10 Mistakes To Avoid As A First-Time Boat Buyer

Buying a new boat can be intimidating, especially if it’s your first boat. Odds are you don’t want to make any rookie mistakes. Who would? Check out these 10 mistakes to avoid as a first-time boat buyer and save yourself some hassle.

1. Not Taking Future Needs Into Account
If you’re buying a boat for the long term, then you’re going to need to think ahead. If you have small children now, think about how they’re going to want to use the boat when they get older. If your family and friends have varied interests when it comes to water sports and activities, try to define what you plan on doing and get a boat that can handle those sorts of activities. Plus, most boats are designed with a specific purpose, so don’t buy a fishing boat if you plan on wakeboarding the majority of the time.

2. Not Doing Proper Research
Purchasing a boat is no small investment, so it would be a big mistake not to go through the adequate research process. Look up different brands and what models they offer. Maybe even make a pros and cons list for your favorite models. It also doesn’t hurt to talk to other boaters and learn from their experiences. Then don’t forget to research the resale value for your top models as well so you know what you can expect should you want to upgrade in the future.

3. Thinking It’s Like Buying A Car
Buying a boat and buying a car are not the same. Boats are considered luxury items, so things are a little different. Only the largest dealers can afford to have a wider selection of boats on hand, and some builders of popular brands don’t even start a new boat build until there’s a serious deposit. This goes back to research. First research, then visit dealers and learn what options they have available.

4. Not Discussing With Your Spouse Or Significant Other
You’re going to want to talk with your better half right from the get-go if you have one. Talk to them early and often so that you’re on the same page. If you’re not both on board (pun intended), things aren’t going to work out too well. If your spouse or significant other is hesitant, share your research with them and get their input. Make it so that you choose your new boat together, or you’ll be in for a lot of heartache.

5. Not Getting A Surveyor
Even though brokers are obligated to disclose all the information about a used vessel, that can be difficult sometimes since they often don’t have all the information themselves. That makes it important to get your own survey completed before committing to buying a used boat. Surveyors are meant to represent your interests, so be sure to choose one that’s experienced with the kind of boat you’re wanting to buy. If your surveyor finds any issues or concerns and recommends bringing in a specialist for a second opinion, be sure to take their advice. It could save you hassle in the long run.

6. Getting A Boat That’s Too Small
Since boats are expensive and it’s your first one, the knee-jerk response might be to opt for one of the smallest boats that will fulfill basic needs while saving you some money. The problem with this plan is that after a season or two you’ll probably outgrow your new little boat and want a bigger one. Trading in your first boat for your second one means you’ll end up paying two sales commissions though. So you’ll save yourself some money if you just get the larger boat to start with.

7. Getting A Boat That’s Too Big
On the other hand, you might get carried away and go for the giant boat right from the start. Just remember that bigger isn’t necessarily better. Consider how many people you’ll be taking out on the lake and be sure to consider your comfort level when it comes to maneuvering a larger vessel. It’s smarter to start out with something that suits your needs while leaving a little room to grow without overwhelming you. It’s all a delicate balance.

8. Assuming The Best Place To Buy A Boat Is At A Boat Show
A boat show is a great place to buy a boat, but is it really the [best] place to buy a boat? The honest answer is “sometimes.” These shows are terrific when it comes to seeing the latest models, feeling camaraderie with fellow boat enthusiasts, and of course finding some bargains. With the highly competitive atmosphere shows promote for dealers, you can truly snag a bargain on a brand-new boat. But before jumping in, it’s probably a good idea to first see if there’s a similar used boat that offers you better value or if you can find a better model at the same price.

9. Financing For Too Long
When it comes to buying a high value asset like a boat, financing is a great way to spread the cost out over several years. It might be tempting for you to look at the figures coupled with the low monthly marine mortgage repayments and opt for a lengthy commitment of time. However, taking out a mortgage for a long period of time isn’t the best idea for a boat because unlike houses, boats depreciate in value. Plus when the economy dips, luxury assets prove harder to sell.

10. Not Budgeting Well
It’s important to remember that boats come with a lot of costs you might not consider as a first-time boat buyer. Buying a boat is just the beginning of some ongoing boating costs. This makes it very important to budget carefully. You have to make allowances for annual expenses such as marina fees, insurance and maintenance. The joy of buying a boat is lost rather quickly when you haven’t budgeted correctly, so be sure to consider all the ongoing costs that come with boat ownership and plan accordingly.