Things to Consider when Buying a Boat
Can you recall the last time you went out on a boat ride? How was the experience? Indeed, the experience must be memorable. However, have you ever had a thought of captaining a boat?
You have to give it a trial and break the monotony of always being captained. Riding a relatively smaller boat does not require sophisticated training to be a captain.
But how will you be able to access a boat freely? The best remedy is to have your own. Nevertheless, several factors ought to be considered before getting one.
Here is a guide to buying a boat.
- Uses
Why necessarily do you want to by a boat? You must have a reason as to why you want to possess one. Boats have several uses that are widely categorized into commercial, security, personal use, and research.
Do you intend to get a boat as a show of fame and prestige before your business class and guests? Alternatively, are you capable of putting on the boat trailer?
Is your family also going to be using the boat frequently? In such a case, then consider purchasing a boat that is relatively spacious to accommodate the entire family.
What about those who intend to venture into water sports? Engaging in water sports demands a boat that is principally designed for sporting in the water.
Come to think of this; are you in a position to solely operate a boat? If a told you cannot, then be sure to settle on a boat that is simple to operate and maintain.
Do you intend to buy a versatile boat? What about the monthly boat loan amount that you can afford to pay? You should not dare assume such pivotal requirements among the things to consider when buying a boat.
- New or Used
Have you ever purchased a used vehicle? If never, then be informed that just like both new and used vehicles are sold so are boats. As an individual or an organization, are you after a used or new boat?
For how long have you been saving or rather what amount of loan have you been able to access? If money is not a problem for you, then it is an apt choice for you to settle with a brand new boat.
It is more advantageous to settle on a new boat since once purchased a warranty accompanies them typically. As a result, any instance of malfunctioning is subject to free repair, thus saving on your cash.
Boats that have already been used are of course cheaper than the new ones. This is because used boats have already depreciated both in value and functionality.
However, are you among those intending to save a significant amount of cash in the acquisition of a boat? Then get yourself a pre-owned boat but make sure it is appropriately checked.
- Cost
There are several ways that you can apply to finance your boat acquisition. Apart from making a cash payment, several individuals have opted to take advantage of historical laws.
If you want to buy a boat, it is pivotal that you understand that financing a boat falls between 10 to 15 years. Being aware of this duration will enable you to position yourself well before making a move.
Do you have an in-depth understanding of Marine Lenders? The specialization of Marine lenders is primarily based on the loan size. Some marine lenders only offer loans in millions of dollars, while others are willing to provide less than $30,000.
Nonetheless, opting to use finance in acquiring a boat needs you to be at par with the different requirements of several lenders. Most lenders seek to be aware of the age and value of a boat before reaching a financial consensus.
Make sure that as a buyer before you settle on your best boat and take a loan, determine your repayment ability. Have an in-depth look into your cash flow and its ability to sustain a long-term loan.
- Size
Have you ever marveled at the size of a speed boat and a large ship? Nevertheless, several factors about the size of boats exist that you have to know before buying one.
Where will you be operating your boat? It will be on a lake, a river or in the ocean. Operating a boat on lakes and rivers is mostly done during the day. Additionally, a boat size of 20 to 40ft is appropriate for operating on lakes and rivers.
For how long are you going to be sailing? Lengthy voyages during the day and night demand large size boats. This is because large-sized boats are equipped with the cabin, galley as well other amenities.
How many people do you intend to ferry in the boat? A small boat can only carry a limited number of people and luggage. Hence, if you are considering carrying a large group of people and even having an hour of cocktail on the boat, a large size boat is the best option.
The size of a boat has a direct relation to its budgetary demands. Large boats have a higher cost of cleaning, fueling, moorage, winter storage, dry docking, and overall maintenance. As for smaller boats, they have relatively cheap budgetary demands.
- Time of Use
Among the critical things to consider when buying a boat is the time of usage. In essence, for how long are you going to be using the boat? Will you be using it once in a whole month or you’ll be getting out of the water only once in a month.
If a told you are an individual who will be getting on a boat once in a couple of months, it is wise not to rush to buy a boat. This is because purchasing a boat yet using it minimally will subject you to high costs of maintenance and depreciation.
In such a scenario, it might be better to rent a boat instead of buying one. However, if money is not a problem for you and you justifiably believe you need a boat, then go for it.
- Insurance
Before you buy a boat, always have it in mind that a boat has to be insured. It doesn’t matter whether your intention is buying a speed a boat or a luxury boat. All have to be insured.
As a result, you have to look for an agent with high specialization in marine boat insurance. Working with an agent is better. This is because agents are well familiar with insurance companies and will help you settle on the best deal.
Also, remember that a boat’s insurance premium and coverage is directly affected by its size, cost of purchase, and the age.
- Storage Location
Do you have a personal homeport? If you lack one, then consider the cost implication of boat storage. A bigger boat demands a larger storage location that may be lacking in a river.
A boat trailer is one storage location that gives access to several waterways. However, it is mostly designed for relatively smaller boats and thus limited to bigger boats.
Besides, settling on large boats might demand you to involve the services of experienced personnel. Engaging professionals in moving a boat is relatively costly. At times, it will even need you to get permits to move a large boat from point to another.
Ensure You Make a Wise Decision When Buying a Boat
Having your boat is a lifetime opportunity. It enables you to be your boss as far as boating is concerned. But how will you be able to identify the most suitable boat for yourself? Before you can get a boat, make sure you know all the things to consider when buying a boat. It is in your very best interest to seek apposite consultation from experienced personnel before acquiring a boat. Contact us today for all your boat buying needs.