My answer to Why is owning a boat very expensive?
Answer by Desmond Last:
Buy right and sell well. Owning a boat like any other form of transport does come with a cost. But cars will be stuck in traffic whilst you are free to enjoy your local lake or prepare to sail up the coast for a weekend of adventure.
This is what you must budget for. This is for a saltwater vessel which is on a mooring or a berth.
Initial Cost. Extreme Number One King of Golden Rules. Never buy a boat without an out of water survey by an Independent Qualified Marine Surveyor. This must include a power and sail test. If possible accompany the surveyor on the day. You will learn a lot. Make sure you get a written signed report. Expect to pay up to $1000 for a 40′ boat. It is money well spent.
Tip: To get a benchmark price for the boat you want to buy use Sea Ray for powerboats and Beneteau for sailboats. Then add or deduct if you have decided to buy a boat that is not a popular boat. For instance you may have decided to buy a steel yacht built by a non-production boat builder. It will not be worth as much. Be careful of owners who add on the sale price all the work they have ever had done to a boat. It makes it easier to sell but it should not be a price factor.
Insurance. You must have insurance. Boats sink – without warning. Expect to pay about $600 for a 40′ boat.
Anti-fouling. Marine growth on your hull will slow you down and overheat the engine. You should antifoul every 12 months. Expect to pay up to $1000-$1500 for a 40′ . It will depend where you get your boat antifouled. The closer to the City the higher the price.
Tip: Check all skin fittings. Plastic will crack over time. Check skeg bearings and rudder bearings. If you have a power boat with sterndrive legs get them serviced at the same time and check the rubber bellows and gearshift bellows. Always replace the anodes.
Engine Service. Once a year. If you use your boat a lot use the recorded engine hours for determining service. Change the water pump impellers, fuel filters and if your engines are diesel drain the filter water traps. Expect to pay up to $1000 for a single diesel on a 40′ boat.
Polish. The gloss will affect price. Protect the fibreglass with a six month polish. Expect to pay up to $500 for a 40′ boat. Get it done when she is being antifouled.
Registration. This will depend on where you are. But as a minimum allow $500 a year.
Berths. Will depend on location. Allow up to $1000 a month.
Mooring. Will depend on location. Allow £250 a month.
Other. Allow $2000 a year. Maintain your boat and it will save money -lots of it.
Buy well. Look after well. Sell well. There are no shortcuts when it comes to boats.