One of the reasons people shy away from purchasing and owning a boat is the price. While there are expensive boats and some unexpected fees, owning a boat may be cheaper than you’d expect.
The price of owning a boat depends on a variety of factors, one of which is the type of boat. Lavish house boats can cost anywhere from $100,000 or more, while a Jon Boat can cost as little as $500. This depends on the size, model and condition of the boat. Used boats are generally cheaper, but you have to be careful and have them inspected in order to avoid unexpected dangers, such as cracks, mold, etc.
Other factors include:
Where You Store It
Essentially every lake has a marina or two that offers boat owners to store their boats when not in use. Purchasing a dock can add up, as it’s usually a monthly bill. If possible, it’s recommended that you keep your boat stored at home when not in use.
Boat Insurance Costs
While the boat is stored at home, it may be covered under home insurance. When out on the water, however, you will need boat insurance. Marinas often require their customers to carry a certain amount of boat insurance. Even if yours doesn’t, it’s important to keep your boat protected.
Thankfully, boat insurance on its own is relatively cheap. It can usually be calculated as 1.5% of your boat’s value. Depending on the value of your boat, you could be looking to pay anywhere between $300 and $1,500 a year on average for boat insurance.
Gas is often available at marinas as well as at normal gas stations. Depending on the type of fuel your boat needs, you could pay less or more than fellow boat owners when filling up your tank. Gas from a normal gas station is typically cheaper than gas offered by the marina, so be careful to fill up before setting out.
Boat maintenance is incredibly important for the safety of those on the boat and others on the water. Maintenance needs and prices differ per boat and location. Replacing a single sail, for example, could cost you around $2,000. On the other hand, investing in mold prevention is much cheaper out of pocket. Be sure to research your boat’s upkeep necessities in order to maintain safety within your budget.