The Average Cost of Owning a Boat in Florida (4 Examples)

Written by Desiree Vilar in Cost of Sailing

The 2,000-mile coastline of Florida might urge you to want to own a boat to explore its beauty through sailing, boating, and fishing. However, owning a boat in this state can be expensive, but if you're determined enough, you'll be able to find good deals. Let me help you break down the average cost of owning a boat in Florida by providing four examples.

The average cost of a new sailboat in Florida ranges from $10,000 to $1 million. The cost of a new fishing boat can range from $10,000 to $100,000, while a new cabin cruiser can range from $50,000 to $1 million. A new personal watercraft has prices ranging from $5,000 to $20,000. Used boats can be found for much less.

Aside from the initial purchase price, there are several other expenses to consider, such as registration fees, insurance costs, storage and docking fees, and maintenance fees. Let's see how much you'll need to pay for each of these additional costs.

Summary

  • Owning a sailboat and a cabin cruiser costs more than a fishing boat and a personal watercraft.
  • Buying used sailboats (around $1,000 to $100,000) is cheaper than buying a new one.
  • The most expensive recurring costs are the dock rental fee and the yearly fuel costs.
  • Your boat needs to undergo routine maintenance and engine maintenance annually.
  • Upgrades and replacements are the most costly types of boat maintenance.

Average Cost of Owning 4 Different Types of Boat in Florida

Below is a table showing different types of boats in Florida and the initial and recurring costs of owning them:

Type of Boat Initial Expenses Recurring Expenses per Year
Sailboat $10,635 - $106,210+ $4,600 - $28,000+
Fishing boat $16,050 - $32,700 $2,400 - $9,000
Cabin cruiser $32,200 - $107,500 $7,500 - $17,500
Personal watercraft $10,620 - $21,300 $2,000 - $12,500

1. The average cost of owning a sailboat in Florida

Sailboats are a popular choice for those who enjoy the peacefulness of sailing. They come in a variety of sizes and styles, from small dinghies to large yachts.

The cost of a new sailboat can range from $10,000 to over $1 million, depending on the size and brand. Used sailboats can be found for much less, with prices ranging from $1,000 to $100,000.

Initial expenses for owning a sailboat

Initial Expenses Estimated cost
Sailboat $10,000 - $100,000+
Registration fee $30 - $200
Sales tax (6% of purchase price) $600 - $6,000
Title fee $5 - $10
Total expenses $10,635 - $106,210+

Recurring expenses for owning a sailboat

Recurring expenses Estimated cost
Mooring $200 - $1,000+ per month
Insurance $500 - $2,000+ per year
Maintenance 10-15% of boat value per year
Fuel $3 - $5 per gallon, estimated $1,500 - $3,000 per year
Total $4,600 - $28,000+ per year

2. The average cost of owning a fishing boat in Florida

Fishing boats are designed for those who love to fish. They come in a variety of sizes and styles, from small, single-person boats to large, multi-person boats.

The cost of a new fishing boat can range from $10,000 to over $100,000, depending on the size and features. Used fishing boats can be found for much less, with prices ranging from $1,000 to $50,000.

Initial expenses for owning a fishing boat

Initial expenses Estimated cost
Boat price $15,000 - $30,000
Registration fee $50 - $200
Taxes $1,000 - $2,500
Total $16,050 - $32,700

Recurring expenses for owning a fishing boat

Recurring expenses Estimated cost per year
Mooring $600 - $2,500
Insurance $400 - $1,500
Maintenance $400 - $1,500
Fuel $1,000 - $4,000
Total $2,400 - $9,000

3. The average cost of owning a cabin cruiser in Florida

Cabin cruisers are designed for those who want to spend extended periods of time on their boat. They have all the amenities of a small apartment, including a kitchen, bathroom, and sleeping quarters.

The cost of a new cabin cruiser can range from $50,000 to over $1 million, depending on the size and features. Used cabin cruisers can be found for much less, with prices ranging from $10,000 to $500,000.

