The Annual Costs of Owning a Fishing Boat
Purchasing a fishing boat is often the crowning achievement of an angler’s pursuit of fish. While surf casting, fly fishing, and even traditional styles of fishing are all enjoyable and effective ways to catch fish, there’s nothing quite like being out on the water with a cooler of cold drinks and a trusty rod and reel.
Many people spend years dreaming of owning a boat, scratching their sportfishing itch with day charters while slowly saving up to buy their own watercraft. When the time finally comes to buy a boat, there are a range of models and prices available. New fishing boats in the 16- to 20-foot range can go for $10,000 to over $70,000. Meanwhile, larger twin-engine boats in the 26- to 30-foot range can cost upwards of $300,000, and high-end boats in the 32- to 36-foot range can cost as much as half a million dollars.
Of course, first-time boat owners don’t have to break the bank on fancy fishing boats or even new boats. It’s possible to obtain something simple, like a skiff or panga with a small outboard motor, from a private seller; and for many people, that’s all they need to escape the stress of life for a few hours of fishing in solitude. However, the initial purchase price is not the only cost involved with boat ownership. There are a number of other ongoing costs that warrant consideration before committing to a boat purchase, including regular maintenance, mooring fees, insurance, fuel, and cleaning.
Routine Maintenance
At a minimum, boats should receive service once a year, even if they are only used sporadically. Vessels used more often should receive maintenance more often to ensure the hull stays in good shape, the engine is running smoothly, and any electronics are intact and up to date. Depending on the type of boat and engine, routine maintenance includes changing the oil, replacing air and oil filters, and inspecting key components for damage. Safety equipment should also be checked and replaced as needed, including batteries, GPS and other electronic equipment, and fire extinguishers. Trailers also need to be maintained, so it’s important to factor that cost in, as well. Basic maintenance costs range between $300 and $600 on average per year for a small vessel, but this can be much higher depending on the price and complexity of the boat.
Mooring/Docking Fees
While some people store their boats on trailers at their homes, others opt to moor at commercial docks or private marinas, an option that comes at a price. Some marinas and docks charge a small fee, but others can be expensive, particularly if they include higher-end services and security. Location and boat size play the biggest factor in mooring cost, with large vessels and marinas with seasonal rates incurring the highest fees. Marina slips, for example, can range from $2,000 to $10,000 annually.
Insurance
Although not everyone will buy boat insurance, those with expensive boats should consider doing so in order to minimize loss in the case of accidents such as fires, collisions, a sunk boat, or damage during storms or transport. Additionally, liability insurance is required to dock or moor your boat at many marinas. Boat insurance costs typically range between 1.5 and 2 percent of the vessel’s market value each year. Many insurance companies also require a boat survey to cover high-end or older vessels, and this survey often costs around $625.
Fuel
The cost of fuel for boat excursions depends on the amount used and the price of fuel in one’s home state, both of which can vary widely. Vessel type and size also play a role. Large engines burn a lot of fuel, while smaller outboard engines are more fuel efficient. Either way, fuel costs should be anticipated and factored into the equation before buying a boat.
Cleaning and Haul Out
Boats not stored on trailers will typically need to be hauled out every one to three years for cleaning. Well-equipped marinas have the facilities to undertake a haul-out but often charge for both the service and to put a boat back in the water). Boat owners may also opt to hire professionals to do their cleaning, which can add an extra expense. Cleanings should also include applying a new coat of antifouling paint to the hull, which helps prevent mussels, barnacles, and weeds from attaching to the boat.
Maintaining a Tow-Worthy Vehicle
Those who plan to haul their boats on trailers must also maintain a tow-worthy vehicle, such as a truck with a large enough engine to handle the weight of the boat and trailer. The vehicle should be kept in good working order and, of course, must have a hitch installed.
Total Cost of Owning a Boat
Taking all of these added expenses into account, it can cost anywhere from a couple thousand dollars to over $10,000 to own and maintain a boat each year. Some experts advise boat owners to budget 10 percent of the cost of a used boat or 2 percent of the cost of a new boat for annual expenses. Smart shoppers should factor this annual expense into their budgets when deciding whether or not to buy a boat; and what size and price of boat to buy.