The Full Cost of Owning a Boat

Boat ownership is deeply rewarding because of the way that owning a boat expands your horizons, teaches you new things and helps you create beautiful memories with your friends and family. However, it’s important to be aware that boat ownership is not free or cheap; there are some significant costs when it comes to having and maintaining your own vessel that you need to know about and plan for in order to ensure you can actually get use out of your boat once you have it!

New Jersey Outboards in Bayville is your Garden State boat dealer. As such, we’ve taken the time to round up all the costs of owning a boat so that you can fully prepare yourself and your budget for your purchase.

Up-Front Price

Obviously, the first cost you’ll worry about is that sticker price, but it’s only part of the overall amount you’ll spend. This sticker price will depend on how big the boat is, what type of boat it is, how old it is if it’s used and what season you purchase it in. Fall and winter tend to be cheaper times to purchase a boat, and smaller boats will cost less, as will used boats.

Insurance Costs

Another important cost to be aware of is how much insurance will be for your boat. Liability and damage coverage are crucial here and they tend to make up about 1.5% of your boat’s full value. Insurance isn’t required by every jurisdiction, but it’s very highly recommended that you obtain it in order to spare yourself from paying the full (expensive) costs of repairs for your craft.

Registration Fees

You’ll need to register your boat with the state you live in, and the cost of this registration will vary. It is possible to register your boat in another state, but it may be more expensive than if you were a resident of that state.

Maintenance

Everyone knows that boats need regular maintenance, just like a car or truck would. Keeping on top of maintenance will help to prevent major damages from being incurred that end up being much more expensive than the maintenance itself. You can perform a lot of tasks at home, but it’s always good to have your boat professionally serviced at least once per year. Anticipate spending approximately 10% of your boat’s cost to maintain it each year.

Storage

If you have no place to store your boat on your property, then you’ll need to pay for a marina slip or a dry storage facility to keep your boat during the off-season and whenever you’re not using it. Storage costs vary widely depending on what type of storage it is, what type of boat you have and how long you anticipate storing the craft.

Seeking boats for sale in Bayville, NJ? Visit our dealership today to check out our fine selection of new and used boats for sale. New Jersey Outboards proudly serves the greater Philadelphia, PA, metropolitan area as well as the states of New York and Connecticut.