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Buying a Boat
Finding that perfect boat is a real undertaking for an experienced boater, it can be a nearly impossible feat for the new or first time boater. <back to top>
Deciding on the right boat
The first thing to work out is what you want to do with your boat. Choosing the right boat is a matter of understanding what is really important to you. Buying a boat that only suits your own personal needs while neglecting the interest of others, can lead to a disappointing experience or reduced time on the water. There’s nothing worse than a boat that’s too small for your families needs or not used enough because your family want to be doing something else. Taking into account the considerations of others such as your family members is of utmost importance. Some people want to buy a boat to live aboard and go cruising or fishing while others may want to start a new business and do crewed charters. Then again there are others that only want to use their boat for a couple of weeks a year, some on their own, which is where a bareboat charter program can work and some having all their wants and needs catered for, therefore needing a crewed yacht. <back to top>
What type of boat suits your needs?
You get a couple of basic categories of vessels: Sailboats, Power Boats, Fishing Boats, Personal Watercraft and Self powered boats. Then you get different categories of these, such as one hull, two hulls or three hulls and whether the boat is open ocean or coastal cruising capable. <back to top>
Where will you use the boat?
If you plan to use your boat on the Great Lakes or Ocean, you must answer one question first. Will you be taking it overnight and/or far off shore, or for day trips close to shore. There is nothing worse than buying too little boat for your use.
If you plan to go cruising or use it overnight you should select a boat designed for that purpose. Even day trips can be brutal and dangerous if you have a boat that is not designed to handle the water you are on. <back to top>
How often will you use the boat?
Weekends, infrequent use, or use in different locations probably means your boat should easily fit on a trailer. Keep in mind the larger the boat, the more it will cost to operate, maintain and store. These are often overlooked when buying a
new or used boat. A general guideline for boat cost is to take the boats monthly payment and double it for estimating your total monthly outlay. Most boaters do not understand that they will spend that due to added cost for gas, insurance, maintenance and mooring or storing the boat. The good news is boats with galleys (cooking, head and sleeping quarters) do qualify in most states for a write off as a second home. This can be a great benefit when it comes time to pay Uncle Sam. Often times it allows you to get 30% more boat for the same cash outlay.
Check with your accountant before you buy a boat to see what the tax implications are. <back to top> |
