Buying a boat is an investment. So if you want to have a substantial piece of advice to keep in mind when purchasing your dream boat, it’s this: don’t buy anything that doesn’t make you happy. It is difficult for many people to resist the allure of the latest and greatest boat model at their local boating show. However, it’s important to remember that purchasing a boat is not something you should do solely based on what other people say about their boats but on your circumstances. An excellent way to ensure that you get the best deal on your new ride is by researching before going into the actual purchase. Hopefully, this post will give you some valuable insights into what you need to understand before diving in at the deep end.
Find A Boat That Fits Your Budget
The boating industry has experienced rapid change in the last few decades. There are many different options to choose from when looking for a boat. The main difference between buying a boat and purchasing a car is that ships are larger, more complex, and require significant investment to purchase, maintain, and ultimately are more of liability regarding reselling and depreciation values.
If you decide to go down the financing route, you must know that the quoted rate will be the rate you pay. In some cases, you might receive an outstanding loan but be required to pay considerable loan origination fees, which can raise your loan to unmanageable levels. Regarding the last point, many existing boat owners have been turning to marine refinancing to lower their current monthly payments and even to fund the purchase of a newer model. This type of refinancing can relieve some of the stress of acquiring a boat loan in haste without reading the fine print. Nevertheless, whichever route you go, you must ensure that the boat you decide on fits with your budget and that you can afford the repayments.
Motor or Sail?
Most people in the market for a new boat will fall into one of two categories, motor or sail. These are the two main types of boats that exist, and the type you choose will have a significant impact on your boating experience. You may be wondering what the differences are outside of the obvious, but there are considerable differences in cost and the education needed to pilot them. In addition, you will need to consider why you are buying a boat in the first place. For example, if your idea of a great boating vacation is to cruise from harbor to harbor and then moor up for a long time, then the convenience of a motor is hard to beat. On the other hand, if you like the sound of spending more time on open waters, you could find that a sailboat provides you with a greater sense of adventure and satisfaction. Essentially, you can break it down like this:
Motorboat benefits:
- More control
- More convenience
- Require less training
Motorboat downsides:
- More engine maintenance needed
- Increased fuel costs
- More expensive to purchase
Sailboat benefits:
- Cheaper to run
- More affordable
- Less maintenance
- More interesting (subjective)
Sailboat downsides:
- More challenging to pilot
- More prone to damage in inclement weather
- Need specific training
- Costs can multiply rapidly relating to rigging and sail repairs
Find A Boat That Is The Right Size For You And Your Family
Going back to the point about how you will use your boat, you should ensure that the ship you end up with fits the needs of you, your family, and your friends. For example, if you are only interested in boating around the coast for fun but stay in hotels, a smaller boat will serve you best. On the other hand, if you are planning an extended trip, living and sleeping aboard your vessel, you will need something that has a well-stocked galley, bathrooms, and rooms with enough space for your belongings.
Think About Where Will You Keep It?
As with buying any “dream” product, you always have to think about the mundane aspects of ownership. A boat’s storage is something you should consider when getting one. The location you decide will depend on what type of boat you buy and how large it is. If you go for a small outboard motorboat for weekend fishing trips, you can opt for a basic trailer set up and keep it parked safely at your house. This will save you vast amounts of money in mooring fees. However, if your dream boat is a transatlantic capable monster, you will have to pay for expensive Mariana costs.
There are numerous aspects you need to consider when in the market for a boat. They are expensive and require you to do a lot of research to avoid making a mistake. Therefore, you should do your research, think deeply about the type of boating you will engage in, and ensure that you can afford the upkeep.
