The Average Cost Of A Boat In Florida

May. 21 2023 News By Mellissa F.

One of the most important elements to consider when purchasing a boat in Florida is the price. Boats come in a variety of sizes, kinds, and costs, and knowing what the typical price is will help you plan and budget for your purchase. In this post, we will look at the typical cost of a boat in Florida as well as the elements that determine the price.

How Much Does A Boat Cost? 

If you're passionate about cruising the open waters, fishing, or enjoying waterfront dining, the idea of purchasing a boat may be incredibly appealing. However, it's essential to be aware that the costs associated with boat ownership can vary significantly based on the type of vessel you desire. On average, a new boat can range from $15,000 to $75,000, while more luxurious models can exceed $100,000. Opting for a boat loan can provide financial assistance for your purchase, but it's crucial to understand that the initial price tag is only one aspect of boat ownership expenses. Additional factors, such as ongoing maintenance costs, boat insurance, fuel expenditures, and potential taxes, must also be considered.

Boat Insurance In Florida

On average, boat insurance in Florida amounts to approximately $652 per year, which is higher than the average annual policy cost of $344 in medium-cost states and $263 in low-cost states. Several factors come into play when calculating your boat insurance cost, including the type of watercraft you own, your boating history, and the specific coverage you require. These variables contribute to the variation in insurance premiums across different states and individual circumstances.

Financing A Boat 

Typically, the optimal time to purchase a boat is during the fall season, right after summer ends. During this period, many manufacturers begin offering discounts and promotions as early as September or October, which may extend into the winter months. Taking advantage of these off-season discounts can help you significantly reduce costs and avoid accumulating unnecessary debt.

Even if you manage to find a boat at a discounted price, you may still require financial assistance to make the purchase. After all, used boat models generally have an average price tag of around $10,000, which is a significant amount. If you need to secure funding for your boat, there are several financing options available to you. The most popular methods include obtaining a boat loan, opting for a personal loan, or exploring financing options offered directly by boat dealerships. These avenues can provide the necessary financial support to make your boat ownership dreams a reality.

Maintenance And Repair Costs

Generally, the annual maintenance expenses for a boat amount to approximately 10 percent of the boat's purchase price. For instance, if you bought a boat for $20,000, you can expect to spend around $2,000 per year on maintenance. Common maintenance tasks include hull painting, deck cleaning, replacing worn-out parts, and winterizing the boat to safeguard it from the elements during the off-season. Just like cars, boats necessitate regular maintenance to minimize deterioration and extend their lifespan.

Fuel And Operating Cost

In addition, it is important to consider the fuel expenses, particularly for larger boats. Smaller boats usually run on regular or premium gasoline, while larger vessels may rely on diesel fuel, which tends to be more costly. Opting for a sailboat can help mitigate fuel costs since it operates solely on wind power. However, for most boats, fuel is a necessary expenditure.