The Full Cost of Owning a Boat

While buying a boat can be a fun and thrilling prospect, it is important that you don’t get caught up in all the excitement and forget your finances. There are many monetary costs associated with boat ownership, including some that you may not have previously considered. That‘s why the experts at Rhode Island Watersports have created this guide to the costs of boat ownership.

The Boat's Sticker Price

The cost of the boat itself can vary wildly. Larger boats, newer boats, and boats featuring the latest technology will naturally cost more. We suggest waiting until the off-season during the fall and winter to purchase your boat if you want to get a discount. 

Boat Insurance

Boat insurance tends to cost around 1.5% of the boat’s value, with more charged if you live in an area at a higher risk of hurricanes and other disasters. We suggest you get liability coverage at the minimum, and possibly damage coverage as well. 

Boat Registration

You should also consider the cost of registering your boat, which can vary depending on what type of boat you are registering and what state you are registering in. 

Maintenance Fees

By some estimates, boat owners spend about 10% of the boat’s sticker price every year on oil changes, parts replacement, repainting, and other maintenance issues. These regular expenses keep your boat running well, so it doesn’t pay to overlook them. 

Storage Fees

While some boat owners are lucky enough to own a place where they can store their vessels long-term, others have to pay storage fees, which can vary depending on the features offered by the facility and how long the watercraft is stored. At the very least, we suggest investing in a boat cover in order to protect your boat. 

A Boat Trailer

Besides the cost of the boat trailer itself, keep in mind that you will also need to pay for registration at the DMV, along with maintenance fees.  

Safety Gear

Don’t forget to include the costs of purchasing safety equipment. Everyone who gets on your boat will need a well-fitting, Coast Guard-approved personal flotation device. We also suggest making a boating safety kit with things like flares and a first-aid kit. 

Boat Accessories

If you choose to purchase any optional extras or accessories for your boat, make sure that you include these costs in your budget. 

If you are ready to shop boats, visit Rhode Island Watersports in Oakland, Rhode Island. We also offer parts, servicing, trade-ins, and financing, so visit us for all your boating needs. We are proud to serve communities like Boston, Massachusetts, and Providence, Rhode Island. We hope to see you soon!