How To Buy a Used Boat

Boats are considered a luxury item. Several people want to own a boat, but are unable to buy a brand new one. The reasonable thing to do in this case is to buy a second hand boat.

1. What is the boat for? As early as now, you should decide what kind of boat you want. Consider the following:

   • Size: How many people will be using the boat? Are you looking for a boat that holds just you and a couple of friends or do you want to bring the entire family? Will the boat be a party boat? In this case it needs to be big enough to hold several people comfortably.
   • Function: Is the boat simply for sailing or for fishing? Are you looking for a motorboat for water sports? List all the activities you want to be able to do with your boat, with the first being the most important. This will help narrow the search.
   • Budget: Decide how much you are willing to spend not just for purchasing the boat, but also for maintaining and renovating it. Most used boats need to have some work done so that they can run smoothly. Consider this when setting a price range for your used boat purchase.
   • Experience: You should purchase a boat that you can operate. Some people will decide to buy a more elaborate boat that they will then study. You should still take lessons before deciding to buy one. Even if you want a boat that is more complex than what you are used to, it is best to choose one that you are still somewhat familiar with.

2. How far are you willing to go? Since boats travel on water, searching for one will take you farther than looking for a house or car. Decide whether you are willing to travel to different states to look for the best deal.

3. Contact a licensed boat broker. It is recommended to ask a broker to assist you. They are licensed and more knowledgeable about the legal aspects of purchasing a boat. A broker will serve both the buyer and the seller. Do not worry about the service fee of the broker as it will be charged to the seller as a percentage of the final sale. Brokers also have listings of used boats that are for sale.

4. Take out a loan if necessary. The broker can help you prepare the necessary documents for the loan. If you have a good credit rating it should not be hard to become approved.

5. Get insurance. It is best to get insurance coverage on the boat before buying it. Canvas the insurance companies to get the best policy with the ideal premiums.

6. Try it out. Take the boat for a test drive. Make sure to check all the workings of the motor and sails. Test if outer and inner structure of the boat is still durable. Test the wood for soft parts and mildew. Check the hours on the boat; this is similar to the mileage of a car. You should also ask the owner where it was stored to better gauge state of the boat.

7. Additional items to consider. Before agreeing to buy a boat, or rejecting the sale, ask the seller for added features or extras. This can be items that are already on the boat that will be included in the sale. Common extras are CB radios, FM radios and media players, anchors and trailers. If the trailer is included in the sale, check the condition of it as well.

8. Talk to a marine surveyor. The marine surveyor will be able to tell you if the boat is a good deal or not. Your loan or insurance company may recommend one for you to use. It is best to use a surveyor not recommended by the seller and not to simply rely on an old surveyor's report.

9. Final contract, payment and other paperwork. The broker will finalize all the papers for you. This includes the sale agreement, transferring the titles, filing for taxes and registering any unregistered works. The payment may also be facilitated by the broker.