We often hear people mention the “night life” in a city or town. What do you say about “yacht life”? Many of us only dream of owning one. Some, though, are fortunate to live the dream. If you are a longtime boat owner, you know that owning a boat is a costly affair. Before purchasing this elaborate floating vessel, make sure you are aware of the long-term cost of ownership. Knowing and understanding the cost of boat ownership should be a part of your initial decision to purchase. Your choice in the beginning will pay off in the long run.
One of the most important things to consider is keeping the initial purchase within your financial means. Upkeep is expensive. If it is a larger boat, you have to find a marina to dock your boat. Those can be costly. Another consideration often overlooked when purchasing a new boat is what the vessel will be worth a few years later in the event that you suddenly need to liquidate. What is the resale value? The age of a boat can be determined from the hull number on the stern First time buyers in particular are often more interested in finding the largest size vessel for the least cost. This is a mistake. Boats float in a very corrosive fluid: sea water. Added to the corrosive effects of sea water are the effects of sunlight, ice and snow, rain and the rough conditions of oceans, lakes, and bays. In other words, boats float in a rather hostile environment, a factor that should make getting the best quality for the money a primary consideration.
Do not find yourself trapped by marketing fads and sacrificing quality for appearance or style over safety. Succumbing to style over substance can be a costly mistake. A few years later, the trendy design is out of style and all that showroom glitz and gloss turns to rot and rust under the effects of the harsh marine environment. If you are buying a used boat, look at the gel coat. Does it have a chalky appearance? Is the paint fading? It is also important to look at the hardware. Look for quality stainless steel as opposed to cheap aluminum? If you look at the rub rails, check to see if they are loose or bent. This indicates poor quality. Make sure the windows are not smeared with caulking. This usually indicates leaking windows. Remember that inferior materials such as molded plastics, vinyl, plywood decals, cast aluminum and other painted metals can rapidly degrade, and once degraded cannot be restored. Poorly constructed boats are a lot like particle board furniture: once it deteriorates, there’s no bringing it back.
If you are one of the lucky ones who have the ability to purchase a luxury yacht, enjoy. There simply is no better way to enjoy the outdoors along with family and friends. Purchase wisely and go into it knowing that there will be cost involved in the ownership and maintenance. Be smart first, smooth sailing comes next.
Source: “Beyond the Glitz and Glitter.” Buying a Boat or Yacht : What You Should Know about Buying a Boat. Web. 13 Feb. 2013.
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