How Much Does It Cost to Buy A Boat? [Ownership Guide]

Average Cost Of Buying & Owning A Boat

When purchasing a boat, there are various costs to keep in mind. From closing costs and taxes to documentation, insurance, and slip costs, there are many costs that boaters don’t consider before taking the plunge. Because we don’t want to see any client blindsided by costs, we’re here to help steer you in the right direction.

• What is the average boat closing costs and taxes?
• What is the average cost of boat documentation?
• What is the average cost of boat insurance?
• What is the average dockage rate?

CLOSING COSTS + TAXES

As far as closing costs go, it all depends on the deal. Taxes and documentation are added to the final purchase price. State taxes vary upon location, but if you are in Florida you can read more about sales taxes here.

DOCUMENTATION

Documenting your vessel is an important aspect of boat ownership. Each scenario is different, therefore the costs for documentation have a varied range. The cost could range between $500-$3,000 depending on exactly what services the Doc Agents are providing for registration, but this is just an estimate.

INSURANCE

No one makes a large purchase without getting insurance, so you will need to keep those varying costs in mind as well. Our insurance specialist weighed in on this to give rough estimates of Florida-based vessels. Insurance (in Florida) typically runs 1%-2% of the hull value.

If your boat is worth $500,000, you should expect to pay anywhere from $5,000-$10,000 annually. Surprisingly, factors such as the age of the vessel and the owner’s experience play heavily into the end cost. If you are looking to spend $1,000,000 or more on a boat, it will receive a more favorable rate.

DOCKAGE

A factor that some don’t initially consider is where the boat will be kept. Dockage rates can vary widely depending on location and duration of time. You can do a quick Google search of your local marina’s pricing since some have their rates online. If you are located in south Florida near Denison’s main office, a slip at the Bahia Mar or Miami Beach Marina can be twice the cost as the Harbour Towne Marina. Because dockage is taxable at 7% and electric is metered in Florida, the range for dockage costs varies greatly.

Before making a mental estimate, we highly recommend speaking with your Denison broker in more detail about these individual costs.