What you should know before buying a boat
In case you didn’t know, owning a boat is no cheap feat, even with benefit of the best boat finance to assist with the actual purchase. In fact, such an endeavor will require you to keep on making costly decisions that will raise your total purchasing price. As a result, if you are thinking about boat ownership, it is highly important that you take into account some of the most important factors associated with purchasing a boat; some of which include:
One of the most critical aspects of boat ownership involves keeping the total purchasing cost within the boundaries of your budget. Another thing that most new buyers often overlook is the resell value of their intended vessel, particularly if they ever have the urgent need to liquidate it. Keep in mind that just like a vehicle, once you start your new boat, its value depreciates, though not as rapidly as with cars. However, most banks still require a 20% down payment when it comes to financing.
The fact is that you would not want to find yourself in a position whereby liquidating your boat would prove to be a liability than calculated business decision. In addition, such a situation is more likely to occur if you intend to purchase a used boat.
Quality vs. Quantity
In today’s world, most people often value quantity over quality, especially when they are purchasing physically large items. In their minds, or according to the beliefs, the bigger the item is, the better it will be. In fact, first time boat buyers are notoriously known for searching out the biggest sized vessels, but at low or affordable prices.
When it comes to boat ownership, you should keep in mind that these vessels float on a rather corrosive liquid; sea water. On top of this, it will also have to deal with the negative effects of sunlight, snow, rain, ice, and rough ocean, bays, and lake conditions. This means that you have to place quality over quantity if you want to enjoy your boat for a longer period.
New vs. Used
Before buying a boat, it is important that you establish what, where, and how you intend to utilize your new investment. This means that you will have to weigh your options between purchasing a new or used vessel. When you talk to experts in the field, they will tell you that seasoned boaters often go for used boats whereas novice buyers search out the shiniest and the biggest boat around. However, people often forget that it makes more fiscal sense to buy a used vessel than a new one. For instance, you can take into account the fact that used boats already have a depreciation margin, meaning you can secure them at a fair or cheaper price.
However, at the end of the end of day, it depends on your personality and how much you are will to spend to become a boat owner.
When it comes to boat ownership, you shouldn’t be so quick to condemn any vessel simply because it’s old or does not have the same appeal like that of a new one. The trick is to find something that is within your budget and of good quality. Remember, purchasing a boat is just the first step of the investment, you still have to maintain it, and that costs money.