Determine the Costs of Boat Ownership

Have you ever wondered what costs are involved in a buying a boat? Figuring out a budget is easy when you know all of the factors to consider. Just follow these steps to see how affordable the boating life can be!

Steps

  1. Research and Compare Financing Options: You can finance a new boat just like a new car. As with car and home loans, boat loans have carried extremely appealing interest rates in recent years. Terms generally range from two to 20 years. Comparing rates on-line is a great starting point.
  2. Decide which Options and Accessories You Would like to Have: Similar to new cars, new boats are offered with different accessories and options. When you're pricing boats, factor in the cost of electronics, accessories and water toys and buy what's appropriate for your boat type and size and your home waters. Modern marine electronics are extremely reliable, are loaded with features unheard of just a decade ago and are more affordable than ever. Don't skimp on safety gear. Today's marine accessories can increase boating safety and fun, and make it downright easier than it was just a few years ago.
  3. Determine Operating Costs: Boating isn't an activity like driving where you are using gas all the time. In fact, when a person is boating, they may be fishing or swimming and not using the motor at all. If you own a sailboat the motor is used even less. Most of the boats in use on the water today are less than 21' in length. These crafts do not require exorbitant amounts of gas, so any impact would be negligible. In fact, 64 percent of boaters say they purchase less than fifty gallons of gas per season, roughly two trips to the gas station, to fill up your SUV or Minivan.
  4. Figure out how much Maintenance and Upkeep Your Boat will Require: Boat, trailer, and motor maintenance can be as simple as a freshwater wash down after each use and keeping them covered between adventures. This simple task will go a long way toward keeping your maintenance costs at bay. If you don't feel like you have the time and energy to do it yourself, hire a pro. It'll pay off in the long run. Costs for routine maintenance vary by region, but for more involved services, such as oil changes and winterizing, expect to pay what you would for your car on an hourly basis. Pre-owned boats can require significantly more maintenance.
  5. Decide How and Where you will Store Your Boat: When it comes to storing your boat, you have several options depending on the size of your boat. You won't find a less-expensive way to keep a boat than storing it on a trailer in your driveway or backyard. Another alternative for smaller boats is rack storage. A typical rack storage facility keeps your boat in a covered shed filled with trailer-like cradles. For owners of larger boats, and owners of small boats who crave convenience, a marina slip is the best way to go. Learn more about different types of storage.
  6. Compare and Purchase Insurance: Boat insurance varies by boat length and type, by the cost of the boat and the level of coverage you want. Consult your insurance agent for quotes or compare rates online. Some smaller boats can be insured for a nominal sum as a rider on a homeowner's policy. You can reduce the cost of marine insurance premiums by taking a boater's education course.

Video

  • For more information, watch the video for this article.

Tips

  • A well-tuned engine uses less fuel.
  • Use the grade of gasoline specified by the engine manufacturer.
  • Minimize the use of onboard generators.
  • Check your propeller. If your boat is slow "out of the hole" or lacks top-end speed, you might have the wrong propeller.
  • Prices for new boats vary depending on size and make. In fact, monthly payments for many entry-level boats can be less than $200. Compare boats and their prices to come up with the ideal choice for you.
  • Use dock-side electrical power in lieu of generators.
  • The proper use of trim tabs reduces drag (reducing fuel use), especially while accelerating up to planning speeds.
  • Minimize the amount of time that you idle at the dock.
  • Make sure the hull is clean.
  • Don't under-power your boat. It's important you have enough motor to handle the load.
  • Slower speeds on the water will reduce fuel use.

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References

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