Buying a boat can be expensive, with some models costing over $100,000. The cost of owning your own sailboat is much lower than the average price tag on boats across the world and in America. You’ll spend around $5,500 to buy one that’s less than 10-years old and capable of getting you from point A to B
Categories: Finance

The “spiritual meaning of a boat” is the idea that one can find peace and tranquility in their own personal space. The cost of sailing on your own boat will vary depending on what type you’re looking for, but it is typically cheaper than renting or buying a new one.

Dreaming of sailing on your own boat? Here's what it'll cost you

The term “boat” may refer to a surprising number of things. The term “boat” refers to a variety of boats ranging from a kayak to a super yacht. Obviously, the price of a boat depends on the kind of boat you want to purchase and maintain. Here are some of the aspects that will impact the cost of a boat’s acquisition as well as its maintenance.

Is the purpose of a loan important?

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How Much Does a Boat Cost on Average?

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Each boat type has a set of standard prices. A Jon boat, for example, is a flat-bottomed fishing boat built of aluminum that may cost anywhere from $500 to $3,000 dollars. A sailboat costs about $12,000 to begin with. A fishing boat may cost up to $100,000, whereas yachts can cost up to $300,000. With such a broad range of prices, the average cost of a boat is meaningless.

Because boats come in simple versions or completely fitted out, size, features, and extras will play a big role in deciding how much you’ll wind up spending. Cost considerations are sometimes evident, but they are not always.

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1. Size

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The most apparent element that will influence the price of a boat is its size.

In general, the bigger the boat, the higher the price.

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2. Brand

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A boat’s price varies based on the manufacturer, or brand, and model, much like a vehicle. Ranger, for example, has a line of saltwater-ready inshore boats. The cost of their 2022 2660 bay model is $113,695, while the cost of their 2022 2360 bay model is $81,395. Other brands may make more expensive versions, while others may provide a more economical option.

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3. Characteristics

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Sunshades and stereos, as well as chart plotters and autopilot, are often the differences between versions of the same brand. All of these factors influence pricing, with more fully equipped versions costing substantially more than their barebones equivalents.

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4. Situation

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As you would expect, a vehicle that spends so much of its time in the water requires a lot of upkeep to be in good form. If you’re looking for a secondhand boat, keep in mind that boats in excellent shape may cost more.

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5. Demand

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The price of products is determined by supply and demand, and boats are no exception. Prices might rise due to the popularity of a certain brand or model, particularly on the secondhand market. The COVID-19 epidemic, for example, boosted interest in boat ownership, driving up demand for new boats and engines and, when stocks reduced, pushing up costs.

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6. Address

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A boat’s geographical location may have a significant influence on its pricing. Used boat purchasers looking for a seafaring vessel, for example, may pay a premium for vessels situated inland, away from the corrosive effects of seawater. Sellers in sparsely populated locations may struggle to sell their yacht for as much as they would want since buyers may have to travel to look at it.

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Is a Boat More Expensive Than a Car?

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Obviously, not all boats are more expensive than automobiles. However, the cost of a boat may be substantial due to the needed labor and materials, as well as the significant maintenance costs. When compared to what automobiles go through, the wear and tear of water, especially saltwater, is not to be ignored.

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How Much Does It Cost to Keep a Boat in Storage?

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Many boat owners remove their boats from the water and store them on dry ground, either inside or outside, particularly in locations where ice damage is a concern. For the season, outside storage will likely cost $20 to $50 per boat foot, and inside storage might cost $50 to $200 per boat foot. Prices vary based on where you are.

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Costs of a Cruise

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What is the price of a boat? You’ve probably heard the saying, “A boat is merely a hole in the water that you put money into.” What this truly means is that the cost of buying a boat is just the beginning.

As a boat owner, you’ll be responsible for a variety of additional charges, including insurance, mooring fees, off-season storage, and more.

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1. Trailer

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You’ll need a trailer to tow your boat behind your car, so include that into the price of a boat. The cost depends on the material and the number of axles. The cost of an item might vary from $700 to $5,000.

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2. Coverage

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Boat insurance is not required in most states. But it doesn’t rule it out as a viable option, particularly if your boat is pricey. To calculate the cost of boat insurance, assume you’ll pay a premium of around 1.5 percent of the boat’s worth. A $50,000 boat will cost $750 to insure at that rate.

