Buying a Boat: How Can You Reduce Your Annual Expenses?
Are you thinking about buying a boat, but worried about the annual costs? Discover a way to generate income while still enjoying the water.
You may have already spotted a boat. You can picture yourself on board—for a family outing, a day with friends, or a few days away from the daily grind.
You like the project, but one question is holding you back: How much will it cost you once you buy it?
The purchase price is just the beginning. The boat slip, insurance, maintenance, and any monthly financing payments continue to put a strain on your budget, even when you’re not out on the water.
And paying all year round for a boat that you'll mainly use during vacation can make you think twice.
Before you put your project on hold, there’s one option worth considering: buying your boat and offering it on a subscription basis to generate income, while continuing to use it.
“Buying the boat—why not? But paying the maintenance fees all year round? ”
That's often where things get complicated. You can set aside a budget for the purchase, but you also need to know how much your boat will cost you over the years.
Depending on the boat and your situation, there are several positions to fill:
- the port area;
- insurance;
- maintenance of the engine and equipment;
- refitting and maintenance operations;
- any monthly loan payments;
- repairs and unforeseen expenses.
On top of that, there are expenses related to your trips, such as gas.
So the real question is: What annual budget are you willing to set aside for your boat, based on how you’ll actually use it?
To answer this question, find out the cost of the slip, insurance, and maintenance for the boat you're interested in. This will help you estimate how much it will cost you each year, in addition to the purchase price.
Earning Income from Your Boat: Something to Consider Before Buying
If the costs are holding you back, you might want to consider signing up for a Liberty Pass subscription for your boat right from the start .
You remain the owner and share use of the boat with up to five other people, depending on how often you sail and the subscription plan selected for the boat.
Subscribers pay a monthly fee to use it. This allows you to generate recurring revenue that can help cover your expenses: dock space, maintenance, insurance, or financing.
You retain ownership of the boat: subscribers pay to use it, without acquiring a share in it.
This approach may change the way you think about the purchase. In addition to the expenses, you can consider the income your boat could generate.
The amount of this revenue and the portion of expenses it can cover must be assessed for each project, based in particular on the model, its location, its year of construction, and the number of subscribers.
Estimate the revenue from my boat
"I won't be sailing often enough to justify this purchase."
You already know you won't be at the marina every weekend. Between work, the distance, and other activities, your boat may sit unused between outings.
With the subscription plan, other boaters can use it between your trips.
Let's consider a simple scenario: you want to go sailing on certain weekends and during part of your vacation. Members also reserve their outings on the shared schedule.
Your sailing frequency then becomes the starting point for the project. It helps determine the number of subscribers and the subscription plan offered, which is also chosen based on the type of boat.
The reservation process is simple: you book your outings in the app using the same token system as subscribers.
For sailboats and catamarans offered as part of the Cruise package, time slots can be scheduled in advance with the team. The program must ensure that each subscriber can enjoy at least two weeks during peak season, between June 15 and September 15, as well as opportunities to sail the rest of the year, excluding periods when the boat is undergoing maintenance.
"I want to buy a boat to enjoy it, not to run a business."
Finding users, organizing trips, answering questions, following up on feedback: you might not want to add all that to your daily routine.
The Liberty Pass solution for boat owners relies on a professional who manages the boat, as well as an app to coordinate its use.
So you have a contact who knows the boat and the realities of boating in the area.
This professional keeps an eye on your boat at the marina and contacts you if a problem or issue requires your attention.
To take it a step further, you can equip your boat with a connected module from Nauticoncept, such as NauticSafe or Nano.
Depending on the module and the equipment installed, you can check its location, track its movements, and monitor certain onboard parameters, such as the battery or the presence of water in the bilge.
"I don't want to entrust my boat to just anyone."
That's a valid concern. You'll choose your boat carefully, and you want the people on board to treat it with respect.
With Liberty Pass, your boat is used by a small group of subscribers who are selected and coached on board.
They use the same boat for the entire duration of their subscription, which requires a minimum 12-month commitment. This allows them to become familiar with how the boat works, its equipment, and the specific guidelines for using it.
This regularity creates a different framework than that of a one-time rental. The check-in and check-out inventories in the app allow you to document the boat’s condition and report any issues.
The on-site technician remains a point of contact for both subscribers and you. If a problem is reported or identified, the technician will follow up on it and keep you informed.
Before you get started, talk to him about how to handle passengers, the rules on board, and how to deal with any potential damage. Insurance, deductibles, and liability should also be clearly explained.
"The dock space is costing me a lot… and I might not even have one yet."
You already have a seat
If the annual cost is holding you back, the income from offering a subscription can help cover this expense, as well as the boat's other expenses.
You haven't reserved a seat yet
This issue must be resolved before finalizing the purchase. The Liberty Pass owner program provides for a berth for the boat.
Contact the team to discuss your project in the area you’re considering and explore local options. Before purchasing, make sure you have a suitable mooring solution and know how much it will cost.
Review the project before making your final decision on a boat
You don't have to have made a purchase before to get more information.
On the contrary, discussing your plans in advance allows you to determine whether the boat you have in mind, its location, and your sailing plans are compatible with a subscription plan.
To get started, gather a few items:
- the model or type of boat you're interested in;
- its age and condition: this solution is intended for new or relatively new boats;
- the proposed port and your mooring solution;
- your purchase budget and your projected expenses;
- how often you browse the site and your booking habits.
You can then request a personalized income estimate and learn about the management options.
Potential income can help offset the cost of your project. Estimating this income before making a purchase gives you a clearer picture of the budget you’ll need to set aside.
Your Questions
No. You can submit a purchase proposal and assess its feasibility before becoming a homeowner.
No. You remain the owner of your boat. Subscribers pay to use it as part of their subscription; they do not acquire a share in it.
A personalized estimate allows you to compare your projected income with the boat's expenses. The percentage of expenses covered depends on your project and should be assessed before you commit.
Yes. You make reservations using the same token system as subscribers, through the app and subject to availability. For sailboats and catamarans, you can set aside time slots for personal use in advance for your cruises.
The designated port representative monitors your boat and contacts you if a problem or service request requires your attention. The management services are specified when the project is set up.
The solution is intended for new or relatively new boats. The model, its condition, its location, and management options must be reviewed with the team.
Not convinced yet or ready to buy? You can also subscribe
Do you want to go sailing, but would rather wait before buying a boat? Or do you simply not want to sign up for a subscription for your own boat?
You can also become a Liberty Pass subscriber.
You get to enjoy a boat without buying it—with a berth, maintenance, insurance, and coaching all included in your subscription. You book your outings in the app, based on availability and the terms of your plan.
The contract is for twelve months, and you are responsible for the cost of fuel.
It's another way to act on your desire to sail, learn more about your habits, and, perhaps, prepare for a future purchase.
Learn about the boat subscriptionBuy your boat. Reduce its weight.
Tell us about the model you have in mind, your port, and how often you plan to sail. The Liberty Pass team will work with you to assess the project’s feasibility and revenue potential.