Are you thinking about buying a boat?
If so, you’ll be in good company. Americans own nearly 16 million boats in all 50 states, with thousands more joining their ranks every month.
Before you rush out a buy a boat though, you need to do some research. After all, buying a boat is a big decision — one that you don’t want to take lightly!
Keep reading to learn what you should do before you buy a boat.
Know How Much Boat You Can Afford
A big mistake many first-time buyers make is buying more boat than they can reasonably afford. If you can barely make those monthly payments, how are you going to pay for fuel, docking, insurance, and other boat-related expenses?
Just like you do before you buy a house or a car, you first need to sit down and take an honest look at your budget. The purchase price is only the beginning, as you also need to factor in the ongoing costs of maintenance and storage.
If you’re not sure what you can afford, use a free boat loan calculator to help you find that magic number.
Decide Which Type of Boat to Buy
Next, you need to think about what type of boat is best suited to your needs — and your locale.
Do you want a small bowrider or fishing boat for leisurely days on the lake? A powerboat or pontoon boat to entertain guests? Or do you dream of cruising the coast in a wind-powered sailboat?
Your choice needs to factor in whether you’re near the ocean, a river, or a lake. Are speed and power important to you, or would you rather have more space and comfort? Remember that the bigger your boat is, the more it will cost to transport, store, and maintain it.
Start Shopping for a Boat
Now that you’ve done your due diligence on how to buy a boat, it’s time to start shopping.
There’s no shortage of websites that sell new and used boats, so this can be a great starting point to see what’s out there. You could also attend a local boat show to see the latest models and trends. Others opt to hire a broker to do the searching for them.
When you’ve found a boat you like, your next step is to see it in-person. Do a thorough walk-through and then take it out for a sea trial. Do you enjoy the way it handles? If it’s a used boat, is everything well-maintained and in good working order?
Before you sign on the dotted line, it’s a good idea to get a pre-purchase survey so there are no unexpected surprises. You’ll also want to carefully read the sale contract and other paperwork before you complete your purchase.
Are You Ready to Buy a Boat?
Buying the right boat can bring years of enjoyment and memories for you and your family. Buying the wrong boat could lead to financial disaster or, even worse, jeopardize your safety on the water.
Before you make the decision to buy a boat, refer back to the list of tips above. Take your time, use your head, and you’ll soon be on your way to buying the boat of your dreams!
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