4 Ways to Own a Boat on a Budget

Written by Kristen Rogers
October 22, 2018

Last Updated on February 3, 2022 by Boatsetter Team

Owning a boat can be costly. Your initial purchase price can be quite high, and then you have a number of other costs – maintenance and storage, insurance, fuel, rods and reels if you intend to fish, floatation devices, water toys for the kids. Those costs can quickly rack up. There’s good news, though. You can enjoy your time on the water without breaking the bank. You just need to know how to own a boat on a budget and Boatsetter has 4 tips for you!

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Shop around for Insurance

One of the things that many boaters spend a lot of money on (other than their boat) is their insurance. Yes, boating insurance can be expensive. However, if you shop around, you can compare options and find the right coverage for your needs without paying through the nose for it. It may also be worth checking into insurance coverage before you buy a boat in the first place. Remember that your costs will vary by boat type, length, age, and how much coverage you want. By working with your insurance agent during the hunt for your boat, you’ll know just how much you’ll ultimately pay for coverage and can make an informed decision.

List Your Boat for Rent

Why List your boat for rent? Listing your boat for rent is not only a great way to keep your boat in use, but also offset your boat costs. Boatsetter makes it easy to list your boat and earn an incremental income. When you list your boat, it is covered from start to finish. With Boatsetter, you have the option of selecting USCG licensed captains to be onboard, as well as coverage with world-class insurance and 24/7 services from the Boatsetter team.

Need help or want more information? A Boatsetter team member can be reached at contact@boatsetter.com.

Store Your Boat Yourself

Another significant cost that often surprises boat owners is the cost of storage. There are plenty of companies out there that will store your boat for you in a special facility. You may also think about storing your boat in the marina. However, both of those options can be very costly. Perhaps the simplest option (and the cheapest choice) is to store your boat at home. You can do this in a number of ways, and all you’ll need is a trailer. You can invest in a cover for your boat and just store it on the trailer in your yard, or you could build a shed that’s large enough to afford it a bit more protection. Either way, you’ll spend less money.

Stay on Top of Maintenance

Another important tip about how to boat on a budget is to stay on top of your maintenance. Yes, maintenance does come with an upfront cost, but the results of not maintaining your boat properly can be catastrophically costly. Think about your car’s engine – if you failed to have the oil changed regularly and it eventually locked up, you’d spend a lot more on a replacement engine than if you had just paid for regular oil changes. The same concept applies to your boat. A few dollars spent on regular maintenance over time will save you a significant amount of money in repairs.

There are plenty of other ways to save money and still be able to enjoy boating. For instance, you could buy pre-owned rather than new. You could learn how to sail so that you can save money on gas for the engine. You might buy a used boat trailer rather than new – you get the idea. Be aware that you can save money on just about every cost associated with your boat, and be prepared to investigate how to do that.

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