Tips for Buying a New or Used Boat
By Tom Terrell
This article reviews many of the things you need to keep in mind as you consider buying a new boat. If you are a first-time boat buyer I recommend our boatsforboaters.com article on Tips For The First Time Boat Buyer. Even if you have owned boats before I’ll pick up on concepts from that article but also touch on ideas in this article that will give experienced boat owners things to think about when buying a new boat.
Buying a boat can be a challenging experience even for those of us with plenty of experience. It’s best to start by thinking about your own interests and the level of commitment you intend to make. If you’ve owned a boat before you know that boats can be expensive and time-consuming, so re-assessing how deep you want to get into the boating lifestyle is important.
OK—you’ve sold your old boat. Now, start where we all should start and dream a little. Ask yourself (and your spouse or anyone who will be a partner with you in using and enjoying the boat) some simple questions. Be honest with yourself so you go in the direction you really want to go.
What were the qualities in your previous boat that you’d like to see in a new boat, and what qualities do you never want to see again! Did your previous boat fulfill the needs you asked it to? Was it too big, too small, the wrong type, too thirsty for fuel, expensive to maintain?
Or perhaps you just want a change, like from power to sail or vice versa. What do you imagine doing with your new boat? How has your lifestyle changed and how will a new boat reflect that? Perhaps the kids are grown and out of your hair, so a new boat could be more personal to you and your partner’s tastes. Or, you’re getting older and find it harder to manage a sailboat. Perhaps you’ve moved from a lakes region to the ocean and you want to switch to deep salt-water fishing.
The following categories of recreation or life-style we suggest to a first-time buyer apply equally to the seasoned boater:
- Fishing
- Picnicking
- Exploring
- Cruising
- Camping
- Diving
- Trailering
- Living aboard
What experience level do you now have with boats?
How many people do you want to be able to carry? How many would you expect to routinely accommodate? Are kids part of that picture?
Do you want to trailer a boat, or keep it at a marina or on a mooring?
Who will maintain your boat?
The answers to these questions will help you determine what your next boat will be. If your goals have changed and you want to enter new boating territory, talk to other boaters who have the experience you are after. They’ll be glad to help you sort through your questions and develop answers that will point you in the right direction.
The boat
Of course, boating requires a boat so let’s talk about boats.
Once you’ve settled on your goals for owning another boat, it’s time to think about specific boats.
How big a boat do you need?
Is inboard or outboard (if a powerboat) better for your purposes?
If a sailboat, what rig will be best? Keel vs. centerboard should be considered, as well as type of auxiliary power.
What overall features do you need and want? Remember, what do you really want to do with your next boat?
And a big question is always, should you buy new or used?
Here’s an example of things that will factor into your decision; if you are considering moving to a boat and trailer, or are up-grading to a larger boat and trailer, make a realistic assessment about how easy (or difficult) it will be to tow, launch and haul-out a boat you are looking at. A major consideration in trailering is whether your tow vehicle is up to the task, both in the power and braking departments. The old station wagon may have to be swapped for a diesel pick-up. Will this be more work or less, and how will this affect the financial picture?
If you’ve narrowed your search down to certain boats, by all means do some research on the boat model you are considering. Talk to other owners, dealers, boat brokers, and of course, search the Internet (see our boatsforboaters.com links page). You’ll probably find information there on your boat fairly easily—and don’t ignore bulletin boards or chat rooms. I found valuable information about a specific diesel engine on a marine bulletin board. Also, if you don’t already subscribe, pick up one of the many fine boating publications available.
Go to one of the boat shows that may be near enough for you to get to. One of the best boats I ever bought was found at a winter indoor boat show. Whether at a show or privately, try and get a ride on a boat similar to what you are interested in to see if it meets your expectations. And, if you’re not in a big hurry, rent a boat similar to what you are looking for so you can spend some time getting a feel for it.
Once you’ve picked a specific boat to buy consider having a professional inspection done—especially on a used boat. This could be done by a surveyor, or a boat dealer, familiar with the particular boat you are looking at. This of course will cost you a fee but it could save you some headaches and hard cash later on. The information you glean can also serve as a negotiating tool. Even new boats, especially custom built, can benefit from a professional inspection, and in some cases a financing or insurance agency may require it. The money you spend now could save you a bundle later.
Ask for the owner’s records to get a deeper sense of the boat’s condition and level of maintenance. This will be helpful not only to you but a professional who is assisting you. If you are buying a used boat from a dealer, ask for any records or an inspection summary.
Finally, the one question we all hate to ask—"how much can I really afford?" As someone said, "Don’t let your eyes get bigger than your pocket". Part of your research should be making sure that you’re paying the right price for the boat you want. For some makes and models of boats there are pricing guides to help bracket the amount you should be spending—and of course there are dealers that you can mine for price information. For those less common and "one-off design" boats you’ll have to work a little harder to define what a fair price should be. This is where boat brokers are going to be a very good source of information on value.
Reassess whether you are buying the right boat for your needs. There’s little point in buying a boat that exceeds your requirements and costs you more than you want to spend, and it will be very frustrating to buy a boat that is less than you really want because the "price was right". In the end, don’t let "gotta have it" overrule "can’t afford it". There’s a boat out there that will fit both your needs and your budget.
Whether you are upgrading, changing type or returning to boating after some time away, combine your own experience with information from other sources to help you find your next boat. Be smart, be objective and above all, have some fun with it!