What to Consider Before Purchasing a Boat

Boating makes you happier. No, really. There’s science behind it.

Being on a boat triggers a “Blue State of Mind,” which promotes relaxation. In fact, it can help your brain completely reset after a stressful time.

People who boat regularly are happier than those who don’t.

So, if you haven’t thought about investing in a boat yet, now is the time to do so.

Purchasing a boat isn’t as far out of reach as you may think. In fact, it’s a feasible goal for many families, no matter what your finances look like.

To learn how to purchase a boat, where to purchase a boat, and more, keep reading. We have everything you need to know.

 

Things to Think About Before Buying a Boat

Purchasing a boat is a huge decision. So, you want to make sure that you have everything lined up before you decide to make this purchase.

 

Calculate Your Budget

Before you start looking online, you need to calculate your budget. Otherwise, you may end up looking at boats that are well outside of your means. Then, you’ll get disappointed when you realize that you can’t afford them.

Other than the monthly payment on the boat, you’ll need to think about other spending points:

• Boat fuel
• Boat maintenance
• Boat insurance
• Docking/Marina fees
• Storage fees for the winter
• Boating gear and other accessories

To figure out some of your expenses, you should use a boat finance calculator. This can help give you a more accurate look at what kind of payments you can expect to make on the boat that you want.

 

Used Boat vs New Boat

Once you’ve reviewed your finances, you should look at whether you want to buy a new boat or a used boat.

Ideally, you can afford a new boat. These a less likely to have maintenance issues. And, if they do, there’s usually a warranty to back up any expenses that may come with maintenance problems.

If you’d rather invest in a used boat, we recommend scouring the market for a lightly-used boat.

Just like lightly-used cars, lightly-used boats are basically brand new but have already lost their off-the-lot depreciation. So, you don’t need to worry about spending a (literal) boatload of money to get the boat that you want.

 

Boat Size Matters

Next, you need to consider what size boat you’re in the market for. The size that you choose will depend on multiple factors:

• What body of water you’re going to ride the boat on
• Whether you plan on sleeping on the boat
• How many passengers you want on the boat
• Whether you’re going to trailer the boat or rent a spot at the marina
• Whether you want to pull skiers, tubers, or other riders with your boat

You don’t need to know the exact square footage that you want. You should just get a general idea of the kinds of things that you want your boat to be able to do.

 

Research Your Options

Once you have a good idea of the kind of boat that you’re looking for, you can start doing your research. You can attend boat shows, scour boatyards, and search online forums.

The more information you get, the better.

It may take months for you to find the boat that you want to invest in. So, you should start early.

Don’t settle for the first boat that you see. Get a good idea of the options that are currently on the market. Then, take your time getting to know each one and knocking them down until you find your top pick.

 

Get an Inspection

Don’t overlook the inspection. Just like you’d do it for a house, you need to get an inspection for your boat.

Whether it’s new or used, there could be deadly consequences for skipping the inspection.

The boat that you’re buying needs to be able to do all of the things that you’re planning. Make sure that the inspector you hire understands what kind of use you’re hoping to get out of the boat.

 

How to Purchase a Boat

Just like with cars, most people opt for loans when buying a boat. Boat loans work similarly to other loans.

You need to consider your credit score, your debt-to-income ratio, your job stability, and your overall net worth. These are the things that your lender will be considering when they’re determining whether to give you a boat loan.

Unless you have the financial means, don’t worry about trying to buy a boat outright. Loans come with interest rates, but they’re also great for giving yourself more room to buy the boat of your dreams.

A proper boat loan can help you afford a boat that you wouldn’t be able to get otherwise. So, don’t be afraid to shop around for the right loan.

Just make sure that you’re taking the time to read through the terms and conditions of each loan offer. You don’t want to sacrifice a good loan for a great boat. There’s a better lender out there that will give you a better deal for the boat that you want.

 

How to Get a Boat Loan

Boat loans aren’t as common as home and car loans, but they are out there. You just have to find them.

Because they’re less common, it may take more time to find a boat loan that you’re willing to take on.

First, you need to think about where you can look for a boat loan. You may ask your boat dealer, your bank, or a private lender.

The quickest and easiest route may be through the boat dealer themselves. However, you may want to shop around to look for the best deal.

 

Where to Purchase a Boat

You don’t have to go to a boat dealership to get a boat. In fact, you have a lot of options when it comes to buying a boat:

• Buying a boat at a boat dealership
• Buying a boat at a boat show
• Buying a boat directly from the manufacturer
• Buying a boat online
• Buying a boat from a private seller

In order to make sure you’re getting the best deal, you need to shop around.

 

Buying a Boat at a Boat Dealership

A boat dealership is the easiest way to go if you’re looking to buy a boat.

First, most dealerships also ask as service establishments. So, you can build a relationship with the dealership over time.

Plus, they’ll be more likely to offer you better deals to gain your business in the future.

Dealerships also act as a communication guru between you and the manufacturer. So, you don’t have to worry about dealing with the boat makers directly.

 

Buying a Boat at a Boat Show

Buying at a boat show is less common, but you can get a great deal. Dealerships run boat shows for one reason: to sell boats.

So, they’re more likely to offer deals and discounts to those who are looking to buy. And, they’re more likely to lower the price during negotiations because there’s a time constraint.

 

Buying a Boat Directly From the Manufacturer

If you’d rather buy a boat directly from the manufacturer, you should opt for smaller manufacturers. Large manufacturers aren’t likely to work with individual buyers.

Whoever you work with, you should make sure that they’re NMMA certified. This ensures that their boats meet the U.S. Coast Guard standards as well as the American Boat & Yacht Council standards.

Just keep in mind that manufacturers are more likely to charge more for their boats. Dealerships can offer a lower price because they get deals from the manufacturers.

 

Buying a Boat Online

You can even buy a boat online. Just like everything else, boats are all over the Internet.

You just have to know where to look.

Buying online is best for buyers who want small, transportable boats. If you want a larger boat, you should opt for another buying method.

 

Buying a Boat From a Private Seller

Buying from a private seller involves investing in a used boat. This is why this is the least desirable way to buy a boat.

You may be able to get a great deal, but there’s no way to tell how great (or not great) the boat that you’re buying is.

You could invest in an inspection, but this may not be enough to detect any problems that the boat may have.

 

Purchasing a Boat

Whew! That was a lot, but you made it.

Now, you know all there is about purchasing a boat. And, it’s time for you to go out there and start looking for the one that you want.

Once you’ve thought through your budget and your boat preferences, you can look around boat lots and negotiate prices.

That’s where we come in. Our team at Westshore Marine & Leisure is here to help you find the boat of your dreams. And, we can help you get the financing that you need for your boat.

If you’re ready to start boating, check out our website today!