There's an old expression: The two best days of owning a boat are the day you buy it and the day you sell it.
I don't own a boat, but was interested why people thought this way. Apparently the cost of owning a boat can be a big burden, and coupled with how infrequently you get to use it, it becomes tough to justify. We wanted to delve into what made owning a boat so expensive, so we came up with a list of all of the fees you were likely to incur, and break them down in an easy-to-understand way.
Buying the boat
First things first. Unless you're inheriting it, or won it in a raffle, you have to pay for the boat. The prices will vary since there are many factors like there are with cars, but according to the National Marine Manufacturer's Association, 95% of boat owners own boats that are shorter than 26 feet with an average cost of $18,000.
Taxes, Title, and Registration
Don't forget to figure in your state's sales tax, any special taxes on boat purchases and registration and licensing fees. These will vary state by state, but rest assured, you'll have to pay something.
Insurance
Now that you've invested in a boat, you'll want to protect yourself with insurance. This will cost more if you're in a high risk area like the south, where hurricanes have been known to destroy boats. A good estimate for the cost of boat insurance is 1.5 the insured value of the boat, on an annual basis.
Docking and storing the boat
Unless you have a dock in your backyard, or want to tow your boat from your front lawn to the water every weekend, you'll need to pay for space at a marina. Docking your boat can be charged on a per-day basis or with a season pass, and it will vary widely, depending on where you are, how big the boat is and what services you require, but it's not a cost you can ignore.
And in many parts of the country, you'll need to "wrap" and store your boat for the winter somewhere it will be protected. Between hauling, dry-docking, shrink-wrapping and blocking the boat, you're looking at another set of fees that you need to be consider when making your decision.
Maintenance and repairs
In addition to oil changes, detailing, regular repairs and engine servicing, you need to paint the boat with anti-fouling paint as often as every year. Even without any major need repairs, these little jobs can add up quickly, draining your bank account.
Oil and Gas
Unless you have a sailboat or a really big oar, you'll need to put some fuel into your boat engine to get it running. You can buy a regular gas, or diesel-powered boat, but either one will cost you money to drive.
Boats don't use the standard MPG (mile per gallon) formula for calculating their fuel-efficiency, but instead use a gallons burned per hour. Needless to say, boats are NOT very fuel-efficient, especially if you really want to get going. The average boat will get a worse MPG rating than a gigantic Hummer H2 SUV.
Safety Equipment
Between life vests, signaling equipment like flares, fire extinguishers and a GPS system, you'll have to spend another pretty penny at Radio Boat Shack if you want to have peace of mind when out on the high seas.
Conclusion
If after reading all of this, you're still undeterred, then you are probably the kind of person for whom spending the money will be worth the experience. But keep in mind, there's a reason why some people say that BOAT stands for Break Out Another Thousand.
That is not to deter you, only to better understand what you're getting into. For some people, there's nothing better than a day out on the water. But for others, that day will take the entire week at the office to pay off.
