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How Much Does It Cost to Own a Boat

By May 19, 2020 August 7th, 2020 Tidbits & Tricks

With summertime right around the corner, many people are looking at making investments that will bring joy and memories to their life. With COVID impacting many family vacations and outings, you may be wondering if you will save enough money to buy a boat? We wanted to share some numbers we found to help you figure out if you can afford a boat this year.

PURCHASE PRICE
This can vary drastically depending on if you want to buy a non-motorized rowboat or a luxury yacht. After doing some digging we found that, according to American Boating Association, the most common type of recreational boat in the United States is a runabout (also known as a bowrider). For a smaller boat of this type, you can spend anywhere from $15,000-50,000 on the purchase price depending on if it is new or used, and the amenities that are included.

MOORING FEES & WINTER STORAGE
Unless you have your own private lake or dock, you will need a place to store the boat in the summer, and winter. Obviously, these prices will vary based on the size of the boat, the type of boat, and the location of the storage, but the mooring fees can range from a few hundred to a few thousand dollars per month, and storing the boat for winter can tack on a few more thousand dollars when you factor in the winterization and maintenance that must be performed.

TRAILER OR HAULING
If you are not planning on storing your boat at the same location all winter or want to have the ability to transport it from area to area, you will need to consider a way to haul it. On average, a boat trailer can cost you anywhere from $2,000-5,000, depending on what amenities you want to include on it.

FUEL, SAFETY & MISCELLANEOUS EXPENSES
If your boat is motorized, you will have to factor in the cost of fuel. Many bowriders average 3 MPG in fuel efficiency – and at $2.00/gallon, this can add up quickly. Maintaining up to date with your safety and emergency equipment and having a fund established for other miscellaneous expenses that can occur over the year will also have to be considered. All in all, you are likely looking at a few thousand dollars per year for regular upkeep and usage of the boat.

INSURANCE
Just like any other asset in your life, you will want to make sure you are protecting this investment if something should happen to it. When all is said and done, the cost of protecting the boat is probably the least-expensive line-item on your list of expenses when it comes to owning a boat. Again, while this all correlates directly back to the size and cost, you are likely looking at spending a few hundred dollars per year to cover your boat.

Many factors go into the cost associated with buying a boat– the kind of boat, the area you plan to use it, the storage options, and the upkeep required. As with any large purchase, you should always weigh the pros and cons to see if you can afford the investment. And if you do decide to make the leap and buy a watercraft this year, we are happy to help find you the best insurance policy for your needs and within your budget.