Things To Know When Buying A Boat – Regardless of your reason for buying a boat, it’s important that you choose the right boat for you. That means you need to choose a boat that fits your family and your lifestyle. There are several factors that you should consider when choosing a boat. For example, you’ll want to consider appearance, performance, usability and size.
Boating is more than an investment of money, it is an emotional investment of time and energy as well. And if you don’t have a keen understanding of boats and boating, you may end up with a boat that doesn’t fit your needs.
Things To Know When Buying A Boat
Lillipad Marine, your source for boat diving boards, offers what you need to know about buying a boat.
A Guide To Buying Your First Boat
Finding the right boat depends on knowing what you will be doing with your boat. Perhaps you plan to spend a lot of time fishing while on your boat. Maybe you want to speed around the lake with a skier.
Rank the activities you will do on your boat in order of importance and this will help you decide which type of boat is your dream boat.
Where you plan on boating is another factor you should consider before buying a boat. Maybe you want to boat on lakes or maybe you want to cruise your boat up and down a local river.
Regardless of where you want to go boating, it’s important that you get the type of boat for the location where you’ll be doing most of your boating.
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Buying a boat is more than just slapping a pile of cash on a boat. There are many other financial considerations.
Unless you plan to live on your boat, you’ll need a place to put it when you’re not using it. This means that you will need to include what you will pay for docking your boat or storing your boat in your boat budget.
You’ll also need to factor in the cost of a trailer. After all, you have to pick up your boat from the place where you store it in the water.
You’ll also need to factor in boat maintenance and fuel. Just like your car, your boat needs to be maintained on a regular basis to ensure it is performing at the highest level. You’ll also need to consider any repairs that need to be done on it over the years.
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You should also consider all the boating gadgets and accessories you will need. Even if you don’t need a lot of accessories, you will at least need life jackets. Safety is important when you are boating.
You’ll also want to factor in money for a boat diving board from Lillipad Marine. It’s definitely worth it. While it’s tempting to look at the sticker price of a boat for sale and get caught up in the dream, we always warn our customers of the additional boat ownership costs they need to consider. After all, it’s easy to underestimate what it takes to own a boat, which is why our yacht brokers always take on new boat owners at all costs that may arise.
Our brokers want our customers to love their boats with all their heart and feel excitement every time they are on the water – not struggling to pay and experiencing buyer’s remorse.
Keeping the following costs in mind while shopping for your first boat is highly recommended to stay comfortably within your budget.
Things To Consider When Buying A Boat
Operating costs vary greatly based on the type of boat. For example, the cost of fuel will naturally vary according to the age, size, and style of your boat (sport vs day cruiser; motor yacht vs sailboat, etc). There are also costs associated with oil, batteries, pumps, lights, and special equipment and other rations that will eventually require replenishment. All of this needs to be budgeted for appropriately.
Fuel and operating costs are never an exact science, but your yacht broker and experienced boater family and friends will be happy to share some insights with you and help you figure out what to budget for. this item.
The cost to insure your boat against damages depends on things like the size and age of the boat, where it will be docked, the types of activities for which it will be used, and other factors. In addition to insurance for your actual vessel, you may also need to have liability insurance and damage coverage.
Insurance costs will certainly add up, making it one of the highest costs of boat ownership, but like all insurance, it’s a necessary evil if you want to moor your boat anywhere. At Van Isle Marina, we can refer you to some great insurance brokers who can help you.
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Docking a boat at a marina or storing your boat on land in a storage facility has different costs that vary greatly among marinas and facilities. For example, a secure storage facility may generally be less expensive than mooring your boat in the water at a municipal marina, private marina, or exclusive yacht club. These costs can range from a hundred dollars to a thousand dollars (or more) per month.
Fees are usually calculated per foot of your vessel, and are paid monthly or annually. Discuss with your yacht broker where you will be storing your new boat, specifically noting whether it will be stored on water or on land, as this cost will definitely affect how much boat you can afford. Check out Van Isle Marina’s moorage rates to get an idea of what moorage and storage might cost you.
In addition to the moorage fee, some marinas may also charge for things like live aboard fees, optional car parking, and utility fees for electrical power and fresh water supplies.
With most smaller boat purchases comes the inevitable purchase of a trailer. A trailer is an important part of boat ownership. At some point you will need one to tow your boat in and out of the water.
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Sometimes the trailer you use to tow your boat is a completely separate purchase, while sometimes it’s included in the price of the boat you’re buying. Whatever the case, you need to do more than consider buying a trailer outright – there are additional costs to maintaining a trailer, with tires and brakes being the two biggest ticket items, in addition to insurance and any potential storage costs if you cannot store the trailer on your property.
It is common to hear from boat owners that the maintenance costs of a boat are around 5-10% of the boat’s value each year. However, it is difficult to eliminate such a percentage. There are many factors that affect the cost and maintenance schedule of a boat, the obvious ones being how often it is used, and in what weather conditions.
Things that need to be maintained are waxing and painting the hull and engine tune-ups, while things that may need frequent repairs are plumbing and electrical issues – again, it all depends on the age of your vessel, your make and model, and how much sweat equity you can contribute.
You’ll need to outfit your new boat with all the essentials needed for a day out on the water, including lifejackets, cleaning supplies, towels, fishing gear, first aid supplies, sports equipment and water, and more. Some of these are relatively small one-time costs, but they all contribute to your overall cost of owning a boat. Read the full boating equipment checklist.
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Like new cars, boats can be standard (factory built) or with some optional add-ons to enhance the ride experience. Your desire and ability to opt for these extras depends on your budget and how much you’re willing to invest.
Be prepared for the ticket price of your desired model to increase when you factor in your desired extras. This can include things like upgraded upholstery packages, sportfishing packages, GPS systems, anchoring systems, laundry rooms, engine power, and the list goes on. You name it, there’s probably an upgrade for it in the boating world!
There may be an option to purchase an extended warranty on some new models. Study it carefully and make sure you understand what the limited warranty already covers, and what the extended warranty extension covers.
If you finance your new boat, the amount of interest you pay over time should also be considered an additional cost of boat ownership.
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If you are new to boating, there is a mandatory boating safety course to obtain your Pleasure Craft Operator Card. And if you have a VHF marine radio on board, someone on board must also carry a Restricted Operator Certificate (Maritime). They are not very expensive to acquire, but they are costs associated with boat ownership nonetheless. If you want to take it a step further, registering your boat (for a fee) is another option.
Some boats hold their value more than others, which, in a roundabout way, can
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