How Much Does Buying a Boat Really Cost?

The cost of buying a boat involves more than the sticker price. There are also one-time and recurring expenses to include in your budget.

Keep reading to learn more, then visit Thayer's Marine to explore boats for sale. Our dealership is based in Norwich, Connecticut.

Boat Insurance

You'll need some form of boat insurance, usually liability coverage. It's also wise to consider investing in damage coverage too.

The cost of boat insurance is usually around 1.5% of the boat's value.

Boat Registration

When you buy a boat, you will need to pay to register it. The exact cost will depend on factors such as the state that you are registering in and the type of boat that you are registering.

Maintenance

All boats will require regular maintenance. The average owner will spend about 10% of the boat's value on maintenance costs, such as replacing damaged parts.

Most boats run off of an engine, which means they will require maintenance such as oil changes.

Storage

If you don't have the space to store your boat on-site, you will need to rent storage space. The yearly boat storage fees can range from a few hundred dollars to a few thousand dollars. It depends on factors such as the type of boat being stored and the length of time of storage.

A Boat Trailer

In order to haul your boat around, you will need a boat trailer. New trailers tend to be a few thousand dollars while used models tend to be a few hundred dollars.

Ready to explore boats for sale? Check out the selection at Thayer's Marine. Our dealership is located in Norwich, Connecticut, and we also proudly serve those in Springfield, Massachusetts.