SPONSORED CONTENT -- (StatePoint) Navigating the exciting journey of buying a boat requires careful planning. With various costs beyond purchase price, such as maintenance, insurance, storage and unexpected expenses, understanding how to budget for a boat is essential for a smooth sailing experience.
Here to guide you through the process are the experts at Boatmart, a marketplace for buying and selling boats of every shape and size.
Boat Types
First, determine what type of boat will align with your hobbies, lifestyle and budget. From small dinghies to luxury yachts, the spectrum is broad. Factors to consider include:
1. Intended Use. If you’re planning to use your boat for lake fishing, a simple fishing boat will suffice. But if you’re into water sports or ocean cruising, you might need a specialized, more expensive model. Consider your needs and go from there.
2. New vs. Used. While a new boat may require a higher upfront cost, it’s likely to demand less maintenance during the initial years. On the other hand, a used boat may be more affordable, but could potentially necessitate additional upkeep in the long run.
3. Size. Larger boats tend to come with a higher price tag for both the initial purchase and ongoing expenses, such as maintenance, insurance and storage fees. Take these factors into consideration when evaluating the overall costs of ownership.
Upkeep
Just like cars, boats need regular maintenance to preserve your investment. Regular upkeep consists of engine tune-ups, antifouling, cleaning and winterization. Here are some ways to minimize maintenance costs:
1. DIY Upkeep: Simple upkeep and maintenance can be completed by you, if you feel confident enough to tackle those things. However, for more involved tasks, it’s advisable to utilize experts.
2. Regular Care: Regular checkups to spot problems early can help you avoid larger repairs later.
Insurance
Insurance is a big piece of owning a boat. Your choice of coverage will affect the total overall cost of your insurance. Here are some things to consider:
1. Coverage Type: In terms of insurance, third-party liability could be a good option, as it’s generally less expensive than full coverage. This insurance prevents you from having to pay for any potential accidents or harm caused by your boat.
2. Boat Value: Your boat’s value affects the price of insurance. In general, more expensive boats require more expensive insurance.
3. Boat Use: Use frequency, where you go boating, and the boat’s main location can change the premium. For instance, if you use your boat for low-key lake trips, you might pay less than someone who goes offshore fishing. Understanding these factors helps you choose the correct coverage.
Storage and Transportation
Where you choose to store your boat and how you decide to transport it between bodies of water factor into overall boat ownership costs. Consider the following:
1. Storage: Keeping your boat at a marina is generally more expensive than keeping it at home, if you live on the water and have a dock. The cost of marina storage depends on boat size and type, location, and services. Choosing between outdoor or indoor storage can also impact price. Indoor storage is often pricier, due to offering more protection and security.
2. Transportation: Towing your boat? Remember to include the cost of a trailer into your budget, as well as the added cost of vehicle fuel when towing.
Unexpected Costs
Like with any major purchase, setting some money aside for emergencies is key. Unanticipated expenses can include sudden repairs, part replacements and damages from bad weather. A useful guideline is to set aside 10-20% of your boat’s worth each year for these expenses.
To search for boats and to learn more, visit boatmart.com.
Purchasing a boat is a thrilling journey. With good planning, you can avoid financial worries and enjoy lifelong memories on the water.
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Photo Credit: (c) Andrii Gorb / iStock via Getty Images Plus
