Owning a boat opens up endless possibilities for you, your family, and your friends. But before you buy a boat, there are some things you need to know.
You can find boats for sale, both new and pre-owned, but buying a new boat is much more complex than just plunking down cash. You must consider your budget, your must-have amenities, and other factors.
Know What You Want
Buying a boat is a big deal. It’s easy to fall head over heels for the vessel that makes your heart beat faster, but it’s essential to remember what you want the boat for. Knowing your budget is important, as owning a boat involves maintenance, insurance, a trailer, gas, storage fees, a dealer fee, etc.
It would be advisable to find out how many new boats for sale in your area in similar models and years are selling for. It will be helpful in negotiations. Also, feel free to leave if the pricing isn’t right for you. It’s the best leverage you have. People build up negotiating as this scary thing, but it’s just a simple conversation. You may even get to buy the boat of your dreams!
Do Your Research
Before shopping, you must research the market and the boats you want. It can be helpful to determine the average price of the boat before negotiating with the seller.
It would be best if you also looked at the features and equipment on the boat. These can impact the price, especially if it’s an expensive model or has a lot of customization. It’s also a good idea to check the engine hours on the boat. It will give you an idea of how much use the boat has had, similar to how car mileage can affect a vehicle’s maintenance schedule.
Another great resource is attending a boat show, significantly closer to the end of the event, when sellers are more likely to cut prices. It can also be an excellent opportunity to compare boats in one location and make a more informed decision.
Know Your Budget
Once you have a clear idea of your needs and wants, it’s time to create a budget. It includes any additional expenses like insurance, docking, and storage. It is essential to know that this is a big purchase, and you must be ready for the financial commitment.
It’s also good to note that lenders will want to check your credit score if you choose to finance your boat. It’s best to do this before you visit any dealerships, as it doesn’t hurt your credit report to make inquiries within 30 days. Inquiries can be made at any of the three major credit bureaus. It helps you avoid surprises and makes the buying process more manageable.
Know Your Options
Whether you buy a new or used boat, the process is similar. Financing is available, and lenders consider your credit score, debt-to-income ratio, and net worth to determine your ability to pay.
You can purchase a boat at a dealership, from a private party, or online. Online purchases are often less expensive, but it’s crucial to conduct a thorough inspection and obtain a marine survey, if possible, before buying.
The type of boat you choose will be determined by where you plan to boat and your planned activities. For example, you may need a larger boat if you plan to use the boat for fishing or water sports. Also, it would be best to consider where you’ll store it when not in use. It can impact your storage costs and make a difference in your price.
Negotiate
As with any significant purchase, a good deal requires savvy negotiating skills. The proper knowledge will help you get that boat at a reasonable price, whether buying from a private seller or dealership.
Several factors contribute to the final sales price of a boat, including brand and model, upgrades and accessories, age and condition, and demand. It’s helpful to familiarize yourself with these factors before you start negotiating to have the correct information at your fingertips.
For example, knowing the NADA book value of boats in similar condition will give you a leg up when talking to a dealer. And if you can show them the prices other dealers offer, it could nudge their salesperson into a lower offer.
