New boat
Tuesday, 19. April 2011 18:19
Paying for Your New Boat
By Mike Moskvitch
Boating is a hobby, like golfing or playing tennis or cycling. Keep that in mind as you shop for your new boat, and don’t spend too much. Unlike a car, you won’t use it every day, and it’s not essential to your welfare like a house. There’s no need to go into debt for a boat, so don’t. Be sure to spend within your budget, and keep the following advice in mind.
Save for Your Big Purchase
Depending upon its brand and type, and whether it’s new or used, a boat can be purchased for between $3,500 and $25,000. In order to get the most enjoyment from your purchase, it’s best to pool your recreational dollars and save for a bit.
You could even sell a few items-like that Jet-ski you used only once or that set of golf clubs that must be cursed (you never sliced until you started using them). Add the extra cash you make to your boat fund, and keep your eye on the boating market.
When you’ve finally saved the required amount for a boat that meets your needs, buy it. That’s the best way to get the boat you want with also getting the burden of debt or the anxiety of having overextended yourself.
Consider Costs beyond the Purchase Price
When you’re figuring out the total cost of your new boat, don’t forget to include incidental expenses. They can really add up. You’ll want to factor in money for taxes, registration, storage, towing, insurance, fuel, equipment (if your boat is brand new) and minor repairs (if your boat is used).
Choose Cash over Financing
When buying a boat, used or new, it’s always best to pay cash. First of all, because you won’t be paying finance charges, which can be very high, you’ll save money. Also, if you pay cash, it’s unlikely that you’ll spend more than you can truly afford.
If you have to finance your boat, do so through a home equity loan so it’s tax deductible. Never finance through a boat show loan, which could extend your payments over a period of 10 to 15 years-and rack up the finance charges!
Once you have your boat, you’ll fall in love with it and continue boating for the rest of your life, or you’ll tire of it just like you did that Jet-ski you simply had to purchase. Most boaters, in fact, sell their boat after 10 years. So don’t take out a costly loan or buy a boat you really can’t afford. Get the right boat at the best price, and enjoy.
This free article is shared by Mike M at Boats Transportation Company.
Our company provides international boat shipping services from the United States to ports overseas.
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