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We bought a used boat last year. I think I have been on it twice so far, but my sister's family used it a lot. Are you familiar with boats? You might want to rent one first. Depending on where you live, you might want to look into joining a boat club or "timeshare" instead of buying outright. It is nice to cruise around on a nice day every so often, but it gets boring fast. We have our own dock, so we don't have to pay docking or winter storage fees, which can be substantial. We paid a marina to winterize the boat last year, but we are doing it ourselves this year. As others have mentioned, there are a lot of hidden costs. Insurance can be more expensive than expected, but I insured the hell out of ours just in case a guest borrows the boat and runs someone over. Our title and sticker fees were more than expected, too.
I wouldn't get a loan unless the rate is less than what you can earn through investments. The last time I checked, boat loan rates were around 5%.
I wouldn't get a loan unless the rate is less than what you can earn through investments. The last time I checked, boat loan rates were around 5%.
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