Summertime feels magical. Snow is a distant memory — it’s all about sun, heat, and heading out the door without a jacket. You go on picnics, join a softball league, and spend weekends at clear lakes.
We live in the state of 10,000 lakes, so boating and cabins up north are basically a way of life. Growing up with boats was normal for us. We had every type you can imagine, short of a World War II battleship. A ski boat was the mainstay, and we also had an aluminum fishing boat with a Johnson outboard strong enough to pull water skiers — turns out 25HP is all you need on tin boats.
On other lakes we sailed catamarans and Sunfish. There’s something special about slicing through the water without an engine humming and the constant bouncing you get in a ski boat. Still, ski boats are great when the wind’s too light or too strong.
As we got older, the family moved up to bigger sailboats — 28-foot Catalinas and the like. These boats have motors and sails, so you’re never stuck when the wind dies. The best part about bigger boats is you can really live on them: sleep, eat, use the head — they’re perfect for long weekends with friends or, if you’re crazy, sailing around the world.
But enough about my boat scrapbook. This is about why you don’t need to buy a boat unless you’ve got money to burn.
First, boats are expensive. Ski runabouts go from $25,000 to $50,000, and cruisers can top $300,000. Big sailboats like the Catalinas run $100,000 to $300,000 and up. Unless you’re a dentist with money to spare, that’s not a small purchase.
And the sticker price is just the start. Factor in all the extras and upkeep — launching, hauling, cleaning, maintenance, insurance, storage, fuel — and it adds up fast. If we assume a frugal approach to launching, the first-year cost alone can hit $30,375. Want to look at opportunity cost — what you’d miss out on if that money earned a 7% inflation-adjusted return in an index fund? The 10-year opportunity cost of a $25,000 boat is about $115,824. Over 20 years, it’s roughly $292,521. Add the cost of a truck to tow the trailer and you’re doubling those numbers. You could be trading more than half a million dollars for a pickup, a trailer, and a boat. That’s a massive trade-off for a few months of lake fun.
That’s a lot to give up just to spend weekends on the water between June and August — maybe 25% of the year — and realistically mostly one day a weekend. Don’t get me wrong: boating is a blast. The question is whether there are alternatives that let you enjoy summers on the water while staying financially sane.
Boats are also a lot of work. Expect to spend time scrubbing the hull, cleaning and maintaining the interior, hauling, launching, and storing. That’s for powerboats; sailboats can take even more work. Rigging, sheets, and sails need attention, and it’s a big job for one person. All that upkeep cuts into your free time. Keeping a slip all season helps avoid constant launching, but slips aren’t cheap. Owning a boat and paying for upkeep and slips year after year will slow your path to early retirement. For a few summer weekends, you might be trading years of financial freedom.
And during those early retirement years, you can still rent boats occasionally to make memories without the hassle of ownership.
Let’s be honest: boating is great. If you’re asking “Should I buy a boat?” I get it. My best childhood memories are summers at the lake — whether powerboating on the small pond or sailing on bright blue water. Nothing pairs better than boating and beer, as long as the captain is sober. Getting pulled on skis or a tube is thrilling, even if you sometimes wipe out. Nighttime cruises in July are unforgettable — we’d go out on July 4 to watch fireworks and cruise back in twilight. Expensive? Sure. Worth it? For the memories, yes.
But before I get too sentimental, consider some alternatives to buying. Renting boats and cabins, joining a co-op or club, or sharing with friends can let you enjoy the water and protect your financial goals. Being near water is good for the soul, and you don’t have to own a boat to soak it in.
I’ll always love lakeside summers, but those same memories can be made with rented cabins and boats. Enjoy the rest of the summer, and if you rent a boat, learn the rules of the water first, matey!