October 2020 - Marine Waterline

Cost of Owning a Boat for Your Use

Do you enjoy spending time on the water? If so, the thought of buying a boat is one that must have crossed your mind at some point. Before committing to buy a boat, make sure to first fully understand the cost of owning a boat. But given the significant investment you’ll be making to committing to but a boat, it won’t be a surprise if you’ve got second thoughts.

It’s important first to understand the costs involved to consequently enjoy an amazing experience on your boat. By doing this, you’ll be able to use your boat for watersports, cruising, and fishing while having a good time with your family and friends. Here’s in-depth coverage of all the things to consider when buying a boat.

Buying A Boat Cost

One of the most important things you need first to ask yourself is how much the boat costs. Knowing this is important because boat prices vary greatly depending on its size, type, condition, age, options, or whether it’s new or preowned.

The guiding factor to consider is understanding how much time you’ll spend on water and the activities you enjoy doing. With this in mind, you’ll be able to establish which type of boat best suits your needs.

Many financing options are making your dream of owning a boat a reality due to their surprisingly affordable rates. The interest rate paid for a pre-owned boat is usually higher than that of a new boat. Don’t forget to make a buying a used boat checklist before buying these boats.

Furthermore, if you place more money, the less money that’ll be spent on interest.

Taxes

The taxes paid on buying a boat varies from one state to another. For example, if you buy a boat in South Carolina, you’ll be required to pay the tax that’s 10.5% of the boat’s assessed annual value if it has been in the state for over 180 days. However, you won’t be required to pay any taxes for buying a boat in Rhode Island.

Insurance

Having boat insurance is vital if you’re a boat owner. With one, you can be sure that your boat investment should it be stolen, damaged, or involved in an accident, your hard-earned money isn’t lost.

The amount of money you pay for boat insurance varies and depends on numerous factors such as your accident history, the boat’s value, and the type of boat you own.

Therefore, it’s mandatory to have boat insurance coverage unless you’re planning to use your boat on a private lake on your personal property.

This is especially vital considering close to 5,000 recreational boats each year are involved in boat accidents. Therefore, it’s clear that the expenses you might face from a boating accident might be enormous.

Registration

The registration cost of boats varies from one state to another. If you’re looking to register a boat in New Jersey, be ready to spend over $250 for a boat that is longer than 65-feet.

Mooring (Bigger boat/small boat)

Knowing how much exactly the cost of mooring is can be quite challenging as it differs depending on the nature of a marine and the region.

Therefore, you’ll need to set aside enough time to do enough research to know how much exactly it’ll cost you every season.

How much you need to pay varies from several hundred dollars every month when storing a runabout in a municipal marina to one thousand or more dollars each month for a huge boat stored in a yacht club.

Many marinas charge a slightly lower fee for a long-term lease as opposed to the monthly payment. You might also qualify for a discounted price for areas with cooler climates if you choose a winter om-site storage option. Therefore, it’s advisable to always factor in winter lay-up expenses when doing your calculations.

Boats that are stored on trailers are also are subject to a certain level of storage expenses. This is because most urban trailer-boat owners prefer to have their boats at a secure storage facility. By doing this, you save yourself from the risk of having to deal with vandalism or theft, hence saving you money.

Furthermore, you’ll spend more on fuel expenses if you reside far from a boat ramp due to trailing the boat back and forth, unlike storing it near the water.

Another vital aspect of mooring you must consider is ensuring the proper securing of your boat. By not doing this, your boat might break free or get banged against pilings, and this, in the long-run, might necessitate you to spend more money on repair cost.

Trailer is Another Boat Owning Cost

If you want a trailer to transport your boats, this might increase its buying price and, in some cases, is included as a package of the deal. It’s something commonly practiced by boat shows, dealerships, and at seasonal dealer sale events. This is usually done in cases when the trailer translates to sale conversion for the dealer.

The trailer needs to be maintained to ensure its overall condition doesn’t get ruined. This entails inspecting the brakes, tires, general maintenance, and monthly storage fee if storing your boat in the water isn’t possible.

Winter Storage

If you live in the colder climates, setting aside money for winter storage is essential. This is because you’ll need to do boat winterization prep for your boat and engine. In addition to this, you’ll need to buy a sturdy cover to safeguard your boat from winter winds, rain, and snow, which might destroy your boat.

