Taking a ferry to and from the Isle of Wight can be inexpensive. There are three main companies offering travel to the Isle of Wight: Wightlink, Hovertravel and Red Funnel. Each offer different packages for Isle of Wight ferry costs.
Wightlink and Red Funnel can accommodate cars. Hovertravel does not - it is only suitable for passengers travelling on foot. Prices vary throughout the day (at unsociable hours tickets are cheaper than those during sociable hours). There are a couple of comparison websites you can use to check for prices: directferries.co.uk and aferry.co.uk are good, but neither of these sites offers Red Funnel as an option - they only include Wightlink and Hovertravel. So to find the best price you will need to check each company individually.
Hovertravel travels from Southsea to Ryde. Red Funnel travels between Southhampton and EastCowes and Wightlink offers travel between Portsmouth and Fishbourne and also Lymington and Yarmouth.
The prices are very reasonable for all the ferry companies. Going as a foot passenger one way you can get a ticket for around £7.50 to £10. If you need to take a car with you, Red Funnel ferries prices range from about £33 to £50, depending on what time of the day you want to travel. With Wightlink, a car ticket will be around £18 to £55.50, again depending on what time you wish to travel.
There isn’t a huge variety in prices between the companies so you can simply just go with whatever route suits you best.