How to Manage Rising Fuel Prices as a Boat Owner

Tips for Coping with Rising Fuel Costs as a Boat Owner

You might be excited to get back on the water this summer, but the rising cost of fuel might have you worried about how it's going to affect your budget. If so, you’re not alone.

There's not much you can do to bring the cost of fuel down, but there are some strategies you can utilise so that rising fuel prices don't impact you quite as much as they otherwise would.

The High Cost of Boat Fuel

There are many different reasons for currently high fuel prices, which we don't need to explore in depth. Higher costs of energy, economic inflation, and the Russian invasion of Ukraine are just some of the inciting factors. The bottom line is that fuel prices are about as high as they've ever been, and there are some reasons to believe those prices will climb even higher in the near future.

Fuel is one of the most significant ongoing costs of ownership, so if you're not careful, those high fuel prices could eat into your personal finances.

How to Manage Rising Fuel Prices as a Boat Owner

What steps can you take to manage these rising fuel prices as a boat owner?

  • Reassess your budget. One of the first things you'll need to do is reassess your budget. How much money do you have set aside for fuel costs? How much fuel does your boat actually consume? How much do you think the rising fuel costs are going to impact your budget in the next week? In the next month? Depending on how often you use your boat and how fuel efficient it is, you might be able to perfectly accommodate these prices with no change in your behaviour. However, you may have to make some other sacrifices to make sure your post budget remains intact for everything you need.
  • Understand your fuel efficiency. Closely examine your boat's fuel efficiency. How much travel are you able to get out of each litre or gallon of fuel? Are there things you can do to improve this fuel efficiency? Are you satisfied with this level of fuel efficiency?
  • Stay close. One easy way to keep enjoying your boat while reducing your fuel consumption is to travel a shorter distance every time you venture out. If you visit closer destinations and stay closer to your dock, you'll end up traveling less and therefore end up consuming less fuel.
  • Minimize boating expeditions. Some people are keeping their boats docked because of rising fuel prices. Obviously, this isn't your ideal situation. You have a boat because you love being on the water. You love fishing, sunbathing, or just riding the waves. You can't take advantage of any of these things if you're stuck in a stationary parking spot. That said, you can still have fun on a boat when it's effectively docked in place. Depending on the size and amenities on your boat, you can still use it as a place to gather and enjoy the company of your friends and family. You can still use it has a place to fish. And you definitely get to enjoy the smell of the water in the great outdoors. If you don't like the idea of spending time on your boat while it's docked, your other option here is to simply reduce the number of expeditions you take.
  • Share your time. If you know other people who are into boating, you might be able to share your time and, therefore, your expenses. You and your friends can gather up together and take turns on all your different boats, effectively carpooling together to save money on fuel. If you don't currently have many friends who are into boating, this could be a great opportunity to start new conversations with new people for your social circles.
  • Shop around. Fuel prices are going to be high no matter where you look. That's because the reasons for high fuel prices are affecting all locations. Or you can still often find a lower price if you're willing to look around. Remain patient and hunt for different refuelling stations; you might be able to find fuel for a significantly lower price.
  • Keep your engine in good condition. Some of your fuel efficiency depends on the efficiency and functionality of your engine. If your engine is in poor condition, or if you haven't properly maintained it, you're going to end up consuming more fuel than necessary. Make sure to tend to your boat regularly to ensure smooth, efficient working order.
  • Watch rental prices. Prices for rentals and charters have, as you might suspect, increased to compensate for the rising costs of fuel. However, you may still occasionally find it preferable to rent a boat, rather than piloting your own. Keep an eye on rental prices accordingly.
  • Consider an upgrade. If you're dissatisfied with the performance of your boat, you might consider upgrading to a boat with higher fuel efficiency. Smaller boats, newer boats, and less powerful boats all tend to burn fuel at a much more efficient rate. Over time, this could save you a ton of money.
  • Sell your boat. Of course, if the high fuel costs are seriously eating into your budget, you might consider an even more drastic action. You might consider selling your boat entirely, especially if you're not going to be driving it for a while. Thanks to convenient online platforms like TheYachtMarket, it's easier than ever to sell your boat to a willing buyer for a fair price.

Are you in the market for a new yacht that’s more fuel efficient, or are you looking to get rid of your old, gas-guzzling boat? You're in the right place. At TheYachtMarket, we provide a platform for boat sellers and boat buyers to get exactly what they're looking for. Browse our selection of boats, or list yours for sale today!

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