How much does a speedboat cost? The hidden costs you need to consider

Are you thinking of taking to the waves with a sleek and stylish speedboat? You're not alone - there's a definite appeal to the freedom that owning your own boat gives, but what are the costs involved? When it comes to understanding what kind of speedboat you can buy, budgeting for hidden costs is key. While everyone knows of the initial purchase price, it’s the extra expenses, such as licences, maintenance and storage, that should also be taken into account if you want to get the most out of your time on the water. In this blog, we will take an in-depth look at the costs involved in owning a speedboat so that you can make an informed decision when planning your next nautical adventure.

Factors to consider when calculating speedboat cost

Different types of speedboats 

When it comes to making your purchase, one of the first questions you're likely to ask is, "how much does a speedboat cost?" Unfortunately, there isn’t a one-word answer for this. The cost of a speedboat can vary widely depending on a number of factors, including the size, make, and model of the boat, as well as any additional features or add-ons you might choose to include. To get a better sense of what you can expect to pay for a speedboat, it's important to do your research carefully and explore all of the options available to you.

There are a variety of types, each suited to different activities and preferences. Whether you're looking for a boat for fishing, watersports, or just cruising around, it's important to understand what each type of speedboat offers and how it would fit into your lifestyle. Some speedboats are designed to be lightweight and nimble, while others may be larger and more luxurious. By identifying your needs and desires, you'll be able to determine which type of speedboat is right for you and ensure that your time on the water is both safe and enjoyable.

Whether you're looking for a sleek, high-end model or a more modest vessel to enjoy on the weekends, there are plenty of options to choose from, so take your time and find the one that's right for you.

Servicing and maintenance costs

One of the crucial steps towards good financial management is to analyse your budget; it helps in understanding the money you are bringing in and your regular expenses. However, it's equally crucial to consider all the associated costs while doing so. These costs may not be apparent initially, but they could significantly impact your financial plan in the long run. When budgeting for your speedboat, you must account for servicing and maintenance costs along with the boat payment itself. As you begin to factor in these costs, it becomes easier to make informed decisions and prioritise expenses.

You will no doubt find that maintenance will be where most of your budget will go. How much you pay on maintenance will depend on a number of factors, including, what condition the boat is in (if it’s new or secondhand) and the boat’s length.

Some key areas you need to focus on are: 

• An annual overhaul of the engine (including a tune-up and an oil and filter change)
• An annual replacement of anodes
• A periodic check on your safety equipment on board (including lifejackets, buoyancy aids, first aid kits, batteries etc.)
• Cleaning the hull and antifouling annually
• A check on any electronic equipment on the boat. It’s a good idea for this to be done every 5-10 years, depending on how frequently you use the vessel
• General upkeep on the boat’s interior
• Regular bilge pump checks
• Replacing your fenders and bimini, around every 10 years
• Stocking up on cleaning products, varnish, polish, resin etc.
• Any subscriptions you have to sailing apps
• Annual maintenance to your Trailer to ensure it is functional and legal

Further costs to consider

Buying a speedboat is an exciting experience, but before you take the plunge, it's essential to consider all expenses. Besides the initial cost of purchasing the boat, there are other expenses to take into account. These may include:

• Insurance
• Storage
• Fuel
• Equipment

Storage costs can vary depending on where you keep your boat, for example, do you keep it at a marina or on a trailer? If you plan to keep it on a trailer do you have a suitable vehicle to tow, launch and recover the boat? Regular maintenance is important to keep your boat functioning correctly, not only does it keep your speedboat in peak form, but it will also help to prevent expensive repairs.

Fuel expenses can quickly mount up, especially if you use your boat frequently, so always make sure to factor in all of the journeys you plan to make. Additionally, you may need to purchase safety equipment, such as life jackets and fire extinguishers. Don’t forget that if you plan on carrying flares with you on board, always check the dates and replace any of your out-of-date equipment and supplies before you set sail. By considering these expenses, you can budget accordingly and avoid any unexpected costs later down the line.

What else should I look for when buying a speedboat?

Buying new

When making such a purchase, it's important to make sure everything is just right and for some, that means buying a speedboat brand new. This way, it should be guaranteed that it is in perfect condition and will last for many years to come, making for some amazing memories.

When purchasing a speedboat, it's important to consider your budget, the size, what it will be used for and the location of where it will mostly be used.

Speedboats range in length and often the larger it is, the more expensive it will be. Some have an open cockpit and seating area, this is perfect for recreational uses and days out with friends and family. When viewing a vessel, take a seat and make sure the seating arrangements are suitable and comfy.

Buying used

All it takes is a little bit of shopping around to discover that there are many used speedboats on the market at a lower price to brand new, ones that are usually still in fantastic condition.

