Reflecting on how much time you will have to use a boat, how engaged your family may be in the boating lifestyle, and considering what this means in terms of a boat buying decision, are all important factors to consider when thinking about whether to buy a boat and if so, what sort of boat!
Having an idea of the monthly cost of ownership, upkeep and maintenance are critical. So, let’s get into the last question in the 4 Key Questions. And it is:
How much will it cost to keep and maintain your boat?
Setting aside the finances for purchasing a boat and getting agreement with your partner or spouse to do so, is one thing. Having an accurate idea of the monthly cost of ownership, upkeep and maintenance is the critical fourth key question to explore.
The last thing you want is an unexpected financial hit to you or your family’s budget or any nasty costs surprises that need to be explained and paid for. Let’s kick off this question by considering what monthly boat expense budget you are anticipating.
We all want the lowest possible cost of course! Apart from that, which of the following expense category would be your preferred budget?
- Less than 1,000 per month (y/n)
- 1,000 – 3,000 per month (y/n)
- 3,000 – 5,000 per month (y/n)
- 5,000 – 10,000 per month (y/n)
- Above 10,000 per month (y/n)
- I don’t know (y/n)
Ok, thanks for putting a number on.
One way to reduce your monthly costs is to do some of the maintenance work yourself.
You can reduce your expenses quite significantly if you are “handy” or have some time and inclination towards tinkering with your boat. This could include cleaning and diving the boat yourself or undertaking minor repairs and maintenance.
Note: Are you new to boating? or new to boating in Asia? If you want to get complete confidence in your boating decision, without high stress and uncertainty of brokers and dealers, check out the BASCO Boat Buyers Academy. The academy will get you up to speed on the in’s and out’s so there’s no costly boat buying mistake or, you’re still stuck at the dockside wondering.