Boat ownership is something that is of interest to many people from all walks of life. Maybe you belong to this group. Getting out on the water and fishing might appeal. You might like to lie out on the deck while reading a book. You can work on your tan, drink a cocktail, or chat with friends.
Can you actually afford a boat if you’re not wealthy, though? Some people seem to manage it. It’s generally possible if you set your mind to it, even if you are not what most individuals would consider wealthy.
You can look at some of the Austin boats for sale near you if you’re intent on owning one. Before you do, though, let’s take a look at the maintenance costs that are associated with owning a boat.
The 10% Rule
There are many boat owners who will tell you about the so-called 10% Rule when it comes to boat maintenance. That means you can expect to pay about 10% of the boat’s total purchase cost in maintenance bills every year you own the vessel.
This will probably fluctuate somewhat, as these numbers are not written in stone. However, if you take a look at the boat’s total price tag and assume you will need to come up with 10% of that each year, that is probably not too far from reality.
Now, let’s break down what goes into boat maintenance costs a little bit more.
The Registration Fee
If you own a boat and want to operate it where you live, then you need to register it, much like you would with a car. Generally, it’s the state where you live that you need to approach about registering your boat.
The actual cost varies depending on what state you’re in. In New York State, for instance, it will cost you $22.50 per year to register a boat that’s less than 16 feet. If you have one that’s 16-26 feet, it will cost $45. If you have one that’s over 26 feet, that will cost $75.
Again, you’ll need to look at the specific prices of boat registration that apply to your particular state.
Insurance Costs
You are definitely going to want to have insurance for your boat. It is much like owning and operating a car in that respect.
Insurance costs will vary, but you can probably expect to pay somewhere in the area of $200-$500 per year. Much like the cost of virtually any kind of insurance, the more deluxe plans will be more costly and the bare bones ones will cost less.
Storage Fees
You need to pay the marina where you will dock your boat. You can also store it indoors in some instances. This is one of the more costly aspects of boat ownership. Generally, you will pay a by-the-foot fee to store your boat. The longer your boat, the more you can expect to pay.
That usually costs anywhere from $50-$200 per foot if you are storing the boat indoors. You will likely pay anywhere from $20-$50 per foot if you are storing it outdoors.
Of course, you can always put a tarp over the boat and keep it sitting in your driveway during the offseason, or in your garage if it will fit. However, that means it will be in your way, and you might get sick of how much space it’s taking up at some point.
Winterization Fees
You will probably need to pay a fee to winterize your boat each year. That may cost between $250-$500. You’re likely to pay on the low end of that if you handle winterizing the boat yourself.
If you do that, though, then you need to learn what to buy and how to apply it. If you pay someone else to do it, by contrast, then it will cost more, but you will know that you are getting it professionally done.
For the record, winterization usually involves adding antifreeze, draining the water from the vessel, protecting the engine, protecting the battery, cleaning the boat, and drying it. You will also need to attend to the safety gear, propeller, and fuel.
Care for Your Canvas and Upholstery
You will need to care for the canvas and upholstered elements on your boat every year, at a minimum. This material is subject to water, wind, sun, and other elements the more you use the vessel.
You can usually get solvents to wipe down the material. That might cost as much as a couple of hundred dollars, but it will likely be less than that.
Do Engine Maintenance
You will need to do engine maintenance on your boat every year as well. That might involve periodic fuel filter replacement, changing the oil, and adding lube to the gear case.
This might cost somewhere in the area of $250-$350. If you are giving your engine a total overhaul, which you might do every 2-3 years depending on how much you’re using the boat, then you’re probably looking at more like $700.
This will include looking at the condition of your spark plugs and possibly replacing them. You will also want to do a check of your water pumps to assess their condition. If you get a professional to do all of these things, that will cost more than if you do them yourself.
If you have a relatively small boat, you might reasonably expect to pay something like $2K-$3K per year to maintain it, though that can vary depending on a few of the factors we’ve mentioned. Storing the boat on your own property will cut down that price tag quite a bit, as will handling all of the maintenance yourself rather than paying a pro to do it.
Boat ownership is probably possible if you’re sure it’s something you want. If you have virtually no disposable income, though, then it’s likely best that you wait until your financial situation has changed before taking on this yearly expenditure.
