Boat Ownership Costs And How To Mitigate Them

Posted on: 4 October 2017

Buying a boat is just the beginning of your expenses as a boat owner. Be aware of the following expenses and learn how to control them. 

Moorage Fees

Moorage fees are paid to a marina where you keep your boat during the summer season. It allows for easy access to the boat; your boat is already ready to go after you pull up the anchor. If you live in a climate that doesn't allow for year round boating, look for shorter term options for rental. These could be daily, annual, and semi-annual rental options. 

Boat Storage Units

Many people have boat storage units that they rent to store boats during the off season. This is to protect the boat from the elements. Since you're only using the space for part of the year, see if you can get shorter term rental deals or create a package deal with the marina where you're storing the boat during the boating season. 

Maintenance

Boat maintenance is a big one. Salt water is bound to erode the boat's condition. If you leave the boat exposed to winter elements, that can cause hefty damage. You will need to pay for occasional cleaning of barnacles and saltwater debris build up on your boat. Boat storage units are what will protect the boat from harsh weather conditions during the off season. 

Gasoline

Boats are gas guzzles. You may see smaller boats that drink up a gallon of gasoline per mile, and it's much larger for bigger boats. The best way to control this cost is to idle whenever possible. You don't have to go a great distance; idling and enjoying other people's company on the boat can be a great time. 

These costs can definitely add up and make it difficult for the average person to own a boat. There are things you can do to make it more feasible. Aside from paying attention to the above, consider renting your boat to others. You can make a few hundred dollars a day this way; just make sure you have boating insurance. You could also consider simply sharing a boat with another family and splitting the costs. Be sure that you get the best prices on boat storage units, moorage fees, bulk gasoline, and boat maintenance as well. And save some money for a rainy day, since boat repair needs can come out of nowhere if you hit an object underwater. Contact a storage facility, like Safegard Self Storage, for more help

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