Full Cost Of Owning A Boat
A boat costs more than the sticker price. There are other one-time and repeating expenses to include in your budget. It's important to get the full picture so that there are no surprises to your wallet. Below we cover the various financial aspects that go into boat ownership. If you have any questions or want to explore boats for sale in Eastport, New York, visit Hampton Watercraft & Marine. We are a boat dealer in the Long Island area. We have locations in Hampton Bays and Eastport, New York.
The Boat's Asking Price
The first, and largest, expense is the initial cost of purchasing the boat. Many different factors will influence the boat's sticker prince, including:
- The size. The bigger the model, the more materials were used in construction. Increased materials results in an increased price.
- The quality. Models made with higher end materials or offering luxury features will be more expensive.
- The age. The newest model on the market will cost more than a new model from years past. Used models will cost even less thanks to the impact of depreciation.
- The time of purchase. Boat dealers see plenty of customers during the traditional buying season - and a decline during the off-season. Visit a boat dealer in the off-season and you may find great sales and discounts.
Insurance
At the bare minimum, you will need liability coverage. You may need, and will likely want, damage coverage too.
Typically, insurance costs about 1.5% of the boat's value. It's an upfront expense, but it can be cheaper than paying out-of-pocket for repairs - and much cheaper than covering the cost to replace a stolen boat.
Registration
You'll need to register your boat. The exact cost will depend on the state you register in, whether you are a resident of that state, the boat you are registering, and other factors.
A Boat Trailer
A trailer is needed to transport your boat. A used model will typically be a few hundred dollars while a new model will usually be around a few thousand. There is also the added expense of registering the trailer with the DMV. Trailers will also need maintenance, such as replacing old tires or repairing broken parts.
Storage
If you can store your boat at home, you are quite lucky! Otherwise, you will need to pay storage fees. The yearly cost can be anywhere from a few hundred dollars to a few thousand dollars. It'll depend on the place you choose, the length of time you need storage, the type of vessel you are storing, and other factors. Don't forget that our dealership offers winter storage options.
Maintenance
On average, owners spend about 10% of the boat's cost in yearly maintenance. This can include anything from repainting the hull to oil changes.
Safety Gear
Passengers will need to be equipped with a life vest, which costs around $70 each. It's important that the life jacket fits well, so you will need to get new ones as children grow. It also never hurts to keep extras around. If visiting family or friends want to go on a boat ride, you'll have life jackets ready for them.
Each boat should also contain a safety kit. It'll cost about $100 to get the essentials, which includes a fire extinguisher, first aid kit, flares, and a horn.
Ready to shop boats for sale in Eastport, New York? Check out the selection at Hampton Watercraft & Marine. Our friendly staff can help you find the best model for your budget and needs. We aim to make the shopping process easy! We are a boat dealer in the Long Island area. You'll find us in Hampton Bays and Eastport, New York, and we also proudly serve those in Eastern Long Island.