There are many factors to keep in mind when budgeting for a boat purchase. There are several fees and costs beyond just the sticker price that can easily push you over your spending limit if you are not careful. That is why 918 Boats has created this guide to the full cost of boat ownership.
The Boat’s Sticker Price
The first and most obvious expense will be the boat’s sticker price. This will vary depending upon the size of the vessel, what type of boat you are purchasing, whether it is new or used, and whether you buy during the busy season or the off-season.
Boat Insurance
Boat owners are required to purchase liability coverage, though you may want to purchase damage coverage as well. Insurance costs tend to be about 1.5% of the boat’s value, though you may have to pay more if you live in an area with a lot of risk factors like hurricanes.
Boat Registration
Registration can vary depending upon which state you are registering in, whether you are a resident in that state, the type of boat you are registering, etc.
Maintenance Fees
Maintenance fees can vary from year to year, though you can usually expect to spend 10% of the boat’s cost each year on maintenance.
Storage Fees
If you do not have a place to store your boat, you may need to pay for space in a storage facility. Storage fees can vary depending upon location, how long you plan to store your boat, and what type of boat you will be storing.
A Boat Trailer
Besides the cost of purchasing a boat trailer, you will also need to pay registration and maintenance fees for the trailer itself.
Safety Gear
Another cost to consider is safety gear. Everyone who rides in your boat will need a well-fitting life jacket. You should also have a safety kit with essentials such as a horn, flares, a fire extinguisher, and a first aid kit.
Boat Accessories
One last expense to keep in mind is any accessories or extras you want to purchase, such as a GPS or Bluetooth® speaker system. These features can do a lot to enhance your experience, but they do cost extra, so you should include them in your budget.
If you are ready to shop for boats or boating accessories, visit 918 Boats in Sperry, Oklahoma. We also offer parts, financing, servicing, and trade-ins, so visit us for all your boat-related needs. We are proud to serve communities like Tulsa and Oklahoma City, Oklahoma.
