Are you looking to purchase your first boat? While this can be exciting and fun, not taking the right amount of time beforehand can lead to some serious regrets. If you don’t plan, you may not get the one that truly fits you.
But what needs to be considered before you spend your hard-earned money? You may think that buying a boat is a simple process, and to some extent, you are correct. However, there are things you must know before diving into this exciting world.
Here are the top things to consider when buying a new boat. Let’s dive in!
1. Know the Type of Boat You Need
First and foremost, decide what type of boat will best suit your needs. Be sure to research the pros and cons of each boat before making a purchase.
For example, if you’re looking to cruise in calm inland waters, a pontoon boat or a deck boat is ideal since they provide a stable platform. On the other hand, if you’re looking to fish on large bodies of water, a fishing boat may be more suitable.
Finally, if you plan on doing some more serious boating, you’ll need an engine with power and torque to get you where you’re going.
2. Consider the Cost of Upkeep and Repairs
Depending on the size and type of boat, initial costs can range from a few hundred dollars to upwards of a hundred thousand. To help ensure a potential boat buyer’s budget, be sure to know the costs of things such as:
- Outboard motor tune-ups
- Electrical repairs
- Fiberglass repairs
Maintaining a boat, especially if it is an older model, can be expensive and time-consuming. Many people end up having to replace their engines, sails, and covers. So, it’s always best to research before deciding on your final purchase.
3. Calculate the Cost of Insurance for the Boat
Insurance prices vary depending on the size, age, and type of boat as well as where it’s kept and how often it’s used. Although it is not usually a compulsory cost when owning a boat, it is a wise investment as it covers you from potential damage to your vessel from:
- Accidents
- Theft
- Natural disasters
- Medical expenses
- Property damage
In addition, the insurer will also consider such factors as the owner’s experience level, where the boat is kept, expected usage, and the number of passengers. All of these should factor into your overall budget for the purchase of the boat and its ongoing use.
4. Analyze the Expense of Boating Equipment
Another thing to consider is to analyze the expense of boating equipment. This includes the cost of the boat itself, as well as necessary accessories such as life jackets, navigation devices, and other safety items.
You’ll also need to see whether or not you’ll require a trailer to move the boat from place to place. Each item is an investment, so it’s important to do some research and create a budget.
5. Research Potential Boat Companies
To start, you must evaluate the reviews and testimonials to gauge their customer service and reputation. It’s also important to discover their financial status to ensure that you are dealing with a reliable and stable business.
Additionally, consider the warranty and guarantee available on the boat. Different companies will usually offer differing guarantees, so it is critical to know what potential problems are covered and how long the warranty period is.
6. Determine Essential Boat Accessories
When thinking about buying a boat, it is important to consider the necessary accessories. Emergency items should be at the top of the list as well as other safety tools such as:
- Life jackets
- Personal floatation devices
- Fire extinguishers
- Distress flags
It’s also best to have appropriate boat anchors, lines, and bumpers to help protect your boat, mooring lines, dock lines, fenders and buoys, and lighting systems. Fully understanding the cost of these items will give you a better idea of the total cost of owning a boat.
7. Know the Local Laws and Regulations
Before buying a boat, you need to know the local laws and regulations associated with maintaining a vessel. Although laws and regulations will vary between locations, here are some of the main points to consider:
- Size and design
- Registering and titling
- Taxes and fees
- Safety protocols
- Licensing
- Age and capacity limits
- Insurance requirements
- Operable lights
The excitement of owning a boat comes with many responsibilities. So understanding the regulation and laws before making a purchase is the best way to ensure a successful and safe sailing adventure.
8. Don’t Forget About Safety Features
It’s crucial to take a close look at the boat and all its components. Check the live well, bilge, electrical systems, and engine. Also, you need to ensure that the boat has a properly maintained lanyard switch and is fitted with life jackets, flares, and a fire extinguisher.
Furthermore, read up on boat safety rules in your state, as licenses, registrations, and special safety equipment may be needed to operate a boat.
9. Investigate Storage Costs
Deciding whether or not to invest in covered boat storage is essential. If you plan to store the boat at home, consider the cost of any necessary renovations to your property.
If the boat is too big to store onsite, you’ll need to rent a marina slip or other form of offsite boat storage. Depending on location, marina slips and storage facilities can be expensive, as can hauling and launch fees.
So be sure to consider your budget for the storage costs to help you make a more informed decision when purchasing a boat.
10. Never Skip Sea Trials
Sea trials allow you to get a firsthand experience of how the boat performs on the water. Before purchasing a boat, make sure to test it out in person to ensure it meets your expectations and is seaworthy.
Most importantly, pay special attention to its performance under different conditions, such as in rough or calm water. All of these factors will help you decide in buying a new boat.
Top Things to Consider Before Buying a Boat
There are many things to consider when buying a boat. You should ensure the boat fits your lifestyle and that you can afford the additional costs associated with owning it.
Knowing this information will help make the process easier and more enjoyable. If you have any more questions, you should reach out to a professional to get more detailed advice.
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