This is a great question

OK here is the deal

My wife and I are looking at purchasing a used boat. We are willing to spend up to 40k. How many weekends need to be spent on the lake to make the purchase worth while? By weekend I mean riding both saturday and sunday. And just for kicks, who out there rides the most days a year?

That is a great question.

That depends on several factors, If the boat puts you into a financial bind the winter months payments may seem like a total drag. If you pay cash and are not stressed over the money the number of weekends will be lower. The typical boat owner puts about 50 hours / year on a boat. Many wakeboarders put 3-4 times that. If you have several people on the boat you can put 10 - 12 hours on per weekend.

I'm in Tennessee, my son is hardcore and rides almost 12 months, we put over 200 hours on the boat last year and he rides with friends additonal time. From April to Oct our boat is out 5 or 6 days per week, alot less than that in the winter months. We have spent alot of money boating the last 6 years, with no regrets because of the family time and memories that will last forever. Not many families spend as much time together with their teenage sons as we do on the lake.

If you have to ask, you aren't ready.

^^^I agree! However, I think Rick's havin' some fun with this question, so I'll say ONE. Cuz if you're "not sure", and you go out for a day on your new boat with your wife and friends......odds are you'll be hooked! Or hell, maybe even the demo ride will do it?

Dood, IT'S worth it! If you can swing it financially, and you're both into it, then you can't go wrong!

Finally, you may take a hit, but you can always sell it to me cheap if it doesn't work.......

If its the purchase you concerned about making it worthwile then you will definetly question the cost of gas and maintenance to run it.

I was in the same boat as you 2 years ago. I was on the fence then I found a good deal on an older boat and just bought it. I have no regrets I only spent 6800 but still having a blast.

We where in the same boat about 3 years ago.
We where looking at both Used and New. After doing all the math ( for Upgrades) we ended up with a New Tige 20V for 33k.

The first year we put over 200 hours on the boat. The second year only about 50. ( work moved to China. )
This year we have many plans and the whole family really loves the time we spend on the boat.
If you brake it down to cost. IE Insurance, Storage, Payments, you will hate it.
Just go out and have fun. But make sure you get what you want.

By the way one of the things we where looking into were resale.
I/O has a really bad Resale rate where DD and VD seam to keep their value.
Our Tige is going for around 29k in Boat trader. If we got the Ar230 for 30k in o4 it would be worth about 15 k today.

Just my 2 cents.
David

What is it worth, you ask? In my case here it is...

1. It's that look on your son and daughter faces when they get up for the first time.

2. It's the feeling you get when you are spending quality time with family and friends.

3. It's the enjoyment you get when you land that trick you have been working on for months for the first time.

4. It's the pride you have in your boat and the freedom that it gives you.

I guess what I'm trying to say is that if you are looking at boating as a breakeven analysis, it wont ever be worth it, but IMO, the extras listed above make it worth every penny to me.

BTW, I ride at least 1 day a week, and put about 150 hours on my boat last year.

If you honestly look at all of the costs associated with boat ownership and divide that by the number of trips, it could easily scare you away from ever buying a boat.

But if you place a high value on your recreational activities, family time and acknowledge that life is short and you will never have these opportunities again, it is a small price to pay. If you are all about only making sound financial decisions- find another hobby or interest.

The one thing to remember is that a boat is a luxury item. I don't really want to add up all the expenses because if I start worrying to much about it, it could take the fun out of boating. All I know is that I can afford to own a boat (friends pitching in on gas helps), and I enjoy my time out on the lake. Also, my friends enjoy the time out on the lake. That is all that really matters to me.

So, it cost 250-400 a day to rent a boat. Now it's worth probably double the rental to own it but you've got insurance, storage, financing etc. so let's just use 1.5X.
So roughly $975 a weekend. Now, it's a luxury item so if it pays off in 5 years that's OK. $8000 per year. Works out to 8 weekends per year.

If you want I can work out a justification at just having it in the driveway so you can have the neighbors think you're cool. One of the advantages of that is that you don't have any operating expenses so it almost pays off quicker

I think Byrd took the words out of my mouth.

I am well ahead of the break even point related to family time. Boating is what we do, end of May through September. Pretty much every weekend....some evening. Some morning runs before work with friends. Then there are the camp trips to various lakes and trips to Lake Powell.

It provides me so much quality time with my family and friends, doing somthing we enjoy....how can I feel it is anything but a solid investment.

In the end, it doesn't matter what the boat costs or what others may think about it... It is getting on the water....

How can you not come out ahead with moments like this.....?

If you can handle the purchase, then the hard part is over? What price do you put on fun, relaxation, and contentment? Most of us work hard, provide for others, commute, handle the home, and WE need an outlet. You need to be able to charge your life batteries, so you can continue to do all the things that make life go around. Even the best financial planner, will allow for this expense, because they know and understand, what it provides and the positives it attains. If your strapped, then this isn't the hobby/sport/lifestyle for you. If your not, and this is your calling, then by all means, get busy with it.

Rick, it's worth every penny. A day on the lake, is a day in heaven. I'd be out there everyday if I could. I know my family and friends feel the same way. Sure the boat payment hurts. My wife and I should probably be putting the maximum amount away for retirement instead of enjoying a boat. Then we could travel later in life like my parents. Yeah, right. The only traveling their doing is back and forth from the hospital, going to nursing homes for visiting hours and funerals. My parents are loaded and my dad is on 100% oxygen. Spend it now, and you'll enjoy it forever.

if most of us really think about the whole deal it's a stupid and rediculous purchase! but i love having a boat, i love being on the water on a nice warm day with friends. honestly in my eyes there is nothing better! and i know this sounds wrong but i like being able to do something that most people can't

In all my years, I have concluded that MOST (if not all) purchases based on recreational activities cannot be justified from a dollars and cents (or sense) standpoint. Golf, tennis, hunting, camping, RV, boating, travel, wine collecting, etc. are expensive and when you start putting all costs vs. hours involved into the equation - most recreational activities cannot be financially justified.

