Understanding the Cost of Ownership before Buying a Boat

Owning a boat in San Diego can provide for endless afternoons of fun and relaxation. However, there are many costs to owning a boat aside from the purchase price. It is important to understand these costs before investing in a boat to make sure you can afford the purchase. Plus, knowing the true cost of ownership can help a prospective boat buyer decide which boat will be best for them.

The initial purchase price of the boat is likely to be the highest cost. Buying a used boat can help lower this cost significantly. In addition to the purchase price, taxes, registration and insurance costs must also be considered. Sales tax for boats varies from city to city, and buyers must be aware a yearly tax for owning a boat may also be imposed. In the state of California, this tax can reach upwards of several hundred dollars per year with registration fees costing as much as $50. Also, buyers must not forget about boat insurance, a requirement of the state, which will vary based on the boat, type of insurance and insurance company.

Those are simply the costs of buying the boat. There are also significant costs to operate and keep a boat. If the boat is small enough to be kept at home, the cost shouldn’t be too high. In this case, costs will include the initial cost, the maintenance costs of a trailer, plus a small launching fee for using a public boat launch. If the boat is kept on the water, costs will rise significantly. Mooring on the water is a more affordable option, although a small boat or service will need to be used to access the boat.

Final costs to consider include gas, equipment such as life vests, winter storage and seasonal maintenance and boat repairs. These costs will generally vary from year to year and some costs, like equipment, is often one-time investments. If you have a used boat that needs repair, you may want to head over to our used boat repair page.

For more information about purchasing or financing a used boat or yacht, contact Ballast Point Yachts today. Fill out our easy and convenient online inquiry form or call us directly at 619-222-3620. We’re more than happy to answer any of your boating questions and can help you select the boat that fits your needs and budget.