Boating activities are fun. You spend a weekend on your friend’s boat, and in the end, you feel like you need to own one. An alternative could be a boat rental, but you want something under your name to use anytime you want. One of the first things you will think about is the cost. When it comes to cost, you do not just think of the purchase price but also the maintenance cost. Below are a few points to give you an idea of the cost of boat ownership.
Initial Buying Cost
Boats are like cars. The cost depends on the type you are buying, the size, whether it is used or new, etc. For instance, center console fishing boats are more affordable than luxury yachts. A used catamaran boat will be cheaper than a new one. You only need to set aside a budget for what you are comfortable spending. Fortunately, most boat sellers offer different financing options, making boat ownership easy.
Maintenance and Repairs
All types of boats will need maintenance and repair from time to time, which will cost you some money. A new boat needs less maintenance than a used one for the first couple of years. Also, with constant boat use, parts are prone to breaking down and will need replacing and repairing. These costs will vary depending on the type of boat you own.
Every time you go out, your boat will need fuel. It can be hard to predict how much you will spend as fuel prices keep fluctuating. But either way, account for this.
Other costs you are likely to encounter include insurance fees, storage and equipment, and accessories.
When buying a boat, do your calculations well. You may find that the purchase price of a particular boat is affordable, but when it comes to maintenance, it costs you more. Do your math first so that when you get one, you have a rough idea of how much it will cost you.