The global boat market is expected to grow 11 percent by the year 2025. Recreational boats are a great way to get out on the water, spend time with friends and family, go fishing, and relax!
While boating is a fun pastime, owning a boat comes at a price. There is more to consider than just the purchase price of the boat. So, how much does it cost to own a boat?
While the price of owning a boat will be different for every person, keep reading to learn more about the cost of owning a boat and what to expect!
Boat Purchase Price
The first expense that you face as a boat owner will be the price of the boat. How much you spend on your boat will depend on your budget and the type of boat that you want to buy.
For example, you can buy a small fishing boat for under $10,000, or you could purchase a fancy yacht that costs millions of dollars. The price of the boat will depend on age, condition, and features.
After you purchase your boat, you will need to get it insured. Boat insurance protects you from accidents, theft, and damage. Just like the purchase price of your boat, your boat insurance cost will depend on the type of boat and the value.
To figure out exactly how much insurance will cost for your boat, you will need to get a quote. Be sure to look for insurance companies with discounts, and pay attention to the deductible.
Unless you decide to store your boat at a marina, you will need to purchase a trailer to tow your boat. It is normally less expensive to tow your boat than to keep it at a marina. If you are lucky, the trailer may be included in your boat purchase price.
Boat trailers can cost anywhere from $600-$10,000. The type of trailer you need will depend on your boat and your preferences. Keep in mind that trailers will also require regular upkeep, such as new tires.
Boats require maintenance to keep them in good shape. Some common types of boat maintenance are regular servicing, repairs, and cleaning.
While servicing and repairing your boat should be left to the professionals, you can clean your boat yourself. Cleaning your boat yourself will save you money. Be sure to use products you can trust to keep your boat in great condition.
Another major expense that you will encounter for your boat is the cost of storage. If you are keeping your boat at your house and towing it to the water, this expense won’t apply to you.
Boat storage includes keeping your boat at a marina or storing it for the winter. The price of boat storage will depend on where you keep your boat.
How Much Does It Cost to Own a Boat?
How much does it cost to own a boat? The answer depends on your preferences and lifestyle. Some of the main costs of owning a boat include the purchase price, boat insurance, trailer costs, maintenance, and storage.
Did you enjoy reading this post? If so, check out our other posts related to owning a boat!