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Fees for mooring

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A mooring fee is the cost charged by a marina or port to keep your yacht in the water and connect to amenities like power and water. The price varies depending on the area. Mooring fees in the United States may range from $12 to $50 per foot per year. Mooring fees in prominent regions may cost hundreds of dollars per foot.

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4. Fuel

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Because water creates a lot of drag, engines have to work extra hard to propel boats. And that takes a lot of energy. Divide total engine horsepower by 10 for gas engines and 0.06 for diesel engines to get the amount of gallons of gasoline a boat will use each hour as a basic rule of thumb. Running a 250-horsepower gas engine at full speed for an hour will require 25 gallons of gasoline. That hour-long thrill trip will cost you roughly $75 if petrol prices average around $3.00 per gallon.

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5. License

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Most states require you to complete a boater safety education course if you’re a private boater, which may cost up to $65. Commercial permits are more expensive for individuals who operate a boat with paying passengers.

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6. Maintenance

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Boats need engine and hull maintenance, which relates to the boat’s structure. The size and style of boat, as with other boating expenditures, is quite important. Maintenance expenditures are estimated to be roughly 2% of the initial purchase price of a new boat each year, according to boating experts.

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7. Taxes

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Although there are no federal taxes on boat purchases, state and local taxes such as sales tax, use tax, and personal property tax may apply. To find out how much you’ll owe on a boat purchase, contact your state tax office. It’s crucial to examine both the state where you bought your boat and the state where you keep it.

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Options for Boat Financing

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You still have possibilities if you don’t have enough money to purchase a yacht entirely.

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Loan for a Boat

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A boat loan is comparable to a car loan and is provided by banks, credit unions, and internet lenders. When you get a boat loan, you’ll be required to make regular monthly payments, including interest, until the loan is paid off. The terms and interest rate will be determined by criteria such as credit score, income, and loan size.

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2. Individual Loans

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Personal loans may be available from lenders. A personal loan may be used for a variety of things, from debt consolidation to establishing a company to, yes, purchasing a boat. It is entirely up to you how you utilize the personal loan.

You’ll pay back a personal loan and interest on a monthly basis, much like a boat loan. Credit score will also have a significant impact on terms and interest rates. A personal loan, on the other hand, does not need impeccable credit. Personal loans for people with poor credit and loans for those with good credit are also options. Prequalification for a personal loan might help you figure out how much money a lender is willing to give you.

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The Conclusion

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Buying and maintaining a boat can be a costly endeavor. It’s critical to understand what costs factor into the purchase price of a boat and the hidden costs so you can buy a boat that fits your budget. If the water beckons and you’re prepared to embark on this project, you have options to finance it, including personal loans.

More information:

MediaFeed.org syndicated this story, which first published on LanternCredit.com.

The advice on this page is generic in nature and does not take into consideration your individual goals, financial condition, or requirements. Always examine whether or not they are acceptable in your situation.

SoFi’s Lantern:

SoFi Lending Corp., a lender regulated by the California Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636, owns the Lantern website. (www.nmlsconsumeraccess.org)

All prices, fees, and conditions are provided “as is” and are subject to change at the discretion of each supplier. There is no promise that you will be accepted or that you will be eligible for the stated rates, fees, or terms. The particular terms you’ll get are determined by criteria such as the perks you’ve requested, your credit score, use, and history, among others.

*Check your rate: Lantern and/or its network lenders do a soft credit pull to see what rates and conditions you qualify for. This does not effect your credit score. If you pick a product and proceed with your application, the lender(s) you choose will request your complete credit report from one or more consumer reporting agencies, which is referred to as a hard credit pull and may have an impact on your credit.

All loan conditions on this page, including interest rate, Annual Percentage Rate (APR), and monthly payments, are from lenders and are estimations based on the minimal information you supplied. They are offered for informational reasons only. As required by the Truth in Lending Act, the estimated APR includes all applicable costs. The conditions of your loan, including the APR, will be determined by the lender you choose, their underwriting requirements, and your particular financial circumstances. The lenders, not SoFi Lending Corp. or Lantern, supply the loan terms and rates shown. For further information, please read the terms and conditions of each lender.

