Beginners Guide

Cost of Owning a Boat

Getting a boat is a great investment but you should be aware that doing so involves hidden costs . Before you decide to become a boat owner, give the financial aspects some thought. Here’s what you need to know about the cost of owning a boat.

Financing

Just like cars and homes, there are also boat loans and many of them have appealing interest rates.

Boat equipment

You will also be presented with accessories and plenty of options to upgrade your boat. When you’re looking into the price of a boat, consider the cost of electronics, water toys and other accessories that are appropriate for your type of boat. Do not skimp on boat gear and equipment as they help with the overall safety of the vessel.

Maintenance costs

Boat maintenance, which includes its motor and the trailer, will require you to simply wash down with freshwater after every use. But if you feel that you can’t clean the boat yourself, you can always hire a professional.

Maintenance costs vary depending on the region but you may need to pay more for services like antifouling and oil changes. Ideally, boat engines should be serviced every 12 months or 100 hours. Used boats, on the other hand, are expected to entail more maintenance costs.

Fuel consumption

Boating itself does not really use up fuel like cars do. There are times when the boat will be on stationary mode and the motor is not used even when out in the waters. Still, fuel consumption is a factor to consider when buying a boat.

Storage

The ideal and affordable way to store a boat is by getting a trailer you can park in your driveway or backyard. Another option, for small boat owners that is, is to go for dry stack or rack storage, which should keep the vessel well-covered. For convenience, a marina berth is the best option for large and small boat owners.

Boat Insurance

You need to get that boat insurance obviously, and it varies by vessel type and length, as well as boat cost and the coverage you want. Work with an insurance agent to get insurance quotes.

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