Everything You Need To Know About Buying A Boat

Buying a boat is an exciting time. It offers a new way of exploring, and having fun in the world. There’s a lot of responsibility and heavy decisions prior to finalizing your choice on any vehicle though. Trying to learn everything you need to know about buying a boat can seem like a long process, but it can be summarized down to a few points. 

Here are some things you should consider before deciding to buy a boat:

Purpose 

The biggest thing you will want to consider prior to making your purchase is what the purpose of the vessel will be. If you’re looking to be travelling on a small lake, versus a great lake or the ocean, you may want a smaller boat. If you’re looking to go sailing, you’re not going to want a boat primarily used for fishing. The purpose of the vehicle is going to alter your decision on which boat to settle on. 

New Versus Used 

Another thing that you will want to consider is if you want a new boat or a used boat. Boats can be relatively expensive ventures, and regardless of your decision you’ll want something that will last some time. New boats have the added benefit of having a warranty. If you want to get the value of your money, buying a new boat is the most optimal choice. However, there are many used boats that are in great condition. Just like cars, boats experience a drop in value when they are purchased and this does not always testify to their quality. Review your financial situation and make a decision that suits you.  

Payment Method 

Buying a boat in full, either new or used, can be quite expensive. Many individuals will choose a financing option that will allow them to pay over an extended period. You will almost always require a down payment prior to making a purchase on a boat. If you have bad credit, it can be challenging to find a way to purchase your dream boat. It’s best to explore all options available to you and compare your financial situation prior to making a commitment. 

Insurance 

Just like other vehicles, boats require insurance before you’re able to use them. The age, size, condition, type of boat, and location will all alter your premiums. Some states may require that a used boat be inspected prior to offering an insurance plan. In the event of an unfortunate incident, it is best to get a plan that will help cover the costs of the damages to the utmost. Boat insurance is certainly something that you want to include when you’re considering budgeting a financing option. 

Required Licensing 

Prior to being able to drive your boat, you will likely require a form of licensing. In the United States each individual state is responsible for regulating boating licenses, but the Coast Guard is the entity responsible for issuing boating licenses and you will need to see your regional legal requirements for boating. Generally, you need to prove that you’re competent in your ability to operate the vehicle safely.

Budget

As mentioned in some of the previous paragraphs, your budget is something that you absolutely must consider while looking for a boat. You need to be able to afford your insurance premiums, financing options, and storage and travel methods. Create a rough idea on paper of the monthly expenses that will be associated with your boat. You don’t want to end up making a purchase and then having to sell your boat because you can’t meet financial obligations. 

Methods Of Storing 

Another factor that you want to consider when you are buying a boat is how will you end up storing it? If you have a personal garage that can accommodate your boat, this is a great way to save money. Depending on weather conditions you may be able to store a boat in a home port marina. Storing your vehicle in a marina will be an expense so add this detail to your budget. Travelling with your boat can also require a trailer, and if you don’t already have one you may need to invest in a method of transportation. The size of your boat will greatly impact your storage method. 

Make sure you cross every item that you need off of your checklist prior to setting off on a choice of boat. There’s a lot of items that you really need to consider to ensure you’re able to maintain a sustainable way of caring for your boat. Making sure you balance your budget is especially important. Now that you know everything you need to know about buying a boat, the only step left is looking for one!