7 minutes read
24 Jan, 2023
Boat Buying , Boating Beginner
By Natasha Baldwin
Buying your first boatBuying a boat is an exciting time, and there are many things to consider before making the big purchase. Find out more about what to look out for when buying your first boat. Contents:
- Consider the type of boat you want
- How much does it actually cost to buy a boat?
- Are boats a good investment? Do boats hold their value?
- Where to buy a boat?
- What to look for when buying a boat
Consider the type of boat you wantYou’ve decided that you want to buy a boat, and you know what you want to use it for. There are many different options and specifications available to you, so how do you find the boat that’s right for you? Once you’ve made a decision on the type of boat you wish to buy, you can further explore the more specific features that you want it to have. The purpose of your boat will change your view on these features. A displacement cruiser and a plaining hull are specified differently, so being aware of the differences will lead you to your decision being correct for you. Thinking about things such as the draft, engine system, propulsion, type of hull, as well as the speed, space and capacity are all factors to inform your final decision of craft. You may want to consider browsing our new and used boats.
How much does it actually cost to buy a boat?The cost of a boat will vary depending on the type of boat that you opt for, whether it is new or used and the subsequent condition; but it is helpful to have an average to compare to. It may be helpful to look at this webpage to gain a greater sense of how much your desired boat typically retails for. You can also look at which boats we have on offer and adjust the filters accordingly. Consider the continual and long-term costs that follow a purchase. These include licensing, how the boat is powered/fuelled (Petrol or Diesel), where the boat is moored or stored, tow trailers, and any additional repair or maintenance costs.
Are boats a good investment? Do boats hold their value?Buying a boat is a great investment in personal satisfaction. You cannot really put a price on enjoyment, relaxation, and memory-making; having a boat for these experiences and using a boat on your own terms is invaluable. But it’s worth also considering some different factors that contribute to the value of the boat itself. When it comes to boat resale value, if there is a future potential to sell your boat, make sure to keep it in the best condition possible. Any minor wear and tear issues must be quickly tended to and resolved before advertising. Most vessels still have a reasonable resale value, and buying a used boat means if you ever decide to resell, you are more likely to make back close to your initial purchase price - these are often as good as new. If you’re uncertain about the long-term use of your boat, you may want to investigate hiring, initially to ensure you enjoy it before committing to the larger investment.
Where to buy a boat?When purchasing your boat, it is incredibly important that you deal with a reputable seller. Our brokers can also assist you and provide recommendations to help find the boat that suits your needs. It is vital that the paperwork and or certification is provided with the purchase to avoid complications if you decide to sell or part exchange one day. This process may differ depending on the boat you are buying (e.g. whether it is new or used), and the broker or dealership you are purchasing from. Typically, you will be required to submit a holding deposit up to 20%, followed by a survey and then a final payment upon the signing of the contract.
What to look for when buying a boatYou’ve thought about the uses you want your boat to achieve and the resulting features it should have. But what else do you need to consider when buying a boat? Here is what you must investigate:
- The condition of the boat
- Test driving the boat
- The survey
- Mooring and storing the boat
The condition of the boatAssess its cosmetic and functional condition and explore the inventory of the boat. You should bring along an expert to assist with this process, who can point to any additional underlying or unthought of details. Look carefully at the structures and mechanics, assess if there is any significant damage (such as from impact), and ask that the gear is safe and up to date. You should also test that everything operates correctly, for example throttle and wheel movement, though this may form part of your test ‘drive’.
DocumentationYou must make sure that you have all the right paperwork and information in place. Whilst it is easier to do so for a new boat, used boats must undergo a process which ensures that the boat is CE marked and that any tax liability has been paid (boats of a certain age will be exempt) This process should be carried out by a qualified broker or boat paperwork administrator; if paperwork cannot be provided, then you should question the validity of the sale. Additional paperwork you must have:
- Builder’s Certificate
- Declaration of Conformity
- A licence - this will depend on the use of your boat
- Proof of Tax Paid
- Bills of Sale