There are a lot of factors to consider when choosing the right boat for you and your family, and price is often one of the biggest. But when you’re estimating the cost of a boat, you have to consider more than just the upfront costs – you need to factor in ongoing expenses too.
Figuring out how much your boat actually costs can be overwhelming, but we’re here to help. In this blog, we’ll break down all the costs you need to consider so you can make an informed decision on which boat is best for you.
Upfront Costs
At the start of your boat ownership journey, you should be ready to make multiple initial payments. The total price of those upfront costs will vary depending on the kind of boat you’re buying, how you plan to use it, and more.
The Boat
The brunt of your upfront expenses will come from the boat itself. Boat prices vary widely based on model, year, and more. But there’s a lot more to consider that can impact that cost too.
Materials
Boats can be made from a variety of materials, which affects their price.
Fiberglass is the most common boat material, so you’ll see the widest price range. Vacuum bagging entire hulls and Resin Transfer Mold (RTM) have made fiberglass boats lighter and stronger, lowering material costs and improving operating efficiencies. Anything from yachts to cruisers can be made from fiberglass, and the price point will depend on the kind of boat you’re buying and how large it is. In terms of aesthetics and maintenance, advanced gelcoat materials and techniques have made fiberglass boat finishes last decades and allowed for intricate color schemes.
Behind fiberglass, aluminum is another common material used for boats and pontoons. Aluminum is typically used for smaller fishing boats, which carry a lower price point. Since aluminum boats are lighter, smaller engines can be added to get similar top speeds while saving on fuel consumption. While aluminum can corrode over time, leading to repair costs, it is less of a factor today due to newly advanced coatings.
Until the ‘60s, virtually all boats were constructed from wood. The material’s still being used in handcrafting boats globally today as a rarer, but respected, display of craftsmanship. Wood can be used to make outboard skiffs or runabout boats. Special wood and veneers are expensive, and the boat-building process requires special skills and tools. The build requires many man-hours and upkeep.
New v. Used Boats
Similar to cars, the price point between brand-new and used boats varies significantly. Something to keep in mind, however, is both upfront price and ongoing expenses associated with both.
A new boat’s initial price tag, more often than not, is pricier than a used vessel. But a newer boat may require less maintenance than a used boat. Buying a used boat, while more cost-effective upfront, can come with additional maintenance and repair expenses.
You have to weigh whether you would prefer a potentially higher initial price or a lower upfront cost with more investments over time.
Boat Financing Options
The largest aspect that can impact upfront cost is how you decide to pay for your boat. If you have enough money to pay for the boat in full upfront, the payment will be a higher one-time cost.
The world of boat buying isn’t exclusively for a cash buyer, so if paying in full is not feasible for you at the time of purchase, you can always finance your boat. This route will have you paying a set amount monthly. The amount you pay depends on the estimated duration of your loan, the percentage you want to put as a down payment, and more. MarineMax has a loan calculator that can estimate what your payment will be.
Deciding whether to pay in full or to finance your boat is a big decision; a shorter window of payments compared to paying less at any given time. If you’re unsure what option suits your needs the best, you can read our blog about financing vs paying in full.
Trailer
If you’re planning on bringing your boat home or transporting it in general, you’re going to need to buy a trailer. Trailers help you tow your boat from one location to another.
There are many types of trailers available, and which one would work best for you greatly depends on what type of boat you have. The price depends on what type of trailer is being bought.
Single Axle Trailer
Smaller single-axle trailers can cost between $700 and $800. Otherwise, this trailer can be priced around a couple thousand dollars if you buy a larger trailer or a model made from certain materials like aluminum.
Tandem Axle Trailer
Tandem-axle trailers are built to handle and transport larger boats and can range in price based on the material and weight rating (by the Gross Vehicle Weight Rating scale). Lower averages can be around $1,000 to $5,000, but trailers made from higher-quality materials can cost tens of thousands.
Tri Axle Trailer
Tri-axle trailers are sturdy and able to move large, weighty boats. Prices depend on the material, specific model type, manufacturers, and more. The lower end of the price range lands around $5,000, but as is normal with many trailer types, tri-axle trailers can cost tens of thousands.
Registration
Registering your boat is another upfront expense to think about. Boat registration is required of all boat owners, and ensures your (motorized) boat is legally allowed to be in U.S. waters. When estimating the price of registration, you must consider both upfront costs and additional payments for renewals. Registration prices differ depending on the state you’re registering in, as well as renewal rates.
Depending on where you buy your boat from, your dealer may help you with the registration process. If you still want to learn more about registration, we have some helpful insights.
Safety Gear
Having safety gear on board your boat gives you peace of mind and keeps you and your passengers safe out on the water. Certain safety gear is also a legal requirement by the U.S. Coast Guard and state rules.
Regulations require that there must be one lifejacket on board for every person on the vessel. The price of a lifejacket depends on brand, quality, and additional technology like inflation and location tech. Some specialized lifejackets can cost around $100-$200.
Fire extinguishers are also required and must be approved by the U.S Coast Guard. Pricing varies based on extinguisher size and brand, with certain options costing over $100.
Some boats may come equipped with this safety gear, but you should check upon purchase. If you lose or run out of a certain type of safety gear, you should replenish it, as safety inspections happen periodically. Not passing a boat safety inspection can lead to fees, so having this gear is essential for avoiding more expensive fines later.
Ongoing Costs
While the highest price tag will often come with the initial purchase of the boat, there are ongoing expenses that come with boat ownership. When considering the cost of a boat, you should account for these future costs.
