Owning a jet ski involves several costs beyond the initial purchase price.

To ensure you can comfortably afford to own and maintain a jet ski, consider the following financial aspects…

• Purchase Price – Jet skis can range widely in price depending on the model, size, features, and condition. Prices for new jet skis typically start around $5,000 to $15,000 for entry-level models and can exceed $20,000 or more for high-performance or luxury models.
• Insurance – It’s important to insure your jet ski to protect against damage, theft, liability, and other risks. Insurance costs can vary but typically range from a few hundred dollars to over a thousand dollars annually, depending on the coverage and insurer.
• Maintenance and Repairs – Regular maintenance, servicing, and occasional repairs are essential to keeping your jet ski in good condition. Budget for routine tasks such as winterization, oil changes, battery replacement, and more extensive repairs as needed.
• Operating Costs – Factor in ongoing expenses such as fuel, which can vary depending on the usage and the fuel efficiency of the jet ski. Additionally, consider costs for storage (if not kept at home), trailer maintenance, registration fees, and accessories (e.g., life jackets, and towing equipment).
• Depreciation – Like any vehicle, jet skis depreciate over time. Consider how depreciation will affect the resale value if you plan to sell the jet ski in the future.

Financial Readiness

• Emergency Fund – Maintain a sufficient emergency fund to cover unexpected expenses related to your jet ski, such as repairs or insurance deductibles.
• Budget Planning – Create a budget that accounts for all costs associated with owning and operating a jet ski. Ensure your budget allows for discretionary spending while meeting other financial obligations.
• Income and Debt – Evaluate your income stability and existing debt obligations to ensure you can comfortably afford the ongoing costs of jet ski ownership without financial strain.
• Resale Value – Consider the potential resale value of the jet ski when calculating its overall cost of ownership. Newer models may retain value better than older models.

While the initial purchase price of a jet ski is a significant consideration, it’s equally important to budget for ongoing expenses to maintain and enjoy your watercraft. By carefully assessing your financial situation and planning accordingly, you can determine how much money you should have available to responsibly own and enjoy a jet ski. If in doubt, consulting with a financial advisor can provide personalized guidance based on your specific financial goals and circumstances.