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Buying a boat is an exciting prospect, but it's important to do your research first. You'll need to consider what type of boat will best suit your needs and wants, and those of your passengers. You'll also need to decide whether to buy from a professional boat dealer or manufacturer, or from a private seller. If you're buying from a private seller, you'll need to have the boat inspected by a professional marine surveyor, who will conduct a condition and valuation survey and sea trial for you.
| Characteristics | Values |
|---|---|
| First step | Determine the type of boat that will best fit your needs and wants |
| Buying from a private seller | You will be taking on the usual business overhead incurred by a dealer, such as the shop time and parts the owner may have invested in getting the boat ready for sale, as well as their cost to store and advertise the boat |
| Buying from a dealer | Working with a dealer can make the buying process easy and simple. The quality and location of the dealership are important |
| Inspection | Have the seller show you the features of the boat and take it for a ride to check that all systems are working. For a bigger, more expensive boat, it pays to hire an expert to conduct a condition and valuation survey and sea trial |
| Overall costs | Owning a boat is about the pursuit of pleasure or adventure, and bonding with family and friends. It is an inclusive activity that can enable a range of activities, from fishing to tubing to cruising and overnight camping |
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What You'll Learn
Buying new vs. used
Buying a boat is an exciting time, but it's important to consider your needs and wants before you begin the process. For example, what type of activities do you want to pursue on the water?
When it comes to buying new vs. used, there are a few things to keep in mind. Firstly, buying a used boat from a private seller can be a great way to save some money. However, you may have to take on additional costs such as shop time, parts, storage and advertising. It's also important to thoroughly inspect a used boat before purchasing. This includes checking the engine, propeller, bilge, steering system, electrical systems and fuel tank. For more expensive boats, it's worth hiring an expert to conduct a condition and valuation survey and sea trial.
On the other hand, buying a new boat from a dealer or manufacturer can offer a wider selection of affordable entry-level models at reasonable prices. Working with a dealer can also make the buying process easier and simpler, and you may be able to feel, touch and see the boat before purchasing. It's still important to compare boat dealers and consider the quality and location of the dealership.
Ultimately, the decision to buy new vs. used depends on your budget and how much risk you're willing to take on. Used boats can be a great deal, but they may require more time and effort to inspect and maintain. New boats may be more expensive, but they come with the peace of mind of a warranty and the support of a dealership.
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Working with a dealer
If you're buying a used boat, you are taking on the usual business overhead incurred by a dealer—the shop time and parts the owner may have invested in getting the boat ready for sale, and their cost to store and advertise the boat. You should have the seller show you any features of the boat, and then take it for a long enough ride to warm up the engine and check that all systems are working. For a bigger, more expensive boat, it pays to hire an expert—for a few hundred dollars a professional marine surveyor will conduct a condition and valuation (C&V) survey and sea trial for you, and show you any issues they spot on the boat.
For many, owning a boat is about the pursuit of pleasure or adventure, of bonding with family and friends, and of a passion for freedom that many people find only on the water. Most boat owners will explain that their time on the water is priceless.
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Inspecting the boat
When inspecting a boat, it is important to have a thorough understanding of the major components, such as the engine, propeller, bilge (inside a boat's hull), steering system, electrical systems, and fuel tank. You should ask the seller to show you any features of the boat and then take it for a ride to warm up the engine and check that all systems are working properly. This includes checking that the engine starts easily and sounds smooth, the trim functions are working, and the lights, electronics, instruments, and audio system are all in order.
For a bigger, more expensive boat, it is advisable to hire an expert. For a few hundred dollars, a professional marine surveyor will conduct a condition and valuation (C&V) survey and sea trial, identifying any issues with the boat. They will also be able to advise on the overall costs of boat ownership, which is an important consideration when making your purchase.
It is important to remember that the quality and location of the dealership are also key factors in your boat-buying and ownership experience. Comparing boat dealers and their offerings can help you make an informed decision and ensure a smooth and enjoyable process.
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Boat activities
When buying a boat, it's important to consider what type of activities you want to do on the water. This will help determine the type of boat that's best suited for you.
Boating is an inclusive activity that can accommodate a number of family and friends, and it enables a wide range of activities. For example, fishing, tubing, cruising, overnight camping, diving, swimming, rafting, and sunbathing in secluded coves.
Before purchasing a boat, it's recommended to work with a dealer to make the process easier. A dealer can help you compare different boats and ensure you're getting a boat that's right for your needs. It's also important to have a thorough inspection of the boat's major components, such as the engine, propeller, bilge, steering system, electrical systems, and fuel tank.
When buying a used boat, it's crucial to have the seller demonstrate the boat's features and take it for a test ride to ensure all systems are functioning properly. For more expensive boats, consider hiring a professional marine surveyor to conduct a condition and valuation survey and sea trial.
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Cost of ownership
The cost of boat ownership varies depending on the type of boat, its size, brand, features, and customisation. Yachts, for example, start at around $500,000 and can cost tens of millions of dollars for ultra-luxurious models. The average boat costs $174,000 for a new model, but this can vary significantly depending on the model and year.
There are several other costs to consider when owning a boat. These include taxes, insurance, registration, and maintenance. Boat tax laws differ from state to state in the US. For example, Rhode Island doesn't impose a boat tax, while South Carolina requires boat owners to pay a yearly tax equal to 10.5% of the boat's assessed value if it spends over 180 days in the state. Insurance rates are typically around 1.5% of the boat's insured value. Registration costs also vary by state, from minimal fees in some states to over $250 in New Jersey for boats longer than 65 feet.
Maintenance costs can include oil changes, mechanical repairs, and safety items such as life jackets and a safety kit. A set of five life jackets can cost around $350, while a safety kit with a fire extinguisher, horn, and visual flares can cost approximately $150. Navigation equipment, such as a basic marine GPS, can cost around $200.
It is important to carefully assess your boating needs, budget, and long-term plans when considering the cost of boat ownership. There are also different options for owning a boat, such as rental or ownership programs, which can help limit or erase the costs associated with the boat.
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Frequently asked questions
This depends on what activities you want to pursue on the water. For example, if you want to go fishing, tubing, or overnight camping, you'll need a boat that can accommodate those activities.
It's always a good idea to work with a professional boat dealer or manufacturer, as they have a wide selection of affordable entry-level models at reasonable prices. However, some people opt to buy from a private seller to save money.
It's important to be able to feel, touch, and see the boat you're buying. You should also compare boat dealers and the quality and location of the dealership.
You should have a thorough inspection of the boat's engine, propeller, bilge, steering system, electrical systems, and fuel tank.
For a bigger, more expensive boat, it's worth hiring an expert marine surveyor to conduct a condition and valuation survey and sea trial.
