While yachting is an alluring sport, the actual cost of owning a boat can be deceptively expensive. Boats require constant upkeep, and without routine use, systems can rot and weather leading to unexpected maintenance and repairs. However, if you are committed to the time and attention that your boat will demand, yachting is an enjoyable freedom that is practically unmatched. And really, how many people buy a boat in San Diego and think it was a mistake?
The cost of buying the actual boat vary immensely. If it’s pre-owned, consider having an inspection performed by a qualified boat surveyor ($750-800). Be ready to pay property tax (roughly 1-2% of the assessed value) after purchase, plus the annual state registration sticker, and sales tax (7.25-8.75%).
Safety gear is one of your most important up-front investments, and all of this vital equipment should be new – your life may depend upon it. This includes life preservers for a full party (by law, one for everyone aboard), flares, inflatable life raft, hand-held marine radios and flashlights (waterproof/floating), lots of fire extinguishers, operating running lights, emergency signal flags, emergency locator beacon, marine binoculars, lots of line (rope), and bumpers to protect the hull pier side.
A Monthly Cost Breakdown of Boat Ownership
Here is a list of some of the monthly ownership expenses that will come with your new boat. For the example, we are assuming it’s a powerboat 32 feet in length, and that you don’t have any loan payment due:
- Marina Slip Fee
- Fuel for 50 miles of cruising
- Cleaning Supplies
- Tow Boat Insurance Contract
- Boat Insurance
- Maintenance allocation
- operating contingency
Purchasing a Boat in Your Budget
Owning a boat, especially in San Diego, can be a real joy, but don’t jump head first into ownership without being aware of the actual expense of owning a boat. If you’re thinking about buying a boat, the helpful professionals at Ballast Point Yachts, Inc., a trusted yacht brokerage in San Diego with over two decades of experience, can walk you through the process. Give us a call at (619) 222-3620.