The purchase price is only the start. Before you buy, it is worth building a realistic yearly budget for the boat you have in mind, because the running costs vary enormously with size, type and how you use it. Here is how each cost is put together, so you can get real numbers for your own situation.
Dockage and slip fees
Marinas usually price slips by the foot, either per season, per year or per month, and the length they charge on is typically the boat's overall length or the slip length, whichever is greater. Location, water depth, amenities and whether power and water are included all move the price. Ask the marinas you are considering for a written rate card.
Winter storage
On the Chesapeake most boats come out for the winter. Budget for the haul-out and launch, storage on the hard, winterization and shrink wrap. Yards price these separately, so ask for each line item.
Insurance
Premiums depend on the boat's value, age, type and where it is kept, and on your own experience and claims history. Lenders and most marinas require coverage. Get a quote before you make an offer, not after.
Maintenance
Routine maintenance covers engine service, bottom paint, zincs, canvas, electronics and the steady list of small repairs every boat produces. Older boats and more complex boats cost more to keep up. The maintenance records of the boat you are buying are the best guide to what it will cost you.
Fuel
Fuel use depends on the engines, the hull and above all on speed. Planing hulls burn far more at full speed than at a moderate cruise, while displacement boats and sailboats sip fuel by comparison. The engine manufacturer's published fuel curves, together with how many hours a season you expect to run, give you a realistic estimate.
Put it together before you buy
Add the yearly running costs to your loan payment, if you are financing, and you have the real cost of ownership. It is the number that decides which boat is the right boat, and a good broker will help you think it through before you fall in love with a listing.
Want a broker to walk you through it?
See boats for sale
