Owning a boat in the UK is a significant investment, so it’s important to think about all the running and maintenance costs –­ not just the initial outlay. To help you decide what you can afford, we’ve explored the different costs associated with boat ownership below.

How much does a boat cost?

The cost of buying a boat depends on the type, size and condition of the vessel. At the lower end of the spectrum, small fishing boats and basic dinghies can cost from £1,000 to £5,000. This means they’re much more accessible if you’re one of the 95,000 casual boaters in the UK.

Moving up in size, sailboats and cabin cruisers typically range from £10,000 to £100,000. These boats are bigger and have more features, so they’re more expensive.

For those interested in higher-end options, luxury motor yachts start from around £100,000 and can go well into the millions. These often have opulent interiors and advanced navigational technology.

How much are the mooring fees?

Mooring fees depend on the location and facilities of the marina. Annual fees can range from £900 to £1,100 per year in the UK. Additional costs may apply for services such as electricity, water, and winter storage, so it’s important to read the small print.

How much does maintenance and upkeep cost?

Maintenance ensures the safety and longevity of your boat, which you’ll need to get serviced annually. Routine maintenance costs can range from £500 to £2,000 each year, depending on the vessel’s size and usage.

How much does a boat licence and insurance cost?

In the UK, a licence is required to navigate most waterways. The cost of acquiring it will depend on the length of the boat and where you choose to go. Once you’ve registered your vessel and sorted your boat insurance, you can apply to get a licence.

How much does fuel cost?

Fuel is a significant running expense, but how much you’ll need to pay will depend on how much you use your boat and how far you travel. Boats are less fuel-efficient than cars, so fuel costs can soon add up to the thousands if you’re not careful!

Should I rent or buy?

This depends on how much you intend to use your boat. Renting is a more viable option if you only plan on using the boat a few times per year or if you’d rather not pay a large lump sum outright.

Renting allows you to enjoy boating without the responsibilities of maintenance, mooring fees and depreciation. However, if boating is a frequent activity for you, purchasing might be more cost-effective in the long run.

Final thoughts…

Owning a boat is a big financial commitment with many factors affecting the total cost. It’s essential to review these considerations and compare the costs of renting and buying before you make your decision.