Aluminium and fibreglass don't deteriorate the same way that traditional wood boats would, so nowadays they last a long time. Buying used helps to save you money upfront however, just like a used car, there are more variables you will need to look out for. 

Second-hand considerations

Exterior

Whether looking at a boat online or in person, the first thing to note is overall how does it look? Is it clean and shiny, or scratched, scraped and dirty? When viewing in person take a look around the whole of the boat and look for any cracked or bubbled glass or repairs that may have already been completed on the exterior, including the gel-coat finish. If some areas are discoloured, it could be a sign that someone has covered up work from previous damage.

Take a look at the sides of the hull to see if they are straight and if there is any sign of leakage or separation between the hull and deck.  If a trailer is part of the sale, be sure to inspect that as well, along with the tyres and ask when the wheel bearings and lights were last professionally checked. Another important thing to look for when buying a speedboat is any oil leaks and that the fuel tank is secure with no signs of damage or corrosion. The engine is obviously a very important aspect of any boat, so also check for rust, cracked belts, cracked spark plug wires and worn hoses.

Interior

Next, take a tour around the interior of the vessel - does it smell old or damp? This could be a sign of mould or rot on the floor or seating, so be wary of this, in addition, a major problem could be highlighted in warped flooring. Look out for cracks in the windshield, rips or stains on the seating and the door hatches opening and closing effectively. If everything seems to be in order, narrow down your choices and pick your favourite. 

How to keep speedboat running costs down

Owning a boat brings a fantastic experience, it’s the perfect way to explore the waters on your own terms and spend time with family and friends. It won't be the cheapest of purchases, not only do you have to buy the boat itself, but also safety equipment, insurance and specialised gear. The good news, however, is there are ways to keep speedboat costs low. Read our top tips …

Share your speedboat with friends or family

Do your friends or family love spending time out on the water, just as much as you? Why not share the boat and the costs with them? This may not be what you had in mind, however, it's a great way to reap all the benefits and enjoy time on a boat, just at a lower price. If this is something you would consider, but you don't know anyone who shares the same interests as you, there are many companies that search for you to find like-minded individuals, such as Boat Share Finder.

Sublet your speedboat mooring

If you choose to stay away for lengths of time, then subletting your mooring to people close to you could be a wise decision. Another option is asking the marina whether they know of anyone wanting a short term mooring. Some marinas don't allow subletting, so be sure to double-check with them first.

Engine care

Engines are one of the most expensive parts of a boat, so taking care of it is so important to keep running costs low, if it's not looked after properly then you could be left with a hefty bill. One way to do this is by cleaning it regularly and flushing fresh water through inboard and outboard engines after being out on the water to avoid salt clogging it up.

Battery care

Looking after the battery is also crucial and not something you want to be spending your money on if it can be avoided. Top tips for keeping your battery in good condition is to keep them at the right temperature, keep them clean, and also recharge them when you can.

Keep your propeller clean

Propellers are needed for the proper functioning of your speedboat. If a propeller is dirty or damaged, then fuel consumption may be increased by 10%. Simply cleaning or even paying someone else to clean the propeller will help to save on running costs.

Annual maintenance checks

In the same way cars have yearly maintenance checks, your speedboat should too. These checks will make sure your boat is running as it should and will help to prevent anything from going wrong. Annual maintenance checks consist of:

Inspecting the hull
Checking the oil level
Changing the engine oil and filter
Checking the transmission fluid level

Do small jobs yourself

Throughout the year, other than just your annual maintenance check, you should regularly check your speedboat for any issues that may arise. Finding a complication in its early stages will be much cheaper to repair compared to something that has been left for a longer period of time. Look for scratches, leaks, and tears and inspect both the interior and exterior.

Interior care

When on a boat, we spend so much time surrounded by the interior, so this should be comfortable and in a good condition to enhance your journey. Keeping on top of cleaning and maintenance helps to avoid any extra costs in repairs. Clean down the interior with fresh water after every trip if you want your investment to last and avoid mould building up.

Exterior care

Many parts of a boat will deteriorate or become damaged by sunlight, without UV blocking protection. Before polishing with this, make sure the chosen area has been cleaned thoroughly, this will help to enhance its overall look and longevity. In the same way that UV protection works on GRP it is also used on glass to prevent it from breaking down or looking dull. This is much cheaper than having to replace any glasswork if it becomes broken or too dull to see out of. When a boat is docked, leave it under shade or under a boat cover to reduce the risk of paint fading and peeling, this will help to keep your boat in its best condition.

Specialist speedboat insurance through GJW Direct

Buying a speedboat is a big financial investment, so you may want to consider specialist speedboat insurance. Specialist speedboat insurance through GJW Direct can help protect you and your speedboat against theft, damage, and third-party claims should anything happen while you're out on the water.

Get a quote today to see how much your cover could cost.