The business of recreational boating is on pace to surpass $35 billion in the next few years. Now is as good a time as any to purchase a boat, and it’s a lifestyle that can add plenty of fulfillment to your life.
Once you learn the benefits of buying a new boat, you can take steps toward purchasing the best option. What sort of information should you consider? Glad you asked.
Buying a boat is straightforward when you consider the following five tips.
- Learn the Advantages of Boat Ownership
First, why should you buy a boat? A new boat is a great asset to own because it holds financial value while offering the ultimate recreation experience. Here are some benefits of owning a boat:
- Provides plenty of sunshine and outdoor time
- Great for fishing, summer recreation, and water activities
- A lifestyle item that offers a taste of luxury
Purchasing a boat is an easy decision if you love water and live near it. Spending time near the water can improve your mental and physical health, according to studies. It’s excellent for your social life since friends and family members will love spending time on the boat with you.
- Consider Your Budget
Study how much you’d like to spend on a new boat so that you can come up with a budget. Figuring out what you can afford will help you find the right finance options.
On average, expect to pay about $12,000 and up for a sailboat, and $25,000 and up for a fishing boat. A new yacht might cost you $300,000 and up.
Factor in boat care and the total cost of ownership (TCO) for any boat. Consider whether you’d like the boat to be brand new, or if you’re open to used boats.
Learn the current value of your boat options and consider depreciation. Make sure to also invest in boater insurance that’ll protect your vessel.
- Shop for Different Types of Boats
Study the market to find out what types of boats are available. Some popular types of boats you can buy include:
- Pontoon boats
- Fishing boats
- Yachts
- Deck boats
- Bay boats
Learn about the different attributes that these boats have, and consider style and color scheme options. You might also choose to build a custom boat from scratch to make sure it has all the specifications you’re looking for.
- Assess Boat Maintenance Needs
Find out what kind of boat maintenance is necessary for your vessel. Some steps you’ll need to consider include changing the oil and maintaining the engine, cleaning the deck, cleaning the fuel system, inspecting the electrical system, and other types of maintenance.
Consider buying a maintenance contract at the time of the purchase.
- Buy a Boat From a Reputable Dealer
Finally, choose a Better Business Bureau (BBB) recognized boat dealer that can do business with you. Learn about the boat inventory they have on the lot, and book an appointment to take one out on the water, if possible.
Ask the dealer if they have in-house financing, and read through the terms of the contract in detail.
Consider Buying a Boat
Buying a boat is one of the best decisions you can make for several reasons. When you consider the information above, you’ll have the information you need to get started.
We have a wealth of other articles that’ll help you with the purchase. Start with these tips and browse our articles for more tips on topics like finance, fashion, travel, and more.