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If you enjoy snowmobiling, you may have thought about buying a snowmobile. Many people choose to rent or borrow a snowmobile for an occasional ride, but if you are a frequent snowmobiler, you may have considered buying one. Before buying a snowmobile, you should understand how much it costs to buy and maintain one. Keep reading to learn more about buying a snowmobile, how much snowmobiles cost, how to get the best deal on a snowmobile, and how much to expect to pay in snowmobile maintenance costs.
Buying a Snowmobile
According to the International Snowmobile Manufacturers Association, there were 130,644 snowmobiles sold worldwide in 2022, with about 75% being sold in the U.S. and Canada. If you are thinking of buying a snowmobile, you should create a budget for the costs of both buying and maintaining a snowmobile.
How Much Does a Snowmobile Cost?
Prices for buying a snowmobile will vary depending on if the snowmobile is new or used. Current models of new snowmobiles can cost $10,000 to $15,000. Although pricey, new snowmobiles should come with a warranty, which will help cover additional costs like repairs and maintenance.Used snowmobiles, on the other hand, can be more affordable, but you may end up having mechanical issues and needing to pay for repairs at some point. On average, used snowmobiles cost $2,000 to $8,000. You can purchase a used snowmobile directly from a seller or you can look at resale sites for used snowmobiles. If you are buying a used snowmobile, be sure to examine it thoroughly before purchasing.Other costs related to owning a snowmobile include the gear (like jackets, boots, gloves, helmet, a shovel, etc.), a registration fee, licenses, insurance, gas, and a sled deck or trailer to transport your snowmobile. Recommended: How Much Can You Borrow With a Personal Loan?
What to Look for When Shopping
When you are shopping for a snowmobile, make sure that you understand your needs and wants for the snowmobile. If you have specific features that you want, like heated seats or a large engine, you should look for vehicles with those features. If you are buying a new snowmobile, you may have a better selection of options with your desired features. If you are buying a used snowmobile, you may need to prioritize the features to find one that fits your needs as well as your budget. If you are buying a used snowmobile, you should closely examine the vehicle before purchasing it. Ask the previous owner about maintenance history and upkeep. If possible, take the snowmobile for a test ride before buying it. Recommended: 15 Budgeting Tips for Beginners
Getting the Best Deal
To get the best deal when buying a snowmobile, research and compare prices from different dealerships and sellers. Once you have identified the snowmobile that you want to buy, you should try to negotiate with the seller. If you are buying a used snowmobile, you may have better luck with negotiating. If you are buying a new snowmobile, you may be able to negotiate on the financing options, if you are using financing. You can also try to take advantage of seasonal sales and promotions. Snowmobiles may be cheaper toward the end of the winter season or during a holiday sale. Recommended: Pros & Cons of Personal Loans
Future Maintenance Costs
In addition to the purchase price, you should budget for future maintenance costs of the snowmobile. Maintenance and repairs on a snowmobile can cost between $200 and $500 per year. These maintenance and repair costs will depend on a variety of factors, such as the type of snowmobile, the age of the snowmobile, how often you ride the snowmobile, how you use the snowmobile, and the ride performance of the snowmobile. If you bought a previously used snowmobile, you may need to budget for more frequent repairs and maintenance. You should also budget for emergency and unexpected repairs, regardless of whether your snowmobile is new or used. When your snowmobile needs maintenance or repairs, you can either service your snowmobile yourself or take it to a garage. It will be cheaper to do the work yourself, but some repairs may be too difficult unless you have experience with engines.
Available Funding Options for Purchasing a Snowmobile
Luckily, there are many options available when it comes to purchasing a snowmobile, including:
Paying in cash. The most financially responsible way to pay for a snowmobile is by saving up money ahead of time and paying in cash. This will ensure that you don’t pay interest or negatively impact your credit score. Taking out a personal loan.Personal loans can be used for a variety of purposes, such as paying medical bills, completing a home renovation, or buying a snowmobile. After you are approved for the loan and receive the money, you will need to pay it back, along with interest, according to a predetermined monthly payment schedule.
Using a credit card. Another option is to use a credit card to pay for the snowmobile. If you can qualify for a 0% intro APR credit card, it can give you time to pay off your purchase without accruing interest during an introductory period.Using dealer financing. Some dealers may offer in-house dealer financing to help you purchase your snowmobile. They may offer competitive rates, so make sure to look into this option prior to using a loan or credit card. If you’re purchasing from a private seller, though, you will need to provide your own financing via cash, a loan, or a credit card.
The Takeaway
If you are a frequent snowmobile rider who will be able to use a snowmobile regularly, owning your own snowmobile may be right for you. On the other hand, if you are a casual snowmobiler or will have trouble affording the maintenance and upkeep, you may want to stick to renting or borrowing a snowmobile. If you are looking for financing options for your snowmobile purchase, Lantern by SoFi may be able to help. Lantern lets you compare the top personal loans from quality lenders so that you can find the right one for your needs and qualifications. Lantern can help you compare rates and find loan offers in minutes.
Frequently Asked Questions
How much should I budget for a snowmobile?
Is it better to buy a new or used snowmobile?
What are some common maintenance costs for a snowmobile?
How do I know if a snowmobile is right for me?
Photo credit: iStock/Joycee Centeno
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About the Author
Jason Steele
Jason Steele has been writing about credit cards and award travel since 2008. One of the nation's leading experts in this field, he has contributed to dozens of personal finance and travel outlets and has been widely quoted in the mainstream media.
