Buy or Rent a Boat that is the question??

The real question is, how much will you use the boat??? Many people love the water and boating but their commitments, families, or jobs limit the time that can be spent on the water. If you are like our family (we live for the water) you try get to the lake at least two to three times a week, even if its only for a few hours. People who will get that much use out of a boat need to buy one. Most people however don't have that opportunity and are lucky to get out on the water 2 weekends a month, 3-5 months of the year. In this case it may be better to rent or charter a boat rather than buy one.

Boating, as much as I love it, can be a very expensive hobby.  Many new boat owners are surprised at all the costs attached to owning a boat. We joke all the time that Boat = Break out another thousand.  It sounds funny but can be very true. When you first buy your boat there are always the costs of not only the boat but equipment as well. One can easily spend $2,000 to $3,500 minimum in life vests, ropes, anchors, wakeboards, water skis, tubes, trailer locks, travel boat covers, knee boards, wake surf boards and of course the list can go on and on. Pricing for a boat can be anywhere from $40,000 to $100,000 but if you are in the market for a boat right now, we are enjoying a great buyers market. If you are ready and determined to buy a boat now is the time.

Cost of Boat Ownership

Loan interest, depreciation, maintenance, insurance, winter storage or shrink wrap; these are a few items to keep in mind.

On a $60,000 dollar boat you can expect to pay $7800 in payments based on a 15 year note at around 7.50%.  If you are financing the boat for less time, your monthly payments may be even more. You will spend $900 - $1500 for winter storage or $400 for Shrink Wrap (you need to protect your investment with proper storage). Insurance for the year will be up to $1,500 and of course maintenance on the boat, of which there will be plenty, can average around $1200 - $1500 per year at marine prices of over $100 dollars an hour. In this scenario we haven’t even figured in the depreciation on the boat. If this doesn't scare you away then let’s go shopping and find your dream boat.

Renting or charters - an Alternative to Boat Ownership

The Alternative to buying a boat is to rent or charter from a reputable service. TK Watersports has created  a pretty good business trying to solve this issue for those who don't have the time, or sometimes the funds, for full boat ownership. For that same $60,000 dollar boat, you can rent 10 times for $5,500 or do full service water sports charters for around $7,500 including all equipment, water sports instruction, and all work done for you. Your savings in a three year period, not counting your depreciation cost, could be as much as $14,529-$20,529 depending on regular rental vs. VIP Watersports rentals.

Again the real question is how much will you use the boat? If you run a boat like we do, you may be a great candidate for boat ownership.  If you only will use it 15 times or less a year, you are better off renting or chartering without all the hassles of boat ownership.

Used boats
Boat Rentals
VIP Full Service Watersports Charters

Buyers Market for Used Boats

The typical boat owner is the one that can benefit from this buyers market it gives him a chance to get his dream boat at a good price

Finding the right boat: Many people when they purchase there first boat think they know what they want but after a year or two on the water they relies they wanted a wakeboarding or water ski boat instead of an inboard outboard boat. They might not have had a tower or hot water shower or some of the features they soon learn about after they have owned there boat for a short time. Many wished they would have been more educated when they got there first boat or just didn’t have the finances at the time to support the boat they really wanted. This could be the time for you to get that dream boat. This time you’re primed and ready to go with your list of features, wakeboard tower, ballast tanks, stereo, heater or hot water shower, storage compartments. For tips on buying your dream boat you may visit want to visit http://www.tkwatersports.com/

USED BOAT BUYING CHECKLIST

TEST DRIVE - You wouldn't buy a car without test driving it first, would you? Same holds true with a boat, even more so than a car. Boats are finicky animals. They tend to require more attention and maintenance than cars. When you test drive the boat pay close attention to the following things while underway:

Vibration
If it vibrates it could mean a variety of things like a bent propeller. A vibrating boat makes a noisy boat.

Functioning Trim
If you're looking at an inboard/outboard boat check to make sure the trim works, which allows the motor to move from the down position to the angled position.

Response Rapidly, but carefully, test the steering from one direction to another to see how long it takes the boat to respond.

Planning
Check to see how long it takes the boat to plane after take off.

Shifting
Does the boat slip smoothly into gear, or does it jump?

Reverse
Make sure the boat works in reverse. You never know how important this is until you have to dock.

Gauges and Instruments
Check the temperature, RPM, and speedometer for proper function.

Bilge
Make sure it is doing it's job. If your test ride is not long enough to tell, when you get back to the dock run some water in the engine hole with a water hose until the bilge kicks in.

It's a good idea to take along several people on the test drive. Added weight in a boat can affect it's performance and quickness.

HOURS
Check to see how many hours are on a boat. You measure a car's use by miles and a boat's use by hours. If a boat has more than 500 hours you can expect to pay some money in upgrades and maintenance.

CHECK FOR FLOOR ROT
Wood and water don't mix, especially in the floor of a boat. Carefully inspect the floor for soft spots, which indicate rot. Don't be afraid to get on your hands and knees and smell for floor for mildew.

MAINTENANCE
Ask for a maintenance history on the boat. Find out what major repairs have been made to the boat. If a lot of work has been done to the boat, chances are there will be lots to come, which translates into dollars. Ask if the boat is still under warranty. Also, ask who the boat owner used for repairs and make a point to talk to them. A big factor in how well it was taken care of is if it had regular detailing and cleaning after daily usage. For tips on maintenance and cleaning see http://www.finaltouchent.com/

MARINE SURVEY
It's a good idea to have a qualified marine mechanic thoroughly inspect the boat before purchasing it. To find a marine surveyor call either the Society of Accredited Marine Surveyors - SAMS. If you are going to do it yourself check the spark arrestors and plugs, alternator, belts, hoses, strainer, blower, shift cables, engine alignment, etc. Analyze the oil and make sure it is not cloudy or gritty Cloudy oil can mean the engine block is cracked.

HULL CONDITION
Take a walk around the boat and inspect the hull and make sure it is in good condition. Feel free to tap on the hull all the way around and make sure the hull is consistently solid. Mismatched paint is a sign the boat has been in an accident. Also check for gel-coat blisters and dry rot.

PROPELLER
Check the prop for warping, cracks, or nicks. Any of these things can throw off the performance of the boat.

STORAGE
How has the boat been stored while not in use? Was is stored outside and exposed to the sun and weather? Or was it kept in protected dry storage?

UPHOLSTERY
Depending on how the boat was stored can affect how the upholstery has held up over the years. Check for ripped seams and color fading. Also check the boat cover if there is one.

EXTRAS
It's nice if the owner will sell the boat with a few extras which are probably already on the boat. In my opinion, a depth finder is crucial. You don't want the boat to run aground, much less let your skier run aground. In most states a marine radio is required by law. A stereo is a nice thing to have so you can listen to tunes. Also see if the boat owner will throw in some life jackets and an anchor. And if you are a lucky slalom skier they may throw in a speed control device.

TRAILER
If a trailer comes with the boat you want to buy check the trailer thoroughly. They are not cheap to replace.

N.A.D.A. BOAT APPRAISAL GUIDE
Locate the boat in the N.A.D.A. Guide to find out the price value range for the model and year. Remember, if the boat is priced at the low end or lower than the low end it's likely the boat's had a history of problems and there is a reason the owner wants to get rid of the boat.