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Owning a boat is one of life’s greatest pleasures. It’s no wonder Americans spend a whopping $49.3 billion on boats and boating services every year.
If you’re in the market for a boat, you can go one of two ways. You can buy your boat straight from a dealership or get one from a private seller. It’s okay if you don’t want to buy yours from a dealer; dealership boats can be expensive.
That said, before rushing to a private seller, it’s important to know how to buy a boat from a private seller. You can get the best boat for your budget and sidestep any swindlers looking to trick you out of your hard-earned cash.
If you need advice on buying a boat from a private seller, you’re in the right place. In today’s post, we’ll show you the right way to buy a pre-owned boat from a private seller.
Find a Used Boat for Sale
The first step in buying a boat from a private seller is finding the actual boat. There are many ways to find used boats for sale; the easiest one is looking online.
For starters, you can check out sites like Boattrader and Yachtworld. Alternatively, you could look at non-specialty sites like Craigslist and the likes. If you don’t find a nice boat, check local listings or ask your family and friends for referrals.
Inspect the Boat
Once you’ve found a decent boat, the next step is to inspect it. This is one of the most important but trickiest aspects of buying a pre-owned boat. It lets you know the boat’s condition, but not everybody is well-versed with the ins and outs of boats.
That said, when inspecting the boat, pay attention to the following:
- The hull of the boat
- The engines
- The electrical system
- The decking and upholstery
If you’re not sure about something, don’t hesitate to ask the seller or even bring along a friend who knows more about boats. It’s worth noting that you don’t need the boat to be in pristine condition. Sometimes it’s okay to overlook some minor issues here and there.
You can buy a boat in fairly good shape for a low price and fix it up later on.
You can even sell the fixed-up boat much higher and pocket the profit. If you take this route, you’ll need an experienced boater to answer questions like “which prop for my boat works best?” or to tell you whether you need to replace the hull.
Conduct a Sea Trial
If everything checks out, the next step is to take the boat out for a spin. Conducting a sea trial will help you get a good feel of the boat and decide whether it’s right for you.
During the sea trial, take note of how the boat rides and handles. Also, test out all the features to see if they work properly. If possible, try driving the boat in different weather conditions to tell whether it can handle harsh weather.
Ideally, you should do this with the help of a friend or co-worker with considerable boating experience. But, if that’s not possible, you can always ask the seller to go with you.
Hire a Marine Surveyor
This step is only necessary if you plan to buy a big and expensive boat. A marine surveyor will help you with the sea trial and also conduct a condition and valuation survey. This survey will look into the boat’s condition and help determine its worth.
The surveyor will also help you negotiate the price of the boat. Keep in mind that professional marine surveyors charge between $300 and $1000 for their services. However, it’s worth every penny as it’ll help you avoid any costly surprises down the road.
Confirm the Titles and Liens
Next, you need to confirm whether the boat’s title is in order. A boat title is a legal document that indicates and proves ownership of the boat. Titles are a requirement for boats over 16 feet long in most states.
If the boat you’re planning to buy fits that criteria, you’ll have to check the title. Ask the seller to furnish you with the boat’s title. After receiving it, check with the local authorities to confirm its validity.
You’ll also need to ensure that the boat’s title has no liens. This could lead to a heap of problems down the line.
Of course, there are states where boat owners don’t need to have titles. If that’s the case, ask the owner to show you the bill of sale to prove that the seller is indeed the boat’s true owner.
Draft a Purchase Agreement
After you’ve done all of the above, it’s time to draw up a purchase agreement. This document will seal the purchase and protect both you and the seller in case of any issues later on.
The purchase agreement should include:
- The names, addresses, and signatures of both parties
- A description of the boat
- The agreed-upon purchase price
- The date of the sale
- Any warranties or guarantees
- The method of payment
Once both parties have signed the purchase agreement, congrats! You’re now the proud owner of a boat. Just be sure to register it with your state and get insurance.
And that’s it! You’ve successfully bought a boat from a private seller. All that’s left is to enjoy your new boat.
How to Buy a Boat From a Private Seller Simplified
Now that you know how to buy a boat from a private seller, you can now hit the market and buy the best boat you can find. Don’t be scared to get some professional help for a seamless purchase. Otherwise, we wish you the best with your boat shopping.
For more informative content, be sure to check out the other posts on the site.
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