Setting a budget for a boat purchase can be difficult especially if you are not familiar with the underlying costs involved in owning and running a boat. Here are some tips to help you out.
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The real cost of buying a boat
1800 Approved Finance Solutions
33 Ereton Dr.
Arundel, QLD 4214
Dreaming of buying a new fishing boat or a luxury yacht?
Have you been frequenting boat shows and can't wait to buy that new asset?
Whether you’re buying a new or used boat, it’s important to know the real cost of buying and owning a boat so you can budget accordingly. Here are some pointers to help you get going.
Purchase Cost - Consider the purchase cost as the base cost because there will be a lot of other expenses once you've purchased the boat or yacht.
So, when deciding on which boat to buy, list down 3 or 4 choices from the most expensive to the most affordable.
That way you can adjust your budget accordingly without settling for one that you don't really like.
Equipping Your Boat - Depending on the type of boat you will buy, it may already be equipped with accessories and options. But double check and make sure that you have life jackets, flares, radio communications, etc...
Oil and Fuel - As a rule of thumb, for average use, figure you’ll use about a tank of fuel every two weeks during the boating season. So, if your boat's gas tank holds 50 gallons, and fuel costs $5 per gallon, youll spend about $500 per month on fuel during the season. *
Storage- Depending on how big your boat is, you can store it at home or you may need to dock at a marina. The costs will depend on your region and the exact spot you wish to sail from.
Maintenance- Maintenance scales from washing the boat down after use, to oil changes and antifouling, and the regular servicing every 12 months or 100 hours. How much is involved will depend on the size as well as the age of your boat.
Insurance– Insurance varies from state to state and depending on the length of your boat. It is advisable to compare quotes from different insurance providers because premiums vary a lot.
With all the different costs involved, it is easy to go over budget. The best thing to do is to set your budget first before finally deciding what type of boat to buy.
Think ahead and estimate your monthly boat expenses especially during the season. Speak with a finance expert for help.
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