If you choose outside storage of your boat in winter, the cost of shrink-wrapping your boat averages between $10 to $15 per foot. Therefore, you’ll have to spend between $200 to $300 for a boat, which is 21 feet.

For inside rack storage, you’ll need to pay a lot more as this provides your boat with improved protection from the elements. This means the cost per foot is $50, meaning for the same 21 feet boat, you’ll pay around $1,000 in preparation for winter.

Maintenance Cost will Always be There

The cost of maintaining a boat varies depending on its age and size. However, everything you need to shop to maintain your boat successfully is the same. This means the routine inspection of essential parts such as safety equipment servicing, engine servicing, sail, and rig servicing, as well as winter and anti-fouling.

It also entails the repair of one-off issues, including hull damage, equipment failures, engine problems plus upholstery, and interior wood repairs.

If you’re into doing DIY repair tasks, there are some maintenance stuff you can do by yourself. Nonetheless, there are other issues that you’ll most certainly need help from a qualified professional. With that said, you need to know that maintain your boat costs money as well as time.

Therefore, you must never ignore time management when organizing contractors, keeping lists, carrying out administrative tasks such as annual mooring, and renewing an insurance cover.

Oil/Fuel Changes

Many boats use plenty of fuel, meaning you need to be ready to spend a substantial sum of money than what you spend on your vehicle. For example, assume the price per gallon is $2.50, with this much lower than the actual rate in most places.

If you go ahead and use an average of 25 gallons of fuel per hour, which is the average for fast boast cruising at speed, you’ll end up spending $300 for a five-hour trip. This translates to over $16,000 per annum if you’re using your boat more than once each week.

If you own a slower pontoon boat, the amount spent on gas is a lot lower. This is because most use about five gallons each hour, meaning the annual fee cost will be near $3,000 for a similar number of hours cruising on the water. Therefore, how much fuel you spend on your boat depends on the speed.

Safety Items

When buying a boat, you must always factor in the safety gear, including paddles, life jackets, signal flares, and horns.

If you’re looking to buy extra accessories, you shouldn’t pressurize yourself into buying everything simultaneously. Instead, you should buy things gradually with an excellent plan to buy an additional boat accessory every fall and spring.

The most popular accessories you should look to buy include watersports towing equipment, stereos, lighting, among many others. As you buy these items, make sure to spend your money wisely, and consequently, you’ll be able to enjoy great fun on your boat.

Navigation Equipment

Are you planning to take an overnight trip or venture far away from the port? If so, you’ll need to factor in the price of installing a GPS when assessing the cost of owning a boat.

For a low-end GPS, you’ll need to spend at least $200. Nonetheless, if you’re on a tight budget, installing a GPS isn’t necessary and should instead focus on sticking familiar waters.

Education And Boating Licenses

All states require you first to get a boating safety and education certificate to get permission to use the boat. The set requirements differ from one state to another, but these boat licenses might be finalized online in many cases.

Furthermore, this online boating license or education in many of the states is done by a third-party, with the cost ranging between $29 to $50. You’ll only be required to pay this amount once you’ve managed to complete the course successfully.

These boat courses are meant to present information on all boating aspects with the goal not to make it difficult but to raise awareness instead.

During the course, you’ll learn about the state boating regulations, navigation rules, ways to enjoy watersports, boating terminologies, and basics and ways of handling boarding emergencies. You’ll also need to consider administrative fee, which varies across states.

Grand Total For Cost of Owning a Boat

Once you factor in all the costs mentioned above, it’ll be easier to determine the actual cost of owning a boat. Here’s a breakdown of the costs you’ll need to pay.

The buying price of the boat: $20,000

Taxes: This amount differs from one state to another

Insurance: $300

Registration: Varied rates

Dock or Mooring Fees: This cost differs.

Little boat: $500

Trailer: $1,000

Winter Storage: $2,000

Maintenance: $2,000

Gas: Free

GPS: $500

Safety Kit: $500

Grand Total: $26,800

You’ll need to spend a total of $26,800 when buying the first year of a boat. In addition to this, you’ll be required to pay for the maintenance of your boat, which includes maintenance cost, winter storage, and insurance. All these costs total to $4,3000, which translates to $358 each month.

However, this cost doesn’t take into account dock or mooring fees, registration, and taxes. Therefore, a total of $26,800 doesn’t show the actual cost of owning a boat, which is greater than this.

