Are you bold enough to take the big step and buy your own boat?
Intimidated? There is no reason to be. Over 11 million Americans own boats. That means the odds are if you know 30 people, you probably already know someone who has a boat. So, what’s stopping you from getting in on the fun? Nothing!
Steps to buying your own boat:
1. Buy Boat
2. Enjoy!
It is that simple, and without overthinking it, you can jump right in and have fun while you figure the rest out later.
If you are more cautious before jumping into a big decision, then it’s probably wise to ask a few questions before you jump in.
What kind of boat?
· Paddleboats and rowboats are the least costly and have access to most waterways. Many smaller lakes do not allow gas motors.
· Sailboats don’t need gas unless they have a backup motor. Sailing is a skill that takes time to learn. Sailboats require room for a mast and centerboard, which can be restrictive and difficult to operate in shallow water or on a boat trailer.
· Motorboats come in a few major categories:
o Bowriders have wide open cabins which are great for larger groups of people. Bowriders usually are fast and powerful enough for tubing or water skiing.
o Pontoon boats take a leisurely stroll on a lake or river. These floating party boats are great for large groups who may go swimming from the boat or spend all day on the boat.
o Bass boats are specialized fishing boats that get to a fishing spot quickly and are outfitted with all the gear to find fish, catch fish, and store the fish that you catch.
o Cruisers or cuddy cabins have the speed of a bowrider with an inside cabin that may include a head (bathroom), galley (kitchen), and sleeping area for a few people.
o Center consoles are very popular for saltwater fishing. They range in size from 14 feet to 40 feet.
How much do you want to spend on your boat?
· As you shop around, you will be shocked to find that you could find what seems to be the same boat for $1 or $1 million. What’s the difference? New or used, brand, buying experience (dealer or private seller), and oftentimes the power and electronics on the boat can cost as much or more than the actual boat.
· Financing a boat through payments or buying with cash upfront should both be considered, noting that it is best to avoid monthly payments because the cost of maintaining (fixing), storing, and operating a boat (fuel) can be much more than expected.
· One option to consider to help offset the cost of your boat is renting your boat through Boatsetter.com or the Boat Setter app, which is like Airbnb for boats. Thousands of boat owners rent their boats out through this service, either to offset the cost of ownership or to make a profit. Even the most active boaters may only use their boats 10-20 times per year, why not put your boat to work for you while you are not using it?
What waterways will you be boating on, and where will you store your boat?
· If you’re limited to one nearby ocean, lake, or river, then you have two choices: either pay for a monthly or seasonal slip (dock) in a marina or haul your boat on a trailer from storage or your driveway.
· If you plan to use multiple waterways, then you will want to use a boat trailer or car-top rack to carry your boat to various destinations.
· If your boat is much bigger than 25 feet, then your boat trailer options will be severely limited. You will most likely need to pay for on-water storage in a slip during the boating season and pay for storage on land during the winter, including having the marina “haul out” the boat with a lift (crane) specially designed for boats.
Remember that renting a boat or going out on friends’ boats are the best ways to determine what kind of boat fits your needs. Once you have a good idea of your answers to these important questions it’s time to test the market. There are a variety of places you might shop while buying your first boat:
Boat Shows: Boat shows usually occur once or twice a year in each region, either at a convention center or inside a large, covered arena. Boat shows are a great opportunity to see new boats from almost every manufacturer, all under one roof.
Dealers: Every region where boating is popular usually has 2-4 large dealers. Boat dealers are similar to car dealers; they will likely carry one or two brands of new boats and a selection of used boats.
Private Sellers: boattrader.com and the Boat Trader App are great listings from private sellers. Private sellers are often your best chance at a good deal, especially if you plan to pay cash. EBay, Facebook marketplace, and Craigslist are also good places to find listings, but be careful that you are dealing with a real person who has the legal title to the boat.
