5 Things You Should Know Before Buying a Boat

Spending your hard-earned money on a new or second-hand boat is a big decision. Since the pandemic began, boat sales have been going through the roof, so like many others, you might be thinking about hopping on the boat ownership bandwagon. 

Unfortunately, owning a boat isn’t as straightforward as you might think. People who are considering investing in a boat should be well aware of what to expect. There are plenty of pitfalls along the way that you should know about before splashing the cash on a watercraft. 

During these unprecedented times domestic tourism is on the rise, and traveling around the country with your boat might seem like a dream come true, but it’s of vital importance that you do as much research as possible first. 

1. Budget

If you are on a tight budget, you might want to put off buying a boat until you are in a healthy financial position. It’s no secret that purchasing a boat will cost you a pretty penny, but often the overheads of maintaining it can cost boat owners a fortune. 

If you are planning on investing in a small family boat, and your budget is $10,000, then the last thing you will want to do is spend your entire budget on a boat. Most experts advise potential buyers to spend 65% of their budget on the boat and keep the rest of the budget for all the other bits and pieces needed to get the boat up and running. 

Here are a few things you should think about when planning your budget:

• Consider speaking to an insurance broker about the cost of boat insurance before investing. 

• Storage: If you don’t have enough space on your property to store the boat, you will want to know the cost of storing it. 

• Engine: Most boats don’t come with an engine, so you will want to find information about an outboard engine for sale. 

• Anchor: Does it come with an anchor or will you have to buy a new one?

• GPS system: If you plan on buying a top-of-the-range GPS system, don’t expect to buy one for less than $1,000. 

The biggest mistake people make when buying a boat is not budgeting properly. Make sure you understand exactly what you are getting yourself into before buying, and don’t hesitate to ask other boat owners for advice. 

2. Benefits of Buying a Brand New Boat

There are plenty of second-hand boats for sale out there, but if money isn’t an issue, then you should look to buy a brand new boat instead. Second-hand boats can prove problematic, and if you don’t have any experience maintaining boats or you don’t have the technical knowledge to operate the vessel, you might find yourself spending a lot more than you had planned. 

Here are some of the reasons you should buy a new boat:

• Warranty: The seller will provide you with a warranty, so if something goes wrong with the boat before the warranty runs out, the seller will be liable. 

• Technology: Most new boats on the market are equipped with top-notch technology. 

• You can choose the boat manufacturer: Unlike buying a used boat, you will have plenty of options. You can choose from a wide range of designs and manufacturers when buying a brand new boat. 

A lot of people regret spending their cash on second-hand boats. Used boats often turn into money pits, so if you have a bulging wallet and you would like a peace of mind, you should look at buying a new boat. 

However, in your first year of ownership, you can expect your boat to decrease in value. It’s believed that a brand new boat will lose approximately thirty percent of its value in the first twelve months. 

3. Buying a Pre-Owned Boat

Buying a second-hand boat has become easier in recent years. There are several online platforms out there that a lot of private owners use to advertise their watercraft. You can also find a reputable dealership that sells used boats. 

One of the benefits of buying second-hand is that the previous owner might include a few extras, like a GPS system, an anchor, lifejackets, etc. These additional items can help you with your budget. 

Hire an expert to give the boat a thorough inspection. Make sure that all the technology on the boat is in working order, and that the boat has been maintained properly by the previous owner. You should find a reputable surveyor to inspect the boat before agreeing on a deal. If the boat requires a lot of repairs, then you should probably look for another one. 

4. Tips for Buying a Used Boat 

If you plan to buy a second-hand boat these tips can help you:

• Is the technology on the boat outdated: If the technology on the boat hasn’t been upgraded, it is important that you get it upgraded yourself. If not, it could be unsafe to use it. Find out how much it will cost to upgrade the current system before buying the boat. 

• Will the dealership provide you with an extended warranty: Dealers who are confident with the used boats they sell often include a warranty. 

• Take your time: Take a look at as many used boats as possible before agreeing on a deal. By doing this, you will get a better understanding of the current market. There are so many online platforms out there with used boats for sale, so spend time searching through the different boats advertised. 

• Inspect the engine: Not all boats come with an engine, but if it does, you will want to make sure it is in perfect working order. If an engine isn’t included, you might want to find out information about the different types of engines that will work on the used boat. There are plenty of websites that sell new and second-hand engines, but if you want to buy a top-of-the-range Outboard Yamaha engine, make sure you include it in your budget. 

Just because you don’t find your dream boat in your local dealership, doesn’t mean you should be pressurized into buying a vessel. Try to remain patient, and don’t hesitate to ask a friend with plenty of boating experience to come with you to look at the different boats on the market. 

5. Research 

You can find tons of information online about the different boats on the market. Some owners post content on the web about their boats, which will give you an insight into what it is like to own and maintain a specific model. There are several test reports that you can download free of charge on the web which is worth looking at.

Check to see if there are any upcoming boat shows in your area. These events are a great way to find details about the new boats entering the marketplace. 

Although reading the warranty and examining the guarantee on the boat might not seem exciting, it is very important. It might be worthwhile asking a person who has plenty of experience buying and selling boats to read it with you, especially if you decide to buy a used boat that includes an extended warranty.