When Should You Bite? 5 Signs You Should Sell Your Boat

Has your boat become more of a burden than something that gives you pleasure? Do you spend your time stressing about it instead of looking forward to it?

If you find yourself saying yes to these two questions, this article is for you. Boats are used for many purposes; recreation, travelling, or spending time with family and friends. But there may come a time when these are not enough to give you joy.

In case that time comes, here’s a look at 5 signs you should sell your boat.

1. You need time and money

Are you worried about your child’s college fee? You have two options: to have them apply for a scholarship or start saving money every way you can.

Owning a boat means a lot of your time and money is being spent on fuel, transportation, ownership costs, and the docking fee. Apart from these expenses, you also have to spend on the maintenance issues that arise over time. 

So according to some estimates, annual boat maintenance costs up to five to ten percent of the boat’s initial cost. These maintenance costs are draining much more than just your money; they are draining your energy too. 

By selling your boat with Grays, you will be eliminating equipment and storage costs, maintenance costs, and the money spent on insurance. This will result in a significant increase in your savings. You will also be able to spend time on things that are more worthy of your energy. 

And if your love for boats is just as important, you can then buy a smaller boat that is more manageable and less expensive to maintain. 

2. You are moving away from coastland

Boating and sailing are activities that are easily accessible to those living near the sea compared to people living inland. So, if you are planning to relocate away from the ocean, owning a boat becomes less practical. Moving away from a body of water while also keeping the boat will add to your transportation expenses and demand more of your time and energy.

In case you are planning to move near a lake, you will need to replace your boat with one that is better suited to the weather, water, and temperature of your new area. 

3. You are planning to purchase a better yacht

Do you want to keep your boat, but are also bothered by its maintenance and costly demands? How about you sell it and use the money to start a new venture?

There are many ways you can use your boat to earn money. If you are open to spending most of your days on the water, you have the opportunity to organise sight-seeing tours, scuba diving and snorkelling excursions, and peer-to-peer boat rentals.  

And if you have the passion to invest in a bigger venture and want to bring in more bucks, you might want to sell your boat at a reasonably good price and use the money to invest in a bigger one.

4. There is no storage for your boat in colder months

Are you dreading the winters because there is no place to store your boat? That might be a sign for you to sell it.

Although you can decide to store your boat outside in the cold, you would not be doing so without the risk of consequences. The cold temperature might result in a dead battery once spring comes around. Plus, condensation and moisture can cause rusting or moulding, something you do not want.

Since indoor storage is an expensive investment, outdoor storage might seem tempting. But keep in mind that indoor storage is a one-time investment compared to outdoor storage, which causes your maintenance costs to soar. 

If you find yourself at a crossroads similar to this one, it is time for you to sell your boat and save yourself a lot of money.

5. Your needs have changed

There are many different types of boats that serve different purposes. Maybe the current boat you have is a wake boat you bought before you had children. However, it may not be the safest option for your family now that you have children. 

This means you might want to switch to a Pontoon boat that offers high walls and prevents children from falling overboard. Also, here are 7 things to teach your kids before hitting the water. 

Or, maybe you are planning for a long family vacation, in which case a Pontoon boat might not be the best option for you. In this case, you should consider selling your boat and buying a houseboat that can accommodate more than 2 families due to its size.