As I’m spending time with my family at a lake cottage, I began thinking about the annual cost of all the boats, skidoos and other water crafts flying by the dock. Whether it’s a camper trailer, RV, skidoo or power boat the cost of these vehicles will be incurring all year around.
Going to a marina with all of the shiny new boats and the previously owned boats can get the mind soaring with excitement. It’s only when one sits down with the sales person that costs start adding up:
Purchase Price of Boat
Purchase Price of the Trailer
Annual Insurance Premium on the boat & trailer
Registration of both the boat & trailer
Annual Maintenance of both the boat & trailer
Annual Storage and Dock Fees
Annual Cost of Fuel to run the boat
Boat Safety Classes
Cost of Upgrading your car or truck to tow the boat
Other Costs which always comes up
The next set of questions racing through my head were: How many times a year am I really going to use this? What if I rent a boat each time I have a need for one? What would that cost? Do I have the time to use it every weekend to make buying a boat worth while? How many times each year do I have to use the boat to breakeven on the annual costs?
Boats, camper trailers, RVs, skidoos and all the other fun vehicles can be wonderful fun additions to any family, however think long and hard about the annual costs before buying one. Does your annual discretionary budget have the room for a new summertime toy?
To discuss further please call Wolcott Financial Solutions.