Boat Ownership 101: Things to Know Before You Buy

If you’re a first-time boat owner—or are about to be—figuring out how to best take care of your new investment can feel overwhelming.

But it doesn’t have to be. Once you learn boating basics like service, maintenance and storage, you can create systems that allow you to enjoy the perks of boating while minimizing the stress.

Boat maintenance: What is it and why is it done?

Like cars, boats need ongoing maintenance to keep them operating. Think of this regular care as preventative medicine for your boat. You can expect to spend up to 10% of your boat’s cost on annual maintenance.

The bulk of boat maintenance happens at the beginning and end of each season. Here’s what can most affect how you maintain your boat:

• Hull material: Fiberglass and aluminum boats are the easiest and least costly to maintain. Wood boats are higher priced to maintain, and polyethylene or steel-hulled boats fall somewhere in the middle.
• Engine type: Outboard engines are often more affordable than inboard engines, but they need servicing after about every 750 hours of use. Inboards need servicing about every 1,500 hours.
• Boating location: If you boat in salt water, it’s important to flush the engine after each use to prevent salt and scale from building up.

Maintenance schedule

Whether your boat is new or used, you’ll need to do six main types of maintenance, which are often referred to as boat servicing. Servicing is simply ongoing maintenance that you or your mechanic perform each year.

Daily maintenance

Do these tasks any time you use your boat:

• Wipe the seats and apply marine cleaner.
• Wipe the exterior of the boat. Every three months or so, wax the hull.
• Do a visual inspection and make sure everything is in place.

Spring startup

At the beginning of the boating season:

• Change the oil (if it wasn’t changed before winterizing).
• Charge the battery.
• Check the fuel system, belts, cables and hoses. Repair or replace as necessary.
• Check the propeller and hull for damage.

Winterization

At the end of the season, you need to get your boat ready for winter storage. This is when the bulk of boat maintenance happens, including:

• Draining the engine and applying corrosion protection.
• Changing the oil.
• Putting antifreeze in the pipes and other areas that may hold water.

Emergency repairs

Regular maintenance can help prevent emergency repairs. But if you boat long enough, you may encounter at least one surprise repair.

Familiarize yourself with a marine mechanic in your area so you’ll know where to turn in the event of an emergency. Some boaters opt for a service plan, also known as a service contract or extended warranty, to help make repair costs more predictable. Whether your boat is new or used, it’s a good idea to budget for some repair costs each year.

Boat pumping: A special consideration

If your boat has an onboard toilet and sink, you’ll need to pump out the sewage holding tanks. This has to be done at a marina with a septic pump system, so you’ll need to plan ahead.

Pump out your tanks when they’re three-quarters full or any time your boat will be sitting for a long period, including before winterizing. Remember, recreational boaters don’t need to worry about pumping as their boats aren’t equipped with a toilet or sink, but if you have a yacht, sailboat or cabin cruiser, you’ll need pumping.

DIY or hire a pro

You can handle your boat’s daily maintenance with a scrub brush and a bucket. However, for spring startups, winterization and emergency repairs, it is common to turn to the professionals. An experienced marine mechanic knows how to proactively spot potential maintenance issues before you’re left stranded. Plus, they’re able to do maintenance quickly and get you back on the water in no time.

Storage and dock fees

No matter how dedicated you are to boating, you’ll spend more time off your boat than on it. Before you take that first step to becoming a boat owner, you need to think about where you’ll dock your boat when it’s not in use. Learning the boating basics of storage or trailering is part of boating 101. Here are some options:

Slip

A slip is a reserved dock space where you can leave your boat in the water when you’re not using it. This is the highest priced option, but also the most convenient for people who boat on the same body of water consistently. Most slips cost an estimated $15 to $45 per foot of boat per month. So if you have a 20-foot boat, you can expect to pay between $300 and $900 a month.

Mooring

A mooring is a floating buoy that your boat attaches to so your boat can be stored on the water. However, moorings aren’t attached to land, so you’ll need a kayak or dinghy to reach your boat. Moorings are lower priced than slips, costing an estimated $80 to $250 annually.

Valet service

It is common for marinas to offer valet service, where they take your boat in and out of the water on demand. When it’s not in the water, the boat is stored at the marina. This is a simple and convenient option, but it requires some advanced planning and coordination to ensure your boat is ready when you want it to be. Occasionally, you might find yourself waiting. Valet service is generally less expensive than renting or owning dock space. It is also less expensive than a slip; for example, at one New England marina, the cost of valet service is $2,000 per season, which is about two-thirds the price of a slip.

Trailering

If you want to take your boat on different bodies of water, you’ll need to trailer it. This involves loading the boat onto a trailer that’s attached to and pulled by a vehicle. Most boat trailers cost between $500 and $10,000, depending on the length of your boat and the type of trailer it requires. Trailers also need ongoing maintenance like new tires and wheel bearings.

Once you have a trailer, you’ll also need to make sure you have a vehicle that can haul your boat, usually a large SUV or pickup truck. If you have a trailer, you can store your boat at home or pay for storage space at a marina.

Winter storage

No matter where you store your boat during the summer, you’ll need to plan for winter storage as well. If you have a trailer, you can wrap your boat and store it at home, but it is typical to store your boat at a marina for the winter. The estimated cost of boat storage ranges from $20 to $50 per foot per season for outdoor storage and $50 to $200 per foot for indoor storage.

Insurance and other costs

Maintenance and storage fees make up the bulk of the costs for a first-time boat owner, but there are some other ongoing expenses that might add to your bottom line:

• Insurance: Expect to spend 1% to 3% of your boat’s value on insurance each year.
• Towing: Having a tow service can give you peace of mind. It costs about $200 a year, or it can be bundled into your insurance plan.
• Dock fees: Some public docks charge $5 to $15 per boat launch.
• Accessories: From floats to grills, there are hundreds of dollars’ worth of accessories that can make your time on the water more fun.
• Safety equipment: Life jackets, ropes and an anchor are a part of boating basics, but the costs can add up quickly, especially for a first-time boat owner. Expect to spend $1,000 or more to outfit your boat during the first year.

Cost of boating basics

Boating costs can add up, but we have some options to help you finance the services and add-ons to make the most of your investment.

For bigger ticket items, you might consider financing them with a Synchrony installment loan, which offers flexible terms, allowing you to pay back the loan over time and make convenient monthly payments.*

For ongoing maintenance and service, the Synchrony Outdoors credit card can be used at powersports retailers for the parts, gear, accessories and even fuel you need to maintain your boat (or other powersports vehicle).** Whatever the weather and whatever the gear, the Synchrony Outdoors credit card can help you kickstart your great escape.

Activate your adventure and apply today.

*Offer subject to credit approval by Synchrony Bank.

**Subject to credit approval. See Synchrony Outdoors | MySynchrony for details.