Cost/Benefit Analysis - Do you really need it?: Boat

We're thinking about the toys and accessories that people buy to enhance their vacation lives and asking the question "is it worth it?" To answer that, we're doing an analysis to determine if you'd be happier and if the extra money spent would make it worthwile.

This week, it's a boat. I admit, in my younger days, this was something I really wanted. Skimming over the water, a warm day on the river, dropping a line, jumping in the cool water...then I did the math.

So let's take a look. First of all, for us anyway, we'd need a boat we could take a wheelchair on. This would probably mean a pontoon boat which seems the easiest for wheelchair accomodation.

Viewing several listings, a decent used 20 foot pontoon boat will set you back around $10,000...at least.

Operating it, you'll need to fuel it, maintain it, tow it (another $3-4,000 for a trailer) or rent marina space, license it, and probably insure it.

Let's add it up...

Purchase price - $10,000
Trailer - $3,500
Fuel - Typically $25 per day , $250 for ten days a year
Maintenance - $750/year
License/registration - $50/year
Insurance - $200/year
Total $14,750

This does not include the gas price for your car to tow it.

What about renting? A quick glance at local (Northern California) boat rental opportunities show that the average cost to rent a similar boat would be about $400 for 4 hours, $650 for a day...plus gas.

So, is it worth it to own a boat? Depends on how much you'd use it and if you can afford the cost. Otherwise, especially if you rarely go out on the water, you may want to just rent one when the urge for boating hits.

Darryl Musick
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