So You're Thinking About Buying a Boat...

Buying a boat can be both exciting and intimidating. It requires careful consideration, planning, and research. What kind of boat will you need? Who will use the boat? Will you be carrying passengers or will it just be you? What types of activities will the boat be used for? How often will you use the boat and where? Where will you store the boat in the summer? In the winter? Do you have a vehicle capable of towing the boat? The answers to these questions will help you determine the best boat for your needs.

Do some research before buying a boat. Books and magazines on boating can be a great source of information. Talk to boat owners to determine what they like about their boats and also to determine problems they have experienced. Attend boat shows and visit showrooms. Become familiar with the characteristics of the waterbody where you will do the majority of your boating. If you will be taking out a loan, talk to your bank. You may be required to have insurance. Get some price quotes on insurance.

Become familiar with the costs of boat ownership:

1. Boat insurance is similar to car insurance and will be required if you have a loan on the boat. Your automobile driving record will play a part in your boat insurance rates. You might need different levels of insurance during the summer months when the boat is being used than when the boat is in storage over the winter.
2. Storage is definitely an issue to consider in Wisconsin. If you plan on storing your boat outside your house, make sure local deed restrictions allow this. Does the boat fit in your garage or will you need to locate another storage facility? How much will the facility charge and does the facility have insurance to cover your boat? Are there restrictions on when you can put your boat into and take it out of the facility?
3. Are you able to perform routine boat and engine maintenance yourself or will you rely on a repair shop?
4. When calculating the expense of gas it's helpful to know that an average motorboat will use about 5 gallons of gas per hour. The type of boating activity plays a large role. Cruising to your favorite fishing hole and parking the boat for a few hours will not burn nearly as much gas as 3 hours of waterskiing.

5. Remember to include the cost of boat registration which will need to be renewed every three years.

6. On top of the actual cost of purchasing a boat, remember that in order to register the boat, you will also be required to pay 5% state sales tax and any applicable county taxes