Many things influence your credit scores and potential interest rates. SoFi does not qualify as a credit repair organization under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services, guidance, or help with “rebuilding” or “enhancing” your credit record, credit history, or credit rating. Visit the FTC’s credit website (https://www.consumer.ftc.gov/topics/credit-and-loans) for further information.

Financial Tips & Strategies: The advice on this page is generic in nature and does not take into consideration your individual goals, financial condition, or requirements. Always examine whether or not they are acceptable in your situation.

 

 

Individual Loan:

This Personal Loan product is operated by SoFi Lending Corp. (“SoFi”) in collaboration with Even Financial Corp. (“Even”). Whether you make a loan enquiry, SoFi will send your information to Even, which will then send it to its network of lenders/partners to see if you qualify for pre-qualified or pre-approved offers. Your credit information will be obtained from a credit reporting agency by the lenders/partners that get your information. Pre-qualified and pre-approved offers from one or more lenders/partners will be given to you here on the Lantern website if you fulfill one or more lender’s and/or partner’s eligibility requirements. More information about Even, the procedure, and its lenders/partners may be found on the loan enquiry form, which can be found on our Personal Loans and Student Loan Refinance pages. Learn more about Even’s Licenses and Disclosures, Terms of Service, and Privacy Policy by clicking the links below.

The APR on personal loans offered to Lantern consumers does not exceed 35.99 percent. A $10,000 personal loan with a 36-month term and a 10% interest rate would cost $11,616.12 over the course of the loan’s 36 months.

Refinancing Student Loans:

This Student Loan Refinance program is operated by SoFi Lending Corp. (“SoFi”) in collaboration with Even Financial Corp. (“Even”). Whether you make a loan enquiry, SoFi will send your information to Even, which will then send it to its network of lenders/partners to see if you qualify for pre-qualified or pre-approved offers. Your credit information will be obtained from a credit reporting agency by the lender receiving your information. Pre-qualified and pre-approved offers from one or more lenders/partners will be given to you here on the Lantern website if you fulfill one or more lender’s and/or partner’s eligibility requirements. More information about Even, the procedure, and its lenders/partners may be found on the loan enquiry form, which can be found on our Personal Loans and Student Loan Refinance pages. Learn more about Even’s Licenses and Disclosures, Terms of Service, and Privacy Policy by clicking the links below.

Lantern’s student loan refinancing loans are private loans that do not include debt forgiveness or repayment choices accessible under the federal loan program, such as Income Based Repayment, Income Contingent Repayment, or Pay as You Earn (PAYE).

Due to recent legislative developments, all federal student loan payments have been stopped and interest rates on federally owned loans have been forgiven until May 1, 2012. Please carefully evaluate these changes before refinancing federally held loans, since you will no longer be eligible for these or other future federally held loan advantages if you do so.

Refinancing a Car Loan:

Caribou provided the information about auto refinancing loans to this Lantern page. The auto loan refinance information on this Lantern site is indicative and is contingent on you meeting the lender’s requirements, which include meeting the lender’s credit standards, having a loan amount of at least $10,000, and having a vehicle that is no more than 10 years old with no more than 125,000 miles on the odometer. The loan rates and conditions shown on this Lantern site are subject to change after you contact the lender, and may vary depending on your creditworthiness. Additional terms and restrictions may apply, and all terms may differ depending on where you live.

Disclosure of Secured Lending:

Terms and conditions apply, as well as state limits and minimum loan amounts. We recommend that you carefully examine if a secured loan is the correct option for you before applying. If you default on a secured personal loan, you risk losing the assets you pledged as security. Not all borrowers will be eligible for greater loan amounts or the best lending conditions. The capacity to fulfill underwriting standards (including, but not limited to, a respectable credit history, adequate income after monthly costs, and collateral availability) that vary by lender determines loan acceptance and conditions.

Insurance for life:

SoFi Life Insurance Agency, LLC provides insurance information on Lantern. To see our licenses, go here.

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AlertMe

Dreams of sailing on your own boat? Here’s what it’ll cost you. Reference: dreams about boats and water.

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