How Much Does a Boat Cost?
While boats can run from $200 for a small kayak to upwards of $15 million for a luxury yacht, the average cost of a new boat is $42,000. Used boats run about $10,000. But if you’re looking to buy a boat, you’ll shell out more than the sticker price. Insurance, fuel and docking fees can shave hundreds (or thousands) off your budget. We’ll cover how much you can expect to pay to buy and maintain your boat.
How much is a boat?
Boat prices depend on the type of vessel (e.g., small lake boat, sailboat or yacht) and its size, location and brand. You’ll also pay more for luxury features and any add-ons above and beyond the standard model.
We’ve broken down the average cost of the most popular boat types below. These figures are estimates for the cost of new boats. You can find lower prices for used boats. Keep in mind that it’s possible to spend more than the high end of each range if you want all the bells and whistles.
| Type of vessel | Average cost |
|---|---|
| Kayak | $200 - $5,000 |
| Canoe | $1,000 - $1,500 |
| Pontoon boat | $15,000 - $40,000 |
| Small fishing boat with trailer | $18,000 - $45,000 |
| Cabin cruiser | $30,000 - $900,000+ |
| Sailboat | $100,000 - $500,000 |
| Yacht | $300,000 - $15,000,000+ |
Once you know what kind of vessel you want, you can research boat pricing for particular models on J.D. Power (formerly NADA).
How much boat can I afford?
Once you know the starting price for the kind of boat you want, use our boat loan calculator to see if you can afford a loan.
If a monthly payment is too high for your budget, try entering a larger down payment or longer loan term to lower your payments. Just remember that although long boat loan terms come with lower monthly payments, you’ll likely pay more in interest.
It only takes a few minutes to apply for a boat loan online, but it’s worth the time it takes to get several quotes to find the lowest rates. If you’re worried about whether or not you’ll qualify, consider boat loans for bad credit.
Rate shopping tips
Rate shopping is the best way to save money on your boat loan, but make sure to get your quotes within two weeks. Credit agencies count all requests in this time frame as a single hard credit inquiry, minimizing the damage to your credit.
Costs of boat ownership
Even if you didn’t get sticker shock from the purchase prices, you’ll need to take a hard look at your budget when you factor in the ongoing costs of owning a boat.
Depending on where you live and what kind of boat you’re buying, you may be on the hook for several upfront costs, like sales tax, registration fees, a boat operator license and a trailer.
Also, consider the ongoing costs of keeping your boat afloat. You’ll have to set aside cash for insurance payments, registration renewal, maintenance costs, annual boat taxes, storage, safety equipment and fuel.
Ultimately, you’ll likely spend hundreds or thousands of dollars every year to keep your boat safe, clean, legal and insured. For more detailed estimates of specific costs of ownership, see our table below.
| Expense | What is it? | Estimated cost |
|---|---|---|
| Down payment | An upfront payment to your lender | 10% - 20% of boat’s purchase price |
| Monthly payments | Payments made to your lender for a specified term with interest | Interest rates for secured boat loans start at around 6.5% |
| Sales tax | Tax paid to the state where you purchase your boat | Depends on your state — $0 in Rhode Island, up to $18,000 in Florida |
| Registration fees | Fee paid to state allowing you to operate your boat; you’ll pay a one-time fee and a renewal fee every 2-3 years | $25 - $250 depending on state |
| Boat operator license or safety course | Some states require safety courses and/or boating licenses to operate a boat | Depends on your state — Alaska doesn’t require licenses or courses; Alabama’s license application and certification fees cost just over $40 |
| Trailer | Used to move your boat from the dock or marina to your home or storage facility when the boat is not in use | $700 - $8,000 |
| Insurance | Monthly payment to insurance company in case of damage to the boat | Average of $300 - $600 per year |
| Maintenance | Cleaning and servicing your boat every year maintains your investment and ensures your boat is safe to ride | Up to 10% of the purchase price per year |
| Boat tax | Property tax paid to state annually | Varies by state; 0.5% of the boat’s value in Washington |
| Storage/mooring/marina fees | Fees for docking your boat and storing it in the winter | $50 - $400 per month for self-storage at storage facility; about $50 per foot of boat per year to dock at a marina |
| Safety equipment | Depending on your state, your boat may be required to have life jackets, navigation lights, visual distress signals, sound signaling devices and fire extinguishers | Starting at $200 |
| Fuel | Gas to power your boat | Depends on boat size, location and use. Fuel prices updated daily on the Waterway Guide. |
Frequently asked questions
New yachts start at $300,000, and luxury superyachts can come with price tags in the hundreds of millions. The price of your yacht will depend on its size, features, brand and location.
The average cost of boat insurance is $300 to $600 annually. As with maintenance and fuel, the larger (and more expensive) your boat, the more you’ll pay to insure it. If you own a superyacht, you may have to pay thousands a month on insurance.
In general, no. Boats are a depreciating asset, meaning that they lose value over time. And like cars, their value depreciates quickly. Your boat will be worth up to 20% less than you paid for it after one year. If you want to sell, you’ll almost certainly get less than what you paid for it.
You’ll also need to continue to invest money in ongoing costs like fuel, docking and insurance. You won’t see any financial returns on this investment, but you may decide these costs are worth the benefits of boat ownership.