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HOW MUCH DOES IT COST TO OWN A BOAT?

Purchasing a boat

Mostly, the expenditure incurred is while purchasing a boat. It includes three types of cost that are purchasing cost, closing cost, and taxes. 

  1. Purchasing Cost

The age and the actual condition of the boat determine the cost of the boat. Boat brokers help you reach the desired sailing yacht within your bargains. It will also depend on the type of boat you are purchasing like for weekend fishing, frequent family adventure, or all-time professional sailing. 

  1. Closing Cost

If you buy the boat on EMI or by borrowing, then the closing cost comes into the picture.

  1. Taxes

Taxes are different depending on the place and country, but usually, they are of three types, sales tax, use tax, and annual personal property tax.

Insurance

A boat, like a car, also requires liability insurance. Insurance cost will depend on the location, type, and the damage included in it. So, to make the best choice, discuss it with the broker.

Documentation

This is a legal phase that is mandatory like any other asset. It gives the yacht identification of being legal and their assigned Vessel Registration Number, Vessel Name, and Hailing Port.

Storage

A boat can be as huge as a truck, so it requires enough space to store when not in use. It can be stored indoors or outdoors depending on the weather conditions. If the climatic condition is not harsh and does not hurt the condition of the boat, then outdoor is the best place, otherwise indoor. 

Maintenance

The boat has mechanical functioning, so it would also depreciate with time and again. So, you have to maintain its cleaning, jamming, oiling, etc. This will also cost you, but this makes your asset last longer.

You can contact any yacht broker that will let you know the minimum pricing of new or used yachts for sale all in one place.

This article was written by Ed Massey, President of Massey Yacht sales and service. Massey Yacht Sales & Service has continuously been in the yacht sales and outfitting business since 1986. At Massey, customer satisfaction has been and will remain our most important measure of success. If you are looking for boat dealers in Jupiter FL then contact us today!

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