What Are the Hidden Costs of Owning a Boat?

Owning a boat is the dream of many Long Islanders. You picture yourself out on the water, the sun on your face, your family and friends enjoying life to the fullest.

Owning a boat is the dream of many Long Islanders. You picture yourself out on the water, the sun on your face, your family and friends enjoying life to the fullest. But when you start looking into boat ownership, the price tag might seem straightforward—until you realize there’s more to it than meets the eye. 

At Strong’s Marine, we’ve been helping boaters navigate these waters for decades. Since 1945, as a family-owned and operated dealership with 12 locations across Long Island, we’ve seen firsthand how unexpected costs can catch new boat owners off guard. We’re here to help you understand the true cost of owning a boat so you can make a smart, informed decision—and enjoy every moment on the water. 

In this guide, we’ll walk you through the hidden costs of boat ownership and show you how to plan for them, so there are no surprises. 

Initial Purchase vs. Ongoing Expenses 

When you buy a boat, the sticker price is just the beginning. It’s easy to focus on the upfront cost, but ongoing expenses like maintenance, fuel, and storage can add up quickly. 

• The Purchase Price: This includes the cost of the boat itself, along with taxes, title, and registration fees. 

• Beyond the Purchase: Think about recurring costs like insurance, docking fees, and annual maintenance. For those from the Northeast, a boat can cost an additional 5-10% of its value annually in upkeep. 
  

Maintenance and Repairs 

Boats, like cars, require routine maintenance to stay in top shape. And just like cars, they can surprise you with unexpected repair bills. 

• Routine Maintenance: Expect regular engine servicing, hull cleaning, and replacing parts like filters and belts. Annual maintenance for a small boat can range from $500 to $1,500, while larger boats may cost significantly more. – use my feet range I added in the comments on how much does it cost to maintain annually blog  
• Repairs: A cracked hull or a failed engine can lead to repairs costing thousands of dollars. Planning for these surprises is essential. 

Storage and Docking Fees – lets us the per foot dollar range here.  

Where you store your boat plays a significant role in ongoing costs. 

• Dry Storage: Cheaper but less convenient, dry storage averages $50-$150 per month. 

• Quick Launch Dockage: A perfect middle ground for those seeking convivence and affordability. 

• Marina Slips: The premium choice for convenience but can range from $2,000 to $10,000+ annually, depending on location and boat size. 
• Seasonal Storage: On Long Island, winterizing and storing your boat safely during the off-season is non-negotiable. 
  

Insurance Costs 

Boats need insurance, and the cost depends on factors like the boat's size, type, and usage. 

• Average Costs: Expect to pay between $300 and $1,000 annually for insurance. – use the 1-1.5% range here  

• Factors Impacting Premiums: Age and value of the boat, intended use, and experience level of the operator all play a role. 
  

Fuel and Operational Costs 

Fuel consumption varies depending on the boat type, size, and how you use it. 

• Fuel Efficiency: A small bowrider might consume 5-10 gallons per hour, while a larger yacht can burn 50 gallons or more. 
• Operational Expenses: Include oil changes, filter replacements, and other consumables, which can easily add $500-$1,000 per year. 
  

Licensing and Registration 

Boats need proper licensing and registration, which come with initial and recurring costs. 

• Initial Registration: Varies by state but typically ranges from $20 to $200. 

• Renewals: Fees are smaller but still require budgeting. 
  

Upgrades and Accessories 

Once you own a boat, you’ll likely want to add features to enhance your experience. 

• Popular Upgrades: GPS systems, fish finders, and stereo systems are common. Costs can range from $500 to $5,000+. 

• Accessories: Think life jackets, coolers, towing ropes, and water toys—all essential but often overlooked. 

Depreciation 

Boats, like cars, lose value over time. 

• Depreciation Rate: Boats typically lose 15-20% of their value within the first five years. 

• Maintaining Value: Regular maintenance and smart upgrades can slow depreciation. 
  

Boating Lessons and Safety Courses

Boating safely requires training, and classes often come at a cost. 

• Boater Safety Courses: Typically, $50-$150, but they can lower your insurance premiums. 

• Captains Lessons: When purchasing a new boat, captain's lessons are highly recommended to ensure you can confidently utilize all the advanced technology on board. At Strong’s Marine, we include captain's lessons with every new boat purchase, providing personalized guidance to ease any concerns and enhance your boating experience. 

Environmental and Regulatory Fees 

Long Island waters come with specific environmental and regulatory considerations. 

• Waste Disposal: Pump-out fees at marinas can range from $5 to $20 per use. 

• Local Fees: Be aware of harbor fees and permits for certain waterways. 

Hidden Lifestyle Costs 

Owning a boat changes your lifestyle in ways that might cost you more than you expect. 

• Time Commitment: Cleaning, maintenance, and planning trips can eat into your free time. 
• Social Costs: Entertaining guests on your boat means spending more on food, drinks, and gear. 

Boat ownership is an incredible experience, but it’s essential to understand all the costs involved. At Strong’s Marine, we’re here to make the process as transparent as possible. With over 80 years of experience serving Long Island boaters, we’ll help you navigate every aspect of ownership. 

If you’re ready to explore your options or have questions about budgeting for a boat, visit us at one of our 12 locations or browse our inventory online. Together, we’ll make your boating dreams a reality. 

Ready to Start Your Journey?

Let’s talk about how boating could fit into your life this season. Whether you're just starting out or looking to upgrade, our team is here to help you make the most of every moment on the water.

Contact Strong’s Marine today at 631.791.6113 or browse our latest inventory online to find the boat that’s right for you.