How to Buy a Boat For Your Family Without Losing Sleep

Buying a boat is a major financial decision that can cause you to lose a lot of sleep if you don’t approach the process strategically.

If you’re considering buying a fishing boat for your family, one of the main concerns keeping you up at night is probably how much the boat will cost to purchase and maintain. You might wonder if you should buy new or used, and you’ve probably heard people talk about how boats are money pits, or that you need to be prepared to “Break out another thousand” if you own one.

Family-sized fishing boats don’t have to be that expensive to buy or to maintain. I bought my boat at a great price new, and the only major expenses have been caused by user error.

I bought a new Lund Impact back in 2012. That hardly makes me an expert, and if you saw the dock rash on the side of it, there’d be no way I could fool you, but I am someone not that far removed from going through the boat-buying process and asking all the same questions you’re probably asking yourself right now.

I’ve certainly made some stupid mistakes over the years that have cost me plenty of money, but they’ve also led me to conclude that had I not made them, my boat really wouldn’t have cost that much to own or maintain.

Now, at great personal expense to my ego and in the full light of the internet, I will share some of those stupid mistakes with you, as well as my thought process for the best way to get a good deal on a boat so that you don’t ever have to regret buying one.

Is It the Right Time to Buy a Boat?

Before you read anything else, you need to ask yourself if you’re even ready to buy a boat.

This doesn’t mean “can you pay for this in cash” or “are all of your other debts paid?” but it does mean “can you buy this boat without endangering your family or mortgaging their future?”

As much as I’ll joke about a boat being a life necessity, it is a luxury. Don’t ever let a luxury force you to live paycheck-to-paycheck. If you can’t swing the payments for a full-fledged fishing boat, go check out the classifieds and pick up a rowboat for a few hundred bucks while you save for something bigger that you can buy in cash.

With that being said, don’t be afraid to finance your boat. Time is fleeting and tomorrow is promised to no one. You only have so many days on earth and even fewer with kids young enough to want to hang out with you. If you can afford a boat payment on top of all your other bills and still have money left over to save, go for it.

It makes absolutely no sense to plop your doting toddler in front of a television each summer weekend just so you can drag a mopey teenager on one family vacation fifteen years from now. Buy the boat in time to use it with your family, even if that means you have a monthly payment.

Worrying About New vs. Used Boats is Missing the Point

There are plenty of articles and forum posts out there where someone is asking for the pros and cons of buying a new boat vs. used. While there is a lot of great information to be found, respectfully, much misses the point.

It doesn’t really matter if you buy a used boat or a new one. What matters is if you can quickly sell it if necessary for what (or close to what) you paid for it.

The main reason people say that you shouldn’t buy a new boat is that it will depreciate just like a car as soon as you leave the dealership. This is true, and it is a consideration. If you left the dealership and had to sell the boat immediately, you would probably lose money.

It’s equally possible to lose money on a used boat if you purchase it for more than it is actually worth, and with used boats, it can be very challenging to pinpoint what this number should be.

How Much Is That Used Boat Worth?

As stated above, it is very challenging to understand what a fair price is for a used boat. There are several reasons for this:

• The NADA book that is so helpful for cars leaves a lot to be desired for boats. Just go try it and tell me if you can even figure out what it’s asking you for with half its questions.
• Rarity needs to be taken into account. Certain desired brands can go for thousands more in regions where they are harder to find.
• The time of year makes a big difference. Generally speaking, used boats (any boats, really) cost less in the fall than they do in the spring or summer.
• A used boat may have hidden defects and gremlins that don’t show up on the price sheet and you might not catch in time. Thus, it can be hard to take these into consideration and you might find that you spend significantly more on that used boat than you anticipated.
• In the same vein, all the electronics, trolling motors, and even the outboard may have been neglected or in need of a major tuneup soon. Most used boats aren’t going to come with a warranty.
• You need to factor in that not knowing the exact history of the boat may cost you more money and time in diagnostic charges and attempts than if you bought the boat new.

The bottom line is that it’s just tough to figure out what that used boat is worth, and if you don’t get pretty close, you can just as easily be in over your head.

That’s not to say you can’t find a great deal out there, but you really need to be careful when looking and ready to pounce when you find it as it won’t last for long.

What About Buying a New Boat?

