Freedom Boat Club costs us $389 a month with an initial fee of $3,000. While that might sound expensive, once you break down the true cost of owning a boat, the comparison becomes much more reasonable. Let’s take a closer look at the actual costs of boat ownership versus joining a boat club.
The True Cost of Owning a Boat
Owning a boat is something we plan to do eventually, but we didn’t want to repeat the mistakes we made with our RV purchase. During our research, we considered what it would cost to own a used boat priced around $50,000. With boat prices skyrocketing since 2020, it’s important to factor in all the associated expenses.
Here’s a rough breakdown of what we expected to pay:
- Boat with Trailer: We were looking at a used boat in the $50,000 range. Assuming a 10-year loan at 4%, that’s about $500 per month in payments.
- Tow Vehicle (Truck/SUV): We didn’t own a vehicle capable of towing a boat, so we factored in the cost of a used truck or SUV, estimating around $20,000. With a loan, that adds roughly $350 a month.
- Insurance: Boat insurance costs can vary, but we estimated around $400 per year, or $50 per month.
- Maintenance and Repairs: Boats require regular upkeep, so we budgeted $100 a month for general maintenance and unexpected repairs.
- Storage: This was one of the biggest expenses. Marina storage near us charges around $29 per foot, meaning a 25-foot boat would cost $725 per month for on-the-water storage. Instead, we considered outdoor, uncovered storage, which was more affordable at around $125 a month.
Here’s what we were looking at in total:
- Monthly Costs: $1,125 per month (including boat payments, tow vehicle, insurance, maintenance, and storage)
- 10-Year Total: $135,000 over 10 years, with the boat likely depreciating to around $30,000 by the time it’s paid off.
If you already own a tow vehicle, you can subtract the $42,000 truck cost, bringing your total to $93,000. However, the boat will still lose value over time, and maintenance costs often rise as the boat ages.
Freedom Boat Club Pricing Broken Down
When we compared these figures to the cost of joining Freedom Boat Club, the numbers were much closer than we initially thought. Here’s a breakdown of what we pay as members:
- Initial Membership Fee: $4,000 (on sale when we signed up during the off-season)
- Monthly Dues: $390 per month
- Additional Costs: We typically tip the dock staff $20 each time we return a boat, and fuel costs seem higher than at other gas stations.
Freedom Boat Club vs. Owning a Boat: The Long-Term Comparison
Here’s how the math looks over 10 years:
- Boat Ownership: $135,000 (if buying a tow vehicle) or $93,000 (if you already own a tow vehicle). By the end of 10 years, you own a boat that might be worth around $30,000.
- Freedom Boat Club: $4,000 initial fee plus $390 a month, totaling $52,000 over 10 years. In this scenario, you never own the boat, but you have access to a fleet of boats without the hassle of maintenance, insurance, storage, and depreciation.
The total difference? Around $40,000. However, Freedom Boat Club removes the stress of maintenance, repairs, insurance, and storage, giving you a much more hands-off boating experience.
For us, the decision came down to this: we weren’t seasoned boaters and didn’t want to rush into owning a boat. Joining the club gave us the chance to explore the boating lifestyle without the long-term commitment or hidden costs of ownership. We had already made a big mistake jumping into buying an RV, which we didn’t use as much as we thought, and took a financial hit getting out of it. This time, we wanted to be more careful.
Breaking Down the Costs of Freedom Boat Club
Freedom Boat Club costs can be broken down into three main categories: the initial fee, monthly dues, and tipping.
Freedom Boat Club Fees
Freedom Boat Club Initial Fees vary by location but generally ranges between $3,000 and $5,000. We signed up during the off-season and got a discounted rate of $4,000. If you’re interested, schedule a ride-along with the location manager—they can give you a tour, explain the process, and show you how everything works. We even spoke with other members who highly recommended the club. I’d suggest doing the same in your area to get some insights into how the club operates.
Freedom Boat Club Monthly Dues
Monthly dues cover the cost of boat maintenance, insurance, and operational expenses. Depending on the location and membership type, dues typically range from $300 to $399 per month. We pay $390, which gives us access to four marinas and four reservation slots at a time.
Tipping
The dock staff have been extremely helpful so far. As a beginner, I didn’t feel rushed docking or making mistakes. They help with carts, walk you through the boat before you head out, and grab the lines when you return. We usually tip $20 each time.
How to Join Freedom Boat Club
If you’ve decided that Freedom Boat Club is right for you, the process of joining is straightforward:
- Find a Location: Use the club’s website to find a nearby marina. Check out the variety of boats at your location to ensure it meets your needs. Our location has four marinas to choose from.
- Schedule a Tour: Contact the marina to schedule a tour. We just showed up, and the manager took us around on a boat ride to explain everything.
- Pay the Initial Fee: Once you’ve decided to join, pay the membership fee and begin the onboarding process. You’ll need to complete some training courses before you can start taking boats out. If you plan to go offshore, additional training with a captain may be required.
- Start Boating: After completing the requirements, use the reservation portal to book your boat and start enjoying the club’s fleet.
Conclusion: Is Freedom Boat Club Worth It?
For many people, Freedom Boat Club is a cost-effective alternative to owning a boat. It allows you to enjoy boating without the responsibility of maintenance, storage, insurance, and depreciation. Whether you’re new to boating or looking for a more flexible way to get on the water, the club offers a hassle-free experience that’s well worth considering.
For us, we were skeptical at first, but after two years, it’s been an absolute blast. We often take out friends and family, ranging from teenagers to grandparents. It’s great having different types of boats to choose from depending on who we’re going out with, and it let us experiment with different boats before we make the commitment to buy, so for us Freedom Boat Club is worth it.