Buying a boat for yourself with all the luxuries and amenities is an exciting prospect. But, if you’re planning to buy a speed boat, one of the biggest hurdles you will face is the cost.
However, let’s face it; nothing cruises the water better than a high-end speed boat. While you can call yourself a boat-owner even if you have a small dinghy, you’ll need to stretch your budget for a speed boat.
Along with that, I hate to break it to you, but a speed boat’s cost does not end with your purchase. You’ll have to pay for many other factors if you’re planning to own a boat for the long term.
So, how much does a speed boat cost? I’ve compiled all the information you need right here, with some famous examples to answer your question. Let’s dive in!
How Much Does a Speed Boat Cost? – Inboard Vs. Outboard
Before we start discussing speed boat prices, you’ll need to know which type of speed boat you want. Mainly, speed boats come in two basic types, inboard, and outboard. An inboard speed boat has its motor fitted inside its exterior.
On the contrary, an outboard speed boat has its engine or motor placed outside its shell. Mostly, this engine stays in the water while the boat is moving.
Now, if you choose an inboard speed boat, you should expect a sudden hike in your price range. That’s because these speed boats are expensive as they’re hard to maintain. Their engine parts are fitted inside the exterior, making it difficult to reach and conduct repairs when needed.
Most importantly, you won’t find many inboard boats in the market because of the lack of demand. Besides that, even if you own one, you won’t find inboard boat parts from many manufacturers, which means further expenses.
Moreover, inboard boats don’t have much space inside. So if you’re planning to use your boat for family excursions, it’s not the ideal choice for you.
On the other hand, if you choose an outboard boat, not only will you get a wide range of options to choose from, but you’ll considerably reduce your expenses. These boats are easy to maintain, and you can take them out for parties and family getaways in the water.
As for the price, you can get an outboard speed boat for as low as $20,000. But, in the case of inboard speed boats, a simple model can cost you thousands of dollars.
Factors that Determine the Cost of Your Speed Boat
Now, you probably have a basic idea about how much a speed boat is going to cost you. But, you should know that the price level varies along with the brand, model, and size you choose. Here are some factors that might hike up or lower your speed boat costs according to your choice.
Speed Boat Style and Design
The price of your speed boat depends significantly on the design and style you choose. As we mentioned, an outboard speed boat without a cabin can cost you about $20,000, while larger models may come at a higher price.
A basic speed boat or powerboat is excellent for fishing or just cruising around the water. So if these features are enough for you, you can buy a speed boat at an affordable price.
However, if you go for faster and more efficient models, the price can increase by $10,000-$20,000. Even if you consider buying high-performance models secondhand, you should expect to pay around $30,000 to $40,000 for them.
Along with that, there are larger models with wooden interiors and plush seating arrangements. These speed boats are also known as cruisers, and if you buy them brand new, you can get a bill of six to seven figures. Although these models are also available secondhand, it will still cost you six figures if you go for a boat that’s well-maintained and in good condition.
Speed Boat Size
Apart from the design and model, your speed boat size also plays an important role in its price factor. Naturally, if you choose a small boat that accommodates only the driver, you can get it for far less than a cruiser designed for families and groups.
Besides that, smaller speed boats will cost you less in the long run if you take fuel and storage costs into account.
However, not all small speed boat models will fit your budget. Most high-performance speed boats from well-known brands will cost you a lot, even if they’re small in size. You should take all these factors into account while choosing an ideal speed boat for yourself.
Additional Speed Boat Costs
A speedboat is not something you can park in your garage and forget about after you’ve made the purchase. Like when you buy a road vehicle, there are many other costs and expenses involved when you buy a speed boat.
I’ve listed down a few extra factors where you’ll have to pay after you’ve already paid for your boat. Check them out to see if you can really afford to buy a speed boat or not.
Mooring or Docking Charges
You’ve bought a boat. Great. But that doesn’t mean you’re going to spend all your time in the water, does it? Instead, most personal boats spend 50% of their time parked or stored somewhere safely.
