Images by GettyImages; Illustration by Hunter Newton/Bankrate
Key takeaways
- The average new boat cost can range from $25,000 to $150,000 or more in 2025, depending on the type of vessel you get.
- Annual maintenance for the boat costs 10 percent of the boat price on average, but you’ll also have to consider other costs like insurance, storage/mooring, fuel, registration and repairs.
- Make sure to choose the boat that works for your budget, usage needs and lifestyle.
- You can find financing through boat, personal or dealership loans.
While the cost of owning a boat varies significantly, data from Galati Yachts shows that the average new boat may cost around $174,000, which includes yachts. When you look at more regular, run-of-the-mill boats like pontoon boats and fishing boats, you’ll see the average costs for most new vessels range between $25,000 to $150,000+.
If you love cruising the open waters, fishing or just docking-and-dining, buying a boat may seem like a great idea. Taking out a boat loan can also make it easier for you to finance your purchase, but there is more to the cost of owning a boat than the initial price tag. Other things you need to consider are maintenance, boat insurance, fuel costs and potential taxes.
How much does a boat cost?
The cost of owning a boat differs widely depending on type. For instance, a larger boat will naturally have higher fuel costs to run. Storing a larger boat may also be more complex and costly.
The more expensive and feature-heavy your boat, the more it will cost to insure it. According to Nationwide, faster boats often cost more to insure due to the increased risk. The length, age and type of boat can also affect how much insurance the boat needs. Your insurance can even be dependent on where you use the boat. Lakes, bays, oceans and rivers all present different safety risks.
Money tip: A larger and fancier boat could also mean higher maintenance and repair costs. There are simply more parts that could break. Bigger and more expensive boats may also require larger loans and longer loan terms to afford. You will pay more in interest to finance the boat in the long run.
2025 Average boat prices
Jon boats are among the most cost-effective boat models while yachts and catamarans are among the most expensive ones.
Ongoing cost of owning a boat
When you buy a boat, you have to consider boat costs like maintenance, potential repairs and the cost of fueling and operating a boat. Additional costs associated with boat ownership include the cost of storing your boat, the cost of a trailer, safety necessities and miscellaneous items such as water sports equipment.
Breakdown of storage costs
| Storage option | Cost | Pros | Cons |
|---|---|---|---|
| Dry stack storage | $10-$20 per feet/month | – Convenient – Protection from weather – Security – Less expensive than a marina |
– Limited access -More expensive than home storage |
| Marina storage | $20-$50+ per feet/month | – No trailer necessary – Ready to go when boating season starts – Socializing opportunities |
– Dock fees – Potential damage from elements – Aquatic pests – Minimal security |
| Self-storage facility | $10-$40+ per feet/month (Varies) | – Easy to find one near you – Simple pick-up and drop-off – Good security |
– More expensive – Outdoor storage exposes boat to elements |
| At home storage | Boat trailer cost starts at $700 | – Cheapest option – Immediate access to your boat |
– Exposure to the elements – Must winterize your boat |
Necessities
In order to get your boat to the water, you not only need a boat trailer but also a vehicle that can tow it, such as a truck. These costs can vary depending on the size of your boat.
A boat trailer can range from $700 to over $10,000. In addition to a trailer and a towing vehicle, you must invest in your boat’s required safety equipment. This includes:
- A fire extinguisher.
- Life jackets for every passenger.
- A flotation device.
- A visual signaling device.
- A sound signaling device.
The exact safety equipment you need can vary by state, but these are the basics. Having a medical kit and flashlight is also a good idea. Depending on the size of your boat, you may want paddles on board in case your engine quits.
How much boat can I afford?
Whether you opt for a brand-new boat or buy a used boat to save some cash, you may need help financing it. Even boats on the lower end of the pricing scale may cost $20,000 or more, and you could wind up forking over six figures for a boat if you want a newer model with all the bells and whistles.
If you need to finance your boat, the most popular options are a boat loan, personal loan or financing through a dealership:
- Boat loan: These personal loans are designed specifically with purchasing a boat in mind. They typically come with fixed rates so you make the same boat loan payment each month and may use the boat itself as collateral if the loan is secured.
- Personal loan: These fixed-rate installment loans can be used for any purpose, including purchasing a boat. Personal loans tend to be unsecured, so you may not have to use the boat as collateral.
- Dealership loan: These are boat loans that are offered right through a dealership and are convenient because you don’t have to choose your own boat loan lender. However, they may have higher rates, longer terms and require a larger down payment.
Review your credit score to gauge your approval rate for a loan and get a sense of whether you’ll qualify for a competitive interest offer. In addition, figure out what the monthly payments would be for a boat loan so you can see how the new debt fits into your budget. Use a boat loan calculator or get prequalified with lenders to view possible monthly payments.
Bankrate’s take: Before you borrow money, figure out what you can truly afford to pay. It’s important to factor in expenses like maintenance, insurance, registration fees and taxes. Remember that boat insurance alone typically adds 1.5 percent of the boat’s value to your total costs each year.
Tips for saving money on boat costs
If you really want to spend your weekends out on the water but don’t have the funds for luxury boating, there are some ways you can reduce boat costs.
- Consider the boat you buy: If you find yourself strapped for cash, consider a smaller boat. You could also purchase a used boat in good condition. For instance, a new current-year Tahoe T16 w/ 60 ELPT FourStroke Mercury® FourStroke will set you back just under $25,000. The same model a few years older can often be found for $17,000 or less..
- Watch costs: If you can, buy the boat off-season in fall or winter. Try purchasing boat accessories and equipment used and in good condition or on sale. Store the boat somewhere on your own property. Keep up with regular boat maintenance and care. Also, use your local state programs for courses and certifications.
- Shop rates: If you’re taking out a loan, shop around for the best rates. Work with your insurance for any discounts – such as getting better rates – if you take a boater safety course. A clean boating record can mean cheaper insurance.
- Save up: You can avoid paying interest on a loan by saving for the boat. It’s a luxury purchase and not an emergency. Some split the cost with friends or family and share the boat.
- Consider fractional boat ownership: Fractional boat ownership lets you pay for a fraction of a boat in exchange for shared access to the vessel. This option can help you save money compared to buying your own boat, but it also means you can only use it part of the time.
- Rent a boat: Renting a boat gives you more flexibility and saves you from having to pay for costly boat storage and maintenance. Boat rentals also allow you to try different types of vessels depending on the length of your trip, who you want to travel with and the reason for the outing.
Bottom line
Buying a boat is an exciting adventure, but it is also costly and time-consuming. There are so many extra boat costs beyond the buying price. It is important to make sure you can handle all costs associated with having a boat before buying one.
Choosing a financing option like a boat loan, personal loan or dealership financing could help you plan some of the costs, but there are other options available that might make the experience more affordable. You might also look into renting a boat if owning a boat is too expensive. Whichever option you choose, make sure to do your research and come up with a plan before making any decisions.
Frequently asked questions
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