Buying a boat

So you want to buy a boat, where do you start, what type, size, make, model, new or used and so on. With so many choices it could make your head spin. Look to buy the boat that best matches what you want to get out of it on the water. Those that bought a boat and then regretted it bought the wrong type of boat for their needs, abilities and limitations.

Type of boat

First, to decide what sort of boat you want you have to answer one question, where will you be using it? Whether you’ll be gliding up and down the rivers and inland waterways or stretching your sea legs to sail round the coast, do a spot of fishing or trail a water skier or two on a calm lake, will greatly influence the type of boat that would enhance your activities to the fullest.

The next question is how is it to be powered either sail or motor, dependent on how competent a sailor you are and what challenges your after. How many people are going to use it family, friends and are you planning to live on the boat, spend a couple of nights on it or find a nice B&B when you get to where your going.

These are all considerations that have to be taken into account when choosing which type of boat to buy.

New or used

Now that you have some idea as to the type of boat you want Finance will be the major factor in deciding this issue. A new boat will cost more but it should not come with a lot of maintenance and repair costs of an older boat. Also buying new from the manufacturer or from one of their authorised dealers will give the peace of mind of a warranty. A new boat would suit someone planning to keep it for a decent amount of time (7 to 10 years) before replacing or upgrading. It would also benefit the buyer who knows exactly what they want and would allow them to choose the precise specifications and colours.

However new boat prices generally just cover the basic specifications and may not include some essential items of kit. Also depreciation will be significant in the first few years. Some new boats may have unintentional faults built into them, this can be remedied with the warranty that should cover such faults and niggles.

A used boat on the other hand should give you more boat for your money, a five-year-old model can be up to half the price of a brand new boat and provided the previous owners used the boat regularly then any early faults should have been taken care of.

The downside to a used boat is that the specifications and colour may not be exactly what you were after, the full history of the boat may not be known and although a dealer/broker may give a limited warranty a private seller won’t as dealers/brokers have their reputation to protect.

Checking the boat

If buying a new boat then a good idea is to check the model above and below it. Finding out about all optional extras, colour schemes, delivery lead times, warranty terms, any part exchange if available, payment details and their first asking price. Next is to have a trial of the boat on the water where a check of the handling, steering, stability, and feel of the boat can be gauged in a variety of situations, from confined areas to open water/seas. It’s worth making a note of the weather conditions as trying to compare one boat that was tested on calm flat water with little wind with one that was tested on choppier seas and strong winds is not going to be worthwhile.

If buying a used boat then the rules are slightly different, a thorough inspection should be made to check the condition of the boat and any improvement work that you feel may need to be done. For the first time buyer getting a reputable surveyor to inspect the boat is a must, be expected to pay for this as a matter of course, although any problems or recommendations highlighted by the surveyor could be used at a later date to get a reduction in the sales price. At the very least it will give piece of mind that the boat is in good condition and is safe for use.

Sales price and finance

Before starting negotiations for the boat you may want to think about what price you’re prepared to settle at and your first offer.

New boats generally don’t sell for the list price, with a discount of anything between 2 and 8 per cent dependent on the time of year, availability, model age and demand. Deals can be done at boat shows and towards the end of the financial year. Also it pays to be aware when a boat is to be replaced with an updated design as deals can be done on the outgoing model. If the discounts aren’t as high or not on offer then negotiating for secondary equipment to be included may prove more worth while, as the cost to you is higher than the charge to the dealer to supply these items with the sale, such as GPS, depth sounders, ropes, plotters, life jackets, fenders, deck cushions and even some entertainment equipment. When negotiating with a dealer if you feel that the price is still excessive then leave and let them think about your offer because at the end of the day they want to sell their boats.

Used boats is trickier, the only way for a discount is if in your eyes or from a surveyors report there are faults or improvement work that needs to be done to make the boat safe and ultimately usable for your requirements. Checking the price of comparative boats on the market should give guide as the realistic price for the one your looking to make an offer on. Just make sure that you do compare like for like as age, specification, condition and secondary equipment included in the sale will affect the price so try to account for these differences. If the price seems high and the seller won’t budge on the price then walk away as there will always be other boats. You need to be happy with the price that your paying otherwise it will detract from the experience.

Now unless you have the agreed sales price tucked away in a bank account somewhere then financing the purchase is going to be a loan either from a bank, building society or a specialist marine finance company, if a broker/dealer suggests a company be aware that they may be on commission from the company for referring the business and so it may not be the cheapest, so shop around for the best deals. And don’t forget to add associated costs to the price of the boat itself like cost of transportation if necessary, any additional equipment needed that was not included in the sale, insurance, mooring fees and to a lesser extent estimated running costs (there’s no point in buying it if the cost of repaying the loan means there’s no money left to run it when you want to use it).

Boat insurance

When searching for reliable, cheap boat insurance make sure that the minimum covered is theft, fire, malicious damage, accidental damage, loss or damage to personal effects, loss or damage while in transit and third party liability. All these are covered as standard at insuremyboat with our fast efficient quotation system, same day coverage and secure online payment methods, that will give you peace of mind when away from your boat and security when you’re out and about enjoying life on the water.