Is Owning A Boat Expensive
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Have you considered: is owning a boat expensive? We look at how to calculate annual expenditure for boat ownership so you can decide if the cost of owning a marine vehicle is affordable for you.
How much does it cost to run a boat?
Knowing how much it costs to run a boat, let alone purchase one, is fundamental for budgeting and avoiding heavy repair fees due to lack of maintenance.
The operating costs depend on different factors, for example, what you use the boat for, the type of boat, the length of said boat, and how frequently you pay for maintenance work.
Insurance for boats is significantly cheaper than for cars. It is possible to purchase a third-party cover for an annual fee of under £100. On the other hand, a standard full insurance policy that comprehensively covers everything could cost half the price of the vessel.
Typically, 20% of a boat's value covers its annual costs. A great way to start budgeting and financial planning is by working out this total. However, be wary of second-hand boats because their value has decreased while the annual running costs are much higher due to the boat's market value.
Depending on what services you want your marina to have, dictates how much it will cost. You must also factor in accessibility and distance from your home.
There's no point in driving 100 miles to a fully serviced marina if there's a decent local one ten minutes away. Prices depend on facilities, but they also depend on location. Prime locations such as major towns and cities will have higher mooring fees than local, smaller marinas.
A 30-foot boat, for example, could have mooring fees of £500 a year in a town marina, while it could easily cost over £5,000 in a city harbour. Conclusively, mooring fees are typically the highest cost of boat ownership. You can always expect to pay more for a convenient location and available facilities.
Maintenance depends on the boat, owner, and labourer. General maintenance work for a big boat cost more than for a smaller boat because of the additional components, structures, and surface area coverage the former has.
If you choose to do the maintenance work yourself, costs will be significantly lower because you will be saving on hiring labour.
However, you could end up doing further damage to your boat if you are not a professional.
There are necessary tasks, such as replacing anodes and applying antifouling paint, which you will need help from a boat yard. Prices depend on the boat yard's fees for labour and may cost around £200 depending on the size of your boat.
Costs for antifoul reflect the quality of paint you purchase. Higher quality paint can last longer than lower quality, while the latter would be cheaper and easier to buy and apply.
If you apply antifoul paint every couple of seasons, you can reduce the number of necessary haul-outs.
However, be aware of growths on the boat's hull that are sufficient to slow it. If you own a power boat or superyacht, you could be spending money on more fuel that outweighs any savings from haul-outs and re-antifouling. Haul-outs tend to be cheaper in the summer when many boat yards are quieter and offer reduced prices.
For example, a 36-foot may cost as little as £200 to book a haul-out, perfect for those with a budgeting plan. Carrying out regular and diligent routines should include engine checks, sail examinations, and rigging inspections.
If you stumble upon the first signs of damage or an impending problem, perform prompt repairs before significant damage causes you to break the bank. Prevention maintenance and early repairs are cheaper than emergency repairs.
How to Calculate Annual Expenditure
If you're purchasing, or even thinking about purchasing, a boat, the expenses must not dampen your fun. You should be able to enjoy and appreciate having a boat without the worry about prices and calculations.
As previously discussed, annual expenditures are usually up to 20% of your boat's value. Costs vary depending on the following factors: the type of boat you have, where you live, how you plan to spread annual costs, how you sail, and where you sail.
While this may seem like a lot, there are many ways of reducing the costs of annual expenditures. You could get a smaller or cheaper boat depending on where you buy it from, if it's second-hand, and if it features fewer add-ons.
The following content will follow the separate segments that make up annual expenditures for owning a boat.
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