How Much Does Owning a Boat Cost?

Buying a boat is an exciting decision, but it's important to know the full cost of ownership before making the purchase. There are multiple one-time and recurring costs to consider, which we discuss below.

The Initial Cost of the Boat

The biggest expense, of course, is the boat's sticker price. This number will be influenced by many factors, such as the model's size, age, and included features.

Insurance

Boat owners will need to purchase liability coverage and may also want to invest in damage coverage. Insurance is usually around 1.5% of the boat's value.

Boat Registration

The cost of registration is influenced by various factors. For example, whether you are a resident in the state that you are registering the boat in.

Maintenance

All boats will need maintenance in order to continue performing well. Boat owners usually spend around 10% of the boat's cost in maintenance costs.

Storage

If you can't store your boat on your property, you will need to pay for off-site storage. Annual costs can range from a few hundred to a few thousand dollars a year. It depends on the length of storage, the type of boat you are storing, and other factors.

A Boat Trailer

Before you can enjoy a boat ride, you will need to get your boat to the water. That's where a boat trailer comes in handy.

Trailers are usually a few thousand dollars and will also need to be registered with the DMV. Trailers also require some maintenance, but it tends to be pretty minimal.

For more information or to explore boats for sale, visit Bob Hewes Boats. We are based in North Miami and Pompano Beach, Florida. We proudly serve those throughout Miami and Fort Lauderdale, Florida.