Things to Consider Before Buying a Boat
So you want to buy a boat...
The first few decisions that everyone needs to make, need to be made before you even start to look at any boats.
What do you want to use your boat for? Do you want to learn to sail for a future trip down the coast? Do you like lake fishing or deep sea fishing? Do you want to offer charter services?
Do you live on a lake? A river? The ocean? Do you want a sail boat or a motor boat?
These are the biggest determining factors in the boat that you will eventually purchase. Boats and their hulls or keels are designed for specific purposes.
Sail Boat or Motor Boat
There are more than fifteen different types of boats to choose from. This is covered by the countless numbers of manufacturers, where each produces countless numbers of boats of different models to choose from.
Sailing is physically hands on and much more knowledge intensive than power boating. If sailing is the interest that you want to pursue, then you will want to start with a small boat that you could learn to man by yourself or with one other person. Learning how the wind works with your sails is crucial to your success in your sailing endeavors. You need to learn when to tack and when you need to jibe, and even simple boating etiquette, just as an example. If you want to buy a larger sail boat to sail down the coast next year and only want to purchase a larger boat for your future trip then it may be worthwhile for you to rent a smaller sail boat to learn with and then purchase your larger boat closer to your departure date. Either way, you will want to take a few lessons to get a grasp of the basics of sailing.
Sailing is not a practical option if you need to spend a large portion of your boating time in a narrow river or waterway. These waterways lend themselves to slow motoring with no wake and will not give you the opportunity to hoist your sails.
Sailing is a more cost effective option than power boating. A great deal of sailing time and distance can be covered while sailing under wind power. Wind power has no costs associated with it, while that same distance in a power boat would only be done by using costly gasoline.
Power boating does not operate under the same premise as sailing does. It does though, have a much faster learning curve. You can learn the theory of the basics of power boating by doing your due diligence at your local library or on the internet; though it would still be wise to take a course from a qualified instructor.
Recurring Costs
Regardless of the type of boat that you are looking to purchase, there will always be recurring additional costs involved. Larger, ocean going vessels will incur docking fees. These fees will vary depending on the size of your boat. Even if you have a sail boat that is anchored, it can still have docking fees attached to it. Docking fees may vary, from month to month even in the same marina; depending if you live in an area that has a high and low boating or tourist season, but, it will still be a recurring monthly charge. If you dock your boat in a popular area, your docking charges may be higher, than if you dock at a neighboring, quieter town up the coast.
One way to reduce one of those recurring monthly charges is to graduate from an approved boat safety course. Similar to getting an insurance discount by taking and passing a drivers education course, you can get the same type of discount on your boat insurance. Check with your local boat dealer or community college to see when or if they run a boat safety course. Not only will you be learning how to safely maneuver your boat within the channel markers, you could also qualify for a discount on your boat insurance. The amount of discount would be dependent on the insurance provider that you decide to use. There are many other factors influencing your insurance rates, such as: do you live in a tornado or hurricane prone area, how far are you going to be sailing from the U.S. Coast etc. To give you a starting point on what your yearly insurance rates may be, calculate using this formula.
Current market value of the boat X 1.5%
This will give you a rough idea with having $1,000,000 liability and full hull coverage. You will also need to find out the insurance requirements for the marina where you will be docking your boat, but the above numbers are generally the minimum requirements for most marinas. Another possible insurance discount that you may qualify for is the Coast Guard Safety Inspection for your boat.
If you are a first time buyer, it is highly recommended to take someone with you that is experienced in boating. Just like when you bought your first car, you probably took your father or older brother with you, as they were more experienced in what to look for and what price to offer. It is also a good idea to buy your first boat from a reputable dealer. They are experienced making sure that all of your paperwork is complete. They are also a good source of information for courses that would be beneficial for you to take, information to prepare for your insurance company, or where to take your boat for regular maintenance. When you develop a good rapport with the dealership personnel you can then name drop when you need to have your boat serviced or ask them for a mechanic that they recommend. Being able to name drop, with a repairman is a way to insure that you are going to get quality workmanship.
Maintenance
If your boat is going to be used in salt water, you are going to need to hose the boat off after every trip that you take. Salt water, over time, will corrode metal fasteners and will eventually damage the gel coat. You will not be able to just hose the boat down you will need to use a soft bristle brush with specially formulated boat wash to scrub off the salt. You can use car wash soap or dish soap in a pinch, but you will definitely want to invest in a proper boat wash that is formulated just for boats.
Boat maintenance is not quite as simple as it can be with your car. You won’t be able to just motor up to your local five minute oil change shop. Most maintenance and repairs will need to be done by qualified mechanics in the boat yard. However, with a bit of knowledge, you will be able to change your own oil. Again, you will need to do you due diligence to know what to look for and what potential maintenance schedules will be like.
