How Much Does it Cost to Own a Boat in Australia?

How Much Does it Cost to Own a Boat in Australia?

There are a lot of costs involved in owning a boat in Australia. Some of these costs may be things that you otherwise may not have thought of. Here, we are going to run you through some of the most common expenses associated with boat ownership. It is important that you remember that this is not a complete guide. There may be costs associated with your boat that we may not have thought about! However, by the end of this page you should have an idea about what you are likely to be spending.

Equipment Costs

Your boat will need the following equipment:

  • Emergency Position Indicating Radio Beacons. These will set you back about $300.
  • Life Jackets. The number you need will be dependent on the size of your boat. Estimate at least $30 per life jacket.
  • Marine Flare: these will cost in the region of $160.
  • Boat Oars: this will all be dependent on the size of your boat. Larger boats may require oars up to $150!
  • Fire Extinguisher: at least $25.
  • GPS: These can be had for as little as a few hundred dollars, all the way up to a few thousand dollars. Think about the type of GPS that is going to be right for you!

Fuel Costs

It can be difficult to estimate the fuel costs for a boat. This is because it is going to be greatly dependent on what you are using the boat for. It is unlikely that you are going to be using that motor all the time. You are probably going to be heading out a short distance and then relaxing. There will not be anything too taxing. In fact, if you have a sail boat, you may have an engine in it that you will never use. It is just going to be for getting in and out of the harbour.

When you are buying a boat, or if you already have one, then you may want to consider the overall fuel consumption for the motor that it has installed. This will give you a rough overview of how much you should be looking to spend on fueling it. Remember; always overestimate what you need! The last thing you want to do is be caught out at sea with no fuel!

Maintenance Costs

If you can, you are going to want to be doing as much maintenance as possible on your boat. This means you. You do not want to be outsourcing it. The internet is a wonderful thing, simply because it makes maintenance easy. If there is a job that you want to do, then you can bet your bottom dollar that there will be a video out there that you can watch.

There will be some jobs that will need to be outsourced. For example; you are going to want to have your engine serviced from time to time. We recommend at least once a year, or ever yone hundred hours of use (remember; you are not going to be using it all that much!).

Regular maintenance of your boat is going to be important. You should have it inspected at least once a year. It is better to have small issues caught and dealt with early, than it is to leave things until the last minute. You will save a lot of cash this way!

Berth

You will need a place to store your boat. Now, if it is a smaller boat, you could probably stick it up on a trailer and put it in your driveway. However, if your boat is larger, then you are going to need to be able to berth it at your local harbour, or wherever you plan on sailing from the most. The price of berthing will be dependent on the size of the boat and the area that you are putting it. We are not going to speculate on the price here, simply because there are going to be too many variables at play.

It is suggested that you shop around for a berth. Talk to as many harbour as possible. Get an idea of what they are going to be charging. This will be important information for when it comes to choosing where you want to place your boat at the end of the day!

Boat Insurance

You need to have your boat insured. Again, this is something that we are unable to speculate on when it comes to price as there are too many variables at play. It will be dependent on the type of boat you have, the size of the boat, where the boat is located, how many claims you have made before etc.

Essentially, for even the smallest of boats, you are going to need to have a good few thousand dollars available each year. This is before you even factor in the financing costs of the boat!