Wait, why does it cost so much to own a boat?

Written by Boatsetter Team
December 1, 2017

It’s been said that the cheapest part of boat ownership is the cost of purchase. While that may be a slight exaggeration, the ongoing costs of owning a boat that follow the day of purchase can be intense and can fluctuate with market conditions over time.

The hidden costs of boat ownership

  • Slip or dry stack fees
  • Winter storage
  • Winterization
  • Insurance
  • Registration, Safety Training, Licensing
  • Routine Maintenance
  • Towing costs (if applicable)
  • Accessories
  • Cleaning
  • Annual Haul out
  • Fuel
  • Unexpected problems that (hopefully never) come up
  • Upgrades and Add-ons

Trends and data from sources such as the National Marine Manufacturers Association show that the costs of boat ownership especially in the areas of maintenance, repair and dockage are on the upswing.

The question you might be asking: Do boat owners have any options to offset the increasing cost of ownership?

The good news is – the answer is yes. A new trend in the marketplace allows boat owners to “share” their boats with those who want to go boating and use the rental revenue stream to offset some (or all) of the costs of ownership.

Companies such as Boatsetter, have set up online platforms in the same vein as companies such as AirBnB but catered toward the unique aspects of the marine industry. As you read this, your first thought might be: “No way, I don’t want strangers using my boat!”

That’s a common reaction. Then, once you’ve had a moment to calm down, catch your breath and think it through a bit, it usually starts sounding like a great solution. Think of how often you use your boat… Is it a total of 2 maybe 3 weeks during the course of the year? Less than that in many cases…

What if you had a trustworthy source that could facilitate getting your boat out on the water during its downtime?  Now you do!

With the Boatsetter model, boat owners are put at ease as all the details of boat rental or chartering are thoroughly thought out, here’s how:

  • Owners stay in control – The boat owner is in complete control of all the details including: dates, prices, captains upfront and then has the final right of approval for any proposed trip.
  • Captains to handle to the boat charter – Experienced captains can be at the helm, handling all the safety protocols needed and ensuring that the boat is returned after charter in the same condition it left in.
  • Full Hull Value Insurance – The value of your boat is insured while out on charter period. Accidents rarely happen; but if one did occur…you’re covered.

How to Offset Boat Ownership Cost

As the costs of boat ownership continue to rise, a sharing opportunity such as the one offered by Boatsetter is a great way to keep your boat active and create a revenue flow that can offset general maintenance cost, boat storage costs and even allow you to do some desired upgrades. Learn more about the Boatsetter program at boatsetter.com

Are you a boat owner? How have you found it? Did you experience “sticker shock” after the fact? Have you found any creative ways to offset the costs? Do tell…

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