Thinking about buying yourself a boat? Not sure how much you need to invest? Boats come in many different styles at many different price tags. This guide takes a look at the different types of boats you can expect to purchase across low, mid and high range pricing brackets – while also exploring some of the ongoing expenses you may need to consider.
Low range pricing bracket: under $10,000
Budding boat owners on a budget can find boats for sale as low as $100 – but this typically only includes basic inflatable rafts and kayaks. Motorized jon boats typically cost upwards of $1000 when bought brand new, while fiberglass fishing boats often cost around $5000 to $10,000. You may find some small used sailboats for under $10,000 too – these can be great entry boats for those wanting to get into sailing.
Mid-range pricing bracket: $10,000 – $50,000
Expect to pay over $10,000 for something more spacious and family-sized. Most sophisticated sailboats come in this price range – with new sailboats often costing over $20,000. When looking for a Sylvan pontoon for sale or a center console fishing boat, you should generally expect to pay over $30,000. Bowriders are also available in this price range.
High-range pricing bracket: over $50,000
Want to buy a yacht or decent-sized cabin cruiser? You’re looking to spend over $50,000. These boats have roomy sleeping quarters and ample room for entertaining. Catamarans typically start at $60,000. As for superyachts, they usually start at $500,000, with prices climbing well into the millions for the most luxurious vessels.
What are some of the other boat costs to consider?
Beyond the upfront cost of buying a boat, it’s important to consider the other running costs that can impact your overall budget. These costs include:
Maintenance and repairs
All boats require regular maintenance to be kept in good condition – including cleaning, engine tune-ups and repairs. This can vary in cost depending on the age and size of the boat. Generally speaking, annual maintenance costs will equal 10 to 15% of the boat’s value.
Insurance
Boat insurance is key for covering you against theft, vandalism or collisions. Premiums can vary a lot depending on the value and age of the boat – anywhere from $200 to $2000 per year.
Mooring/storage
Keeping your vehicle docked up in a marina could cost anywhere from $12 to $4000 per year depending on the size of your boat and quality of the marina. Alternatively, you can put your boat into storage – which will usually cost about $50 to $300 per month.
Fuel costs
Motorized boats will require fuel. This cost varies massively depending on the type of boat and how often you take it out. Sailboats could save you money on fuel – while most modern sailboats do have engines, you have the option to ride the wind instead.
Equipment and safety gear
Don’t forget about safety equipment like life jackets, flares and first aid kits. There could also be all kinds of equipment you want to keep on your boat ranging from fishing equipment to cooking utensils. Spare a few hundred dollars to buy all of this.
Conclusion
The cost of buying can vary widely depending on the boat you choose and various other factors. It can be quite affordable if you’re happy to settle for something modest. But if you want something more luxurious, you’ll need to be willing to splash out a lot more money.