I think I'll mostly echo the points made above.
My last boat was a $6K I/O. We wakeboarded a lot because it was that or ski or tube, and it barely had the power to get a slalom skier out of the water, forget getting to 30 mph with him. But we could get to 20 or 22 with a wakeboarder so that's what we did.
Now we've got a wakemaking machine that happens to have one of the top surf waves on the market. We're probably 85% surf now (and most of the rest is tubing). There are few reasons:
1) Novelty- It's cool. I've had 5 years wakeboarding, but this is my first season surfing. 2) You can surf forever before your legs get so tired you gotta quit and your arms and back don't get tired at all. I mean, how long can you really hold on to a wakeboarding rope? 5 minutes? 10 at the most? And how many sets are you going to do in a day? 3 or 4? But when I surf, I go for 10-15 minutes at a time and when I finally fall I get my daughter out of the boat and surf with her for a while. Then my other daughter. Then my son. Then my nephew. Then my nieces. And I'm still not tired. I can go all day. Eventually I feel guilty and let someone else take a turn. 3) Bad water. Let's be real, wakeboarding is really only fun on glass or close to it. But you can surf in a foot of chop and barely notice it. We had one day this summer when we quit surfing because I was afraid we were going to sink the boat, not because we couldn't still ride it (at least downwind.) If you're going with kids and have to trailer the boat, you're lucky to be on the water by 11 am. You're living right if you've still got glass at 11 am on most of the reservoirs near my house. 4) Less pain. Unless you get hit in the head with the board, it doesn't hurt to fall at 10 mph. 20 (wakeboarding) can hurt pretty good. 30 (slalom) will put you in the hospital. 40 (barefoot) will rip open your rectum. I mean, it's pretty cool to jump the wake, but faceplanting sucks.
The other issue with a sport like wakeboarding is cost. I'm 40 and really didn't start doing water sports at all until I was 35 because I couldn't afford it. It is far and away my most expensive hobby. My $5K mountain bike seems downright cheap compared to my boat. A fill-up on the lake is close to $300. You want a sport like that to grow? What percentage of Americans can afford a used Axis, much less a new wakesetter? And that's with payments. I felt very fortunate to be able to buy my boat with cash, but even with a 1%er income we had to save up for a while. I mean, Joe Blue Collar isn't going to buy a boat that costs 3 times his annual salary, much less insure it, winterize it, maintain it, and fuel it. And if that's what it takes to be a serious wakeboarder, well, Joe Blue Collar's kids aren't going to be serious wakeboarders. And boat payments? That sounds like a way to make sure you never retire to me.
And as far as wakeboarding gear, I mean, what do you really need? Well, a rope, a life jacket, some bindings, and a board. We bought our board and rope used 5 years ago. We're still using the same rope, bindings, and board. My wife and I both ride the same one. Works for us. I'm pouring tons of money into boating/watersports, but getting another board is a pretty low priority.
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