How much does it cost to own and maintain a boat?

Owning a boat can mean different things to different people, especially when discussing the difference between intended use such as fishing, day boating, entertaining, and long-distance cruising. If you're new to boating and this is your first boat purchase, it makes sense to think of its maintenance cost. A boat purchase carries yearly maintenance costs, and these can vary based on the type of boat, how often it's used, whether it’s used in fresh or saltwater, and whether it begins its life with you as new or used. In my experience, on average, boat purchase will cost you $20,000, and the maintenance costs between $1000 and $5,000 every year.

A new boat will cost less to maintain than a used one, at least for the first few years. With a boat, you’ll have all the engine maintenance costs, and cleaning, hull maintenance, storage, winterizing costs. Costs for these services can vary widely; some of the determining factors will be the boat and engine size, the local area, fresh or saltwater, and the type of storage (inside a building or outside, covered, rack storage, etc.). Likewise, costs increase with boat and engine size. For example, the cost to service and winterize a four-stroke outboard engine of 150 horsepower might be $250, plus cleaning and winterizing the boat may be another $250. Also, keep in mind that using the boat in freshwater will keep maintenance and cleaning costs down considerably. Saltwater, on the other hand, is definitely harsher on a boat and engine than freshwater.

One of the first and most important things to think about before you buy a boat is boat storage. If you own a waterfront home with a dock big enough to safely store your boat, the savings are substantial. However, if you plan on keeping your vessel at a marina, those costs need to be included in your annual budget. The Trident Marine Group provides the best and affordable boat storage facility in Annapolis. They offer 24-hour security with exclusive amenities on-site—Dockage Services, Boat Storage, Yacht Butler, Restaurants, Complimentary W-FI, etc. I would suggest check out their website and find out everything they offer to slip owners.