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The Full Cost Of Owning A Boat

Jun. 2 2021 Buying Guide By Nisswa Marine

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Boats are the perfect way to make the most of a warm day, and they’re a work and life necessity for many. But the fun and utility doesn’t change the fact that they’re expensive, and we here at Nisswa Marine want to help you prepare by highlighting the full cost of boat ownership. If you want to learn more, or you want to see the boats we have for sale, contact our store in Nisswa, Minnesota, today!

Sticker Price

Obviously, the first hurdle is the boat’s sticker price. This is the advertised cost of the boat, and depends on a few factors:

  • Size, since larger models use more materials and therefore cost more to make.
  • Type, since more advanced and complicated boats will cost more to make.
  • Age, since newer models will cost significantly more than most older ones.
  • Timing, since prices are lower during the off-season in fall and winter.

Remember also that if you take out a loan to help buy the boat, you’ll need to factor in interest.

Insurance And Registration

Your boat requires jumping through many of the same legal hoops that a car would. You’ll want insurance with liability coverage, at the very least, and damage coverage can also be wise. Insurance costs tend to be about 1.5% of the boat’s value but can be more if it’s a higher risk. 

You’ll also need to register it with the local government. The cost of that registration varies by the state you’re in, whether you’re a resident, the type of boat, and so on.

Maintenance And Storage

Factoring in longer-term costs, you’ll spend a fair bit of money to keep your boat in good shape. Typically, boat owners spend about 10% of the boat’s value annually just for maintenance. That includes replacement parts, repainting, and for boats with engines, fuel, oil changes, and engine repair.

Storage will also factor in both for the off-season and days where you just don’t hit the water. Storage at a marina or facility can range from a few hundred to a few thousand dollars yearly, depending on where and how long you store your boat and what type of boat it is. You should also invest in a boat cover to protect it from the elements, dust, and other hazards.

Trailer

If you can’t store your boat in the water, you’ll need a boat trailer to get it from your residence or storage facility to the water. Boat trailers range from a few hundred for a used model to a few thousand for new ones. You’ll need to register it with your DMV as well and need to factor in maintenance for the trailer as well.

Safety Gear

Everyone on your boat will need a life jacket, which tend to cost around $70 each. If you have a family with children, they’ll need new life jackets as they get older and grow, and you’ll want some extras in case you have extra guests along.

You should also have a safety kit that includes:

  • A horn.
  • Flares.
  • A fire extinguisher.
  • A first aid kit.

The kit may cost around $100.

Think you’re ready to shop? Contact us at Nisswa Marine to see the boats we have available! We proudly serve Minneapolis and St. Cloud, Minnesota—let us serve you today!