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Boat & Yacht Market

What Costs Are Associated With Buying a Boat?

There are a variety of costs associated with buying a high-end motor-driven or sailing boat.

Sailing Boat

Here are six of the points to consider before deciding to invest in a preferred type of boat:

Insurance

The cost of boat insurance can vary drastically in relation to the type and class of vessel, total insured value, and type of cover required. Contact an insurance broker or agent to get an idea of the likely costs. Also, read the terms and condition related to the home insurance policy as it is possible to include a small boat within this coverage. Plus, there are several steps that can be taken to help get the more attractive premiums from underwriters, such as completing a boating safety course, using specific types of locks, limiting the use, and building up a no claims bonus.

Maintenance

Maintenance costs are easily kept at bay with a new or previously well-maintained second-hand vessel. Boats used in salt or freshwater can benefit with a good wash down after each use. Regular upkeep of the boat can vary with the rates charged in different areas. Certain work like winterizing and oil changes can be more involved and therefore these services are more expensive to have completed.

A pre-owned vessel that hasn’t received the best routine maintenance in the past is likely to need more attention and care in the future. A regular wash of the boat is certain to help with minimizing the exposure and long-term impact of the saltwater environment as well general wear and tear.

A proper schedule of boat maintenance will ensure the entire boat is kept fully serviced at all times. Plus, on lay-up, make sure the mooring lines are properly secure and show no signs of rubbing or sun damage.

A bilge pump should be in full working order and built-in with a battery that has enough performance to operate the system for a sufficient period of time.

Mooring fees

Mooring fees relate largely to the type and location of docking, services required (sanitation, electricity, etc.), and length of boat. A popular mooring at a marine berth in a prime location can be extremely expensive and much in demand, while the buoy or offshore mooring can be more cost-effective and widely available.

Oil and gas

A motor-driven boat with inboard or outboard engine can cost quite a lot and put a dent in the finances. Search for the more fuel-efficient rated vessels. For instance, filling a 75-gallon tank on a single engine motor boat can cost in the region of $350-$400. But, for a less fuel-efficient, high-performance powerboat the costs can increase to about $1500-$1850 for a 300-gallon tank. Plus, there are the costs associated with oil changes.

Winter Storage

Winter storage is essential to maintain the condition of the craft, machinery, and accessories. Storage fees also include the hauling, transporting, and conducting the necessary winterization process. A proper winterize process is needed to protect the boat’s cooling and heating systems. Plus, extra services might be completed at the time of storage or de-winterizing, such as giving the boat a power washing session.

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