Boating for your Budget
The best way to keep your costs down is to buy a trailerable boat (under 32’) and store it in your own yard or driveway. It does involve a bit more work when you do want to go boating as you will have to trailer it back and forth to your local boating ramp. Most boating ramps will have a user fee connected to them. If your main purpose is to go out fishing on the lake for the day, then trailering your boat to the water will be your best option to keep your expenses down. You will then need to buy a trailer with your boat.
Regardless of the type of boat that you buy, it will have additional costs associated with it. You will not only have to budget for the cost of the boat, but also budget for your regular maintenance fees. Think of it like monthly condo fees on top of your purchase price. If you will be removing your boat from the water for a longer period of time, then you will need to prepare your boat for storage to make sure that you will have no engine problems in the future.
You will definitely need to do your due diligence to determine the type of boat you will want to purchase. Regardless of the type of boat that you buy, it will have roughly the same recurring costs.
Whatever type of boat that you decide to purchase, you will want to buy from a reputable dealer, and if possible, take someone with you that is educated in knowing what to look for in buying a boat. One way to get firsthand knowledge from actual boat owners is to spend a little time at a local diner or bar near a marina. They will be a great resource and like to freely offer their opinions, likes/dislikes and things to ask about that you may not have even thought of.
Doing your due diligence will definitely help you in making an educated decision on your purchase.
There are more than fifteen different types of boats to choose from. This is covered by the countless numbers of manufacturers, where each produces countless numbers of boats of different models to choose from.
Sailing is physically hands on and much more knowledge intensive than power boating. If sailing is the interest that you want to pursue, then you will want to start with a small boat that you could learn to man by yourself or with one other person. Learning how the wind works with your sails is crucial to your success in your sailing endeavors. You need to learn when to tack and when you need to jibe, and even simple boating etiquette, just as an example. If you want to buy a larger sail boat to sail down the coast next year and only want to purchase a larger boat for your future trip then it may be worthwhile for you to rent a smaller sail boat to learn with and then purchase your larger boat closer to your departure date. Either way, you will want to take a few lessons to get a grasp of the basics of sailing.
Sailing is not a practical option if you need to spend a large portion of your boating time in a narrow river or waterway. These waterways lend themselves to slow motoring with no wake and will not give you the opportunity to hoist your sails.
Sailing is a more cost effective option than power boating. A great deal of sailing time and distance can be covered while sailing under wind power. Wind power has no costs associated with it, while that same distance in a power boat would only be done by using costly gasoline.
Power boating does not operate under the same premise as sailing does. It does though, have a much faster learning curve. You can learn the theory of the basics of power boating by doing your due diligence at your local library or on the internet; though it would still be wise to take a course from a qualified instructor.
Recurring Costs
If your boat is going to be used in salt water, you are going to need to hose the boat off after every trip that you take. Salt water, over time, will corrode metal fasteners and will eventually damage the gel coat. You will not be able to just hose the boat down you will need to use a soft bristle brush with specially formulated boat wash to scrub off the salt. You can use car wash soap or dish soap in a pinch, but you will definitely want to invest in a proper boat wash that is formulated just for boats.
Boat maintenance is not quite as simple as it can be with your car. You won’t be able to just motor up to your local five minute oil change shop. Most maintenance and repairs will need to be done by qualified mechanics in the boat yard. However, with a bit of knowledge, you will be able to change your own oil. Again, you will need to do you due diligence to know what to look for and what potential maintenance schedules will be like.
Boating for your Budget
The best way to keep your costs down is to buy a trailerable boat (under 32’) and store it in your own yard or driveway. It does involve a bit more work when you do want to go boating as you will have to trailer it back and forth to your local boating ramp. Most boating ramps will have a user fee connected to them. If your main purpose is to go out fishing on the lake for the day, then trailering your boat to the water will be your best option to keep your expenses down. You will then need to buy a trailer with your boat.
Regardless of the type of boat that you buy, it will have additional costs associated with it. You will not only have to budget for the cost of the boat, but also budget for your regular maintenance fees. Think of it like monthly condo fees on top of your purchase price. If you will be removing your boat from the water for a longer period of time, then you will need to prepare your boat for storage to make sure that you will have no engine problems in the future.
You will definitely need to do your due diligence to determine the type of boat you will want to purchase. Regardless of the type of boat that you buy, it will have roughly the same recurring costs.
Whatever type of boat that you decide to purchase, you will want to buy from a reputable dealer, and if possible, take someone with you that is educated in knowing what to look for in buying a boat. One way to get firsthand knowledge from actual boat owners is to spend a little time at a local diner or bar near a marina. They will be a great resource and like to freely offer their opinions, likes/dislikes and things to ask about that you may not have even thought of.
Doing your due diligence will definitely help you in making an educated decision on your purchase. 
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