Holding Asset Value: How to Manage Your Boat Maintenance Cost

Making sure your boat is well-maintained is key for safety resale value. We take a look at predicting your boat maintenance cost.

During the height of the coronavirus pandemic, we saw a boom in boat sales. And even though a few years have passed, demand and prices are still rising. This means that if you buy a boat, you need to understand what costs are going to come with boat ownership. 

In this article, we’ll help you manage your boat maintenance cost so that you can manage your money and maintain your boat value. So keep on reading to learn more!

Operating Expenses

It’s important to keep in mind that every time you take your boat out, there are going to be operating expenses that come with it. Fuel is the most obvious cost. 

The amount of fuel you burn can vary greatly depending on a number of factors. The size of your boat and how you ride can affect how much you spend on fuel. You can also check out a site like freedomboatclub.com/ to better understand how to buy fuel. 

You’ll also need to think about engine oil, battery costs, and fuel additives. 

Maintenance and Repairs

Maintenance costs are ongoing and regular. Maintenance can include things like wax jobs, engine tune-ups, and bottom paint. Repairs are unexpected expenses.

However, if you don’t maintain your boat properly, then you’ll end up with more repairs. 

Even if your boat is new, you need to plan for repair and maintenance costs. By treating your boat gently, you can greatly lower your repair and maintenance costs. It’s usually a good idea to budget around ten percent of the boat’s value for maintenance costs. 

You should also have some cash in reserve for emergency repairs. 

Boat Storage and Mooring

Storing a boat isn’t cheap, but it is an expense that you can know before you even buy your boat. Most marinas will charge you more for monthly payments rather than yearly payments. 

If you agree to on-site winter storage, then you might get a discount. Either way, you want to make sure that you include the winter lay-up cost in your budget. 

You also won’t be able to avoid boat storage expenses if you keep it on a trailer. A lot of trailer owners keep their rig at a storage facility. And if you live far away from a boat ramp, then you’ll have to think about expenses when transporting your boat. 

Boat Insurance

Boat insurance is a cost that you can predict and budget for. Just don’t forget to include it in your budget. Also, if you take a boat education course, you might be able to get a lower insurance premium.

Manage Your Boat Maintenance Cost Today!

As you may already know, there are a lot of expenses associated with owning a boat. But by managing your boat maintenance cost and budgeting properly, you can save money and make sure that your boat doesn’t drain your bank account.

Check out the rest of our site today for more helpful articles like this one!

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