Purchasing a boat can be an incredible investment. If you love the idea of fishing, sailing, wakeboarding, or participating in another aquatic activity, a boat will give you the freedom and autonomy you need to do it anytime you like. You can use a boat to entertain others, challenge yourself, or just relax on the open water.

But if you’re new to the world of boat ownership, buying a boat for the first time can be intimidating. How can you be sure you’re getting a good deal? Or that you’re making the right choice?

The Goals

Ultimately, we have a few primary goals:

•   Getting the right boat. You need to get the right boat. There are many types of vessels available, some of which specialize in supporting specific activities. You may want a sailing vessel, a power boat, or a yacht built for entertaining guests. It’s also important that your boat is fully functional and dependable – so you don’t have to pay for repairs or deal with an emergency at sea.
•   Getting a good price. It’s also important to get a good price. Boats can be expensive if you buy something too big or too overloaded with extra features. It pays to look for deals and try to find the best price.
•   Ensuring a smooth process. If you’re dealing with a manipulative seller, complex financing, or other hiccups, buying a boat can be both complicated and stressful. We want to avoid that if possible.

Tips for Buying a Boat

If you follow these tips, you’ll be in a much better position to accomplish these directives:

1. Calculate all the costs of boat ownership. Before you start researching any vessels, take the time to calculate all the costs of boat ownership – and see if there’s room in your budget for a boat. You’ll need to consider the monthly cost of repaying the loan (assuming you get financing), as well as the costs of boat insurance, docking, fuel, storage, and maintenance. Too many new boat owners underestimate the full costs of owning a boat and end up in a financially precarious situation.
2. Consider why you want a boat. Obviously, you want a boat. But why? What activities are most interesting to you? How much power does the boat need to have? How big does it need to be? Are there any special features that you consider to be a practical requirement? The more you understand about your own motivation, the better decision you’ll ultimately make.
3. Do preliminary research online. Once you have a solid idea of the type of vessel you want, you can start doing some preliminary research online. Is there a specific type of boat that stands out to you? Are there manufacturers or brands you want to favor or avoid? What do other experts have to say about these vessels?
4. Be open to used options. It’s tempting to gravitate to new boat purchases, since new boats have the latest tech and the latest features and are possibly more reliable. However, it’s also a good idea to be open to used options. Used boats can be just as reliable as new ones – and they can save you a lot of money. Just be sure to buy from a seller you trust.
5. Review boats in person (if possible). If you have the chance, head to a local boat show or rent a boat before you buy. Getting a sense for how they look and feel in person can guide you to make a better decision for your personal needs. Just don’t buy at first sight.
6. Talk to someone with experience. Find an expert in boating and talk to them about your coming decision. You can likely find a mentor or an experienced peer near the docks or at a local boat show. They may be able to give you advice or direction on where to buy.
7. Research your financing options. Unless you’re buying the boat in cash, you’ll need to review your financing options. Review multiple lenders to find the best interest rates and terms; sometimes, switching from one lender to another can help you save hundreds or even thousands of dollars over the course of the loan.
8. Inspect the vessel. Finally, when you’re ready to make a purchase, inspect the boat thoroughly – especially if you’re buying used. It’s your last chance to find flaws or signs of neglect that could compromise the value of your purchase.

Buying a boat is a difficult decision, but it doesn’t have to be stressful or financially ruinous. If you spend time researching the process, reviewing your options, and thinking critically, you’ll end up with a beautiful vessel that perfectly suits your needs – and your budget.