Average Cost For A Speed Boat: (15 Examples)

Buying a boat is always an exciting venture. Add in the sleek, attention-grabbing luxury of a speedboat, and the prospect becomes even more appealing.

The main hurdle for the average adventurer is the cost, which can average around $20,000-$60,000 or more depending on size and age.

Just what is the average cost for a speed boat? In this roundup, we’ll provide you with enough examples to allow you to craft your budget.

What Defines A Speed Boat?

The immediate and obvious answer would be speed, but the criteria are slightly more complex than that. The term refers to a small boat (typically less than 60 feet long) that’s driven by a powerful engine.

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Inboard Vs. Outboard

While there are several different classifications (see the table below), speedboats come in two basic types: outboard and inboard.

As the name suggests, outboard motors are situated outside the boat, usually behind the stern, while inboard engines are placed within the hull.

In general, smaller speedboats (sometimes referred to as “motorboats”) will feature an outboard design, while the larger units with cabins are inboard models.

For example, cruisers (see the table below for more details) are usually equipped with inboard motors, and are classified as speed boats only because they’re not quite large enough to be considered yachts.

Because of their configuration, outboard engines are easier to service. They’re also more convenient, in that they can be lifted entirely out of the water. By contrast, inboard engines are more difficult to access, but they provide a quieter ride.

For a more detailed description of the difference between inboard and outboard motors, take a look at this YouTube tutorial.

Speed Boat Classifications

Before we start talking about prices, you should understand the difference between the various types of powerboats available. Here’s the lowdown on some of the most common ones.

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Important Considerations

Here are a few of the questions you should ask yourself before deciding what type of speed boat to buy:

• Will you be using your boat primarily on lakes or on the ocean?
  
• How many passengers will you be carrying?
  
• Do you want to be able to stay on the boat overnight?
  
• Are you hoping to use your boat for fishing, water sports, or just general exploration?
  
• Are you an experienced boater or a first-timer?
  
• Will you ever be operating your boat alone, or do you plan to have company each time you take it out?
  
• How much can you afford to spend?
  

The Average Cost For A Speed Boat

To help you get a grasp on the current market, let’s take a look at some of the most popular current speed boat models.

As a rule of thumb, you can expect to spend less on a speed boat that’s designed primarily for fishing or water sports. These typically start at around $20,000, but used models can be found for slightly less.

High-performance speed boats, on the other hand, are much more expensive. As you can see from the table below, these impressive models can run upwards of a million dollars—sometimes several million, if you’re willing to go that far. We’ve included these to illustrate the vast range of options available, but fortunately, you don’t have to be a millionaire in order to own a regular speed boat.

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Satellite Costs

Of course, once the ink is dry on your sales agreement, you’ll still have to account for a few sundry expenses. These may include—but are not limited to—the following:

• Boat trailer—You’ll need a way to transport your new craft to your chosen body of water
  
• Fuel costs—Boat engines run off gasoline, just as car engines do, so this needs to be factored into your annual expenses
  
• Insurance—While this is only required in a handful of states, it’s always a good idea to have backup in case of an accident
  
• Mooring costs—This might not be an issue for smaller crafts, but if you’re planning on leaving your boat in the water for the entire season, you should research local pricing in advance
  
• Storage fees—Unless you live in a warm climate, you’ll need to think about where to store your boat during the cooler months
  

Your total annual costs will vary, depending on the size of your boat and how you choose to store and transport it.

The price of moorings depends on size and location, usually falling within the $4,000 to $12,000 range for a single year.

Because of this broad price range, you might want to research the marinas in your area to get an idea of how much you can expect to spend.

If you choose to invest in a boat trailer instead, you won’t have to worry about docking fees.

They also have a narrower cost range—you can expect to spend between $2,500 and $5,000 on a boat trailer.

This is typically a less expensive option, as it’s a one-time purchase. However, bear in mind that you’ll be responsible for towing the boat whenever you want to take it out, which can be a hassle, especially with larger crafts.

Finally, remember that speed boats burn through fuel much more quickly than cars do—about 25 gallons per hour, on average.

Assuming that gas costs $2 per gallon (a conservative estimate), this means that a four-hour outing would cost about $200. If you take your boat out about once a week for 20 weeks out of the year, you’ll spend at least $4,000 on fuel alone.

Size Matters

As you can see, smaller speed boats are generally less expensive than their larger counterparts. Storage and fuel costs will be lower, too, which translates into greater exponential savings for as long as you own the boat.

Obviously, this isn’t a hard and fast rule (models from high-end manufacturers and cutting-edge performance boats will cost more, no matter what their size), but if you’re looking for a bargain, you might want to think small.

In Conclusion

Owning a boat is a costly business, but you don’t have to be wealthy in order to make it happen.

The key to any successful purchase is knowledge. If you research the different types of speed boats and make an informed decision about which one would best suit your lifestyle, your investment is bound to pay off in the long run.

Good luck in your search, and may you encounter smooth waters ahead!

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