What Do You Need to Know Before You Buy a Boat

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Taking a boat out on the lake or ocean can be an exciting adventure for people of all ages. Whether you take a fishing trip, take the family out for fun, water skiing, or want to live on a boat, they all offer a unique experience. Anyone who has ever been on a boat remembers it. Apart from the fun and memories you could create, there are some things you need to know before looking at boats for sale.

Know What You Can Afford

Boats have a lot of expenses tied to them, which adds to the cost. The cost of the boat is only the beginning, so be sure to take it into account before buying a boat.

If the boat is an older model, you can expect to do a refit—even if you were told that it recently had one. It may include repainting, remodeling, rebuilding the engine, and much more. TheMariner says that refurbishing a boat increases its value. A yacht refit could range from $20,000 to about $300,000.

Larger used boats, such as yachts, are available as certified boats—like cars. The type of boat you want is another consideration, and you need to determine if it is the right kind for what you want it for and for the type of water where you will be using it.

Buying a larger boat, such as a pontoon, cabin cruiser, sailboat, speed boat, etc., means you must consider the additional costs. It will have higher maintenance costs and more costs for gear and trailers, and you may need a larger vehicle to tow it.

Consider Where You Will Keep the Boat

Before you buy a boat, you should have some idea about where you will keep it. You have several choices, and the cost depends on your decision. Besides in your yard, you can keep it at a dock, an anchor moored in a bay, or a dry dock. If you intend to keep it at one of these places in a large city, you can expect to pay a lot more than if you kept it in a much smaller marina in a more rural area.

If you want premium services at the boat dock, it will cost you even more. TriumphBoats says that a marina offering better services may include boat maintenance and repairs, a fuel station, assistance with docking, an on-site restaurant and shops, laundry service, and more.

Docking Prices in the United States

Boat docking fees vary widely depending on the size of your boat, the location, and the season. Triumphboats says the average cost is $12 to $240 for each foot of your boat annually. On some occasions, you may have to pay by the size of the dock. You can also pay per night, by the month, or by the year. Costs in Europe are much higher than in the United States.

If you intend to keep your boat in a marina, there is a possibility that there may be a waiting list. Some marinas have wait lists of several years, which means you may need to park your boat at a considerable distance from your house until you can get a berth closer to home.

Before Buying, Talk to Owners of Similar Boats

Getting the inside scoop on a boat can be done by finding owners of that boat style or similar styles. They can tell you all about what problems it has, things to look for on specific boat models, how it handles the type of water you intend to use it on, modifications you may want to get, and more.

Be Knowledgeable of Maintenance Costs

Taking care of your boat can be quite costly. Farm Bureau says you can expect to pay about 10 percent of the boat’s cost each year for maintenance. If you buy an older boat, you may need to pay about 30 percent of the original price annually to keep it in good shape.

Conduct a Sea Trial Before Buying a Boat

Taking the boat out on the water will tell you much more about it than the salesperson can. BoatingMag says a sea trial will give you a real feel of how the boat handles, how the engine sounds and performs, any oddities in sounds from the engine or anywhere else, and what to expect if you buy that boat. You also want to consider the engine’s power, boat speed, ease of handling, storage capacity, seating, economy, etc. Be sure to test all electronics to see if they work.

How to Get Money to Buy the Boat

The money for your boat will have to come from somewhere, so decide how you will buy it. While you can pay cash for it, you may also want to get a dealer loan, a loan from lenders dealing in marine loans, or you may want to use your home’s equity.

Get Boat Insurance

After spending a lot of money on your boat, you should get it insured to protect your investment. The cost will be similar to that of a car, taking into consideration the type and size of the boat, the age, the location, the horsepower, and any safety measures it has onboard. They also consider your driving record and your experience with boating.

The average cost of boat insurance, Investopedia says, runs $245 to $652 per year. In general, it is less expensive in northern states where the boating season is shorter and where you do not have direct access to the ocean.

Buying a boat has a lot of hidden costs. Used boats can also be lemons—like cars. Know what you are buying and ask questions. Research the boat and talk to boating experts to avoid making a costly mistake—and it will let you enjoy the ride much more.

The Epoch Times copyright © 2023. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.