It’s thus evident that buying a boat is an expensive investment, even though the monthly maintenance cost isn’t that bad. Either way, you still need to do a lot of thinking before deciding to buy a boat to avoid causing yourself financial strain.

Conclusion

Knowing the actual cost of owning a boat is essential before you go out to buy one. If you didn’t know about the costs involved, reading through this detailed article has offered you useful insights.

Therefore, now that you know about all the costs involved, it’ll be a lot easier to make an informed decision about whether buying a boat is a practical decision.

Types of Lake Boats | Find The Best For You

Are you searching for a boat to enjoy yourself on the lake? If so, the first thing you need to do is learning about the different types of lake boats to consider. This is vital because the wide variety of options might make it somewhat challenging for you to pick one that best suits your needs.

If you’ve been going through such a problem, worry no more. This article is a detailed guide on the type of lake boats you should consider buying. However, before deciding the kind of boat to buy, make sure first to consider the lake you intend to use your boat.

Moreover, you need to consider the type of boating activities you enjoy perfuming. With this in mind, here are the different types of boats you need to consider.

Ski and Wakeboard Boats

If you’re into adventure and want a boat that provides you with immense power, then consider getting a ski or wakeboard boat. The difference between the wakeboard and ski boards usually comes in their field of action.

You can tell of this difference since in-board wakeboard boats have deep hulls, incorporate a V drive engine system, and a big wake to start moving. In contrast, ski boats usually need a powerful acceleration range, with the engine’s propeller and shape accentuating it.

Therefore, with the wakeboard and ski boats, you’re guaranteed to enjoy a captivating experience while out on the lake. Nonetheless, these boats are expensive and with the average ski boar priced between $25,000 to $50,000.

Pontoon Boats | A Popular Type of Lake Boat

Another popular type of boat used on lakes is the pontoon boat. This boat’s size ranges between less than 16 feet to over 25 feet and features a broad range of sizes, performance, and amenities.

Nowadays, these boats are rigged to deliver enough power to skiers and tow tubes to cruise at speeds of 40 MPH or faster as opposed to in the past when they were only used for slow cruising.

The amenities found in this boat range from basic to luxurious, with different options aimed at fishing, watersports, and entertainment.

Adding a trolling motor for pontoon boat these boats could be very effective for fishing. You will have to add rod holders, tackle boxes, and bags for fishing.

Handling a pontoon boat is very easy and stable on the water. Moreover, they have a huge interior space, so you can accommodate your entire family and friends when sailing through the lake.

This boat’s downside is loading a trailer onto it is quite challenging and don’t handle rough water as excellent as other boats such as the deck or runabout boat. It also isn’t very efficient or fast as these boats, something some boat enthusiasts don’t love about it.

Fishing Boats

These boats come in different sizes and are designed specifically for fishing both on fresh and saltwater bodies. Fishing boats can either be un-manned or manned and incorporate many useful features that make it an ideal choice.

This includes having rod lockers, live well, an outboard power cell, a trolling motor system, and a front bow. These many useful features give its many appealing traits such as durability, strength, and stability.

Unlike other boats built to be used on rivers and lakes, fishing boats have more robust build quality, making it more than capable of withstanding extreme conditions and saltwater.

It’s also taller in size, and for the fishing boats made from aluminum, they’re very durable and weigh less.

Furthermore, fishing boats usually feature two or three anglers on board and have a slim profile, making them the perfect choice when fishing. You’ll need to pay about $5,000 when buying a small fishing boat of decent quality.

Bowriders

This boat has a size of between 17 to 35 feet and has an open bow area where additional seats are positioned in front of the helm. They provide you with great flexibility in terms of speed, power, usage, and access to beaches, land, and coves. In addition to this, they’re powered by an outboard engine or stern drive.

If you’re new to water sports and fishing on lakes, bowriders are the perfect boats since they’re user friendly.

The bowrider’s starting price of acceptable quality is $15,000, and you can use it for swimming, watersports, or cursing.

High-Performance Boats

Do you enjoy incredible speeds while cruising in the lake? If you do, then consider buying a High-Performance boat, which is typically built for speed.

The unique features of this boat include a high power to weight ratio, a steep deadrise, as well as a narrow beam. Inside, this boat features cockpit seats that can accommodate two to six passengers and Spartan cabins.

Another feature found on this boat includes surface drives, stern drives, and high horsepower outboards. As a result, this boat, which has a length ranging between 25 to 60 feet, is strong, light, quick, and an excellent choice for fast cruising or racing.

