Published on March 3rd, 2020
In a previous article, we mentioned why you might want to have boat ownership on your bucket list. A boat is not merely a mode of transport. Those who think so lack the imagination to find other uses for a good boat.
The wiser readers know that a boat can also become a source of income, considering the fact that boats enable people to travel to areas that are much less explored, which adds a lot of appeal to the use of boats. But boats do not come cheap. Even the most humbly-priced boats are bound to cost a fortune.
Not only that, but boats are also expensive to maintain. Boat purchasing is a major decision, which is why you need to put in a lot of thought before making a purchase so that you don’t end up wasting your money on a boat that you aren’t happy with. So, what are a few things you need to consider when buying a boat?
The first thing you have to decide on is whether you’re going to buy a brand new boat or one that’s used. A brand new boat is not going to cost a lot more than a used boat, but you do have the assurance that everything within the boat is both new and under warranty.
A used boat, on the other hand, may have a significantly lower price, but there are signs of use and there’s always a chance that there could be hidden problems that might prove to be more expensive down the line.
However, you also have to consider that boats depreciate rather quickly, so you could find a boat in good condition for a good price if you know how to evaluate a boat well.
Another thing to consider when purchasing a boat is how it’s going to move. You can either make use of a motor or sails, or even a combination of both. As with most things, it’s important to get high-quality equipment.
Sails, like these ones from Far East Sails, come in all shapes and sizes and are designed for all sorts of purposes, whether that purpose may be racing or cruising.
3. Financing Options
You also have to consider what financing options are available because these are going to function as a buffer to the expense of buying a boat. You have to determine whether you can sustain the expense with your cash flow.
Insurance is a very potent way of protecting your investment. The age, purchase price, and size of your boat will influence your coverage and premiums.
Much like your financing options, you have to determine if you’re going to be able to sustain your boat insurance with your cash flow. You can’t go without boat insurance, especially considering that there are many unforeseen events, like natural disasters, that can destroy your boat.
Boats are major purchases that require a lot of thought. They are expensive to purchase and to maintain, but they provide a unique experience and enable you to travel to less-traveled areas. It’s important to make sure that you’re able to buy exactly the boat you want to buy, especially as summer is just around the corner.