I bought my first boat new, and the next boat I buy will also be new. Yes, there is depreciation to consider, but it doesn’t concern me. I tested a formula of sorts for my first boat and am happy with how it has gone. It worked well once, so I intend to repeat it, and am sharing so you can too:

• I purchased an end-of-year holdover. By purchasing a vessel that my dealer couldn’t sell in their busy season, I was able to save thousands. If possible, I would do this again. If I can’t, I’ll at least shop around and try to purchase the boat for as little as possible.
• I purchased a Lund, which is a highly desired, but expensive brand. This combines to create a robust demand for them used. Thus, there will be a high demand for my boat if I ever choose to sell it.
• Used Lunds are rare in my region. While they are pervasive in the midwest, in New England you just don’t see as many of them. Thus, there is low supply for this boat.
• Having an item that is in low supply and high demand means that I will acquire a good price for the boat, so long as I have reasonably well-maintained it.

Another thing that has worked out well for me is that new boat prices have skyrocketed in recent years, which has caused used prices to increase as well. Because of this, I legitimately think that I could sell my boat today, eight model years later, for about 60 – 70% of what I originally paid for it.

If you can get a good initial deal on an item and can bring it to a place where there is high demand and low supply of said item, you can buy that item new with confidence.

Other Benefits to Buying a New Boat

I’m about to paint with a really broad brush, but I see a lot of people do a lot of stupid things with their boats, and as you’ll find out further down, I’ve made some dumb mistakes too.

These don’t all show up on the advertisement when they’re trying to sell the boat used.

There is something to be said for knowing the exact history of your boat so that you can troubleshoot issues and forecast future expenses appropriately. A new boat won’t leave me guessing when a motor started or will start having problems based on how long a prior owner used gas made with ethanol without appropriate fuel treatments.

I don’t want to assume a hull is stable because it’s nice and pretty and waxed when it really took a beating for several years from someone who didn’t know how to drive in large waves.

New boats minimize any concern that at family of mice has made refuge in the boat’s flotation foam for years just because the prior seller vacuumed up the traces before I saw it.

Basically, I want to take as much of the mystery out of future expenses as possible, and that’s hard to do unless you implicitly trust the seller of a used boat (who, let’s be honest, is probably a complete stranger).

Remember, a big part of what you’re paying for with the price of new is a clean history and several years of manufacturer warranty. To me, those are well worth the depreciation hit.

What Brand of Boat Should I Buy?

This depends on if you’re ever going to sell it, but if you are, then buy something that you think someone will want to buy from you at a later point in time.

Even if you can’t get the perfect “high demand, low supply” item I discussed earlier, you should at least buy a brand of boat that others want, so that you have a chance of selling later.

I’m not going to knock any brands on this site or this post, but what I will tell you is that it would be well worth your time to look at some online sales posts and dealer inventories of used boats and pay attention to what boats sell instantly, and what boats are there forever. While this might be a reflection on price, you’ll probably also notice that certain brands and models sell much better than others.

That’s the brand you want to own.

Resale value and liquidity (the ease of selling quickly) are huge deals. They are the difference between losing sleep over how much you lost on your boat purchase or simply shrugging your shoulders and considering your ownership costs a nominal “rental fee” should you ever need to sell it later.

How to Get a Good Deal on a Boat

My process for getting a good deal on a boat is pretty simple, with some of the steps discussed above. When I purchase a new boat, I’ll be approaching the purchase with the following strategy:

• I’ll research the boat to know exactly what boat I want;
• I will know exactly how most people order this type of boat;
• I’ll will wait until I find a late-season or other heavily discounted model;
• If necessary, I will be prepared to say no.

Know Exactly What Boat You Want Before You Buy It

Do your research long before you show up at a dealership. These days it is very easy to find substantial information on just about every fishing boat out there. Some dealers make YouTube videos, and many forums have threads devoted to every model under the sun. Know as much about the boat you’re going to purchase (as well as the pros and cons of its competitor) before you ever show up.

Doing this research will allow you to remain pragmatic when the salesman tries their tricks. You really want to know as much or more about the class of boats as they do. This will allow you to point out how you’re also looking at other brands because they have a larger casting deck, or come with different motor brands, etc.

You never want the salesman to think you’re crazy about what you’re trying to buy, and trust me, if you research long enough – you won’t be. Every boat has its plus and minuses and you just need to try and pick out one that will work well for your family.

Know Exactly How Most People Rig the Boat

You should know what the popular options are on a boat. In fact, if you’re looking at a late-season holdover, chances are that the dealer did not rig it right with these popular options. That doesn’t mean it’s a bad deal by any means, but it does give you negotiating power if you recognize it.

My boat is a classic example. It is a 2012 Lund Impact 1875 Sport rigged with a 115 hp Mercury 4-stroke engine. It is rated for 150 hp. Most people out there want to max out their engine. It wasn’t important to me for various reasons, but it was important to enough other people that the boat sat there until I showed up in late September.

