Are you interested in buying a boat, but concerned about your budget? Riverview Sports & Marine is here to help! This guide provides an overview of all the expenses involved in owning and maintaining a boat, so that you can plan ahead and budget accordingly. When you’re ready to check out some boats for sale, come visit our dealership in Elk River, MN!
Registration and Licensing Fees
In the state of Minnesota, you must register your boat with the Department of Natural Resources (DNR). The cost of registration varies depending on the size of your boat, ranging from $18 for boats under 17' up to $90 for boats 40' and longer. It's important to remember that your boat registration will need to be renewed after 3 calendar years.
You'll also need to get a boating license, which can be obtained for a one-time fee of $29.95 To obtain this license you will first have to complete an approved Boating Safety Course. Your Minnesota boating license is valid for life and does not require renewal.
Insurance
It may not be mandatory to purchase insurance for your boat, but it is highly recommended! Plus, some banks may require you to have insurance in order to qualify for a loan. Either way, boat insurance is a smart investment that can give you peace of mind.
The cost of boat insurance varies greatly depending on the make and model of your boat, with premiums ranging from several hundred dollars to a few thousand each year. As a general rule, you can expect to pay 1.5% of the total value of your boat annually for insurance coverage.
Maintenance and Repairs
Preventive maintenance is key to preserving the value of your boat, but it does come with some hefty costs! Budget about 10% of your boat's total value for routine maintenance, such as oil changes, detailing, and engine tune-ups.
You will also need to set aside a portion of your budget for unexpected repairs. Many boaters plan for 5% of the boat's total value in case something goes wrong.
Gear and Accessories
It's important not to forget the cost of purchasing safety gear! Your boat should be equipped with the following items, at a minimum: flotation devices, signal flares, first-aid supplies, a VHF radio, and a fire extinguisher. While these items are not overly expensive, many of them will need to be replaced or replenished over time.
Of course, you will also need a boat trailer if you plan on transporting your boat over land. The cost of a trailer depends on the size of your boat, ranging from around $500 to more than $10,000. Other possible expenses include boat lifts, floating docks and various accessories. Make sure you take these costs into consideration when planning your budget.
Storage Costs
Lastly, you will need a place to store your boat during the off-season. If you don't have room in a garage or shed, you'll need to find a storage facility. Many boat dealers offer winterization services and storage at their facilities. The cost of winter storage will vary depending on the length of your boat, ranging from about $20 per foot up to $200 per foot annually.
All of these costs can add up quickly, but the rewards of owning a boat are worth it! If you have any questions about the cost of owning a boat, don't hesitate to consult the team here at Riverview Sports & Marine. We welcome boaters from Minneapolis and St. Cloud at our dealership in Elk River, MN.