Do You Know How Much it Costs to Own a Boat?
The idea of owning a boat is cherished by many, but what happens after the dealer hands you the engine keys? Is it going to be a happily ever after story or are you going to hit a series of huddles before splashing away in your new ride?
- Purchase price – a sailboat such as the J-22 can cost around €18,000 while high-end motorboats cost anywhere between €90,000 and €5 billion.
- Taxes – every jurisdiction has different rules on boat taxation. Some places such as Rhode Island do not tax boats while boaters in the EU may need to part with a whooping 20% in VAT.
- Insurance – in most countries, insurance starts at 1.5%. Of course, that is the lowest plan you can get, but there are other plans with better packages.
- Registration – just like cars, motorboats need licenses. The price tag on this crucial document depends on how big the boat is and your location.
- Storage – during the winter, boats need to be pulled from the water, shrink wrapped and put in a high, dry place. It can be at home or in a storage facility.
- Maintenance – this annual cost is roughly 10% of the buying price.