The whole point of owning a boat should be about the experience and having a great time out on the open waters, and not about struggling to make payments related to owning and operating the boat.
So, we have gathered a list of expenses you can expect, once you buy the boat so that you don't end up regretting the whole decision of buying the boat in the first place. You can also visit reliable sites like boatsforsale.co.uk, to get a better idea of the costs for certain types of boats, before making your purchase.
Costs Of Operating The Boat
How much it will cost you to operate your boat, largely depends on what type of boat you get. The fuel cost will be higher or lower depending on the size and age of your boat, also what kind it is.
Components such as batteries, oil, lights, pumps, and other equipment, will also set you back a bit. You will need to set up a budget for all of these things, beforehand.
You can get a better understanding of how to set up a budget for this by consulting your friends and family, who own boats, or from an experienced yacht broker.
Paying Interests And Warranties
In case you are financing your new boat, you need to keep in mind the amount of interest that you have to pay overtime, as an added or extra cost of owning a boat. When you buy a boat, you will be offered either a limited warranty or an extended warranty. This is something you need to purchase when you buy the boat, so study these closely to have full knowledge of what your warranty will cover.
Mooring and Storage Costs
You will have to calculate additional costs when you moor your boat at a marina or store it at a land storage facility. These costs will differ from location to location.
For instance, you may have to spend considerably more if you choose to moor your boat at an exclusive yacht club, or a private marina, and a lot less if you store the boat at a secure storage facility. The costs can vary between a hundred dollars to a thousand dollars, or more, for each month.
The total length of your boat will decide how expensive the fees will be, and what you will need to pay on a monthly or annual basis. This cost will have an impact on the overall affordability of the boat, so discuss these costs with your broker.
Then there are some additional fees charged by a few marinas, that relate to freshwater supplies and electrical power utility fees. Research the costs and fees of marinas and storage facilities, beforehand, to get a clear picture of what you can expect when you buy a boat.
Costs Of Repairs And Maintenance
Most boat owners will agree that the cost of maintaining a boat sums up to about 5-10% of the total boat value, per year. How often you use your boat, and what weather conditions it is subjected to, mostly affect the cost of maintaining your boat.
You will need to spend money on having the hull painted and the engine tuned up, at regular intervals. You may also need to repair electrical- and plumbing problems frequently. The costs will vary depending on the model, age and construction of the boat.
Accessories and Additional Equipment
Before taking your boat out on the water, you will need to equip it. These will include towels, lifejackets, fishing tackles, cleaning supplies, equipment for water sports and more. Equipping your boat with these items may not seem like a major expense, but they do add up to the overall cost of owning a boat.
Depreciation
Another thing that can be counted as a cost of owning the boat, can be how some boats hold their value longer than others. Suppose you like the new model of a boat, and want to sell your old boat to buy it.
You need to be prepared for the decrease in value of your old boat when you put it out for sale. A yacht broker will be able to help you with the resale values of particular boat models, so consult them about the model you are considering, and its reduction of value over time.
Add-ons
You can just get a standard boat that is factory-built, or you can have it customized if you are looking to enhance your boating experience. How many extra options you would like to have added will significantly increase the total cost of your purchase.
So be sure to budget for this, beforehand. Common features that can be added are laundry rooms, GPS, the capacity of the engines, sportfishing packages and anchoring systems. There are tons of upgrades available in the boating world, so it is good to have a fixed budget when shopping for add-ons.
Trailer
Many boat purchases have an inevitable trailer purchase associated with them, as it is a key component of owning a boat. You are very likely going to need a trailer, at some point or the other, to haul your boat in, or out of, the water. The trailer can be purchased separately from your boat, or together as a total package.
You will also need to consider additional maintenance costs of the trailer, such as storage and insurance costs, tires and brakes. To calculate this as a part of your overall boat ownership budget, as well.
Final Thoughts
Owning a boat is undoubtedly exciting, but you need to know all of the costs that you will have to count on after you buy it. Hopefully, the advice above has given you some insight as to what you can expect, in terms of the costs, for operating your boat. The boating industry is booming right now, so it would be a great time to make a purchase. So make an informed decision and have the best time out on the open waters, with your brand new boat.
