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Actual Cost of Boat Ownership
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Cost of Ownership

Happy Boat Club Members A Boat Club Membership costs far less than actual boat ownership. And for the 90 plus percent of all people that don't live on lakes, it makes more sense.
- Thomas Schmidke, Financial Advisor


There is far more to the actual cost of boat ownership than simply the initial cost of the boat. Things like insurance, maintenance, depreciation, interest, trailering, slip fees and storage all need to be considered. Here are some real world examples of what it will actually cost to own and operate a boat over the life of a typical 10 year boat loan.


Typical Pier 1 Ski Boat
18' - 3.0L I/O Engine
Price $20,000


Year 1
Down Payment (@10%): $2000
Tax, Title, License: $1200
Ropes, Life Vests, Anchor: $300
Insurance: $600
Monthly Payments (10 yrs @7% Int/$250 month): $3000
Depreciation (20% first year): $4000
Maintenance: $500
Winterization/Storage: $800
Slip Rental (or you tow it around): $3000
Total first year $15,400 + your time to cover,
clean, trailer, maintain, etc.


Year 2
Insurance: $600
Monthly Payments: $3000
Depreciation (15% second year): $2400
Maintenance: $700
Winterization/Storage: $800
Slip Rental (or you tow it around): $3000
Total $10,500 + $15,400 first year=$25,900 + your
time to cover, clean, trailer, maintain, etc.


Year 3
Insurance: $600
Monthly Payments: $3000
Depreciation (14% third year): $2000
Maintenance: $1000
Winterization/Storage: $800
Slip Rental: $3000
Total $10,400 +$25,900 first/second year=$36,300 + your time to cover, clean, trailer, maintain, etc.

In 10 years, by the time this boat is paid off, you will have paid another $60,000 in Insurance, Monthly Payments, Depreciation, Maintenance, Winterization/Storage and Slip Fees. That's $96,300! Or, $66,300 if you don't put your boat in a slip, but then you have the additional time and expense of trailering the boat around. And your 10 year old boat is now worth approximately $5,000 if it has been impecably maintained. That's Expensive! A boat club membership is just a fraction of the cost!


Typical Pier 3 Ski Boat
25' - 5.7L I/O Engine
Price $60,000


Year 1
Down Payment (@10%): $6000
Tax, Title, License: $2500
Ropes, Life Vests, Anchor: $500
Insurance: $1000
Monthly Payments (10 yrs @7% Int/$700 month): $8400
Depreciation (20% first year): $12000
Maintenance: $700
Winterization/Storage: $1000
Slip Rental (or you tow it around): $4000
Total first year $36,100 + your time to cover,
clean, trailer, maintain, etc.


Year 2
Insurance: $1000
Monthly Payments: $8400
Depreciation (15% second year): $7200
Maintenance: $1000
Winterization/Storage: $1000
Slip Rental (or you tow it around): $4000
Total $22,600 + $36,100 first year=$58,700 + your
time to cover, clean, trailer, maintain, etc.


Year 3
Insurance: $1000
Monthly Payments: $8400
Depreciation (14% third year): $5700
Maintenance: $1500
Winterization/Storage: $1000
Slip Rental: $4000
Total $21,600 + $58,700 first/second year=$80,300 + your time to cover, clean, trailer, maintain, etc.

In 10 years, or by the time this boat is paid off, you will have paid another $126,000 in Insurance, Monthly Payments, Depreciation, Maintenance, Winterization/Storage and Slip Fees. That's $206,300! Or, $166,300 if you don't put your boat in a slip, but then you have the additional time and expense of trailering the boat around. And your 10 year old boat is now worth approximately $11,000 if it has been impecably maintained. That's Expensive! A boat club membership is just a fraction of the cost!
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