Insurance
Accidents can happen, and insuring your boat protects you in case of physical damage to the boat or injury to you or your passengers. Many insurance policies offer “all risk” coverage, which accounts for physical damage and incidents like theft, fire, and more.
However, the cost of these coverage plans depends on the age and type of boat, the climate of the area where you’re storing the boat, and your previous boating experience.
If you are buying your boat through a dealership, they may be able to help or provide you with insurance options. MarineMax, for instance, can help you insure your boat.
Fuel
Just like a car, boats will need refueling. This will be a continuous expense that you’ll need to keep in mind. The price of fuel depends on horsepower and how regularly you refuel.
For example, if you’re cruising around a small bay on the weekends, you’re not going to run through your fuel as quickly as if you’re fishing several times a week, going offshore, or taking longer trips.
Docks
If you want to have a “home base” where your boat stays in the water and is ready to go, you may want to consider keeping it docked at a local marina throughout the boating season. The cost of your transient slip can vary based on the size of your boat and your location.
When determining which marina would be the best fit for you, beyond just their storage options, you should consider what amenities are available and are desirable to you.
Some marinas have security, bathrooms with showers, and WiFi. Beyond more traditional benefits, certain marinas include pools and clubhouse access.
Routine Maintenance
Regular maintenance is another recurring expense to keep in mind. While it can be costly, upkeep can prevent larger, more expensive problems later.
Engine Upkeep
Without a working engine, your boat will not run. It is important to routinely check and maintain your engine.
Engine upkeep includes changing oil, filters, and the water pump, as well as flushing your engine. While figuring out what type of engine service you need can be confusing, we’re here to help! Our boating tips blog helps break down how often you may need to service your engine.
Pump & Strainer Maintenance
It’s generally recommended that pump and strainer maintenance is done yearly. Checking on your equipment prevents higher costs later on from additional repairs or replacements.
A large part of the expenses with this process are associated with the materials you might need, which can include wrenches, screwdrivers, rags, scrapers, or a wire brush, and more. If you choose to get it serviced by professionals, labor costs will also impact the pricing.
If you choose to take classes or certification courses on how to clean your boat, you might need to pay a fee. For some quick (free) tips to start you off, check out our blog Boating Tips: Strainers and Bilge Pumps | MarineMax.
Cleaning
Routinely cleaning your boat maintains quality and appearance. In the process of cleaning your boat, there are many parts of the vessel that will need to be looked at.
For hull cleaning, algae will need to be removed, and the structure should be completely wiped down. In addition to your hull, you’ll also need to clean (or have someone clean) your upholstery, vinyl seating, windows, the deck and flooring, and any accessories.
There are a multitude of materials that you may need to buy. Multipurpose spray, microfiber cloths, polish, Britewash, and brushes are among the tools needed to maintain your boat’s cleanliness and functionality.
While some owners choose to clean their boat themselves, many companies and dealerships offer cleaning as a service if you’d rather have it done professionally. MarineMax, for example, cleans your boat as part of our storage and winterization offerings.
Repairs
No matter what kind of boat you have, things happen, and you should be ready to pay for any repairs that are needed. Repairs can vary in price based on the scale of the fix and the problem at hand.
Engine
Fixes with engines can range from general repairs to full-on replacements, depending on the problem. Repairing your engine will likely be at least a couple of hundred dollars, with total replacements costing upwards of tens of thousands of dollars. You’ll also have to account for labor expenses, which can vary depending on where you go. If you’re looking to extend the life of your boat, we offer assistance with repowering and repairing your engine.
Parts
The reality of using your boat for extended periods of time means that a part or two will have to be replaced at some point. Costs are traditionally dependent on what exactly is being replaced and what type of boat the parts are for.
Smaller parts, like clamps, drain plugs, and lighting, are generally on the cheaper side. On the other hand, larger-scale replacements, like motors and electric systems, can be more expensive.
For pricing, you’ll have to consider labor costs and the rate at which certain parts will need to be replaced or repaired. For example, batteries will likely need to be addressed more frequently than the hull.
Paint
If you care deeply about the aesthetics and external appearance of your boat, you may want to consider repainting or touching up your boat at some point, depending on how old it is and what conditions it’s been exposed to.
Paint on a boat can be impacted by factors like saline content, water, and sunlight. So if you’re in a sunny, tropical environment and use your boat in saltwater, you run a higher risk of fading, peeling, blistering, and corrosion. If that’s the case, you may want to freshen up the paint periodically.
Winterization
Anyone keeping their boat in a location that experiences winter weather should be prepared to invest in winterization and to pay for this process every year.
While covering your boat does cost money, you also must keep in mind that you're paying for the boat to be drained, cleaned, and properly prepared for winter storage. Beyond elements of the process, you might have to pay for materials and for labor.
Want to learn more about how to winterize your boat? Read our blog on how to clean, safeguard, and prepare your boat for winter!
Storage
If you’re taking your boat somewhere with a distinct off-season, storage needs will have to be accounted for when determining the price of owning a boat.
Storage costs will be impacted by location and your boat’s size. Certain storage locations also require a deposit (especially if additional services are included). The type of storage you select for your boat will also affect pricing. Boats can be stored outdoors, indoors, or in the water.
It can be hard to select which storage type is best for you, but we can help. Check out our blog on choosing the right storage option for you.
Conclusion
Buying a boat can be both exciting and intimidating, but it’s important you make the decision fully informed. Taking time to understand both the initial and ongoing costs associated with boat ownership will help you choose the right boat for your lifestyle.
If you’re ready to buy a boat, MarineMax is here to help you understand these finances; check out our boat financing to find a plan that works for you. We’ll be here from the first purchase, determining a financial plan, and even helping with storage.
