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How to Afford Your Dream Boat

Posted March 10th, 2010
by BoatInsurance.org Staff (no comments)

dreamboatWhether it’s huge pontoon house boat that sleeps 28, an old fishing boat, a recreational craft designed to pull water skiers or a yacht you’d like to one day enter in the America’s Cup, just about everyone has a dream boat. Unfortunately, most of us don’t have the resources to just go out and buy our dream boat. We have to scrimp and save, and may never be able to get the boat of our dreams and wind up having to settle for a lesser craft.

If you’re creative, dedicated and devoted, however, you can afford your dream boat. It’s just a question of how long it takes you. Here are some ways you can work toward your dream:

  1. Sell your plasma. It depends on a number of factors, of course, not the least of which is the area you live in. Many folks may be able to get as much as $90 every six weeks by selling their plasma. Over time, this will add up. You’re talking about around $820 in a year, assuming you invest your plasma money and make a paltry five percent interest. It might take you 15 or 20 years, but what are a couple of decades when your dream boat is at stake?
  2. Save your change. Setting aside all of the change you take in over the course of a year should yield a couple hundred bucks. While that’s not enough to buy a boat, it also will add up over time. If you combine that with other tactics, it can greatly shorten the time it takes to buy your boat.
  3. Build your own. There are plenty of people out there selling boat plans. Some of those boat plans are even legitimate. Yes, you still need to buy all of your materials and have a certain degree of skill working with your hands, but if you can pull it off you may be able to build your dream boat for half of what it would cost to buy it outright.
  4. Don’t settle in the meantime. This is where many folks fail. They buy a smaller boat to get them by while they save for their dream craft. This just postpones your dream. Don’t mortgage your future for today’s pleasure.
  5. Use your equity. Take out a home equity loan, which can often have a lower interest rate than a boat loan. Make sure to get boat insurance, of course, because if that boat gets destroyed you’ll still be paying on the loan.

Photo via Paolo Antonio Gonella

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