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Three Hidden Costs of Owning a Boat

Brynes Agency

Boat enthusiasts enjoy the feel of the wind in their hair on a warm, sunny day. They take the leap into owning a boat. Keep in mind the cost of boat ownership extends beyond the initial purchase.

Maintenance

The experts at Brynes Agency state the cost of maintaining a boat varies. There are some maintenance tasks are done each time the boat is used while others are done on a scheduled basis.

Mooring

Not all boat owners own a dock with lakefront property. Many boaters must moor their boats somewhere. The costs and wait times for coveted spots can vary greatly. When choosing a spot, look for places that allow for winter storage. This can also reduce the need for a trailer to transport the vessel from the body of water to the facility.

Taxes

Whether you have to pay taxes on the boat depends on the state you live in. Some states charge a tax based on the time the boat spends in their state. For example, if your boat spends 181 days in South Carolina, you could face a 10.5% tax even if you don’t pay taxes in your home state of Rhode Island.

The cost of boat ownership includes many other items. Before committing, make sure you have an idea of all the costs associated with owning a boat.