With that in mind, I agree with Byrd. Do you want to be on your computer all night and weekend looking at the ROI on your investments or do you want your kids/spouse/friends to have smiles on their faces?

When we put our pool in, the neighbors mentioned that they were saving to send their kids to Ivy League Colleges (insinuating our purchase was unjustified and a waste of money). My wife commented that we will take plenty of pictures so their kids (the neighbors) could remember all the fun they had at our house.

Only buy what you can afford but always remember, memories are priceless and timeless. Take a camera with you and take lots of pictures. Everytime that gas bill or insurance bill comes in the mail, look at the pictures FIRST - makes writing the check a lot easier.

You need a boat to go boating. Boating is fun. Having a good boat makes it that much more fun.

Nick, very well put. And so simple.

"a boat is a hole in the water into which one pours money" ....if this statement does not scare you...you too may be on your way to happy boat ownership...if the statement gives you second thoughts then you may not be ready.
many people made the point of not being able to put a value on what they get from it...they understand its worth it...kinda like why is divorce expensive? because its worth it!

B.reak
O.ut
A.nother
T.housand

Boats are generally lousy investments.

Family and friends are priceless.

Many people saved until they could "afford" something to share with their friends and family. Those people usually get to share after probate court is done.

I don't get mad when someone accidentially dings a board or the boat. That is just stuff. The relationships with other people are the main reason for life. If you cannot enjoy life because you are cranked up about stuff or money, you are a sad case. Chill out and ride....

(ART) - I concur!

Nick , very well put. Rick if your not sure you may want to start with a cheaper and smaller boat then 40k to start. The more boat you buy the more it cost to operate IE:larger tow vehicle, more gas consumed, more trailer tires, bigger storage facility...I started with a used 16' outboard and pretty much was hooked from there.

Hey All,

thanks for all the input. My wife and I don't have any kids yet, and this is exactly why I want to get the boat now. I want to have it there for when kids come along. The expense doesn't bother me. Payments, gas, insurance, and maintence is not a problem for me. What is the problem for me is the idea of buying a boat and only taking it out 3 times a year. I grew up boating, I love it. If it were my decision I would be on the lake every weekend. I am just wondering how many times I will be able to convince groups of friends to go camping at the lake so we can use the boat, the drive is about 3.5 hours, and many of my friends are starting to have babies. I am not looking for a return on my investment in the from of money, I already know boats are a poor financial investment. It is cool to see all of the stuff that was written and that boating is a great outlet to spend time with friends and family.

Why not spend a little less and get a good used boat? You can get a great boat that has been well cared for in the 25k range, or even less. That's at least 15 grand you didn't part with or are not paying interest and insurance on. It might take some of the sting out of not using it very often.

Rick,

I am in the same boat you are. My wife and I just bought a new 2006 centurion elite v right at about 40K. No kids so we wanted to get it before we had kids. We wondered how may times we could get friends and family out. The cost per trip. All the same stuff you are thinking. And for us the expense didn't bother us.

Since we live in Washington we only get about 5 -6 months of skiing weather. But my friends and I ware wet suits so the rain has not stopped us. After our first trip out we were both hooked. The cost is worth it.

I have had my boat since mid March and take it out all the time. In 2 months i have taken it out about 15 times. And the only reason it has not been more was because i went on vacation and i just put it in the shop for the first service check up.

After your first trip out you will be hooked and all this wont matter.

Rick,
3.5 hours to camp at a lake or to take the boat to the closest lake? If it is to take the boat to the closest lake, unless I had a lake house...hummmmm...that is TOUGH.

I have been on boats all my life, but I don't think I would own a boat if I had to drive 3.5 hours for day trips to the lake.

I have the answer to the original question, which was: "How many weekends need to be spent on the lake to make the purchase worth while?"

Answer: 1

I too was in the same situation as you. We found a great deal on a smaller boat than we wanted just to try it out and make sure we would use it. We wound up selling the boat after 2 years for more than we paid for it and we just went with a brand new Tige RZ2.

My only advice would be to buy something that you could sell easily and make sure you are going to be using it enough before spending $40k.

I did the same as Timmy. Grew up on boats through college until I moved away to CA. With kids getting the right age, I was looking for a great outdoor activity to share with them. Through circumstances a friend's brother was selling 1980 17' i.o. in great condition for a price the same as an extra mortgage payment. Bought that sucker at the first showing on the spot.




Kids loved it. We used it so often I started looking for the type of boat I've always dreamed of owning. Ended up spending $26K 2 years later on an immaculate 2002 Sanger V210.




Sold the old boat in a week for what I bought it for.

Even at only $26K ($30 after perfect pass, taxes, gear, a few boards, etc.) if you calculate the cost per use, it's not pretty. I did about 3/4 of this calculation and with a glimpse of the answer decided that cost effectiveness is not at all why I bought it.

Try something affordable out first, see if you like it, what you specifically like, where you like to go, etc. Then go big!

Let's get one thing straight, a boat is NOT an investment:

in·vest·ment /–noun 1. the investing of money or capital in order to gain profitable returns, as interest, income, or appreciation in value.

Though one can argue your "profitable returns" would be spending time on the water with your family.