Owning a boat is many people’s dream. And it’s not a small one. After all, we perceive recreational boat ownership as a luxury. But if you are ready to abandon the “dreamer” status and become a real-life boat owner, then you need to start planning and thinking ahead.
After all, is not just about buying a boat, and that’s it. You need to think of storage, insurance, fuel, and general maintenance. And so, the question arises. How much does it cost to maintain a boat?
Let’s try to figure this out.
How Much Does Boat Maintenance Cost?
Wouldn’t it be great if you could just pay for your boat and never again have to worry about anything else? Sadly, owning a boat, just like a car or a house, has its own recurring costs that you should be aware of before you make any transaction. Although to a lot of people, upgrading their boat has its own charm.
Now, prices will vary according to the type, size, and state you live in, but you can consider that maintenance will cost around 2% of the price of new boats, or 10% of the prize of a used boat. But let’s break the expenses, so you can make an accurate calculation of the maintenance cost for the boat you are interested in.
Insurance
It’s hard to put a fixed price on boat insurance, and some don’t even buy one for their vessel. But you know the old saying: Better safe than sorry. Talking about insurance, there are so many variants that the one you buy might be different from the boat next dock. As an estimate, you can calculate to pay around 1.5% of your boat’s value, per year.
Other things that might add up to the insurance cost is the use you will give it, the size, age, your driving record —it is assumed that if you are a responsible car driver, you will be a responsible boat driver as well—, safety measures, among others factors, common to most types of insurance.
Storage
Storage is another price that will vary according to the type of storage you want and the size of your boat. But you can find storage space starting at $200 and up, per month. As for those options we mentioned before?
You can store your boat in an in-water dock space, in an indoor storage space, or outside storage space. Of course, if you do have your own space to safely store your boat, you could dispense with this expense.
Fuel
Just like you want to take good care of your car engine, you will want to take good care of your boat engine. And using the right type of fuel —and the proper maintenance— can make it last 15 to 20 years, compared to the 2 years it might last with poor or no care.
Fuel is an important part of en engine’s health. A non-ethanol fuel, which is preferred for boating, is on average $3.75 per gallon.
Taxes
Some states, don’t have luxury taxes applied to boats. California is one of them. But you do have some other taxes to consider, that will sum up your boat maintenance cost. Sales and use taxes can cost between 7.5 and 10% of the boat value, per year.
For starters, there is the registration fee that you will have to pay when you buy your boat. The amount will be assessed after purchase, and then you have an annual property tax to have in mind when calculating your general boating costs.
Safety and Navigation Equipment
Although Safety Equipment my vary according to the type of boat, we are going to estimate the cost of safety equipment according to the list of the San Diego Government:
- Throwable Flotation Device: $12
- A wearable flotation device per person: $300
- A marine-type fire extinguisher: $20
- Navigation lights for night trips: starting at $80, for each type (green, red and white)
- A sound-producing device: $200
- A visual distress signal: $300
Of course, you don’t need to replace them every year, but you will have to change them every once in a while when needed.
Technical Maintenance
It doesn’t matter if you buy a new or used boat, you still will have to do some general maintenance to ensure your boat can provide you with lots of good on-water memories for many years to come. These are alike with the maintenance of a car: oil, lights, battery, and others that are specific to boating, like paint. How often you perform those maintenance tasks and the price will also depend on the size of your boat, how old is it, and if you use it on freshwater or saltwater. The best thing you can do is call a specialized mechanic who will also make sure the engine is good and tell you if you will have to do some special work and get a free quote on your boat.
In fact, if you are ready or already have a boat in mind to buy, you can call us to schedule a visit and get a free quote at 619.904.7192, or fill out our contact form.
