10 tips for first-time boat buyers

Choose a type of boat

Determine what kind of boat you want based on how and where you’ll use the boat. Will you be fishing with your buddies or cruising with your family?

New or pre-owned?

Decide whether to buy new or pre-owned. When buying new, you’ll be working with a dealer who will guide you through the process. If you’re buying pre-owned from a private seller, you may need to know a bit more about boats so you get a fair deal.

Find comparable boats

Comparable values should be fairly easy to ascertain when buying new. Check with multiple dealers and online for new vessel pricing. For pre-owned boats, you’ll want to check out the BUC Used Boat Price Guide —the Kelley Blue Book equivalent for boats.

Set your budget

Set a budget to determine how much you can afford. Include the cost of the boat, upgrades, options, replacement gear, registration, insurance, maintenance, and storage. You need to consider the total cost of ownership before signing on the line.

Decide if you’ll finance the boat

Dealers often provide financing options, and they can probably offer you the lowest interest rate. If you work with a private seller, search online for a list of marine lenders.

Insure your boat

Find an insurance provider before you purchase so your boat is covered from the second you own it. Your dealer can help you find options, but you can also find other choices through an online search.

Try before you buy

Just like a car, you want to take this boat for a spin before you purchase it. The dealer should be able to get you on the water in the boat you’re interested in or a similar model.

Ask an expert

Do a walkthrough on your own, and then lean on an expert. For a pre-owned boat, get a survey done by a qualified marine surveyor who checks out the boat and all its systems.  You can find experts in your area by searching online.

Don’t overbuy

First time buyers tend to buy bigger boats loaded with more equipment than they’ll ever use. Chances are, you’ll often boat with only one buddy, so don’t buy a boat that accommodates ten unless you’re sure your friends and family are as enthusiastic as you are and have at least as much time as you do to go boating.

Negotiate rationally

Negotiate from a rational mindset rather than emotion. Do a walkthrough and check comparable values online. Negotiate extras with a dealer if you can, but let both parties walk away feeling satisfied or you’ll have trouble closing the deal. Be reasonable and rational. There’ll be plenty of time to be emotional (jump for joy) once you’re out on the water.