According to a poll by the National Marine Manufacturers Association, the average cost of a new boat in 2018 was $47,915.
There might be a lot of reasons why you want to know how to afford a boat. Maybe you’re interested in fishing, or maybe you just want to be able to spend time on the water with your friends and family.
Either way, it’s important to know what your options are and how much money you need to save up in order to make your dream of owning a boat a reality.
In this article, we will walk you through everything you need to know about how to finance a boat.
How Much Does It Cost To Buy and Maintain a Boat?
You might be thinking about getting a new boat. Maybe you’ve been eyeing that shiny speedboat for a while, or you’re finally ready to upgrade from your old rowboat. But before you take the plunge, you need to ask yourself one essential question: can I afford it?
The cost of a new boat can vary widely, depending on the type and size of the boat, as well as any features or extras that you add on. And that’s not even taking into account the cost of upkeep, which can include things like storage, insurance, and repairs.
So before you buy a new boat, it’s important to do some research and figure out what kind of expenses you’re likely to incur. Otherwise, you might find yourself stuck with a boat that you can’t afford to keep.
According to a poll by the National Marine Manufacturers Association, the average cost of a new boat in 2018 was $47,915. However, this number doesn’t take into account the cost of extras like trailer, storage, or insurance.
And it also doesn’t reflect the wide range in prices for different types of boats. For example, a small fishing boat might cost as little as $5,000, while a luxury yacht could easily run you over $1 million.
Of course, the price of the boat is just the beginning. You also need to factor in the cost of upkeep, which can include things like storage, insurance, and repairs.
For example, if you live in an area with harsh winters, you might need to pay to have your boat stored indoors for part of the year. And even if you keep your boat in a garage or shed, you’ll still need to pay for insurance and repairs.
How Much Does It Cost To Join a Marina?
The answer depends on a number of factors, including the location of the marina, the type of membership you choose, and the amenities that are included.
If you’re hoping to join a marina like Freedom Boat Club in a prime location, you can expect to pay more for your membership than if you choose a marina that’s further away from the action.
Similarly, the type of membership you select will also affect the price. For example, annual memberships tend to be more expensive than seasonal memberships.
And if you want access to all the bells and whistles that many marinas offer – like swimming pools, tennis courts, and restaurants – you can expect to pay even more.
How To Afford a Boat
Now that you have an idea of how much a boat costs, it’s time to start saving up. In this article, we walked you through everything you need to know about how to afford a boat.
By considering the cost of a new boat, the cost of upkeep, and the cost of membership at a marina, you can get a better sense of what you need to save in order to make your dream a reality.
If you enjoyed this article about owning a boat, please check out the other articles on our blog!