Finding The Best Boat Deals: What To Know

Getting a good deal on a boat can be tricky, but there are a few things to keep in mind that can help you get the best value for your money. First, it's important to do your research and have a clear idea of what type of boat you want, including size, sleeping capacity, performance, and style. This will help you narrow down your options and ensure you're getting a boat that suits your needs. It's also a good idea to shop around and compare prices from different dealers or brokers, especially at boat shows, where you can often find great deals and discounts. In addition, consider the timing of your purchase. In general, buying a boat during the off-season, such as in the fall or winter, can lead to better deals as business tends to be slower for dealers and brokers. However, it's important to note that this may vary depending on your location and whether you're buying a new or used boat. Lastly, don't be afraid to negotiate and ask for additional incentives, such as free storage or maintenance packages, which can further increase the value of your purchase. By following these tips, you can increase your chances of getting a good deal on a boat that meets your needs and budget.

Attend a boat show

Attending a boat show is an efficient way to shop for a boat and get a great deal. Here are some tips to help you make the most of your boat show experience:

Set a Budget

Before you go to the show, it is important to set a budget and stick to it. Figure out what you can afford for a down payment and a monthly payment. Consider the ownership costs, including maintenance, off-season storage, winterization, fuel, insurance, taxes, and registration. If possible, get pre-approved by a lender before attending the show.

Have a Game Plan

Identify the type of boat you want to purchase and the kind of boating you want to do. This will help you narrow down the list of boats and dealers you want to see at the show. Do some research ahead of time and make a list of the brands and specific models you are interested in checking out. It is okay to call a dealer before the show to confirm if a particular model will be on display.

Understand the Incentives

Boat and engine manufacturers often offer dealers incentives to sell boats at shows. Dealers will be more willing to negotiate and offer discounts or other incentives, such as free off-season storage, free engine maintenance, or a package of accessories. If the show is in the middle of winter, the dealer may even offer to store the boat for you until spring.

Be Prepared to Walk Away

If you don't find the exact boat you want at the show, don't be afraid to walk away. Ask the dealer if they have a similar model at the dealership or on order for later delivery. While some manufacturer discounts are only valid during the show, most dealers are flexible and want to make a sale, so they will not turn you away if you visit them later.

Know Your Dealer

At a boat show, you are not just shopping for a boat but also for a dealer. Is their specialty the type of vessel you want? Are they located close to where you live or boat? Research dealers online or make calls before the show to find out more about them.

Ask for Help

If you are a first-time boat buyer, let the dealer representative know so they can explain things in a way that is easy for you to understand. A good salesperson will want you to have a great experience and will help you choose the best model, power option, and accessories. They can also advise you on the costs of ownership.

Remember, a boat show can be overwhelming, with a lot of exhibits, people, and walking. Don't pressure yourself to make a decision at the show, especially if you're tired. If you're torn between a few models, come back the next day or make plans to revisit those boats at the dealership.

Compare prices, models and more

When it comes to buying a boat, it's important to compare prices, models and other specifications to ensure you get the best deal. Here are some tips to help you make an informed decision:

Timing is Key:

The best time to buy a boat depends on various factors, including your location and whether you're buying a new or used boat. In general, winter is considered the prime deal time as boat sellers want to move their inventory. Late fall can also be a good time, especially in warmer climates like Florida, as you can take advantage of boat shows and get a good price on the model you want. If you live in an area with distinct on and off-seasons, like the Northeast, aim for the off-season when business is slow, and owners and brokers are more willing to offer discounts.

Do Your Research:

Before committing to a purchase, ensure you understand the market. Use magazines, websites, and other resources to familiarise yourself with price points, performance, specifications, and features of boats in your desired market segment. This will help you recognise a good deal and avoid being taken advantage of by salespeople.

Shop Around:

Don't settle for the first dealer or boat you come across. Shopping around allows you to compare prices, models, and features to find the best option for your needs. Visit boat shows, check out different dealers, and consider both new and used boats to get a sense of the market and what's available.

Consider a Broker:

If you're considering an expensive boat, engaging a reputable broker can be beneficial. A good broker will have extensive knowledge about different makes and models and can help you navigate the market. They can save you time, provide valuable insights, and ensure you get a quality product at a competitive price.