The same dealer I bought my boat from had a 2018 Lund Pro-V 1975 sitting in their lot for a year and a half. This is a boat that you do not see in this region, and one that is absolutely coveted. This thing sat on their website forever before someone got a smoking deal.

Why? Well, probably because they rigged it with a 24-volt trolling motor and refused to swap it out for the 36-volt that most people want on that boat. Not maxing out the outboard probably didn’t help them, either.

Knowing what rigging options are in demand will help you negotiate a better deal with your dealer.

Wait for a Good Deal at the End of the Year or a Boat Show

Dealers won’t negotiate anywhere near as much in spring as they do in the fall or winter when business is slower. If you want to get the best price on a new boat your best bet is to buy it during the off season and stare at it longingly in your garage for a few months. Sad but true!

Consider Competitor Options

While you might have your heart set on a certain brand of boat, their competitors may have a very good option you should consider. Case in point, I’m a Lund guy, but when I sat down to write an objective article about Lund vs. Alumacraft and who makes the better boat, I reached the conclusion that Alumacraft has some great boats of their own! Don’t discount the possibility that another, less expensive brand might give you everything that you want and more.

Behold the Power of “No”

Your number one tool in any negotiation is the word, “No.”

Not enough people use this and it is a shame. It can be all you need to do to have the dealer call you the next day or even chase after you in the parking lot.

You want to be careful about employing this. You wouldn’t want to say this over something that is truly scarce and in demand, because then the dealer will simply shrug and wait for the next guy. But if you have a situation where you’re the only one who has shown interest in a while, and you’re very close to reaching a deal, this little word can seal it.

Saying “No” is also important when things just aren’t lining up. You don’t need this boat. There are others. If it’s not working out, sometimes that’s for a reason and you just need to put a little faith in a higher power that things will balance out later.

What Are the Total Costs of Owning a Fishing Boat?

Even if you find a great deal, a major reason you (or your spouse) might resist pulling the trigger is the anticipated boat ownership cost. Plenty of people say that their boat is a money pit, or that the word “boat” is really an acronym for Break Out Another Thousand, but the expenses of a boat aren’t nearly as bad as some people claim. Here are the costs I pay for my boat each year:

The Guaranteed Costs of Boat Ownership

• The initial cost: you’ll pay anywhere from $100 – $100,000 for a freshwater fishing boat for your family. This could be a one-time payment or a recurring cost over time depending on if you finance.
• Insurance: You will need to insure your boat to protect yourself from liability and to protect your investment from damage. Thankfully, the costs of insuring a recreational fishing boat aren’t bad at all. You’re talking at most a few hundred bucks a year.
• Taxes: Some states or towns charge taxes for boats or their trailers. I guess I’m “lucky” in that my town only charges me for the latter. It’s not a big charge at all–about $20 the last time I checked–but this is going to depend on the size of the trailer and your location.
• Gasoline: If your boat has a motor, you will have to pay for fuel. You’re probably going to want to find non-ethanol fuel which is more expensive, but not prohibitively so. This price will obviously vary wildly depending on how often you go boating.
• Yearly Winterization: If you live in the northern states, you’ll probably winterize your boat each year so it is ready to go for spring. This is a service that can run anywhere from $200-$500 for your average freshwater fishing boat, abut is also one that you can complete yourself for much less money with the help of a good internet search.

As long as you are parking this at your own home and using a trailer to bring it to the launch each trip, these are about all the costs that you are guaranteed to have year to year. If you needed or wanted to purchase marina docking, you would have that expense as well.

Assuming you own a decently-sized fishing boat that is paid off, you’re probably looking at about $200-$400 for insurance, maybe $20-$100 for taxes, $200-$500 for winterization (if you live somewhere cold), and whatever gasoline you use each year (wild guess of $100 – $1,000. If you fish larger lakes, it will be more. If you’re in an electric only pond, it will obviously be less).

All in, once your boat is paid off, you’re facing a guaranteed cost of roughly $520 – $2,000 each year, or about $44 – $167 each month. You’re probably paying more for cable channels you never watch (and will watch even less once your family owns a boat).

Long-Term Boat Maintenance Costs

You’re also going to want to project for long-term maintenance costs and apply some risk management skills to make sure you’re prepared to pay these. Don’t worry, there aren’t too many:

• Batteries: You can reasonably expect to need to replace your marine batteries every 3-4 years, though they’ll occasionally last longer;
• Trolling Motor: If you do a lot of fishing, you’re probably on your trolling motor all the time. These can be a little hit or miss when it comes to longevity. Some people report having them last for decades while others have to replace them far more often. It’s really going to come down to how much you use it and how well you maintain it.
• Outboard Motor: If you take care of your outboard, it really shouldn’t “break” but taking care of it includes the same 1, 3, 5, etc. year maintenance schedules that you’re used to on a car, and these cost money. If you are mechanically inclined and can handle this yourself, you’re looking at parts plus elbow grease. If not, expect to pay $300-$600 for the service every few years.

