Buying your boat is a major investment, but it’s only the beginning. How much do you know about the cost of boat maintenance?
Perhaps you’ve heard that the acronym “BOAT” stands for “bust out another thousand.” As in, dollars.
It’s no secret that boating isn’t the cheapest hobby on the planet. But is it really as expensive as people make it out to be? What’s the average boat maintenance cost you can expect to pay each year?
Keep reading as we explore the cost of boat ownership.
Boat Maintenance Costs
Every year, you spend money maintaining your car — changing the oil, washing and detailing, and making repairs. You’ll have a similar routine with your boat, including maintaining the engine and cleaning the boat’s interior and exterior.
As a water-going vessel, your boat comes with an additional set of maintenance costs. These could include:
- Hull maintenance
- Seasonal storage
- Winterizing (if you don’t use your boat year-round)
- Springtime haul-out and launch
Like a car, there will be some occasional big-ticket maintenance and repair costs too. From replacing spark plugs to more extensive procedures like draining the fuel tanks, boat maintenance requires regular time, money, and effort.
Boat Operating Costs
Fuel is your number one operating cost any time you take your boat out. And at $5 per gallon, it’s a considerable expense. There’s no way to determine how much you’ll pay for fuel, as it depends on the size of your boat, the type of engine, and the local geography.
Of course, buying a sailboat instead of a power boat is one way to reduce your operating costs.
In addition to fuel, don’t forget about other routine costs like oil changes, new batteries, and replacing parts like lights and pumps.
Boat Storage Costs
Unless you’re lucky enough to have a dock behind your home, chances are you’ll have to pay to store your boat.
If your boat is small enough, trailer storage (at your home or in a storage facility) is one of the cheapest ways to store your boat when not in use. If you live in an area with cold winters, you’ll need to wrap your boat and place it in dry storage during the coldest months.
Otherwise, be prepared to pay for a slip at your local marina. The monthly rate averages between $10-$40 per foot, depending on your locale.
Boat Insurance & Other Fees
Like everything else you own, your boat comes with its own set of paperwork. Boat insurance is mandatory and averages about 1.5% of the boat’s total value.
You’ll need to pay to register your boat in your state of residence. Some states also charge a boat tax if you keep your boat there for more than 180 days per year.
Your Go-To Boat Maintenance Checklist
So, what do you think? Is the cost of boat maintenance and ownership worth it?
Thousands of happy boat owners out there will tell you, “Yes!” The only thing left to do now is to examine your budget and see if buying a boat is in your future.
Boating isn’t the only topic we’re discussing today. Keep browsing our site for other fascinating articles on culture, lifestyle, and much more.
Feature image by Pexels
