Do you want to enjoy a new adventure on your own boat? Is it your dream to take your family on a sailing trip or your friends on a fishing trip? Go ahead and buy a boat. Let your dream come true, but ensure you ask a few important questions before proceeding to purchase. It is better to avoid regrets later. So, better now or never. Here are the top 15 questions to ask when buying a boat.
1. Do I have Enough Experience to own a Boat?
This is the first question you have to ask. It is not enough if you are passionate and enthusiastic. Owning a boat requires a lot of experience. You should know about the maintenance procedures and understand navigation. If you are just a beginner, you should decide if you want to buy or rent a boat. If you are not fully confident, enroll in a boating course before purchasing a boat. Analyze your skill levels before starting to ask the next few questions.
2. What Type of Boat do I Need?
First, decide how you are going to use it. Are you planning to use it for a solo trip, fishing adventures, water sports, family relaxation, or a thrilling boating experience? Do you want to go on a short trip or a longer one? Decide what your priorities are. There are many types of boats. Some are versatile and can handle all situations, but some suit only one purpose. Before buying a boat, find out which type of boat you need to make sure you don’t make a wrong decision.
3. How Much Can I Afford?
Set a realistic budget. Owning a boat is not cheap. The cost of owning a boat does not include the initial cost alone. You have to consider other expenses like insurance, maintenance, registration, docking, storage, accessories, trailers, and safety gear. Most of these expenses are mandatory for all boat owners. So, you have to create a budget covering all recurring, upfront, and upkeep expenditures. Experts recommend 10% of the cost price of the boat as annual maintenance expenditure. If you want to avoid financial stress, be wise in deciding how much you can afford.
4. What Size Boat Do I Need?
Boats are of different sizes. Size plays a significant role in the comfort, storage, handling, and maintenance of a boat. A boat under 20 feet is perfect for small groups sailing on calm waters. You can select a boat of 20 to 30 feet if you are interested in fishing and water sports. If you want to go on longer cruises with a large group, a boat of 30 to 40 feet will be perfect for you. A boat above 40 feet is good for luxury cruising. Buy the size to suit your requirements.
5. Which Boat Should I Buy – New or Used?
To know the answer to this question, you should discover the pros and cons of buying a new one and an old one. The primary benefit of buying a new boat is that you can buy the latest design with advanced features. As a new boat is covered with the manufacturer’s warranty, you needn’t worry about repair charges. The maintenance charges are also lower when compared to used boats. The main drawback is the high upfront cost.
When you buy a used boat, the purchase price is lower. The depreciation is not rapid. So the value retention is better. The main drawback is the lack of warranty, old technology, and higher repair costs.
After analyzing all costs, you can make the final decision.
6. What is the Condition of the Boat If It is a Used Boat?
Look for the engine hours as they reveal the condition and maintenance of the boat. Ask for the service history. Check the last date when it was serviced. Check if there have been any major damages and repairs. Where was the boat stored? Boats that were stored away from water are less corroded. Make sure the boat meets the safety standards prescribed by the government. Ask for a sea trial before purchasing. If you are satisfied with the condition of the boat, you can proceed to buy it.
7. Why is the Seller Selling the Boat?
The answer to this question will reveal the condition and history of the boat. If the seller is selling the boat to upgrade to a newer or bigger model, it is a green flag to buy it. If not, you should recheck the working of the engine and major repairs. Ensure there are no performance issues. It is better to go for a professional inspection.
8. Are There Any Outstanding Debts?
It can be a big financial stress if your debts are not fully paid for the boat. Check the registration and loan papers. Get them verified with the financial institution to make certain that all the loans are paid off.
9. Where Will I Store It?
What type of storage is possible? Is it wet or dry storage? Is it indoor or outdoor storage? Wet storage in a marina is ideal for large boats and frequent boaters. However, wet storage increases the maintenance expense. Dry storage in covered racks is safer and more secure, but it is suitable only for small boats. You can save the storage expenses if you store your boats in a trailer at home. This is the best option for small and medium boats. If you want to ensure the safety of your boat and protect it from harsh weather conditions during the off-season, you should opt for indoor storage. Before buying a boat, check which storage option is feasible for you.
10. How Many People will Join Me on the Board?
Before choosing a boat, consider how many people will regularly be on board with you. Based on the number of people, you should decide what type of boat will be suitable for you. If only 1 to 4 people will be on board, small boats like bowriders and center consoles are the right choice. For 5 to 8 people, a mid-sized boat like a deck boat or pontoon would be perfect. For 9 or more people, larger boats like cruise boats are a good option. Check the weight limits and the maximum capacity of the boat before buying.
11. What are the Finance Options Available?
There are several ways to finance the purchase of a boat. The first one is the dedicated boat loan. It is a secure loan obtained by using the boat as collateral. You have to make a down payment. The loan term may range from 5 to 20 years. This is suitable for buying a new boat. The next option is a personal loan. This is an unsecured loan with a higher rate of interest, suitable for small boats. You can use your home to get a home equity loan. Sometimes, boat dealers provide financing options. It can be a low-interest or zero-interest loan. If you want to avoid debts, and if you can pay in cash, you can pay the amount fully in cash.
12. What is Included in the Warranty?
It is important to understand the warranty clauses while buying a boat. Carefully check the items included in the warranty, the duration, and the conditions. Find out if the major parts of the boat, like the hull and the engine, are covered by the manufacturer. Check if the warranty is transferable if you resell the boat.
13. What are the Safety Features to Check?
Always be prepared for emergencies. Your boat should have safety gear like life jackets, fire extinguishers, a bilge pump, a GPS, a first aid kit, and a way to contact help.
14. Can I Connect with Other Boaters in My Place?
It is exciting to connect with people sharing the same passion and interests. Before buying a boat, you should check if there are boating clubs and communities near your location. You will be able to get tips on boat ownership and get an idea of the local rules. Check if there is a marina nearby. This will be helpful for storage and docking.
15. Is It a Practical Decision?
Do you have free time to go for boating trips? Is the budget affordable? The boat you buy should be a source of joy for you and not a source of stress.
Ask these questions. Are you satisfied with the answers you get? If so, contact the dealer. If you are wondering where to find the best dealer, don’t worry. Visit SlipStream. Connect with a dealer and buy your dream boat.
