.

THREE: The financial cost goes beyond your initial investment

Like when buying a car, the initial cost of purchasing a boat depends on the type, size, and condition of the vehicle. According to the National Marine Manufacturers Association of Canada, the average cost of a new powerboat comes to about $40,000, though the price range varies significantly. However, purchasing a boat not only involves this upfront cash, but also ongoing expenses required to maintain your boat. We are all too familiar with the painful feeling of holding the pump at our local gas station, and you will unfortunately endure this pain more often as a boat owner.

In addition to costly fuel, other expenses will include inspection, insurance, and moorage fees. To understand the continuous financial burden of owning a boat, Gerry Prefontaine, a yacht broker in Vancouver, incurs a total of $1,500 in monthly expenses to keep his own boat in top condition–and that’s not including any staff such as pilots or caterers, if you’re looking at larger yachts. Since boats also depreciate in value over time, a boat should be viewed as a sort of vacation: wonderful for building memories but not for building assets.

Boat ownership: a knotty dilemma

Like with all investments, there are advantages and disadvantages to becoming the captain of your own ship. It may be a great way to spend more quality time with family and develop new hobbies, but the time commitment and financial outflows are evident concerns. At the end of the day, your respective situation will determine whether this investment is truly worthwhile; we hope this list serves you well as you contemplate if it’s time to get those around you “on board”.

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