Ongoing Boat Ownership Costs
The typical rule of thumb is that annual costs for a boat average 10% of the purchase price. I priced out the average running costs for my 30ft Oceanis 30.1, which is kept in the Northern New Jersey area.
The main costs from largest to smallest include:
Let’s look at the main categories, the costs associated, and considerations of those costs.
Marina Fees: unless you are buying a small boat that can be trailered or you have a residence with a dock or mooring, you will need to work with a marina to keep your boat moored or in a slip. Marina fees vary significantly based on geography, quality of facilities/service, size of your boat, and level of convenience.
The most convenient form of boat storage is a slip. For slips marinas usually price based on a per foot basis. In climates that have cold seasons and boats are removed from the water, the pricing is typically per foot for the sailing season. In warmer climates where boats are kept in the water year-round pricing is per foot per month. Slips are preferred for their ease of access, electrical hookups, and freshwater hoses.
Less convenient, but less expensive are moorings. These are buoys with pennants that allow you to tie your boat to them quickly. The buoys are attached to a line or chain that goes down to the ocean floor and is secured by either a very large cement block or a sea screw. To access your boat, you either need your own dingy or use the marina’s tender service. Tender service is often restricted to certain times and in practice for small marinas depends if they have the staff available. The other inconvenience is the lack of electrical hookup, meaning you either need alternative power sources (e.g., wind/solar, etc.) or you charge your boat batteries periodically.
There are a few other land-based options, such as warehouse style racks, where your boat is stored and then brought to the water when ready for use. This requires notification lead times and is typically for smaller power boats that do not have masts.
Electrical costs are also an important factor to explore when speaking to a marina. My boat uses very little electricity, which is reflective of the charges indicated. However, in speaking to some marinas across the river in Manhattan, they only offered a standardized monthly charge for electricity that was wildly expensive.
Insurance
Everyone hates talking about insurance, but with the increasing frequency of storms, it’s important. Insurance can be expensive depending on where you keep and use your boat. For instance, Florida boat owners contend with hurricane’s lifting prices, while historically Northeastern boat owners have had to pull their boats out of the water in the winter to avoid hefty premiums.
Other important parts of insurance include liability coverage (when something goes wrong because of you and someone else gets injured, you need this coverage), physical damage coverage (somewhat obvious), environmental damage (check the policy since you can be liable for oil leakage, etc.), and theft.
So, there’s no one single answer to insurance costs, but you should bake them in. Also, if you are getting a boat loan the lender may require it.
Spring Detail, Commissioning, and Bottom Paint
In areas where you take your boat out of the water for the winter, you will typically have the boat cleaned thoroughly and then commissioned. Commissioning includes several items, especially:
Rigging inspection and repair
Moveable parts check and replacements (e.g., seals, bearings, etc.)
Bottom paint, hull wash and wax
Fluid check and replacements
Electrical check and replacements
For boats in warmer climates that are used year-round, you should be doing a significant maintenance check twice a year (likely spring and fall). All fittings should be inspected and replaced as needed, electrical items checked, etc. Very similar to the above list, but the boat will be in the water and any thing that is done during a haul out (e.g., repainting the bottom) may be on a longer schedule, such as every couple years.
In our example we’ve assumed a total of $4,000 for a 30-foot sailboat.
In-Season Maintenance and Cleaning
Regardless of climate, boats should have regular maintenance cleaning:
The exterior should be cleaned monthly or more frequently depending on use.
The bottom needs to be cleaned, possibly more frequently in warmer climates as barnacles build up.
Mechanical and electrical systems checks (i.e., batteries, coolant levels, lubrication, fuel, air conditioning, pumps, etc.)
Interior cleaning should be done at least monthly but can be more frequent based on use.
One could expect $2 to $3 per foot for many of the cleaning duties, but these should be multiplied through the season and for any mechanical and electrical system there is the cost of replacement parts. For a six-month season we assume nearly weekly cleaning given the boat’s usage in SailTime.
Fuel
Fuel is entirely dependent on engine size and how often a captain uses the engine versus sailing. Our Oceanis 30.1 has a 21hp engine, which we use to get in and out of the marina and to head to pick up friends at another marina. It’s inexpensive to refuel given the limited fuel usage. Larger boats or power boats must factor in higher fuel costs.
Winterization
In colder climates boats are taken out of the water and winterized. This includes many of the following tasks:
Draining fluids from engine and freshwater plumbing systems
Adding antifreeze to plumbing systems
Changing filters
Removing drain plugs and all water from ancillary systems (bilge pump, etc.)
Covering the boat and placing it in winter storage
This costs from $2,000 to $3,000 for a smaller boat (~30ft) and escalates as boat size increases.