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On average, those who buy a brand new boat spend around $60,000. For most, that means taking out a loan and paying interest on a depreciating asset for the next five to 10 years.
While there are many problems with this scenario, one of the biggest is that most new boat owners don’t use their boats enough to justify the ongoing expense.
While brand new boats with all the latest features are nice, they aren’t always the best investment. That’s why a secondhand boat makes more sense for many buyers.
Read our buying a used boat checklist down below will help you to find and purchase a used boat on the right, to ensure you get a quality vessel without paying an arm and a leg.
Know What You Want
There are tons and tons of used boats on the market today. And there are dozens of different kinds of boats, in all different shapes and sizes.
Before you start the boat buying process, make a checklist of what you need in a boat. How big does it need to be, how many seats do you want, and how powerful of a motor do you need for your local waters?
By narrowing your search, you can save a ton of time by weeding out all the bad options.
What to Look for When Buying a Boat
Buying a boat from a private seller, in order to get a good deal, takes time. There’s a lot you need to inspect before you shake anyone’s hands.
First off, you want to check the title and registration, making sure the owner has them and that the information is correct. If you’re buying a boat trailer as well, possibly from the same owner, you will want to check the title for that, too.
Inspect the hull for physical damage, such as cracks, holes, or dents. While they can be repaired, you won’t know what’s going on beneath the surface, where it can be rotting if the problem has been there a while.
Make the same inspection of the deck, keeping your eyes peeled for mold and mildew. You’ll want to test the engine, the battery, the onboard electronics, and inspect all of the cables beneath the surface of the boat.
Buying a Used Boat Checklist; Tax and Insurance
Most states require purchases to pay sales tax on new and used boats. There is no sales tax on boat purchases in Delaware or Rhode Island.
In New York, you’ll pay 8.25% on the first $230,000. In North Carolina, you’ll pay 3% and in Florida, you’ll pay 6%. Every state is different, so research taxes ahead of time.
You should also get insurance on your boat, starting the day you plan to purchase it, to ensure it’s covered as you drive it home.
Boat Storage
If you’re buying a boat for the first time, you’re going to be surprised when you bring it home and realize you don’t have a place to store it. Boats sitting on trailers take up more space than you think.
The garage or driveway is impractical. A place like Ideal Storage boat storage makes it easy and affordable to store your boat away from home, in an easily accessible, yet safe location.
Get on the Water for Less
Hopefully, our buying a used boat checklist helps you narrow your search and make a confident purchasing decision. Used boats can be a little bit risky to buy, especially as a new boat owner, since you don’t exactly know what to inspect.
But with the serious savings, you could incur, it’s usually a low-risk, high-reward scenario.
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