A Clear Guide for First-Time Buyers and Those New to Boat Ownership
You’ve found the perfect power boat. The price is within budget, the survey looks good, and you’re ready to sign on the dotted line. But here’s the question every experienced boat owner wishes someone had asked them: “Can you afford to own it?”
The purchase price is just the beginning. At One Marine, after helping thousands of clients over 40 years, we’ve learned that the biggest regrets come not from buying the wrong boat, but from underestimating the true cost of ownership.
The Reality Check: Industry data shows that annual ownership costs typically range from 10-20% of your boat’s value. For a £300,000 power boat, that means £30,000-£60,000 every year you own it.
This guide breaks down exactly what you’ll pay for, when you’ll pay it, and how to budget realistically for power boat ownership in the £100k-£750k range.
The Simple Truth: The 15% Rule
Before diving into details, here’s the golden rule experienced owners swear by:
Budget 15% of your boat’s purchase price annually for ownership costs.
- £150,000 boat = £22,500 per year
- £300,000 boat = £45,000 per year
- £600,000 boat = £90,000 per year
This isn’t just maintenance—it’s everything: berthing, insurance, fuel, winter storage, and all the costs that keep your boat safe, legal, and enjoyable.
The Big Five: What You’ll Actually Pay For
1. Somewhere to Keep It (Marina Fees)
What it is: Your boat needs a home, whether that’s a marina berth, mooring, or dry storage.
What you’ll pay: Marina costs vary dramatically by location:
- South Coast premium locations: £500-£600+ per metre annually
- East/West Coast: £350-£450 per metre annually
- Inland waterways: £250-£350 per metre annually
Real-world example: A 40ft (12m) boat costs:
- Solent/South Coast: £6,000-£7,200 per year
- East Coast: £4,200-£5,400 per year
- Norfolk Broads: £3,000-£4,200 per year
Hidden extras: Electricity (20-45p per kWh), additional car parking (£1-£6.50 daily), and various service charges.
Pro tip: Location choice alone can save you £3,000+ annually. Consider whether you really need that Solent postcode.
2. Keeping It Running (Maintenance)
What it is: Everything from oil changes to major engine overhauls, plus hull maintenance, electronics servicing, and safety equipment.
What you’ll pay: Maintenance costs follow predictable patterns:
- New boats (0-5 years): £10,000-£25,000 annually for 30-35ft boats
- Older boats (10+ years): Often double the above figures
- Twin engines: Add 50-100% to engine-related costs
The essentials you can’t avoid:
- Annual engine service: £500-£1,500 per engine
- Antifouling (hull painting): £800-£2,000 annually
- Safety equipment replacement: £200-£500 annually
- Electronics updates: £200-£500 annually
The big surprises:
- Engine replacement: £20,000-£50,000+ (every 15-20 years)
- Electronics suite replacement: £10,000-£40,000 (every 8-12 years)
Pro tip: A real owner’s experience shows that keeping detailed records and doing some maintenance yourself can halve these costs.
3. Winter Storage (The Expensive Sleep)
What it is: Unless you use your boat year-round, it needs somewhere safe to spend the winter months.
What you’ll pay: Winter storage costs vary significantly:
- Covered storage: £40-£60 per foot
- Outside storage: £25-£40 per foot
- Lift out and launch: £15-£25 per foot each way
Real-world example: For a 35ft boat:
- Total winter package: £1,500-£3,000
- Includes: Lift out, pressure wash, storage, shrink wrap, spring launch
Hidden reality: Many new owners think they’ll use the boat year-round. Most don’t. Budget for storage even if you think you won’t need it.
4. Insurance (Protection and Peace of Mind)
What it is: Marine insurance covering hull, machinery, equipment, and third-party liability.
What you’ll pay: Insurance typically costs:
- 0.5-1.2% of boat value annually
- £150,000 boat: £750-£1,800 per year
- £400,000 boat: £2,000-£4,800 per year
Factors affecting cost:
- Location: Solent areas cost 2-3x more than Scottish lochs
- Your experience: RYA qualifications can reduce premiums
- Boat age: Boats over 15 years may need annual surveys
Pro tip: Get quotes from marine specialists like GJW Direct or Noble Marine, not general insurers.
5. Fuel (The Reality of Marine Diesel)
What it is: Power boats consume significantly more fuel than most people expect.
What you’ll pay: Marine diesel costs more than road diesel:
- Marina fuel: £1.40-£1.70 per litre
- Typical consumption: 20-30 litres/hour (30ft boat) to 40-50 litres/hour (50ft boat)
Real-world budgets:
- Weekend cruising (50 hours/year):
- 30ft boat: £1,400-£2,550 annually
- 40ft boat: £2,100-£3,400 annually
- Regular cruising (100 hours/year): Double the above
Pro tip: Fuel costs vary dramatically by region. Scottish marinas can be 40% cheaper than South Coast locations.
