The Cost Of Owning A Repossessed Boat Part 1

The price tag on any repossessed boat is only a percentage of the cost of owning a boat.

In addition to the cost of equipping the boat, there is the cost of maintenance, insurance, dockage, storage.

For a boat that is used infrequently, or a boat that is more boat than is really needed, the cost per boating hour can be staggering.

If you are really only going to use a boat for a few weekends a year, chances are that it makes far more sense to rent or charter than to own a boat.

A major cost of owning a boat that is not always apparent when you buy is what it's going to cost when you sell the boat.

Boats are lousy investments.

The temptation to consider a boat a good investment just because you can sell it now far more than you paid for it in 2000 is as misleading as it is to consider yourself better financially than you were in 2000 just because you make 50% more money now than you did then.

While some repossessed boats may hold their own relative to inflation, few boats actually appreciate more rapidly than the rate of inflation.

As hard as It may seem, you must consider the boat's resale value before making the purchase.

A boat is not a lifetime investment, no matter how well it seems to fill the bill now.

Taste changes, your use of a boat changes, your expectations change.

If you are a new boatsman, the growth in your experience may lead to the desire for another type of boat very quickly.

There is no way to guarantee a high resale value for any boat, but there are simple rules to follow to protect yourself:

• buy a boat that is popular in your boating area

• buy a boat that has a local dealer with a reputation of
giving good advice

• buy a boat with a proven track record.

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