Smart buyers know that the end of the boating season can be the best time to buy a boat. New boat dealers don’t want to carry inventory through the winter, and private sellers face the cost of winter service and storage if they don’t sell in the fall. With that in mind, here are some boat-buying tips to keep in mind.
• Quality of a boat’s build is the most important consideration. A well-built boat will hold its value better and give you far fewer problems over the long run. Don’t try to get the largest vessel that your budget will allow. Better to take a step down in size and a step up in quality.
• If size really matters, consider used versus new as a means of staying within your budget. A used boat has already depreciated in value and probably has had many of the improvements made and kinks worked out – making it easier to afford and own.
• When calculating what you can afford to buy, consider the full cost of ownership, including depreciation, interest, insurance, dockage, fuel and repairs. Don’t make the mistake of assuming that buying the boat is the most expensive part of boat ownership. As a rule of thumb, assume that you’ll spend about 10-15% of the value of the boat in annual costs, excluding financing costs.
• Once you’ve narrowed your search to several possibilities, wander down to your local boat yard to see how the products of those builders hold up over the years. Stop in and chat with the service manager. Let him or her know that you’re considering the purchase and see what they have to say. You can also get good input from boater forums like www.thehulltruth.com.
• If you’ve decided upon a used boat, a survey by a qualified surveyor is a must. Again, consider asking the boatyard service manager for a suggestion. He or she has seen and worked with them all and is qualified to give you professional advice.
Finally, Whether buying new or used ask around for referrals for a good broker or dealer. A qualified salesman can be a big help in helping you find what you’re looking for, determining financing options, completing registration and other paperwork, and providing instruction on the operation of the boat after the sale.
This provided some useful insight since I’m planning on getting a boat this summer. However, I’m still deciding if I want to get an outboard motor. For the most part, I feel factoring in the full cost of ownership will help me decide.
These are great tips for those getting ready to buy a boat! Buying a boat has a lot of responsibility to it, so it’s always important to do your research before just buying and calculating what you can afford with all the expenses! Thanks for sharing!