Initial expenses for owning a cabin cruiser

Initial expenses Estimated cost
Price of boat $30,000-$100,000
Registration fee $100-$500
Sales tax (7% of boat price) $2,100-$7,000
Total $32,200-$107,500

Recurring expenses for owning a cabin cruiser

Recurring expenses Estimated cost per year
Mooring (dock rental) $2,000-$5,000
Insurance $1,000-$3,000
Maintenance $1,500-$3,500
Fuel $3,000-$6,000
Total $7,500-$17,500

4. The average cost of owning a personal watercraft in Florida

Personal watercraft, or PWCs, are designed for those who want a fun, fast ride on the water. They come in a variety of sizes and styles, from small, single-person units to large, multi-person units.

The cost of a new PWC can range from $5,000 to over $20,000, depending on the size and brand. Used PWCs can be found for much less, with prices ranging from $1,000 to $10,000.

Initial expenses for owning a personal watercraft

Initial expenses Estimated cost
Price of the boat $10,000 - $20,000
Registration fee $20 - $100
Sales tax (6% of purchase price) $600 - $1,200
Total $10,620 - $21,300

Recurring expenses for owning a personal watercraft

Recurring expenses Estimated cost per year
Mooring $1,200 - $6,000
Insurance $300 - $1,000
Maintenance $500 - $1,500
Fuel $1,000 - $4,000
Total $2,000 - $12,500

Expenses Involved In Owning A Boat In Florida

Initial expenses to own a boat in Florida

Initial purchase price of the boat is the most significant expense to bear

The cost of a boat can vary widely depending on the type, size, and features. For instance, a small fishing boat may cost around $10,000, while a luxurious yacht can set you back millions of dollars. When considering the purchase price, try to also factor in the cost of additional features like electronics, safety equipment, and customizations.

Cost of registering the boat

Upon purchasing, you will need to register your boat with the Florida Department of Highway Safety and Motor Vehicles (DHSMV). The registration fee for a new boat is $5.50 per foot, with a minimum fee of $28.75 and a maximum fee of $356.25. For a used boat, the fee is based on the length of the boat and its age.

Payment for sales tax and other fees

In addition to registration fees, you will also need to pay sales tax when you purchase a boat. The sales tax rate in Florida is 6% on the purchase price of the boat, but it can be up to 7% in some counties.You may also need to pay other fees, such as title transfer fees or lien recording fees.

Recurring expenses to keep and maintain your boat

Costs for storage and docking

If you don't have a private dock, you might need to rent a slip at a marina or a boat storage facility. Slip rental fees in Florida costs around $10 and $40 per foot per month, but it can vary depending on the location, season, and length of the boat.

If you're looking for cheaper docking rates, you might find this article helpful: The Cheapest Place To Dock a Boat in Florida (7 Places)

Costs for insurance coverage

Although having boat insurance is not required by law, it is highly recommended to get one to protect your investment and ensure that you are covered in case of an accident or damage to your boat. Before purchasing boat insurance, perhaps consider a few factors that may affect your insurance costs such as your driving record, the type of boat you own, and the amount of coverage you need.

You might also want to compare quotes from multiple providers to ensure that you are getting the best coverage at the best price. Check if they cover the 10 basic things a boat insurance must possess. Some insurance companies may offer discounts for things like completing a boater safety course or having a good driving record.

Costs for maintenance and repairs

Here are the most common maintenance and repair costs you can expect as a boat owner in Florida:

  • Routine maintenance
    Routine maintenance includes tasks like cleaning, oil changes, and replacing filters. These tasks are essential to keep your boat running smoothly and can help prevent more significant issues from arising. The cost of routine maintenance is around $2,000 per year for annual maintenance costs.

  • Engine maintenance
    Engine maintenance includes tasks like changing the oil, replacing spark plugs, and inspecting the engine for any signs of wear and tear. On average, a full service including impellers will cost around $1000 per engine, while a service without impellers will be around $500.

  • Upgrades and replacements
    Over time, your boat's equipment may become outdated, or parts may need to be replaced due to wear and tear. Upgrades can include installing new electronics, upgrading your boat's interior, or adding new safety features. The cost of upgrades and replacements can cost between $500 and $5,000. If you want to replace the boat engine, here's how much it can cost you.

Costs for fuel consumption

Fuel costs are generally the most significant operating expense, and they can vary depending on the type of boat, how often you use it, and how far you travel. To estimate your fuel costs, you can use a fuel consumption calculator and take into account the current price of gas in Florida. If you own a sailboat, here's a detailed article on how much fuel they consume.


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