Owning boats aren’t don’t have to be a hassle if you know what you will be needing ahead of time, it is easy to work out exactly how much you’ll need.
You are at the stage in your life where you think you might be ready to add a boat to your life.
There are a lot of factors to consider when you are deciding if you want a boat, but the most pressing factor is probably the cost.
Between initial fees like the boat’s price and registering a boat, the startup cost of a boat sounds high – but the payoff is equally as high. Remember to take into account the price of boat insurance and maintenance costs, as well as storage costs and outfits for your days on the water.
The cost of owning a boat might be more than you expected, and that’s okay.
Registering a Boat in New Jersey
In New Jersey, the cost of registering a boat depends on a few factors.
The first of which is determining if your boat is for pleasure or commercial use. That determination will likely be very easy – ask yourself: Is this boat for personal use or business?
After determining which price bracket your purchase falls in, find out the length of the boat you want to register. NJ boat registration prices vary based on length. For personal use of smaller boats, costs range from $12 to $52. Larger boats ranging from 40 feet to 65 feet will cost you $80, while any boats over 65 feet will cost $250.
Costs to register a boat for commercial use is slightly more expensive. However, in most cases, it is only a few dollars more than registering a personal boat.
New Jersey boat registration is not very costly, assuming your boat is less than 65 feet in length. If registering your boat at these prices works for you, reach out to your insurance company and find out how much insuring your boat will cost.
Boat Storage Costs: Are They High?
Storing your boat is a necessity, and finding storage for a boat is not nearly as simple as finding a place to park your car.
If you own a home and have the yard or garage space, you may want to consider simply keeping your boat at home. You will need a trailer and a vehicle that can pull a boat if you choose this option.
Finding storage at a marina can be expensive, especially during the peak boating seasons. Marina storage is often a monthly fee.
Marina fees vary by region and waterway, as well as by season. Fees throughout the peak season can total anywhere from $1,000 to $5,000 for outdoor dock space. Indoor, dry storage spaces at marinas will typically cost more.
If you have the space and do not want to pay for marina storage, your best option for boat storage is definitely keeping it at home. However, if you don’t have that space – or if paying marina fees is not a problem for you – call around to marinas in your area to find out their specific fees.
Among the cost of owning a boat, the highest recurring costs are likely either insurance or storage fees.
How Much Will You Spend on Outfitting Your Boat?
When most people make up a budget for buying a boat, they spend the large majority of their budget on the boat itself.
A substitute suggestion for budgeting, however, is to spend 60% of your budget on the boat itself, and the remaining 40% on outfitting the boat, maintenance costs, and unforeseen costs.
Buying a used boat is one way to avoid some costs of a boat outfit because its previous owner likely made modifications to the boat already.
If you decide on a new boat, you have the perk of being able to create the boating outfit exactly as you like it. On the other hand, this will be more costly.
Once you’ve decided on the type of boat you want (power engine or sailing), determine what your main use will be for the boat. Will you need to outfit the boat for many people or only your family?
Based on your anticipated usage, your outfitting costs will vary.
How Much Does a Boat Really Cost?
The answer to your question depends on a lot of factors, but primarily you need to consider what type and size of boat you want to buy.
Once you have decided on the type and size of your boat, you can budget for insurance, boat storage costs, and boating outfit fees.
Our recommendation is that you budget carefully – keep in mind each of the costs mentioned here and shop around.
The boat of your dreams is within reach with just a little research.