Understand the Market Dynamics:

The used-boat market is currently hot due to a strong economy and a scarcity of boats for sale. This scarcity is partly due to the recession, which reduced new-boat manufacturing. If you find a used boat that meets your needs, don't hesitate as it may be snapped up quickly. However, if you're looking for an older or project boat, be patient and wait for the right opportunity.

Ask for Incentives:

When negotiating a deal, don't be afraid to ask for incentives. Dealers often have room for negotiation within their profit margins. You may be able to get additional discounts, especially on new boats from small-scale builders, if you're willing to let them use your boat as a demonstrator or show vessel.

Consider a marine lender

When it comes to buying a boat, it's important to consider your financing options carefully. One option is to get a loan from a specialised marine lender. Marine lenders can offer several benefits that may make them a preferable choice over a traditional bank or credit union.

One advantage of marine lenders is their expertise in the industry. They understand the specific needs and challenges of boat buyers and can provide guidance throughout the process. This specialisation can also lead to more competitive rates and flexible repayment terms. Marine lenders often have relationships with boat dealers, which can streamline the financing process and potentially result in lower interest rates.

Additionally, marine lenders may be more accessible to borrowers with lower credit scores. They often have lower credit score requirements than traditional lenders, making boat ownership more attainable for those with less-than-perfect credit. This accessibility extends to older boats as well, with some marine lenders offering loans for vessels up to 19 years old, or even older for high-value yachts.

When considering a marine lender, it's important to compare multiple options to find the best rates and terms for your specific situation. Be sure to ask about both secured and unsecured loan options, as the rates and terms can vary significantly between these choices. It's also worth noting that marine lenders may require comprehensive insurance for your vessel, which can increase overall costs.

By choosing a marine lender, you can benefit from their industry knowledge, competitive rates, and flexibility. This specialisation can make the process of purchasing a boat more efficient and accessible, helping you secure a great deal on your dream vessel.

Buy in the off-season

The best time to buy a boat is when others aren't. In the off-season, when business is slow, owners and brokers are more willing to negotiate on price. This is especially true in regions with distinct on and off-seasons, like the Northeast.

In seasonal boating areas, spring and early summer are typically high season for boat sales, but this is not the best time to buy. Instead, opt for the fall or winter, when dealers may be more willing to negotiate on price and might even throw in free winter storage.

Boat shows are also a great place to find deals during the off-season. These events offer a wide variety of boats and are often a great place to get good prices. Many boat shows happen in the winter in warmer climates, and in early spring in colder locales.

If you're buying a used boat, the off-season is also a great time to find deals. A seller facing another year of yard costs and storage will often be more willing to discount their offering price.

So, if you're looking for a good deal on a boat, don't be afraid to wait until the off-season. You'll have more negotiating power, and you'll be able to take advantage of the slower sales period to get the best possible price.

Research before you go

Before you head out to buy a boat, it is important to do your research. Buying a boat is not the same as buying a car – it requires a lot of thought and consideration. You need to think about the size, sleeping capacity, galley configuration, performance, range, and style. You also need to decide on the builder and model.

The first step is to set a budget. Figure out what you can afford for a down payment and a monthly payment. Then, add on ownership costs, including maintenance, off-season storage, winterization, fuel, insurance, taxes, and registration. It is a good idea to get pre-approved by a lender before attending a boat show.

Next, decide on the type of boat you want. Do you want a cabin cruiser, a watersports towboat, or a fishing rig? If you are unsure, you can use a Boat Finder Tool to help you decide. Once you know the type of boat you want, you can start researching specific models and dealers.

If you are buying a used boat, be aware that there may be problems with the boat that are not listed in the advertisement. It is important to do your research and be cautious when buying a used boat, especially if you are buying online. There is no guarantee with private online sales, and you may end up with a stolen boat or one that has been repossessed or neglected.

It is also a good idea to shop around and compare prices, models, and dealers. Don't just go with the first dealer you meet or the first boat you see. A local brokerage can help you find the right boat for your needs and budget.

Finally, remember that timing can make or break a deal. The best time to buy a boat is usually in the off-season when business is slow and owners and brokers are more willing to negotiate. In warmer climates, this means buying in the late fall or winter, while in colder areas, you should aim for the early spring.

Frequently asked questions