This means you’ll have to pay for storage expenses for your boat when you’re not using it. You can park your boat in your garage or on your property if it is small enough.
However, this option is out of the question for larger boats. Mainly because you won’t be able to find a trailer large enough to tow it when you need it, and it won’t fit in your garage either.
For such speed boats, you’ll need to purchase harbor space where you can dock your boat. To find out the rates, you should check with your local marina before you buy a boat. This will help you get an idea about how much the boat will cost you, even when it is not in use.
Usually, docking spaces cost anywhere from $100 to $500 a month, depending on the area you live in and your boat’s size. You can even choose to pay these charges annually, which would mean about $1000-$10,000 a year.
Additionally, if you’re considering parking your boat in a mooring range, you should get a boat lift. This keeps your boat from disintegrating in the water when it’s parked for extended intervals.
On the other hand, if you have a small enough boat to fit in your personal garage or any other property, you will have to invest in a trailer. Personally, I think you should consider this option, as buying a trailer is a one-time expense compared to monthly or yearly docking charges.
You see, while docking your boat in the marine can cost you $2000-$10,000 per month, you can get a trailer in the same price range. However, a trailer is not an option if your boat is too large to tow along with another vehicle.
Mind you, towing your speed boat, big or small, every time you need it is also quite a hassle. If you don’t have a truck or car strong enough to tow your boat to the water, you might need to rent a towing vehicle as well, which might add to your overall costs.
In a nutshell, if you want to choose expense over ease, then docking it somewhere else is a great idea. But, if you want a less expensive option, buy a trailer.
Unless you live in a warm area where there is no winter hazard, you won’t be able to store your boat in the water all year. In this case, you will have to pay for winterizing your vessel when the weather starts to get cold.
The process mainly includes draining all fluids and shrink, wrapping your boat before storage. You’ll also need to conduct general maintenance before and after storing your vehicle for the winter so that it is fit for use again.
Average Fuel Costs
This is perhaps the main factor you should consider while buying any vehicle. However, speed boats consume a lot of fuel compared to their counterparts on the road. So, if you’re thinking the fuel expenses for your boat will be the same as your car, you’re mistaken.
Supposing, the price of fuel per gallon in your area is about $2.5. A typical speed boat would use about 20-30 gallons of fuel every hour, depending on its size and engine efficiency. This means, if you’re out in the water for about five hours, you’ll have to spend $300 for fuel.
Now, if you take your boat out once every week, you’ll be spending $1200-$1500 every month and about $15,000 every year. That would be a lot of money if you thought about buying a speed boat as a one-time expense.
Did you know that personal boats encounter more than 5000 accidents every year? As you can imagine, expenses, including medical attention and repairs that come after a boating accident can cost you thousands of dollars.
That’s why the safest option is to get your boat insured before using it for recreational purposes. A typical insurance plan can cost you about $100-$500 every year, depending on the type and size of your speed boat.
Getting a License
You cannot drive a boat without a legitimate boating license. To get yourself registered and receive proper training, you will have to pay some money. Although the licensing costs are relatively insignificant compared to your boat’s price, you should still consider it.
5 Speed Boat Cost Examples
One thing is evident: buying and maintaining a speed boat is not for the faint-hearted. But, if you’re still up for it knowing all the extra expenses involved, here are a few examples of speed boats so you can see how much popular models cost.
The Bayliner 170 is a high-power outboard speed boat and is one of the bestselling models from this brand. It is the ideal speed boat for fishing, cruising, or an occasional ride with the kids. Although it measures only 17 feet in length, the boat has a full-width bench and flip-up center seat to accommodate a small family.
Besides that, this speed boat comes with high-tech stereo speakers and a luxurious interior design great for a sunny day in the water. Additionally, if you’re out fishing, the center flip-up seat can double up as a cooler for live catch and drinks. So you can keep your catch fresh while you spend your hours in the water.
Overall, this boat will cost you $18,000, which is a great price considering its durable construction and attractive features.
