There’s no denying that the process of buying a boat can be complex. They certainly aren’t a small investment, and it might not be the right time for you to make such a significant purchase.
Thankfully you don’t have to wing your final choice. Instead, by being patient and doing some research, you’ll be able to either justify your latest splurge or determine if it’s best to wait.
Below we will talk about five questions you should ask yourself before buying a boat.
Let’s get started!
Can I afford it?
Like a new car or home, boats can cost thousands of dollars and often need to be purchased on a plan. Therefore, it’s best to evaluate your financial health if you don’t want to end up struggling later on down the track.
Consider your budget and your current expenses. You might want to pay off other debt before taking on the additional costs.
You can find some great tips to help assess your finances here.
What are my different options?
Once you’ve set a budget, the next step is to consider what type of boat you would like. They are all unique, and each has its own best uses.
Remember to browse around different dealerships and to think carefully about how much each brand will be to maintain. A Malibu boat might take your fancy, but you still want to be sure it’s right for you.
Where will I use it?
After this, you’ll have to think about where you will use the boat. Do you live near the ocean? Is there a lake nearby? You don’t want to travel hours and hours just to get one or two uses a year out of it.
It’s also important to look into who you will be sailing with. For example, a small boat may be cheaper but won’t be big enough if you have a large family and a lot of gear.
Where will I store it?
It’s easy to focus solely on the boat itself when you want to purchase one. However, you must remember that you need to store it somewhere!
Docking it in the water can come with additional yearly fees, but not everyone has space in their backyard or shed. Be sure you have an idea, and try to come up with a rough cost estimate.
Why do I want it?
Finally, and perhaps one of the most critical questions is why you want a boat in the first place. Its intended use will help you decide if it will be a suitable option.
Do you plan on fishing? Participating in water sports? Or do you simply want to relax on the water? You want to be sure you’re making a practical purchase, especially when it can be rather costly.
And that’s it! These are five questions you should ask yourself before buying a boat. As you can see, there is a lot to consider, but now that you know what to watch out for, you can make your final decision.