It doesn’t matter whether you are buying for business or leisure purposes – buying a boat is a significant investment. Boat ownership can be expensive, and you want to be realistic about how much it will cost to own, run and maintain it each year.
These costs include insurance, maintenance, repairs, and berthing fees. However, boat ownership costs wouldn’t be stressful with a few clever tricks and strategies. Here are four proven ways to save money on your boat ownership.
1. Review Your Storage Options
Storage pricing can vary depending on the marina location and amenities offered. Therefore, it is advisable to shop around marinas for a money-saving deal. Additionally, buying a trailer for rent-free boat storage at home may seem an expensive investment, yet it can save you a lot in the long run. This can also be more cost-effective than inland winter storage or leaving it at the boatyard. There are boat storage options to consider, including in-water, dry outdoor, and dry boat indoor storage.
2. Ensure Fuel Economy
Many people prefer sailboats since they can be cost-effective to run by leveraging the wind to benefit your fuel economy. However, power boaters will notice a significant reduction in their fuel economy if they operate the boat at its best efficient speed. This will require understanding what it means to trim the boat and how best to go about it for improved performance and fuel efficiency. Boats have a sweet spot for fuel economy, usually between two-thirds full throttle. However, this may require trial and error or regular monitoring to find the best performance and fuel economy.
3. Do Some Maintenance Tasks Yourself
You would save yourself a good amount of money if you learned to take care of minor boat chores such as cleaning your boats, installing new boating accessories, winterizing your boat, and so on. However, it is advisable to select the right tasks. It can be tempting to do some mechanical jobs on your own if you are an experienced DIYer, but this can result in expensive repairs and problems. Therefore, you would want to find the right business to handle your marine and industrial application installations and maintenance needs at an affordable cost. Fortunately, marine technology firms like Volvo Penta can help in such a manner by providing various solutions such as assisted docking system installations for easy and safe boat control.
4. Get Proper Insurance
Insurance is a necessary ownership cost and can be handy in avoiding dipping into your savings to pay for large, unexpected expenditures. It is best to separate your boat insurance from your homeowner’s policy. Most homeowner policies have coverage limits and may not extend to other marine-specific risks such as wreck removal, salvage work, and environmental damage. Although this may not fall exactly under insurance, it would help if you acquired on-water assistance and towing subscription since mechanical goods can fail, and boats are no exception. Like most unexpected expenses, towing can be costly if you don’t plan.