Back

The Full Cost of Owning a Boat

Jul. 31 2020 Buying Guide By The Sports Center

Share

As with any other financial investment, buying a boat involves other costs than just the sticker price. Before you go out and purchase a craft, it’ll help to understand the full cost of the boating lifestyle. This way you can spend the right amount on the right craft without it negatively affecting your finances in any way.  

The Sports Center is your local boat dealer in Perry, GA and we know what goes into owning and using one of these vessels. Read on to learn more and when you’re ready to browse boats for sale near Macon or Columbus, get in touch with our sales department for further assistance. 

The Sticker Price

The first expense is, of course, purchasing the boat. This price tag can vary a lot due to a few different factors, such as:

  • The size: Larger models require more construction materials, increasing the price.
  • The type: Boats with more advanced inner workings will cost more.
  • The condition: A new boat will cost significantly more than a used model.
  • The timing of the purchase: Prices tend to be lower during the off-season, which occurs in the fall and winter.

Boat Insurance

With boat ownership comes liability coverage at the least and perhaps damage coverage as well. The insurance rate is usually around 1.5% of the boat’s worth but these prices can be higher if you’re in risky areas (such as hurricane-prone areas). You may think of this as an unnecessary expense but it can be much cheaper than paying out of pocket for all repairs or replacements. 

Boat Registration

Another cost you’re going to have to consider is the boat registration fee. This will change based on a number of different variables, such as the state you are registering in, whether you are a resident in that state, the type of boat you are registering, and so on.

Maintenance Fees

It’ll cost you both time and money to keep your boat running well. Annually, owners spend around 10% of the total cost of a boat in maintenance fees. This will include various tasks like repairing damaged parts and repainting the hull. If you’ve got an engine on your boat, you’ll also be paying for fuel, oil changes and repairs.

Storage Fees

Unless you own a place on the water where you can keep your boat, you’re probably going to have to pay storage fees. Depending on the place, you might pay anywhere from a few hundred to a few thousand per year. The price will also vary for the duration of storage and the kind of craft you’ve got. It's also wise to invest in a boat cover to guard your vessel from sun damage, weather, dust, and other hazards.

Boat Trailer

You’re also going to need a way to get your boat to and from the water. A boat trailer will cost a few hundred dollars for a used model and a few thousand for a new one. Remember to register your trailer with the DMV. Each year, you'll likely have some trailer maintenance fees, such as servicing the brakes or replacing worn-out tires.

Safety Gear

Ensure that you have a lifejacket for each person aboard the boat. If you’ve got children, you might have to replace the old ones they’ve outgrown. You also want to keep a safety kit on your boat. This should include a horn, flares, a fire extinguisher and a stocked and updated first aid kit. When you first build your safety kit, expect to spend around $100.

Boat Accessories

This is an optional expense but one that you may want to consider. A lot of boaters prefer to improve their experience by adding optional accessories to their crafts. This can range from depth finders for fishing to a Bluetooth® speaker system for cruising around the bay. If you consider any accessory important, then factor in that cost as well. 

If you need more help or want to check out boats for sale in Perry, GA, get in touch with us at The Sports Center and have a chat with one of our helpful sales representatives. We’re also proud to be the chosen boat dealer of our friends from Macon and Columbus!