Maritime News Spain

How much does it cost to own a boat?

The actual purchase of a boat, regardless of its type (small sailing boat, ocean-going yacht, dinghy, catamaran, or rowing boat for off-shore fishing) is not the only investment needed. Many costs associated with the possession and use are essential. The purchase price is almost as variable as the difference between buying an old used car and opting for a rare model of a Ferrari!

Adding costs such as the preparation and maintenance of the boat, investing in safety equipment, navigation tools and many options sometimes necessary, can be estimated at more than 10% of the value of the boat’s purchase price almost immediate. Of course, you can enjoy, as you can when buying a car, special offers or promotions at select retailers and manufacturers.

Unless you are lucky enough to own a house with its own mooring, or space to store a boat over winter, the costs of paying for mooring on a regular basis also add to the ongoing costs.  The next thing to consider is insurance.  This will vary according to the type of boat and the way you use it.  There is far more risk involved in going out on the open sea than there is if you are sailing on an enclosed lake, for instance. By this stage, you will be getting an overview of what it will cost you in the end.

Should we all rent a boat rather than buying one? Leasing is a great option for occasional use, such as a holiday on afloat (in this case, better to take a crew with you).  Some have found another solution: to share the purchase of a boat and both go at different times a year in order to split the cost of acquisition and navigation!

Another solution is possible in some circumstances: consider professional use of a boat, where the outlay is seen as an investment, not an expense. For example, if you are a company which attaches great importance to its relationship with clients, you can buy or rent a boat to be able to offer trips out at sea (or on the lake) to your customers.  You may even be able to reduce the costs by leasing out the boat to other businesses for a similar purpose (only if they are not your business competitors of course!).