Buying a boat is an exciting process! There is, however, the risk of being overwhelmed. There are many things to consider before leaping, and it can quickly become overwhelming. This article will walk you through buying a boat, from selecting the perfect model for your needs to financing your purchase to how much you’ll pay in upkeep every year. Our guide to buying a boat will tell you everything you need to know!
Buying a Boat: Why Do You Want One?
People purchase boats for a number of reasons. For some, it’s the appeal of being out on the open water, enjoying the sunshine and fresh air. For others, it’s the lure of fishing or other water sports. And still, others see boat ownership as a status symbol.
No matter why you’re looking to buy a boat, doing your research is crucial before making a large investment. Here are a few things to keep in mind as you begin your search for the perfect vessel:
- Budget: boats can be expensive, so it’s essential to set a budget and stick to it. Many financing options are available, so don’t let the cost deter you from finding the perfect boat.
- Size: what will you be using your boat for? If you plan on entertaining large groups, you’ll need a bigger boat than someone who wants to go fishing with a friend. Consider how many people will be using the boat and what activities you will do while on board.
- Features: what kind of features are you looking for in a boat? Do you want something luxurious with all the bells and whistles? Or are you looking for something more fundamental to get the job done without breaking the bank? Make a list of must-have features to help narrow down your search.
- Maintenance: owning a boat requires regular maintenance and upkeep. Be sure to factor in the cost of gas, oil changes, and other routine maintenance when budgeting for your new purchase.
Types of Boat you Can Buy
Motorboats are the most common type of boat. They come in all shapes and sizes, from small inflatable boats to large cabin cruisers. Motorboats are easy to operate and can be used for various activities, from fishing and waterskiing to cruising and sightseeing.
Sailboats are another popular type of boat. Sailboats are propelled by wind power, making them an excellent choice for those who want to go green or enjoy the challenge of sailing. Sailboats come in all shapes and sizes, from small dinghies to large yachts.
Kayaks and canoes are two other popular types of boats. Kayaks are small, lightweight boats that one or two people can paddle. Canoes are larger and heavier than kayaks but offer more space for passengers and cargo. Both kayaks and canoes can be used for recreation or transportation purposes.
Financing a Boat
Assuming you’re not paying cash for your boat, you’ll need to finance it. The first step is to get pre-approved for a loan from a lending institution. You’ll be able to estimate the amount you can borrow and interest rate.
Once you’ve found the right boat, applying for a loan is next. The process is similar to applying for a car loan, and the lender will likely require a down payment of 10-20%.
The final step is to get insurance for your boat. The hull insurance will cover any damage to the boat itself, and liability insurance will cover any damage to other boats or people that may result from operating your boat.
How to Decide on the Right Size Boat for Your Home Port
Choosing a boat that will be the right size for your home port is essential. Here are some things to consider when making your decision:
- The size of your home port. Make sure you know the length and width of your home port before deciding on a boat. You don’t want a boat that is too large or too small for your space.
- The depth of your home port. Before choosing a boat, make sure you know how deep your home port is. You don’t want a boat that is too deep for your space.
- Your budget. You should choose a boat based on your budget. You don’t want to overspend on a boat you can’t afford.
Cost of Owning a Boat
The cost of owning a boat can vary greatly depending on the size and type of boat you purchase and where you keep it docked. On average, smaller boats cost between $3,000 and $5,000 per year, while larger boats can cost upwards of $10,000 per year. Of course, these costs also depend on how often you use your boat and how well you take care of it.
Docking fees can also add up quickly if you don’t have your dock. Many marinas charge by foot for docking space, so a larger boat will cost more to dock than a smaller one. If you plan on regularly taking your boat out, you’ll also need to consider fuel costs. Boating can be an expensive hobby, but it doesn’t have to break the bank if you’re smart about your purchase and maintenance.