When looking to buy this boat, the minimum amount of money you’ll need to spend is $50,000, while the premium models cost millions.

Yachts

When looking for a boat that includes all the needed amenities while out on the lake, the yacht is a perfect choice. These boats’ use is mostly for relaxation, and their sizes vary significantly from 39 feet and above.

Moreover, the yacht may either feature one or two diesel engines depending on the navigation requirements, whether for use in the ocean or inland water bodies.

There are many different types on the market, meaning you’re spoilt for choice. The popular varieties include Cruising yachts, Day sailing yachts, luxury sailing yachts, Weekender yachts, among many others, depending on your individual needs.

The starting price of yachts is about $30,000, which depends on its feature and size.

Cabin Cruisers| Comfortable Lake Boat

Do you want to enjoy a relaxed sailing while out on the lake? If you do, then cabin cruisers are, without a doubt, one of the best picks due to the many essential and exciting features it incorporates.

This boat comes designed with a berth and galley and thereby provides you with modern comforts, including power generators and air conditioners. It also features a secure shaft drive mechanism, deep-V bottom, and rudder steering and is perfectly suited for use in salty water.

If you want to buy a cabin cruiser, be ready to spend at least $10,000, and this price continues to increase as you increase the size.

Sailboats

This type of boat is unique as it depends on sails and masts to navigate through the water powered by the winds instead of a diesel-powered engine, which might only be installed as a backup. As a result, it has a majestic feel brought about by its easy open-air feeling, making its riding experience out of this world.

However, before you know the sailing basics and get to perfect how to ride sailboats, you must perfect your skills on how to rig. Furthermore, you need to be open to working with a team as it’s something that requires both technique and teamwork.

When looking to buy a sailboat, the minimum starting price is $10,000, but other models are usually expensive, averaging several hundred thousand dollars.

Personal Watercraft (PWC)

One of the most popular types of boats you’ll find on most natural water bodies is PWC boats. These boats are also referred to as jetski or water scooter and incorporate customizations that make it suitable for undertaking adventures.

With this recreational boat, you can partake in various games, including sportfishing and water-skiing, hence why it’s especially popular among the youths. It also is an excellent choice for exploring water.

Personal Watercraft comes in two types, that is, the stand-up and sit-down models. The stand-up models can only be used by one rider, whereas the sit-down models are perfect for two or more persons. If you’re looking to buy this boat, be ready at about $5,000. You can have a look at the buying guide for PWC.

Bass Boats | Useful Lake Boat

This is also another boat type of lake boat that you need to know about when looking to buy a boat to do freshwater fishing. The size of bass boats usually ranges between 14 feet to 23 feet.

Furthermore, incorporated into its design is a V hull as a low freeboard. Therefore, when searching for a boat to use on rivers and inland lakes, look no further since bass boats are the perfect pick.

Nevertheless, these boats are costly as they incorporate high horsepower outboards, special gear as well as trolling points. With an average length of 15 to 25 feet, these boats’ starting price is $10,000.

Inflatable Boats | Cheap & Good Enough

Another type of lake boat you need to know about is the inflatable boats, which have a length between 6 to 14 feet. On the sides of this boat are inflatable tubes, and its floor is either made using rigid or flexible aluminum or plywood depending on its size. They also feature outboard motors that are useful on a rigid transom.

The best part about inflatable boats is that they’re easy to transport due to their deflectable design. Because of this, these boats are generally used like dinghies on bigger boats.

If you’re new to boating, this is a great boat to get as it’s affordable with a starting price of $150. Other more expensive models cost $10,000.

Deck Boats

These boats are available in a broad range of sizes, from not more than 16 feet to over 27 feet. Deck boats are usually designed with fiberglass with others incorporating aluminum construction.

When buying this boat, you should choose between jet propulsion, sterndrive, and outboard.

Deck boats have an open bow that has a lounge space and is designed in a sporty look. Therefore, if you want a boat with a spacious and big deck area to relax while still having a V-shape for cruising, look no further.

This boat’s price ranges between $15,000 to more than $100,000 depending on its size, varying from 12 to 30 feet.

Conclusion

There are numerous types of lake boats to choose from, and finding the ideal one can sometimes be confusing. If you didn’t know where to start in your search for a lake boat, this article has been of immense help to you.

Now that you know this, it’s a lot easier to know which of these boats mentioned above is best suited for your needs.