How Much Does It Cost To Maintain A Used Boat?

It’s important to look below the surface when getting your boat inspected, and when calculating the costs, it’s no different. Far beyond just the cost of the annual service, any budding boat buyer should consider the initial condition of the boat, alongside how it’s stored and its age. Whether the boat is moored or lives on a trailer, and how old it is, are the two biggest factors affecting ongoing cost, and the case studies below illustrate just how much these can vary.

Is the vessel moored, or does it live on a trailer?

Although each storage solution has its own pros and cons, an important consideration is the cost. If you are storing your boat on the water, you will need to consider a yearly antifoul cost, which includes the cost for a marina or slipway to haul the boat out each year for you to complete your maintenance. Our guide to boat storage and marinas and our boat storage solutions guide covering air docks, boat lifts, pontoons and sea pens both cover the options and their implications in more detail.

If instead, you store your boat on a trailer, you will need to consider the cost of maintaining trailer lights, wheel bearings, suspension and braking systems.

How old is the vessel?

Age is a major factor when considering both the reliability and cost of the boat. Inevitably, items will deteriorate, some sooner than others. Any boat over 10 years old will likely have some major maintenance items, and this will be something to consider when calculating your costs. Environmental conditions may also wear certain elements down sooner.

You still haven’t told me a price!

Maintaining a used boat can cost anywhere from around $2,000 a year for a young trailer boat up to $20,000 or more annually for an older 30 to 35 foot vessel kept on a mooring, with the total depending heavily on the boat’s age, size, storage method and engine type.

CASE STUDIES

1.  3 year old 6 metre trailer boat, fitted with an outboard

Assume you’re talking about a late model Haines, Quintrex or similar Australian built boat. Let’s say you’re calculating the cost for a 2018 Haines Hunter 565 with a Mercury 150HP four stroke. Only being 3 years old, the maintenance cost should be similar whether the boat is a fibreglass or alloy composition.

At this age, budget for inspection and replacement of the wheel bearings on the trailer at $400 to $800, an annual engine service as per the manufacturer’s recommendations at $800 to $1,200, and cleaning and polishing, which in this size most people do themselves, though a good professional detail on a trailer boat will easily set you back $1,000.

As the boat should still present reasonably new, it’s unlikely there will be any extra repairs short of upgrades you wish to perform. As the boat lives on a trailer, there is no additional cost for mooring or antifouling. If you were considering reselling the boat, its cost will depreciate at a consistent rate over the next 2 to 6 years before settling to a flatter curve.

2.  The same boat on a mooring or in a berth

For comparison’s sake, take that exact same boat and put it on a mooring or in a berth. You’d want to allow for an annual engine service as per the manufacturer’s recommendations at $800 to $1,200, annual antifouling including haul out and hard stand at $1,500 to $3,000, annual anode replacement at $200 to $300, annual polishing and cleaning at $600 to $1,000 (more frequent cleaning will cost extra), and berthing costs of $500 to $1,500 per month or mooring costs of $1,500 to $2,000 per year for a public mooring.

The adverse conditions of the mooring and salt-water environment will also accelerate wear to the general cosmetic condition of the boat, including upholstery, gelcoat and painted surfaces. Insurers often require a quality storm cover to be installed to protect the interior from rain accumulation. See our guide on insuring your boat: top tips for boat insurance for what else insurers may require depending on how your boat is stored.

3. 30ft-35ft twin engine, petrol, sterndrive boat, 15 years old

Some popular examples from the 2000s era include the Sea Ray 310, Sunrunner 3300 and Riviera M290. Because the boat is 30ft or more, you’re definitely going to be paying for mooring or berthing at a marina.

Budget for annual engine servicing for two engines at $2,500 to $3,000, annual sterndrive servicing including removal and cleaning of water passages at $1,500 to $2,500, annual antifouling including anodes at $2,000 to $3,500, and annual mooring or berthing fees, ranging from $800 to $2,000 per month for berthing or $2,000 to $3,000 per year for a public mooring, up to $400 to $800 a month for a serviced mooring at a marina with a tender service.

Add annual polishing of the hull at $1,000 to $2,500, and additional major maintenance items such as transom assemblies, sterndrives, exhaust manifolds and risers, water pumps, belts, pulleys and rubber hoses, which can range from $10,000 to $30,000 depending on how much deferred maintenance is required. Cosmetic items such as covers, clears, seating, upholstery and carpet can also add a bill in excess of $6,000 to $10,000, and sea cocks and through hull skin fittings can cost $1,000 to $5,000 depending on how many are fitted.

4. 30ft-35ft twin engine, petrol, shaft drive boat, 15 years old

Popular examples from the 2000s era include the Tiara 2900, Sea Ray 310 and Four Winns 348. Budget for annual engine servicing for two engines at $2,500 to $3,000, annual antifouling including anodes at $2,000 to $3,000, and the same range of mooring or berthing fees as above.

Add annual polishing of the hull at $1,000 to $2,500 and polishing of the superstructure at $1,000 to $2,000. Additional major maintenance items such as rudder seals, shaft seals, exhaust manifolds and risers, water pumps, belts and rubber hoses can range from $5,000 to $20,000. Cosmetic items again can add $6,000 to $10,000, and sea cocks and through hull skin fittings can cost $1,000 to $5,000. Please note: diesel powered boats will incur additional maintenance as they are typically freshwater cooled and have more complex cooling systems to service.

Is It All Worth the Cost?

Realistically, most boat owners will find a compromise between what they can practically do and what they are prepared to live with. The more maintenance you defer, the more likely it will affect the resale price and reliability of the boat. At a minimum, it’s suggested you do the core maintenance to engines and running gear, since looking pretty won’t help if your boat breaks down at sea or sinks.

A useful way to make sense of these numbers is to compare the boat to its new purchase price in today’s terms, including inflation. A boat that is 15 years old, purchased for $100,000, would in today’s terms cost somewhere in the vicinity of $150,000 to $250,000, sometimes even more. As a practical takeaway, budget approximately 50% of the purchase price for a refit of a boat in average condition, and 100% of the price for a boat in poor condition. Our guide on buying a project boat covers what to watch for when assessing a boat that needs significant work. A quality boat inspection service that can provide an accurate assessment of potential issues is an investment that may save you more money than you think.

About The Author

After a decade repairing engines as a Marine Mechanic, Aaron O’Donoghue’s passion for boating grew into a Marine Surveying business called BoatBuy. With a team of Marine Surveyors and Engineers, Aaron personally assesses over 200 used boats boats each year.

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