The Full Cost of Buying a Boat

When budgeting for a boat purchase, it's important to factor in all of the one-time and recurring costs related to ownership. The following guide can help you make a more accurate boat budget.

The Boat's Price Tag

Most of your budget will go towards the initial purchase of the boat itself. This sticker price is influenced by many factors, such as the model's age, size, and features.

Boat Insurance

The exact cost of boat insurance will depend on the plan you choose. Typically, it costs about 1.5% of the boat's value.

Registration Fees

The registration fees will be influenced by many factors, such as the type of boat and whether you are a resident in the state that you are registering in.

Maintenance Costs

All boats will need preventative and proactive maintenance. In a given year, boat owners will usually spend about 10% of the boat's value on maintenance in order to keep it running well.

Storage Fees

Many boat owners utilize off-site storage options. Boat storage costs can be a few hundred dollars a year, a few thousand dollars a year, or somewhere in-between. The costs are influenced by factors such as the type of boat and the length of time of the storage.

A Boat Trailer

A trailer is needed to get your boat to and from the water. There's the initial cost of a boat trailer as well as trailer registration fees and maintenance costs.

Ready to explore boats for sale? Check out the selection at Boat Masters Marine. Our dealership is located in Akron, Ohio, and we also serve those in Youngstown and Cleveland.