You could make one of the best decisions of your life by buying a boat. However, it could also be the worst if you go into the process without knowledge. A boat purchase involves several factors, yet there are still many misconceptions about buying one. You need to consider many things when in the market for a boat, and hopefully, this guide will provide you with enough information to avoid the dreaded buyer’s remorse.
Decide On A Budget
The price of a boat is one of the most significant factors in deciding which boat to buy. Ship types vary depending on their prices, so it’s important to know what kind of marine vessel you’re looking for before getting started. A recreational boat will be less expensive than an offshore or fishing ship, but they also have fewer features and capabilities than more costly boats. You will make your final decision based on your budget, no matter what type you choose. One exciting option is financing, allowing you to purchase more boats than you could have done from savings alone. Various specialist companies offer ship finance that can fit your purchase requirements.
The boating finance specialists SeaDream Inc suggest that financing is only one of the many aspects of budgeting for a boat. If you decide to go down this route, you should opt for a company that offers a range of solutions such as warranties and insurance, etc. These other options will give you peace of mind that your investment is safe in any eventuality, especially when it comes to maintenance. Not only are boats expensive to buy, but they are also relatively challenging to maintain. Therefore a good warranty is essential if you don’t want to spend a fortune every time something goes wrong.
New Or Used?
Once you have your budget figured out, you can move on to the next buying process step, which is to think about if you want a new or a used boat? This is a massive decision because each option has its pros and cons.
As boat prices continue to increase, it is essential for boat owners to be aware of what they are paying for and what they can get out of it. A new boat will offer you many distinct advantages, but it will cost more, and just like other vehicles, it will depreciate rapidly.
- Comes with a manufacturer warranty.
- Typically, they come with a lot of equipment.
- You can customize it to suit your needs since it is a brand new product.
- Less upkeep is needed in the initial years of ownership.
- Massive upfront expense.
- It will depreciate rapidly in price.
The main upside to buying a used boat is the initial cost. You will pay far less than a new version, and even those that are only a few years old will have had their prices slashed considerably.
- Cheaper than new boats.
- You can often find more numerous and more modern options for a fraction of the price.
- Unexpected repairs.
- Owners may not be honest or forthcoming about problems.
- You’ll probably need to buy extended warranties.
- The price difference compared to a new boat may be offset by the higher maintenance costs.
- The boat may not be as reliable as anticipated due to age and rough use over the years (although if well-maintained, this is less of an issue).
Consider The Type Of Boat You Want?
Your use case will be another decking factor in which boat you end up. For example, do you need a smaller boat for the occasional fishing weekend, or are you looking for a family boat that you can take extended holidays on with several people? The type of boat you opt for will also influence how much money you will spend on maintenance. It is generally accepted that you should expect to pay around 10% of the boat’s cost each year on upkeep, port fees, and fuel. Additionally, larger ships will require you to attend classes where you can learn about radar systems, man-overboard protocols, and the general running of larger vessels.
Join Forums To Get Help From Other Boat Owners
In addition to articles like this one, you should join various boating forums to get real-life advice from other owners. You can ask questions and get truthful answers relating to costs, which brands to buy and which to avoid, and a range of additional interesting related information. There is often no substitute for experience. Nevertheless, you must always do your research and use the advice on these forums as general advice.
There are many things to consider when buying a new boat, but it isn’t easy to know where to start. Understandably, people want to get the best value for their money, but you might not know where to begin. Hopefully, you can use some of the advice in this post as a starting point to get the boat of your dreams.