Few things are quite as exciting as owning a boat. The thrill of smooth sailing over the calm waters in your Boston Whaler is enough to cure any mental illness. However, there’s one aspect of owning a boat that’s not so thrilling; the maintenance costs.
To be frank, owning a boat is quite expensive, especially if you settled for the pricier models. From mooring to fuel costs, boat maintenance expenses might put a dent in your bank account. Before buying a boat, it’s a good idea to weigh out all expenses, including boat maintenance costs, not just the initial purchase cost.
In this post, we’ll be breaking down how much it costs to maintain your boat. That way, you can be financially prepared for the responsibility of owning or renting a boat.
Table of Contents
The Fuel Costs
The first thing to run up your tab when you own a boat is fuel costs. Fueling your boat isn’t like fueling your car; you’ll have to sacrifice more than just a few dollars to sail through the waters.
The price of fuel for your boat could be about $3.50 per gallon, maybe a bit higher in some areas. A mid-range boat consumes about 20 to 30 gallons every hour when cruising at an average speed. That means one hour with your boat could cost you $70 and $350 for five hours.
If you love taking your bad boy out, you’re likely to spend over $2,000 on fuel every month. It sounds like a lot, but for diehard boat lovers, it’s definitely worth it. For high-end boats, expect the cost to be much higher.
If you opt for a pontoon boat, then you’ll save a bundle in fuel costs. This boat is much slower but only uses, on average, five gallons by the hour. You won’t feel the wind in your face, but at least you’ll have saved some money.
Estimating fuel costs can be a big challenge for most boat owners. However, this boat fuel calculator could be of great use.
Boat Insurance
Right off the bat, boat insurance isn’t compulsory, but we would highly recommend it. Unless you own a private lake, then there’s a chance you may get into an accident. In 2017, for instance, there were about 4290 boat accidents, with 698 deaths.
Next time you want to consider skipping out on boat insurance, remember, you might be a statistic. What’s more, boat insurance isn’t something that could dent your wallet. Boat insurance from a decent insurance company will only set you back a few hundred dollars each year or a thousand at most.
When doing your annual boat maintenance budget, don’t forget to add insurance to your boat maintenance checklist. It gives you peace of mind when you’re sailing the waters with your family and friends.
The Mooring Fees
Unless you’re planning on leaving your boat in the middle of the sea or lake, then you’ll need somewhere to “park” your boat. That means you’ll have to pay for harbor space or docking space. However, if your boat can fit in your trailer, then you can take it back home with you.
How much you pay for docking and mooring depends on how large your boat is and your marine’s rates. Parking your boat is way more expensive than parking your car. As such, expect to pay a few hundred to a thousand or more bucks a month for docking space.
Extrapolate that to a year, and you may be spending anything between $3,500 to $15,000 a year, depending on your boat and marina. Mooring fees are one of the most expensive aspects of owning a boat.
Winter Boat Storage
The only time you don’t have to pay for winter storage is if you live in the warmer parts of the country like Florida or SC. Otherwise, you’ll have to pay for winter storage. That means you have to pay someone to haul your boat onto dry land and also to prepare your boat for winter.
Doing so can cost you several thousands of dollars, sometimes more than ten thousand dollars. That’s because apart from storage fees, the company has to shrink wrap, drain and change the oil, then carry out other maintenance. Remember, the boat has to spend a lot of time out of the water, and when it gets back, it has to be in tip-top shape.
Repairs and Servicing
Boats are incredible machines, but like any vessel, they are prone to occasional wear and tear. In your annual boating budget, don’t forget to make space for the repairs and servicing. Sooner or later, you’ll be negotiating prices with your mechanic.
Boat repairs can cost you anywhere from a few hundred dollars to more than a few thousand dollars. A boat tune-up will rarely go over a thousand dollars, especially if you know the right place to buy your boat parts. For instance, you can get great deals for a cutlass bearing or gunwales if you look in the right places.
Steer clear from any second-grade knockoff parts that have flooded the boat market these days. They may be much cheaper, but they barely work.
Legal Affairs
The legalities of owning a boat won’t exactly run up your tab, but it’s good to account for them. You’ll need to pay for registration and license. In some states, you might also have to pay tax for owing the boat.
Legal matters concerning your boat shouldn’t cost over a thousand dollars. That’s unless you get involved in an accident or wade into restricted areas.
Budget for Your Boat Maintenance Costs
You better be prepared to dig deep in your pockets if you plan on owning a boat. If the initial purchase cost doesn’t get you, then the boat maintenance costs will. However, owning a boat is one of the greatest thrills in life and is worth every penny.
Life is beautiful when you’re on the road or on the water. For more informative reads on all matters of vehicles, be sure to check out the other pieces on the site.