4 Expenses You May Not Be Prepared For When You Buy a Boat
Written by
Angela Mae
Edited by
Levi Leidy
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Have you ever dreamed about sailing the open seas or going on the Great Loop? Maybe you’ve been thinking about buying a boat so you can go fishing or watch the fireworks over the lake. Whatever the case, boats can give you a lot of freedom — but they’re also more expensive than you might think.
GOBankingRates spoke with Robert Lehmann, a marine industry professional, founder of Fair Wind Fasteners and former superyacht captain, about the cost of owning a boat. Here’s what he shared and the key expenses to watch out for.
Total Cost of Owning a Boat
On sites like Boat Trader, you can compare different boats to see what they cost. For example, a 2013 Chris-Craft Launch 22 costs $49,999. A 2025 Tide Craft Beaver 10 costs $17,500. But purchasing a boat is only the start when it comes to the money you’ll spend going forward.
“People who have never before owned a boat are often unprepared for the large amount of expenses that come with boat ownership,” said Lehmann.
Lehmann shared that he purchased a 2004 Albin 28TE in Rhode Island for $65,000. But the real costs of owning that boat are much higher than that.
“I expect to spend around $20,000 every year to own, enjoy and maintain that $65,000 boat,” he said.
Here’s a basic breakdown of the main short- and long-term expenses he’s had since purchasing the boat.
Dockage and Related Fees
- Estimated cost: $11,600 annually
When you have a boat, you need some place to dock it and, for Lehmann, that’s in Rhode Island.
“Dockage in Rhode Island runs $200 per foot just for the summer, which comes to $5,600 per summer just to keep the boat in a marina,” he said.
But there are associated fees to consider, too.
“Haul-out services, winter storage and re-launching the boat every year run roughly another $6,000 a year,” Lehmann said. “So just with summer dockage and winter storage we’re already at $11,600 a year, and that’s just so the boat can sit somewhere!”
Basic Maintenance
- Estimated cost: $1,600 annually
As with any other major purchase, you’ll want to take care of your boat. If you don’t, it could suffer from corrosion, engine issues or structural damage.
“There are other expenses that are simply necessary just to keep that boat in reasonable condition,” said Lehmann. “$1,000 per year for bottom paint, $200 per year in sacrificial anodes and $400 per year to shrink wrap the boat every winter to protect it from the elements.”
According to RecNation RV & Boat Storage, the general rule of thumb is to set aside 10% of the boat’s initial cost for routine maintenance every year. If a boat costs $65,000, that means you should be prepared to spend $6,500 annually for routine maintenance, service and parts replacement. This doesn’t mean you’ll spend the full amount, but it doesn’t hurt to have it.
Fuel
- Estimated cost: $1,500 annually
Lehmann shared that he spends around $1,500 a year on fuel for his boat. Notably, the cost of fuel depends on factors like the port and what your boat needs. If you plan to take the boat out frequently or long distances, you might spend more on fuel.
Check local marine gas prices on OpenTug.com to get a sense of what they cost per gallon.
Parts Replacement and Upgrades
- Estimated cost: Several thousand annually
While there are “good years” in which nothing breaks or needs replacing, there are also years when that’s not the case.
“Realistically, there is a few thousand spent every year on replacing parts, upgrading aging equipment, buying maintenance products and other various expenses,” said Lehmann.
Typically, the engine — or engines — are the most expensive part of the boat. But there are plenty of other things that require routine checks or replacement, including gear oil, props, grease points, water/fuel separator, trailer bearings, spark plugs, the water pump and electrical parts.
Final Thoughts
“As a marine professional I can tell you that while many people will expect and plan for mooring and storage fees, what they don’t expect is the cost of ongoing maintenance required just to keep a boat in good condition,” said Lehmann.
Among other things, he pointed out that marine engines need to be rebuilt every couple thousand hours. Every year, you’ll also need to repaint the bottom, which can cost $300 or more per gallon, and replace your zincs or sacrificial anodes.
“The marine environment is harsh, so equipment fails more often on a boat than it does on a car or in a house, which is what new boat owners might compare ownership to,” he said. “And when equipment fails, marine equipment is much more expensive to repair or replace.”
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