Buying a used boat can be a daunting task. Regardless of whether it’s your first time buying a boat or you are simply upgrading there are a few tips and tricks that will keep you and your new boat safe.
When buying a used boat, make sure you are buying from an authorized used boat dealer. No matter where you are in the world, if any part of your used boat fails shortly after purchase you will have some level of recourse against the retailer, buying used boats privately can incur all kinds of problems down the track.
Identify how you are going to be using your boat. There are many different ways to use and boat and each one requires a specific type. For instance some people will plan on spending lazy days sailing around and island, obviously they will need a sailing boat, others will be more interested in waterskiing and wake boarding, they will need a powerful deep hulled boat and others will be looking to go fishing, so will be looking at a flat bottomed boat with a lot of open space. The biggest mistake that new boat buyers will make is thinking that they can tick all the boxes with a single craft, and unfortunately they simply can’t.
Next, make sure that you are not buying out of your price range, boats require regular maintenance and some types, particularly race yachts and wooden boats can require up to one third their purchase price in running costs every year. It’s for this reason that boats are often referred to holes in the water where you repeatedly throw money. In addition to the initial cost you will have recurring fees like storage, insurance, pen/mooring fees, trailer, engine maintenance, registration fees fuel, safety equipment and the list only goes on. A commonly used estimate for running costs is about $100+ per foot per year to keep the craft operational assuming minimal use. If the boat is regularly used you can expect to spend anywhere up to three times that amount.