A lot of people dream of owning a boat. Relaxing days in the water, fishing with friends and leisure cruising – who doesn’t want to enjoy such scenarios? But, buying a boat is an expensive process. For high-quality boats, you need to shell out quite a bit of cash.
The purchase of a boat not only represents a financial investment but also a lifestyle investment. Additionally, maintenance or repairs down the road can easily add up. Therefore, you need to pick the boat that fulfills your wishes as well as your budget plans.
If you’re new to buying boats, then finding the right vessel will be overwhelming for you. Consulting boat dealers and doing some research yourself will go a long way.
To help you, here are some tips for buying a used yacht.
- Do your research
For an extravagant purchase, research is a must. For first-time buyers, it's vital to go through a list of things. This includes your options, various brands, features and maintenance costs.
Proceed with familiarizing yourself with the types of yachts and boats available. For this, you can attend boat shows, visit yacht brokers or simply check online.
Once you get exposure to various sizes and styles, you can look at their prices. Prices can range from hundreds of thousands of dollars to millions. Doing research will help you to narrow down the boats that fit your budget. Remember, ignorant buyers are more susceptible to being tricked.
- Consult a broker
If you’re new to this, then consulting a broker would be a good idea. Just like a real estate agent, they would make your yacht buying process significantly easier. On your behalf, they can shop, and based on your needs, they’ll give you several options.
All you need to do is provide your requirements to the broker. This information might include what kind of yacht are you planning to buy, your level of boating experience and your budget.
Because they are professionals, they’ll refer you to the best sellers in your area.
- Have a budget plan
Make sure that you compare every manufacturer’s price in terms of specifications and equipment. Also, many sellers may come up with special discount offers, so keep an eye out for yachts on sale.
Set your requirements and set a budget. After that, take a look at what’s in the market and see if any meets your expectations. Don’t forget, there’s always room for negotiation. Also, be aware of the discount offers as some can end up being a bad deal.
- Understand yacht sizes
As a first-time buyer, it's crucial to understand the yacht sizes. Generally, the yacht sizes are: 30-40, 40-50, and 50 plus feet.
The 38-40 feet yacht usually has two or three cabins. The two-cabin ones have a big cockpit locker and a spacious compartment.
The 40-50 feet yachts come with four cabins. You’ll find the mid-ship galleys located forward of the saloon and behind the forward cabin.
In 50 plus size yachts, there are master cabins that are located at the forward end of the boat. Also, en-suite heads are common in this size nowadays.
- Know its service and maintenance history
Buying a used boats or yacht is a better option than investing in a new one. This is especially true when you’re just starting out. Having said that, you need to check the service and maintenance history while buying a pre-owned yacht.
A well-maintained yacht will have all the records of its service and maintenance history. It will give you a good idea of the state of the vessel.
Also, it's important to know how many times previous owners had carried out professional servicing. A boat that was serviced once a year is ideal. All of these must be checked and verified by an independent vessel mechanic.
- Understand the additional costs
Boat owners will simply disclose the purchasing price in the beginning. But you should be aware that there is a range of additional or ongoing costs associated with the boat purchase. It includes docking fees, registration charges, maintenance, fuel costs, recreational equipment to name a few.
Hence, it’s vital to thoroughly understand the type of additional costs before you make a purchase. Just because you can pay for the upfront cost, doesn’t mean you can afford to keep it. Understanding the additional costs will help you to cruise with confidence.
- Take a test drive
Before you lock the deal, it is important to take it out for a test drive. Because it is an expensive investment, you should be cautious with your purchase. Generally, sellers charge for the test run, but believe me, it would be worth investing in it.
Even better, take an experienced boat owner with you for the drive. He will point out the flaws and help you make an informed decision. This might also help you negotiate the price of the yacht.
Buying your dream boat will fulfill all your sailing desires. Consider the above points and help yourself to cruise with confidence.
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