The Average Cost Of Boat Ownership In Florida

How much does it cost to own a boat? Researching the actual cost of owning a boat gives you tangible information. Is buying a boat financially feasible? That's something you'll need to know before you make that purchase. There are numerous expenses associated with boat ownership. Here, we’ll primarily focus on the costs of owning a sailboat.

Please keep in mind that the facts and figures here are very general. Many, many factors weigh in when it comes to actual numbers of a financial nature.

Purchase Price: This is perhaps the one aspect of boat ownership you have some control over! While you may be advocating for a small sailboat, your significant other may be dreaming of owning a powerful 40-footer. If you compromise and settle for a J-22, a 22-foot-long sailboat, you could purchase a new 2010 model for around $23,000 or a used 2003 model for about $15,000 according to NADA guides. Estimated cost: $20,000.

Taxes: Boat tax laws differ from state to state. For instance, Rhode Island doesn't impose a boat tax, while South Carolina requires boat owners to pay a yearly tax equal to 10.5% of the boat's assessed value if it spends over 180 days in the state. Costs vary. If you're in Florida, obviously you'll check out Florida's laws and taxes.

Insurance: On average, insurance rates amount to approximately 1.5% of the boat's insured value. For a $20,000 boat, insurance costs would be around $300. Rates tend to be higher in hurricane-prone areas.

Registration: Similar to motor vehicles, registration costs vary by state, ranging from minimal fees in some states to over $250 in New Jersey for boats longer than 65 feet. Costs vary. Again, check on Florida if that's where you're keeping your boat.

Mooring: Waitlists for mooring locations can stretch for years. If you're fortunate enough to secure one, you should anticipate spending anywhere from a few hundred dollars annually to as much as $1,000 per month for larger boats. Costs vary.

Small boat: If you have a mooring, you'll require a rowboat, dinghy, or kayak to reach your boat. A basic rowboat with oars could cost around $1,000 new or $500 used. You may even find significantly cheaper options (albeit in poorer condition) on platforms like Craigslist. Estimated cost: $500.

Trailer: During the off-season, you'll need a trailer to transport your boat to your backyard or a winter storage facility. If you choose to keep your boat in your backyard throughout the year, your trailer will see plenty of use! A used trailer for a 22-foot sailboat can be found for around $300 on Craigslist, while a new one may cost over $2,000. You'll also need to register the trailer with your state's DMV. Estimated cost: $1,000.

Winter Storage: Unless you reside in a warm climate year-round, you'll need to budget for winter boat storage. This fee typically covers the cost of hauling the boat out of the water, shrink-wrapping it, and placing it on blocks. Estimated cost: around $2,000.

Maintenance: Annual maintenance expenses are estimated to be around 10% of the boat's cost, as suggested by Bloomberg.com. This includes hull painting, deck cleaning, and occasional sail replacements. For a $20,000 boat, annual maintenance would amount to approximately $2,000. Estimated cost: $2,000.

Fuel: None! Sailboats rely entirely on wind power. However, if you opt for a boat with an engine, remember to include costs such as oil changes and mechanical repairs. Estimated cost: minimal.

Safety Items: It's essential to purchase life jackets for each family member and have extras for visiting crew. A set of five life jackets, costing about $70 each, totals $350. A safety kit, with fire extinguisher, a horn, visual flares, etc., amounts to approximately $150. Estimated total cost: $500.

Navigation Equipment: If you plan on sticking to familiar waters or the harbor, you can skip the GPS to save money. However, if you intend to venture further or embark on overnight trips, a basic marine GPS starts at around $200. High-end computer systems can cost tens of thousands of dollars. Estimated cost: $500.

Now, let's tally up the grand total for owning a $20,000 sailboat like a J-22:

Safety Kit: $500

Purchase price: $20,000

Taxes: Varies

Winter storage: $2,000

Trailer: $1,000

Mooring or dock fees: Varies

Insurance: $300

Registration: Varies

Small boat: $500

Fuel: Minimal

Maintenance: $2,000

GPS: $500

The grand total for the first year of sailboat ownership amounts to $26,800. Annual upkeep costs, including insurance, winter storage, and maintenance, sum up to $4,300, equivalent to $358 per month. Please note that these estimates do not include taxes, registration, and mooring or dock fees, making the actual cost of owning a boat even higher.

When the Time Comes to Buy a Boat, Turn to Boater's World Marine Centers

With nearly 20 years of experience, we are your go-to resource for new and used boats, motors, and parts. Our friendly and knowledgeable staff in sales, financing, service department, and parts departments will ensure that your experience is exceptional, from selecting your boat to ongoing maintenance and customization. At Boater's World Marine Centers, we value building long-term relationships with our customers and pride ourselves on providing top-notch customer service.