Some people dream of buying a boat, but this big purchase can become a nightmare if you aren’t careful. High earners flocked to Reddit to share some of the biggest regrets they had when they bought their boats.
However, it wasn’t all gloom. Some high earners were happy that they bought their boat, but acknowledged some key details to keep in mind before making the investment.
Maintenance Is Expensive And Takes Up Time
One of the top comments came from a Redditor who mentioned maintenance as an extensive activity that costs time and money. This individual bought an older Friendship 28 for $18,000, but he sold the boat shortly after, in part due to how much maintenance was required.
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“[I] now get a charter on a holiday or during sunny weather,” the high earner said. “No maintenance. You just get the fun part.”
Renting a boat allows you to enjoy the experience without the upkeep. For some people, it makes more sense to buy a boat than rent one for special occasions, but you have to go out in the water enough times to justify buying instead of renting.
It’s Not The Best For Young Families
Multiple Redditors said that having young kids will reduce the amount of time you spend in the water. This insight is valuable for high earners who are just getting started with their families. Waiting until your children are older may be more reasonable instead of buying a boat right now.
“Young kids really took us off the water for a while,” one commenter said.
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Another Redditor who regretted selling their boat acknowledged that it would have been difficult to get in the water often with their two kids. Some Redditors recommended boat rentals and a Freedom Boat Club Membership to get in the water without committing to buying a boat.
You will also have additional expenses that come up as you are growing a family, so a boat may not be the best use of money, especially if you have to take out a loan to buy the boat.
“My only regret is that I took it on a short loan instead of waiting 18 months and paying cash,” one commenter said. “[It] cost me an extra $35k when it was done.”
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Add Room For It In Your Budget
If you want to buy a boat, you have to add room in your budget for maintenance and other costs. One high earner was very happy with buying a boat, but this individual only lives one block from the water. This proximity makes it easier for the couple and their son to use the boat often.
“We had no illusions of costs and maintenance,” the commenter said. “We spent two-thirds of what we had allocated on the boat, so we have a balance for ongoing costs. [We are] now funding monthly in our budget for the boat.”
It’s an ongoing expense, just like a house. You will have to maintain it, but for some people, the purchase is well worth it. You just have to avoid overspending on the boat, as if you’re not careful, it can put you in a financial hole.
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