Boat buying
1. Buy the project, not the dream
Stick to the boat you can afford outright rather than taking a loan. While an old boat will require more maintenance the skills you learn will save you money in the long term, be it servicing your own engine or winches or completely renovating it.
2. Get a survey
Even if the boat you’re considering is free, you may end up with hefty refit costs or disposal fees if it’s a write-off. Read more at: pbo.co.uk/15things
3. Boatshare
Sharing a boat with family and friends is a great way to cut costs. Just be clear upfront about expectations regarding maintenance, dates you’ll be using it and that you’re on the same page with purchase and running costs.
4. Don’t overinsure
Be realistic about the replacement value of your boat. In the event of a total loss, the insurer will pay the agreed value. If you increase this value, your premium will go up. You may also be required to provide evidence to support the new valuation.
5. Read your policy
Read the whole policy, not just the certificate of insurance. We found with the PBO Project Boat that torn sails weren’t covered. Some policies, such as those by GJW Direct, do cover sails for cruising.
Share costs
6. Tool share
For occasional items such as polishing machines and scaffolding, why not team up with a friend and split the cost? For items you’ll use once, look at the cost of hiring, or buy used and sell on afterwards.
7. Multibuy for discounts
If you’re after something expensive, message your sailing friends via WhatsApp or Facebook to see if they need it too, then buy in bulk and negotiate a discount from the seller.
8. Paper charts
It’s good to have a paper chart as a backup to digital charts. Instead of splashing out on a new obscure chart for a cruise, try to borrow someone else’s. Online forums such as PBO Reader to Reader at ybw.com are great for this.
Downsize
9. Go smaller
Downsizing even by a metre will save on mooring fees. For ultimate fun and low-commitment, you could opt for a dinghy yourself and then crew for friends on their bigger boats.
10. Sell your boat!
But don’t give up sailing – put the money towards chartering, or join a ‘pay and play’ sailing club for a small annual fee.
11. Switch to sails
If you’re a powerboat sailor and frustrated with the cost of fuel and maintenance, why not switch to sailing? If you’ve done your RYA Day Skipper course or above, book a Dinghy Level 2