The Smaller Costs That Add Up
Annual Essentials
- Survey (for older boats): £600-£1,500
- Safety equipment replacement: £200-£500
- Navigation chart updates: £50-£150
- Radio licenses and training: £100-£200
- Cleaning and detailing: £500-£2,000
The “Nice to Haves” That Become “Must Haves”
- Professional cleaning: £500-£2,000 annually
- Equipment upgrades: £1,000-£5,000 annually
- Additional safety gear: £500-£2,000
- Comfort improvements: £1,000-£10,000
Real-World Example: What It Actually Costs
Scenario: 40ft power boat worth £300,000, kept on the South Coast
Annual costs breakdown:
- Marina berth: £6,500
- Insurance: £2,400
- Maintenance: £15,000
- Winter storage: £2,500
- Fuel (75 hours use): £4,000
- Survey/admin: £1,000
- Miscellaneous: £3,000
Total: £34,400 annually (11.5% of boat value)
This is a realistic budget for a well-maintained boat with moderate usage.
How to Budget Realistically
The Three-Tier Approach
Essential Costs (Can’t avoid these):
- Marina fees or storage
- Insurance
- Basic maintenance
- Safety equipment
- Annual survey (if required)
Important Costs (Shouldn’t avoid these):
- Proper winter storage
- Professional servicing
- Quality fuel
- Regular cleaning/care
Discretionary Costs (Nice to have):
- Upgrades and improvements
- Professional detailing
- Premium marina locations
- Extended cruising fuel costs
Monthly Budgeting Strategy
Rather than facing annual bills, set aside money monthly:
- £300,000 boat: Set aside £3,750 monthly
- £200,000 boat: Set aside £2,500 monthly
- £500,000 boat: Set aside £6,250 monthly
Red Flags: When Costs Spiral
Warning signs you’re overspending:
- Skipping maintenance to save money
- Using your boat as an excuse for every purchase
- Borrowing money for annual costs
- Resenting every bill that arrives
Cost creep culprits:
- “While we’re at it” maintenance additions
- Constant upgrades and improvements
- Marina lifestyle expenses
- “Boat project” enthusiasm
How to Reduce Costs Without Reducing Enjoyment
Location Strategy
- Consider East Coast or inland locations (save £3,000-£5,000 annually)
- Look beyond premium marinas (save £1,000-£3,000 annually)
Maintenance Approach
- Learn basic maintenance (save £2,000-£5,000 annually)
- Schedule off-season work (save 20-40% on labor costs)
- Group purchases with other owners (save 10-15% on parts)
Smart Timing
- Buy in autumn/winter (save 10-15% on purchase)
- Book winter work early (save 20-40% on labor)
- Coordinate with other owners for lift-outs and services
The Questions Every Buyer Should Ask
Before you buy:
- Can I afford 15% of the purchase price annually?
- Do I have 6-12 months of running costs in reserve?
- Am I prepared for unexpected major repairs?
- Have I factored in marina waiting lists and deposits?
The honest conversation: If the annual running costs feel painful to contemplate, consider a less expensive boat. It’s better to comfortably own a £200,000 boat than struggle with a £400,000 one.
One Marine’s Perspective: Why Honesty Matters
We’ve seen too many clients buy their dream boat only to become trapped by running costs they hadn’t anticipated. Our role isn’t just to sell boats—it’s to help clients make decisions they’ll be happy with long-term.
The best boat owners:
- Budget conservatively and are pleasantly surprised
- Understand that ownership costs never go down
- Plan for major expenses before they arise
- Choose boats they can afford to use and maintain properly
The struggling owners:
- Focus only on purchase price
- Hope running costs will be lower than expected
- Make decisions based on best-case scenarios
- Buy the biggest boat they can afford rather than one they can afford to run
The Bottom Line
Power boat ownership in the £100k-£750k range is absolutely achievable—if you plan properly. The key is understanding that the purchase price is just the entry fee. The real test of affordability is whether you can comfortably manage 15% of that value annually for as long as you own the boat.
Remember:
- Budget 15% of boat value annually
- Location choice dramatically affects costs
- Age increases maintenance requirements
- Emergency funds are essential
- Professional guidance pays for itself
The goal isn’t to scare you away from boat ownership—it’s to help you buy the right boat and budget realistically so you can enjoy it without financial stress.
About One Marine: With over 40 years of experience and thousands of successful transactions, we believe in honest advice that serves our clients’ long-term interests. Our international presence across the UK, Portugal, and Spain gives us unique insight into true ownership costs.
Ready to explore ownership? Contact One Marine for honest guidance on finding a boat you’ll love owning, not just buying.