One of the best ways to treat yourself to a new purchase is by making a boat purchase. You might be interested in buying a speed boat if you’re an adrenaline junkie. How much, though, do speedboats cost? A speedboat typically costs around $20,000, but if you want higher performance, you should be prepared to spend an additional $30,000 or $40,000.
High-end models with distinctive features and exceptional performance can even cost six or seven figures. The options and additional costs outside of the boat cost will be illustrated in this article to help you create a budget.
The Cost Of A Speedboat
Speedboats typically come in two varieties: inboard and outboard. Similar to a car, an inboard speed boat has its engine inside the body of the boat. Conversely, the engine of an outboard speedboat is located underwater, on the exterior of the boat.
Due to how difficult they are to maintain, inboard speedboats are typically more expensive than outboard speedboats. In an inboard speed boat, accessing the engine and other vessel components is more challenging. Additionally, there aren’t many companies that make inboard boat parts, so your options are somewhat more constrained.
Additionally, since the motor occupies a significant portion of the floor space, inboard speed boats are less spacious than outboard speed boats. On the other hand, inboard speedboats typically travel much more quickly than outboard speedboats.
So how much exactly does a speed boat cost? Outboard speed boats can be bought for as little as $20,000 for a basic model. On the other hand, inboard speedboats cost significantly more. They may set you back hundreds of thousands of dollars.
Factors That Can Determine The Cost Of A Speedboat
Types Of Speedboats
Inboard and outboard motors are the two primary types of speed boats. The inboard type can be compared to a car because their motors are both covered. In contrast to an outboard boat, this boat has a motor on the outside.
Since inboard motors require more maintenance than outboard motors, you’ll find that the cost of inboard speed boats is higher. Additionally, some of their parts, including the engine, are difficult to access. In addition, there aren’t many manufacturers of inboard spare parts, which makes them scarce.
The inboard type of motor can take up a lot of room because it is located inside the boat. The number of passengers is therefore limited. The outboard type, however, is roomier and can fit the entire family. But compared to the latter, the former is faster.
With these features, outboard speed boats can cost $20,000, whereas inboard speed boats will be more expensive. Given the wide range of options available, you might choose an outboard model.
However, you are free to choose inboard boats if you prefer their sleek design and quick speed. They resemble other pricey speedboats known as bowriders, trawlers, runabouts, and watersports boats.
Size, Style, And Design
You might assume that a smaller size will cost less. Sadly, not all of them are because, despite the reduction in size, high-performance boats are still expensive. You can easily find a model that meets your requirements and preferences when it comes to style and design.
If you intend to use the speed boat only for fishing and leisurely cruising, the basic, affordable model will do. Even though you might try to get a used high-performance boat, it will cost you $30,000 to $40,000 more than a brand-new entry-level model.
You can find larger models with plush seating and wooden interiors. With a price in six or seven digits, they are known as cruisers. There are used cruisers for sale, but there isn’t much of a price difference.
Speedboat Running And Maintenance Costs
As well as how much it costs to buy a speed boat, there are other aspects you will need to consider and budget for such as:
- Boat trailers
- Boat fuel costs
- Mooring fees
- Insurance
- Winter boat storage
In addition to regular maintenance, the average annual mooring fee is one of the most significant boat expenses. Once you purchase a boat, you’ll need a place to store it, such as a dock or harbor space.
Both the size of the speed boat and your local marina will affect the price. The annual mooring range, which extends from $3,000 to well over $15,000, is also quite broad.
To stop your boat from corroding and save money on maintenance costs, you might also want to think about getting a boat lift. Consider purchasing a boat trailer if you do not want to pay the fees associated with docking your speedboat at a marina.
The typical price range for a boat trailer is $2,000 to $5,000. A boat lift is another expense that is avoided when you have a trailer for your boat. Although purchasing a trailer is less expensive, it’s also important to keep in mind that you will constantly need to drag your boat into and out of the water.
You won’t keep your boat in the water all year long unless you live in Florida, Hawaii, Southern California, Texas, or another state with year-round warm weather. It will need to be protected from the winter weather, which can cost thousands of dollars. Winterizing is the term used to describe this process.
The costs add up in the form of shrink-wrapping fees, draining or replacing the oil, fuel, and other fluids, storage fees, and other general maintenance needed before the boat is stored for the winter. You need to purchase gas for your speed boat in the same way that you would for your car.
The majority of speedboats consume a lot of fuel, and fuel costs significantly more on the water than they do on land. Although it will vary greatly between states, the national base rate for gasoline is roughly $2.50 per gallon. Between 20 and 30 gallons of fuel are typically consumed per hour by fast-speed boats, with an average of 25 gallons.
To put that into perspective, you might have to pay more than $300 for each outing for a five-hour trip. This will cost you more than $16,000 a year, assuming you take your boat out at least once per week. It will cost you much less if you decide to use a slower boat, like a pontoon.
For the same scenario as above, pontoons use closer to five gallons per hour at a cost of about $3,000.
Ways To Cut Costs
Buying a used model and fixing it is one of the best ways to lower the price of a speed boat. For example, it’s quite possible that you find a boat that is in great shape but requires a new motor. You could buy this boat and then look for used boat motors.
It is likely that buying a used boat and one of the available used outboard motors will be much less expensive than paying for a new boat. To make sure a used boat is in good condition, though, you should look into its past before making a purchase.
FAQs
How Much Does Boat Insurance Typically Cost?
Given that there are almost 5,000 accidents involving recreational boats every year and that the costs can be extremely high, you should never operate a boat without insurance. Fortunately, depending on the boat and your history with it, the average boat insurance costs only a few hundred dollars a year. A factor is also the population size and age distribution.
What Laws Should I Be Concerned About?
Paying for registration, licenses, and any local taxes that may be related to your state is crucial when purchasing a boat. They won’t necessarily increase your overall costs much, but it’s still important to be aware of them.
Which Boat Is Safest?
Any boat you purchase will have risks, and understanding how to operate one safely will depend on how safe the boat is. No boat is safer than another because safety largely depends on how you handle it. Before using a speed boat, it’s critical to understand how to operate it safely, aside from the fact that inboard motors pose some fire risks.
Final Thoughts
With a speedboat as your own, you might be able to make fresh memories on the water. A speedboat, however, requires a significant financial commitment. Prior to making the decision to buy a new model, you should carefully weigh the cost of ownership of a speed boat. For the basic model, you could expect to pay between $20,000 and $30,000, but for high-performance models, be prepared to pay in six or seven digits.
