The 5 Basic Costs Associated With Boat Ownership

According to National Marine Manufacturers Association, the retail sales of new powerboats in the US increased in the year 2020 by an estimated 12% compared to 2019. The number of sales was 310,000 units. Not only powerboats, but the number was significantly high for other types of boat and marine vehicles.

 

 The number increased because people found that water is the best way to escape pandemic stress and enjoy the outdoors safely with family and friends. And some people preferred buying boats in this pandemic to earn livelihood comfortably.

 

No matter what the reason, if you are planning to buy a boat, you should know the cost associated with it. You should know that buying a boat is not enough to become a boat owner; you need to consider the cost of other things as well.

 

In this post, we will discuss the 5 important costs involved to own a boat.

 

Cost of the boat 

There is nothing to be surprised about this cost. Until you pay for the boat, you cannot own it. You should know your requirements and select the best boat that will fulfill all of them. For example, a powerboat will not be an ideal choice if you are planning normal sailing on the water. You should know where the boat will operate and what reasons. Other than this, you should choose between a new –pre-owned boat because it majorly affects the cost.

 

Storage of boat 

Just like other vehicles, you will need storage space for your boat so it’s safe. You cannot leave your boat 24/7 in the water because it will damage the parts. And also, you cannot bring your boat back and forth from your home or storage facility. So, you should think wisely. Boat storage is costly so you should consider all the factors before selecting a facility. It’s always good to store your boat indoors so that it stays protected from adverse climatic conditions. Also, the storage facility should be spacious.

 

Maintenance of boat 

If you don’t maintain the boat, it won’t survive for long. The parts will break down and lead to severe damages. Also, the not-so-well-maintained boat will increase the chance of accidents and injuries. The maintenance schedule varies by boat. So, you shouldn’t follow what other boat owners are doing. You should check the hull equipment, engine, sails, and riggings. You should seek help from professionals and follow all the maintenance guidelines.

 

Fuel in the boat 

The fuel requirement depends on your use. Sometimes, the full tank fuel is not utilized by people because they stop and drop anchor for several hours during their day on the water. And sometimes, people don’t use the boat for long or the entire day. You should decide your day and calculate the fuel quantity for accurate cost calculation. The fuel consumption will take a major part of your expense.

 

Boat insurance 

This factor might be surprising for you because not many boat owners think if getting boat insurance. But, you shouldn’t miss out on your financial security. Boat insurance is an annual policy that will protect your boat whether it is stored or being used. The insurance company will pay the amount in case of any damage, accident, or other severe issues related to the boat. Before buying boat insurance, you should check the coverage, premium amount, and reputation of the insurance company.

 

By now you might have understood that becoming a boat owner isn’t easy. It includes many costs for proper operation and long-term existence. So, you should consider the costs discussed in this post before buying a boat.