Setting aside money now or even better making short-term investments to cover the above anticipated future costs will take some of the pain out of them. If you know you need $600 in three years, consider what kind of investments can you make so that this is available.

“Fun” Surprise Boating Expenses

I’ve talked about the guaranteed yearly and long-term expenses out there, but that’s not where boats get the “Break Out Another Thousand” moniker. That nickname is chiefly a result of the one-off “surprise” expenses that can happen.

I’ve certainly had a few of these over the years, but most of them were caused by my own mistakes, lack of awareness, or “learning opportunities.” As much as they embarrass me, I’ll share them in the hopes that you don’t repeat them:

• One year, when I replaced the batteries, I managed to reverse the connections and started a small fire that melted much of my wiring. The wiring had to be pulled out and redone;
• When I would reconnect the batteries the first few springs, I wouldn’t tighten the connections enough, which led to a poor-starting motor and diagnostic charges as well as other issues. I thought I had bought a lemon until my friend took a five-second look and informed me I was just an idiot (and apparently so were the people at my marina as they never found this–the boat works flawlessly now);
• Another year, I parked my boat on a slight hill with the bow (front) lower than the stern (back). I relied on my travel cover and didn’t tarp the boat well enough. Water collected in the bilge and couldn’t escape because of the angle. This completely submerged the on-board charger for several weeks before I noticed. It died shortly thereafter;
• That same year, most of my gear got mold on it due to the same issue. Luckily, I was able to clean most of it though I did have to toss some stuff.
• I once left a roll of toilet paper in the boat’s glove box over a winter and came back to a vessel that absolutely reeked of mouse urine. It took a lot of effort and many cleaning products to get rid of the smell.
• I once forgot to tilt the motor up before taking it out of my garage. Luckily, the hill outside was soft and the skeg just tore up some grass. Had the hill been cement, I might have had to replace the lower unit.
• I was once in a hurry to launch and forgot to put the plug in. This didn’t actually cost me anything as I realized it quickly enough, but it could cost you if you don’t.

As you can see, I’ve learned a few things the hard way. I would imagine that most of the time someone forks over another $1,000 it is probably a result of some silly mistake they’ve made rather than a result of a boat being a money pit.

Some examples of costly repairs that I’ve seen others have to make include:

• Transom replacement either due to age of boat, improper care, or manufacturer defect;
• Collision repairs with fixed objects underneath the water;
• Popped rivets or burst welds from driving too aggressively in high seas;
• Soggy floors needing replacement, usually due to not storing the boat properly;
• Electrical or mechanical issues caused by rodents chewing through wires and making a home in the vessel;
• Corrosion caused by use in saltwater without proper flushing after each trip;
• Replacement of the motor’s lower unit due to failing to raise it properly while retrieving boat at a launch;
• Total loss of the boat due to attempting to back down a ramp while it was not secured on a roller trailer;

The list goes on and on, but the point is that almost all of these are caused by either user error or a lack of preventative maintenance. If you apply a bit more common sense than I had in my youth to your boat ownership, you could very well escape most of these bills.

The Biggest Unexpected Boat Cost of All – Tow Vehicles

You definitely want to do you research to see if your tow vehicle can handle the weight of your fishing boat and trailer. This isn’t always the easiest information to find, as not all manufacturers are particularly forthcoming with how much their boats weigh. I wrote a guide to fishing boat weights that may help you, but you should also run an internet search and do your best to determine if your truck or SUV can tow the prospective boat safely. Two boats that look very similar can have extremely different weight.

Final Thoughts

I couldn’t imagine life without my boat. It has been a key source of joy for my family and many of the memories I’ll cherish throughout life were made on it.

I don’t regret purchasing my boat, but then I tried to be smart about how I bought it. I do regret some of the mistakes I made, but learning is unavoidable and at least I know I won’t make them in the future.

Hopefully, this article will help you buy a boat for a price that makes sense, and let you learn from my mistakes so you don’t always have to “break out another thousand.”

Never be afraid to live your life – buy that boat with confidence!

If you feel like exploring this issue further, consider purchasing my book, Fishing with Kids: A Parent’s Guide. It has an entire chapter on the pros and cons of various types of boats, as well as a chapter on how to best use and control your boat once you own it.

Thanks,

John Paxton