The boat comes with a Mercury 90 horsepower outboard, but you can upgrade the engine to 115 horsepower by paying some extra charges. You’ll need the larger engine if you want to conduct water sports using your speed boat.
This 17-foot outboard speed boat is the ideal choice for fishing and cruising across the water. It’s a relatively small boat but provides the accessibility to complete all your boating tasks while reducing operating costs because of its size.
Along with a small seating bench, the boat has dedicated rod lockers to store your fishing gear. Similarly, it has hidden hatches where you can keep your valuable equipment during your trip. It comes with a Minn Kota Edge 70 horsepower motor, enough to take your boat to considerable speeds. However, this engine power is not enough for water sports like skiing or parasailing.
This boat is priced at $26000 and will cost a little more if you get an engine upgrade.
The 210 Suncoast by Chaparral is one of the most popular and reliable boats you’ll find in the market. This 20-foot speed boat is the ideal choice for water sports, fishing, and other recreational activities.
Due to its sleek and stylish design, the boat has spacious permanent seating benches, combined with a large cockpit. Similarly, it has multiple storage spaces and hatches to keep all your gear safely inside.
Its high-power engine has 150-200 horsepower, which is excellent for water sports such as water skiing and parasailing. Besides that, the engine can take the boat up to high speeds so you can enjoy cruising along the water with your family or friends.
The 20-foot 210 Suncoast costs $40,000, but the model has two larger variations that you can get for a higher price.
The SLX 250 by Sea Ray is a luxurious speed boat complete with all the amenities for people who crave the water. With its elegant interior and stylish exterior, the speed boat provides the boating experience of a lifetime and is worth its price of $90,000.
It has a Grip 6 hull paired with a Mercruiser engine that enables it to travel at unimaginable speeds. Besides that, the seating area is embellished with diamond-stitched upholstery that lets you relax and enjoy the ride to its fullest.
Furthermore, this inboard boat is built with noise reduction technology, so you don’t hear the engine howling in the background while enjoying with your family. The 24-foot boat has an impeccable audio system so you can enjoy your favorite music through Bluetooth or Apple AirPlay.
This 20-foot Bay 20 DLX is a luxury outboard boat for people who want to invest in a moderately-priced boat. It comes at a basic price of $27,000, with a towable trailer included to help you save up on storage expenses.
Moreover, this speed boat is ideal for fishing as it has multiple storage hatches for your gear, a comfortable seating area, and dedicated tackle trays. This way, you can easily access your fishing tackle and also convert the area into a cushioned seat when it’s not in use.
Additionally, this fishing boat has a special fishing seat with a comfortable high back so you can spend long hours in the water. The powerful engine can get your boat cruising at a reasonable speed range but can’t facilitate water sports.
How Can You Buy a Boat on a Budget?
That concludes my list of examples of how much does a speed boat cost. Now, if you’re inclined towards the more expensive ones, and they exceed your budget, you can try out the following ways to buy a speed boat on a budget.
Get Boat Financing
You can get financing for your boat from a bank, a marine dealer, or through special marine lenders in your area. Just like financing a car, you can get your boat financing based on your credit history.
Buy Second Hand
Sometimes, a second hand boat is just as good as a new one, if you choose correctly. You can save up considerably on the purchase price by buying a 2 – 10-year-old boat. Review all the essential parts of the boat to ensure its condition before diving in.
Attend Boat Shows
Consider the boat shows similar to supermarkets. In these shows, all popular marine dealers come out with their best deals and offers. You can get an affordable boat according to your budget quickly if you attend these shows.
Wrapping this discussion up, let’s sum up the final answer to the question, how much does a speed boat cost? Well, if you buy a small, basic speed boat, your purchasing price would be around $20,000-$30,000. In addition, you’ll need to pay about $15000 a year for fuel, $500 for insurance, and $1500 for winterization and storage.
Similarly, if you add on repairs and maintenance, your boat can cost you around $3000 per month, or $35000 every year. If that’s too expensive for you, you can cut some costs by conducting maintenance yourself or storing your boat in your personal space.
In the end, if you get the boating experience you need, it’ll be worth it.