Owning a boat can bring a summer full of fun on the water. Whether you enjoy swimming, fishing, water skiing, or tubing, having access to your own boat can make enjoying your favorite water activities that much easier. You may be thinking of purchasing a boat and wondering if you can afford it. When figuring out your boat budget, it’s important that you consider all of 
the costs involved with owning a boat and not just its purchase price. Read on to discover the true cost of owning a boat.
Purchase Price
The purchase price for your boat can run from $1000 well into the tens of thousands, depending on the model you’ve chosen and from whom you choose to buy it. A used boat from a private dealer will obviously cost less money than a new boat and dealers who also offer a service department will typically sell their boats for more than other dealers. Decide which model(s) you are interested in and shop around for the best price.
Docking and Storage
Docking and storage costs can vary depending in the marina you choose. If you are lucky enough to have room in your garage or yard, storage fees will be non-existent. If you need to rent space, you can expect to pay between $30 and $450 per month. The cost varies widely from state to state, city to city and even marina to marina. The cost of docking and storage will rise with the size of your boat.
Gas
Gas is a hard cost to estimate because gas prices fluctuate so widely and one person may use their boat more than the next. Marinas are often competitive with gas prices at the local gas station but some can charge up to a dollar per gallon more. Most boaters find that they spend between $10 and $150 per day for fuel. Again, this is another cost that will obviously vary. If you plan to take your boat a few miles to go fishing, you’ll use little gas. If you plan to sail down the coast, your gas prices will be higher. If you keep your boat at home, don’t forget to figure in the gas you’ll be using in your vehicle to tow your boat to the water!
Insurance
Boats, like other motor vehicles, must carry insurance. Insurance runs, on average, $400-$600 per year or $35 to $50 a month (approximately). You may be able to find cheaper insurance rates if you use the same company as you are using for your car and home insurance, although carrying a policy from a specialized provider can provide you with better service and coverage.
Maintenance
Maintenance is a hard price to average in. A new boat that is under warranty will cost you next to nothing in maintenance while an older boat can cost you in the thousands. You’d be safe to set aside about $50 a month (more if you can afford it) for maintenance costs.
Owning a boat is a dream for many; the cost of owning a boat can turn the dream into a nightmare. If you are thinking of purchasing a boat, be sure that you consider all of the money that you’ll spend after you bring your boat home! If you can afford it, go for it! Just remember that boating can be a very expensive hobby.
Photo credit: New Boat! by Dave Parker/flickr; Sail Boat by alwright1/flickr
Timothy Petersen is an avid water sports enthusiast and content contributor for SkiSafe.com, a Boat Insurance provider specializing in PWC insurance for jetskiis, yachts, fishing boats, and more.