Buying a boat is always adventitious, especially if you are buying a speed boat. Unlike other boats, speed boats are another category that primarily focuses on “speed.” Not only they are good in terms of speed, but they are also hugely detachable from each other in terms of cost.
If you are wondering how much a speed boat costs? Below we will describe in detail the speed boat price and numerous factors that determine the price.
The price is the main hurdle when buying a speed boat as it is very expensive. On average, it can cost around $20,000 to $60,000 or more, depending on the size, age, amenities, and speed.
There are generally two types of speed boats; outboard and inboard. Outboard speed boats have their engine on the exterior of the boat, in the water. While on the other side, inboard speed boats have its engine inside the vessel, just like cars.
Inboard speed boats tend to be more expensive as compared or outboard speed boats because they are challenging to maintain. Accessing the vessel parts and engine in the inboard speed boats is very difficult. Moreover, there are fewer manufacturers that produce the parts of inboard speed boats, so there are limited options for you.
One thing more, inboard speed boats are not spacious as outboard speed boats because the motor takes up lots of floor space. However, inboard speed boats are very fast in speed as compared to outboard speed boats.
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Factors that determine the cost of your speed boat
As mentioned above, the average price of the speed boat is between $20,000 and $60,000, but you should keep in mind that the price varies depending on the model, size, and brand you choose. Below are some factors that can affect the cost of your speed boat.
#1 Style and design of speed boat
Your speed boat’s style and design significantly affect the purchase cost. An average outboard speed boat can cost about $20,000, while the larger models cost more.
If you simply want to buy a boat for fishing or cruising around the water, then the basic speed will also work great. The good thing about this simple speed boat is that you can buy it at an affordable range.
However, if you want faster and more efficient models, make up your mind to pay more than $20,000. Even if you consider buying a second-hand speed boat of the high model, you should expect to pay around $30,000 to $40,000.
Moreover, some speed boat models also come with wooden interiors and proper seating arrangements; these types of models are also known as cruisers. If you want to buy, such speed boats brand new, get ready to pay the bill of six to seven figures. Although you can also buy such models of speed boats second-hand, still the bill will be six figures.
#2 Size of the speed boat
Just like the speed boat’s model and design, the size of the boat is also an important factor affecting the boat’s price. As a general rule, the smaller boat will cost less than a big size boat. If you choose a speed boat that only accommodates a driver, you can get it at lower rates. On the other hand, if you choose a luxurious and spacious boat specifically designed for families, then get ready to pay pennies,
Moreover, if you also count the charges of fuel and storage costs still, the smaller boats will be more affordable than larger size speed boats.
One thing that should be in your mind is that not all small boats are affordable, as most of the high-performance boats from well-known brands will cost you much even if they are of a smaller size. So be careful to keep all such factors in mind while choosing a suitable speed boat.
Additional Charges of speed boat
Once you have spent money to buy the speed boat, don’t think that there are no other expenditures. It is not such a vehicle that you can park in your garage as there are many other expenses you must pay after buying it.
Below we have listed some of those expenses you must spend once you have paid for the boat. So must check them out to know whether you can afford the speed boat or not.
One of the most important additional charges of the speed boat is its fuel cost, which will definitely take you lots of money. Speed boats consume a lot of fuel as compared to other vehicles, so if you think that a speed boat’s fuel cost will be the same as your car, then you are wrong!
Normally, a speed boat consumes about 20 to 30 gallons of fuel per hour, depending on its size and engine efficiency, and the cost of one-gallon fuel for the speed boat is about $2.5. This means your one-hour speed boat tour will charge you $75 approximately, and of course, you will not spend only a single hour in the water.
If you take your boat out in the water every week, then be ready to spend $1200 to $1500 every month, and in fact, about $15,000 every year just to the full fill the fuel requirements of the speed boat.
It is one the most important thing that you should consider after buying any vehicle, and when it comes to the boat, the thing can get a little bit difficult as you cannot park it in your garage or in front of your house. However, if it is small enough to fit in your garage, then you can store it there in its case, but if you have a large boat or have a small garage, then please think of a proper place to store it before buying it.
There must be a proper storage space for your boat where you can securely keep it when it is not in use. It is best to purchase a harbor space to dock your boat; in fact, you should check your marina to have an estimation of the rates before buying the boat.
On average, docking places can cost anywhere from $100 to $500 per month; however, the cost can vary depending on your boat size. However, there is also an option to pay docking charges annually, which means $1000 to $10,000 a year.
Related article: How Much Does A Boat Lift Cost?
A trailer is like a house for your boat. If your boat gets fits in your personal garage, then you should buy a trailer to carry it. Moreover, buying a trailer is only a one-time cost instead of spending months or annual charges.
If you see, the docking cost is about $2000 to $10,000 per month, and you can buy the trailer at the same price. But this option is only suitable for small boats, not for large family boats.
How could you forget the expenses of winterization after buying any kind of boat? You cannot store your boat in the water all the year, so you must consider the cost of winterizing your speed boat to store it securely during the winter season.
In the process of winterizing, all the excess water is drained, and the boat is wrapped in properly before storage. You also must conduct proper maintenance before and after storing your speed boat to be able to use it again.
Boat accidents are very common, and according to an estimation, around 5000 boat accidents happen every year. So it is the safest option to spend some money to insure your boat right after buying it.
On average, the boat insurance cost is about $100 to $500 every year; however, the price can vary depending on your speed boat type and size.
Boat license charges
Having a boating license before taking it to the water is very important. You will have to spend some money to get the license and proper training. Although the boat’s license costs are insignificant compared to your boat type and size, you still have to consider it.
Speed boats are very expensive as compared to other boats. Moreover, it is not only a one-time expense, like once you have bought it, but there are also other too many expenses that you should keep in consideration before buying it. However, still, you don’t have to be wealthy in order to make it possible.