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Did you know that there are around 12.4 million registered boats in the United States? Owning a boat gives you the freedom to get out on the water and have fun whenever you want.
You can plan spontaneous fishing trips, hang out with friends, or enjoy some alone time on your boat. While boats are a ton of fun, they are more expensive than many people realize.
How much does it cost to own a boat? Keep reading to learn about the cost to own a boat.
Purchase Price
If you plan on buying a boat, one of the most expensive parts will be buying the boat. Either you will need to save money to buy the boat with cash, or you will need to finance your boat.
If you choose to finance your boat, you will end up paying more because of interest. Before buying a boat, be sure to create a budget and stick to it.
Boat Maintenance
Another expensive part of owning a boat is the maintenance. Like a car, your boat will need regular maintenance to keep it in good shape. You will have to have your boat cleaned, get oil changes, and buy new tires.
If you want to make any upgrades to your boat, that will be an additional boat maintenance cost.
Some common boat upgrades include a new motor, new seats, or new propellers. Be sure to learn more about different propellor options before upgrading.
Boat Insurance
While boat insurance isn’t required in all situations, it is still a good idea to have it. Boat insurance will cover you if you damage another boat, property, or your boat.
If you damage someone else’s property and you don’t have insurance, you will have to pay for the repairs out of pocket. Keep in mind that if you finance your boat, you may be required to have insurance.
How much you pay for your boat insurance will depend on the type of insurance and the value of your boat.
Boat Registration Fees
Like a car, you will need to pay to register your boat. How much you pay to register your boat will depend on your state, the type of boat you own, and the length of the boat.
Storage Fees
Before buying a boat, you need to consider the cost of storage. Unless you live on the water and own a dock, you will have to think about the cost of docking your boat, storing it in the winter, and transporting it.
Depending on where you live and launch your boat, storage and transportation can be a huge expense.
Now You Know the Cost to Own a Boat
Owning a boat allows you to get out on the water and have fun. While owning a boat can bring you joy, many people underestimate the cost to own a boat.
In addition to purchasing the boat, you have to consider the annual cost to own a boat. Did you enjoy reading this article on costs to consider when owning a boat? If so, check out the lifestyle category for more similar advice.
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