There are two very strong arguments against owning a boat. Number one, it is very expensive to buy a boat, and Number two, once you buy a boat, it is very expensive to own it as well.
As for buying a new boat, a top of the line powerboat, of say 31 feet, can cost as much as $270,000. A slightly smaller boat of 28 feet can cost $160,000, and even a 20 foot powerboat can cost $50,000.
These figures are not “guesstimates,” they come from a reputable boat dealer.
The High Cost of Owning a Boat
Having surmounted the considerable financial hurdle of buying a boat, next there are the frequently the staggering costs of owning one. Let’s start by examining the actual expenses of an owner of a 34 foot powerboat, who keeps his boat for the season at Brewer’s Ferry Point Marina in Old Saybrook.
Although this boat owner was shy about giving his name, he was more than happy to lament publicly about the high cost of operating his powerboat during the boating season. These costs include: paying the winter storage cost of $1,600; paying the boat slip rental fee to the marina of $4,500, and paying his boat’s annual insurance fee of $2,000.
However these costs, which total $8,100, are just a start of what he has to pay to operate his boat. This is especially true; if this turns out to be the year, when one or both of the twin diesel engines of his 21 year old powerboat needs repairs. The highly trained mechanics that can fix boat engines, incidentally, are very, very expensive.
Now let’s turn to the costs of actually operating this powerboat, such as taking it on a trip to Block Island and back. This trip would cost $500, just for the fuel alone. Also, if he wanted to rent a slip on Block Island that could cost $40, if not more.
The point is that running the two powerful diesel engines that drive this powerboat is a very expensive proposition. However, when asked if he felt that the expenses of his boat are worth it, the boat owner replied, “I would not trade it in for the world.”
The boat, incidentally, is called, “The Other Woman.”
Operating a Smaller Boat Also Expensive
Another boat owner at the Brewer’s yard in Old Saybrook was the owner of a 20 foot, six inch, powerboat. The owner, who said his first name was “Russ,” is presently a senior designer at General Dynamics Electric Boat in Norwich.
With a certain pride this boat owner said that he could take his boat, “anywhere in Long Island Sound.” For this privilege he pays up front $3,000 a year for a slip at the marina, and $2,000 for insurance. He saves the expense of winter storage, because he keeps the boat off season in his own backyard.
The boat owner said that he frequently took his wife and their three children out for boat rides. He also mentioned that when he was younger, he suffered a very serious motorcycle accident, which appeared not to have slowed him down.
One thing that this boat owner is very serious about is that he would never rent a boat. “It would be like a box of chocolate,” he said, “You would never know what you are getting.”
He also said that, “I find the familiarity of owning my own boat, very comforting.”
A Boat Full of Old Lyme Visitors
Also on hand on a recent afternoon at the Ferry Point Marina, was a powerboat that had brought a family of five across the Connecticut River from Old Lyme to Old Saybrook. The members of the family were David Wiese, a Hartford attorney; his wife, Maher-Wiese, MD, a dermatologist in Essex, and their three children, Kaylyn, Ellie and Colin.
Asked why he owned a boat, Weiss replied, “Boating is a favorite thing.” He also acknowledged, “The boat is a lot of work, but we do it for the family.” The family has owned their 28 foot powerboat for the past ten years, and, interestingly, they never gave the boat a name. “We just never got around to it,” Wiese says.
Another unique thing about their “nameless” powerboat is that there is a huge bimini shading the boat’s entire cockpit area. “That was my idea,” says dermatologist Maher-Wiese. She wanted to make sure that her family was completely sheltered from the harmful rays of the sun, while they were boating.
The general attitude of those boaters, who own their own boats, is that the financial expenses just have to be endured. Also, sometimes people get so close to their boats that the boats almost become a part of the family. You cannot begrudge a person from spending a lot of money on their own family, now can you?
See also related article by Jerome Wilson The Uphill Battle of Convincing Boaters to Rent Boats Rather Than Own Them