Costs to consider when buying a RIB

There are many things to consider when purchasing a RIB, from specification to added features and size. Costing is also very important to consider, as there are many additional extras that may not have crossed your mind. Continue reading to find out what costs you need to consider...

The initial cost of a RIB

No matter what style of RIB you have your heart set on, the budget should be decided on first. RIBs can vary greatly in price, depending on their size, their speed, age, condition and many other factors. Prices can range from around £5,000 to £200,000, but this can vary. This initial cost will be the main bulk of spending that arises from being a boat owner.

Second-hand purchasing

When it comes to purchasing a boat, there are so many options, including second-hand buying. Often, second-hand RIBs will be at a slightly lower price point in comparison to brand new ones. Some people prefer to buy first hand, as they can choose exactly what they want, with the exact features they’re after. However, for those who don't mind buying second hand, there are so many great finds online and at local marinas. Don't forget, it's always a good idea to view any RIBs you find online in person to make sure it is actually what you're looking for, giving you the opportunity to check for any damage, prior to purchasing.


Additional costs

In addition to the initial purchase of the vessel, there are extra costs associated with buying a RIB. It's a good idea to research these and factor them into your budget so that you are not surprised by any hidden costs when going through the buying process...

Maintenance

Looking after your boat effectively will help to keep your vessel in top condition and keep its value high. This will be one of the main costs after the initial purchase and will include regular checks and services to ensure that it continues to run well. Along with getting your boat professionally checked, you should also check your boat regularly throughout the year. Other maintenance costs may include replacing parts, updating systems and purchasing cleaning supplies to regularly wash your boat.

Security

After investing in a RIB, the last thing you want is for something bad to happen to it, whether that be it getting stolen, vandalised or broken into. So spending a little extra on security will potentially save you some money in the long run. Sturdy chains, padlocks and wheel clamps for your trailer are all great ways to help keep your boat safe and secure. To improve security even more so, why not invest in a boat alarm? There are several different types of anti-theft alarms, including ones that set off sirens, others that can track the vessel and ones that send pictures of the boat directly to you if an alarm is set off, each varying in price.

Storage

No matter where you choose to store your RIB, there may be some costs involved. Many boaters will only head out on the water at certain points in the year, so your boat will have to safely live elsewhere the rest of the time. Whether that be in a garage, a driveway, mooring, at a marina, a stack facility or dry storage. Depending on the chosen storage option, prices will differ.

Insurance

Although you are not legally obligated to insure a RIB, it is highly recommended to do so. There are many insurance companies that can help give you peace of mind that you and your vessel are safe. Our comprehensive RIB policy will cover you for machinery damage, road transit, medical expenses and so much more. Explore the amazing features that come with GJW Direct's RIB insurance policy, here.

Fuel

One other regular cost will be buying fuel; depending on how far you travel will influence how much you spend on fuel each journey. Fuel can be bought at local marinas or filling stations on the roads.

Equipment

To keep yourself and other passengers safe out on the water, many additional pieces of equipment can be bought. In terms of safety, this will include life jackets, torches, an anchor, spare batteries, flares, first aid kits and personal locator beacons.


Owning a RIB can be great fun, but before you get caught up in buying the best of the best, don't forget to research all costs surrounding your chosen boat.

Want to learn more about keeping you and your vessel safe? Download our ebook...

Boat Safety Guide for RIB and Speedboat


Image source: Ribeye

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