As a former boat owner, I had a challenging time making the decision to sell my boat. Boats become a part of our lives because of the routine of using them for entertainment. For some, they are used for fishing, while others enjoy cruising and beaching. However, boat ownership is not only a lot of work but costly. If you’re on the fence about whether it is not time to sell your boat here is how you’ll know you’re ready.
You Don’t Find The Time To Use The Boat
One of the biggest factors in determining if I should sell my boat was the amount of time I had to use it.
As a young captain aboard private yachts, I was often traveling. With that said, the boat was sitting for extended periods of time.
Life circumstances change, which may reduce or eliminate your time to boat. Some examples include the birth of a child, work obligations, household duties, and more.
In the situation where you don’t find yourself using the boat as often as you should, I recommend listing it for sale. Remember, you can always buy another boat down the road.
It No Longer Fits In The Budget
Look, financial status can change throughout a lifetime because of career changes, health issues, and other reasons.
When the money comes easy, making the decision to buy a boat is not difficult because it fits into the budget. However, as income levels change, boat ownership could and should be one of the first things to go. A boat is a nice to have, not a need to have unless you’re using the boat to make money.
Furthermore, boat storage, repair costs, and fuel costs are higher than ever. While you may still be making the same amount of money, the annual increases can push you out of a comfortable range.
Needless to say, if you can’t afford to keep the boat, then it must go up for sale.
Undoubtedly, nobody wants to admit to the fact that age is a factor in taking the time to enjoy fun things.
Without question, boats are put up for sale because the owner can no longer do any or all of the following. Continue the maintenance routine because it becomes too taxing of a duty. Secondly, the risk of an injury from a slip and fall is too high. Lastly, losing confidence in operating the boat safely.
All of the above are why aging people elect to put their boats up for sale. At some point, keeping a vessel isn’t a wise decision.
The Boat Is Constantly Having Issues
Unfortunately, boats are prone to having issues both mechanically and structurally. As a boat owner and captain, I spent countless hours making needed repairs, especially as the equipment became older.
At one point, the boat will become a money pit, and for this reason, it is not worth keeping. The decision is simple: If you find the boat in the shop or out of service, it can be used more than it can be used.
Importantly, the money from the sale of a boat can be applied to purchasing a new vessel. However, that is if you want to make this type of commitment for a second time.
The Family No Longer Enjoys Boating
As a father and friend of my dad’s with kids, I often hear they no longer boat because the children became bored with boating.
My family and I still enjoy boating to this day. We take the opportunity to fish, cruise, and visit the beach. Part of the reason my kids continue to ask to go on the boat is because we make it entertaining for them as parents.
In the situation where the kids no longer want to get out on the water, the vessel will sit without use for extended periods of time.
If you find that your boat is used on a rare occasion because the kids won’t go, it is time to list it for sale. Allowing a boat to go unused will lead to long-term issues; thus, it will become more challenging to sell. With that said, list it for sale if the kids no longer find it fun.
Sell My Boat: Now You Know When It Is Time
I’ll admit I was sad when I sold my boat, but I knew that it was time. There are a multitude of reasons why boat owners decide to sell. However, as mentioned before, you can always buy another boat if your circumstances have changed. Make the most informed decision, weighing the pros and cons.