What are the Costs of Boat Ownership?

Hello this is Keith, the boating guy, and today we are going to discuss the costs of boat ownership.

There are actually five things to be aware of when considering the costs of a boat. The first is the cost of the boat. You can actually finance a boat like you can a car. That’s your first cost.

The next cost, outside of the cost for your boat, is storage. Sometimes, and in some places, storage can be very expensive. I would suggest you do lots of research out there.

The next cost would be maintenance. Now if you’re the kind of person that doesn’t want to touch the boat at all, you should budget about 1% of the cost of the boat for general maintenance. Remember, a new boat needs minimal maintenance compared to an older boat. Now if you don’t mind using a little elbow grease by waxing the boat or changing the oil, you can actually save a lot of money in the maintenance category.

The next expense to worry about would be the fuel. The average boater uses their boat about 90 hours a year. The average run-about in the US only burns about 1-3 gallons per hours. So what that means is you’ll be burning between 90 and 270 gallons, so according to current day fuel prices, that’s about $300-$800 dollars on fuel over the course of an entire year. Now also, you may say that 90 hours doesn’t seem like a lot of time on the water, but it really is. If you’re out for 8 hours all day long on Saturday, you’re really only spending about 4 hours running the boat. The other 4 hours are spent swimming, picnicking, and spending time with your friends and family.

The least expensive thing of all of this stuff is insurance. Insurance will typically be about half of a similarly priced car. So imagine how much you pay for car insurance, if you cut that in half, it will probably be about the cost of your boat insurance.

To recap really quick, the things associated with owning a boat: 1. Would be the price of the boat. 2. Would be the cost of storage, which hopefully you will do your research so that you can save some money there. The next are Maintenance, Fuel and Insurance. Save some money in the fuel and insurance category and do you research to on storage for your boat, or trailer the boat yourself.

Good luck with all of your boating.

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