I did a search (or 12) before I posted, but couldn't find what I was looking for. I am sorry (in advance) if this has already been covered. If it has, I will play the "NewB" card.......
I went down to the DMV to start looking at annual costs for licensing and registering a boat. To do this I picked a couple online, printed the information, and proceeded to the local WA state DMV. It appears that the original price
is going to be used to for the excise taxes
, original licensing, etc., at around 10% of the purchase price
. Annual charges are around .5% of that price with some small discounts every year.
So at $500,000:
Initial costs for license
, title, etc: $50,000
Annual costs are around $2,500
Is this normal for all states? Where is the cheapest state to register your boat out of? What other annual costs besides insurance
should I budget
for (other than taking it out on the hard
, etc.)? Any good ideas for cost savings other than "buy something besides a boat?"
Thank in advance.