Back

The Costs of Owning a Boat

May. 26 2022 Buying Guide By Midwest Marine Boat Co.

Share

While boats are an excellent investment and a great way to connect with friends and family, they do cost a fair amount of money, so they’re something you need to budget for. However, it can be challenging to figure out your budget if you’re not entirely sure how much a boat will cost to own, from start to finish. This guide helps break down the various costs associated with owning a boat so that you can make a more accurate budget and be more prepared.

Sticker Price

Obviously, the first and biggest cost that anyone thinks about when buying a boat is the sticker price that the dealer has applied to it. This cost can vary widely, depending upon a few different factors, such as: 

  • How big the boat is
  • What type of boat it is
  • Whether you’re buying a new boat or a pre-owned model
  • What time of year you purchase the boat

Generally, you’ll need to have at least 10% to 20% of this cost saved up as a down payment to complete your purchase if you’re using boat financing, as many buyers do.

Registration & Insurance

You’ll need to figure out how much it will cost to insure and register your boat. Insurance costs are typically about 1.5% the value of the boat, but certain areas may see higher or lower costs. You don’t want to have to pay all the costs of repairs yourself, so investing in boat insurance is worth it to give you peace of mind.

Registering your boat will depend on what state you’re registering it and if you’re a resident of the state. The type of boat also has an impact on this cost.

Repairs & Maintenance

Your boat will require regular maintenance, in addition to occasional repairs. Over the course of a year, a boat owner will generally spend about 10% of the boat’s value on maintenance, which includes cleaning it, repainting the hull, replacing worn-down parts, oil changes and fuel.

Storage & Transport

Finally, you’re probably going to need a place to put your boat when you’re not using it, in addition to a way to get your boat to the water. Storage options could be as simple and affordable as your driveway or garage, or you may choose to store your boat in dry storage or at a marina slip, which will cost anywhere from a few hundred to a few thousand dollars each year.

A boat trailer is essential for anyone who doesn’t live directly on a waterway. You’ll probably spend a few thousand dollars on a boat trailer, and you’ll need to maintain it and register it with the DMV.

Stop by our dealership in Harrisonville, MO, to check out our stock of new and used boats for sale. Talk to our boat sales team about financing options if you’d like to use them to fund your purchase. Midwest Marine Boat Company is your boat sales headquarters, serving the city of Raymore, MO.