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The Full Cost of Owning a Boat

Jul. 11 2023 Lifestyle By Tommy's Boats

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Budgeting for a boat purchase can be tricky. There are all kinds of extra fees and costs beyond the sticker price that you might not be aware of. That is why the experts at Tommy’s Boats have created this guide to the full cost of boat ownership.

The Boat's Sticker Price

The boat’s sticker price is the largest and most obvious expense when it comes to boat ownership. The sticker price is determined by various factors, including the season, the type of boat being bought, whether the boat is new or pre-owned, and the size of the vessel in question. 

Boat Insurance 

All boat owners are required to purchase liability coverage, though you may want to purchase damage coverage on top of that. Insurance tends to cost about 1.5% of the boat's value, although you may have to pay more if you have additional risk factors. 

Registration and Maintenance Fees

You will be required to pay a fee in order to register your boat, though this will vary depending upon which state you are registering in, whether you are a resident of that state, the type of boat you are registering, etc. You will also need to pay maintenance fees, which usually add up to around 10% of the boat’s worth per year. Finally, you will also need to pay registration and maintenance fees on your boat’s trailer. 

Storage Fees

If you do not have a place to store your boat when it is not in use, you may need to pay for space in a storage facility. These fees can vary depending upon location, how long you plan to store your boat, and what type of boat you will be storing.

Safety Gear and Accessories

You will also need to consider the cost of extra items like safety gear and accessories. Everyone who rides in your boat will need a well-fitting life jacket, and you should have a safety kit with essentials such as a horn, flares, a fire extinguisher, and a first aid kit on board. Extra items like a GPS unit or Bluetooth® speaker system can enhance your experience, but they also add to the price tag. 

For more information or to view our selection of new and pre-owned boats, visit Tommy’s Boats at one of our dealerships. With sixteen locations across the US, including four in California and three in Michigan, you are sure to be able to find one near you. We also offer servicing, parts, rentals, boat customization, financing, brokerage, trade-ins, and storage. We hope to see you soon!