Whether it's for fishing, water skiing, or just plain sailing or cruising, there is a boat for nearly every purpose and lifestyle. So, let's say you're ready to "take the plunge" and buy a boat for yourself. Just what are you getting into and how much can you expect to spend?
The recreational boating industry in the US is huge. According to the National Marine Manufacturing Association, some 69 million Americans are into boating of one kind or another, from small Hobie sail boats and Seadoo personal water craft all the way up to yachts and luxury motor cruisers. In 2004 there were 17.1 million registered boats, and sales of power boats topped 225,000.
Finding A Boat Dealer
Rob Sanford, General Manager of Sundance Marine in San Diego, California, says you need to think about your new boat purchase as first a courtship and then a marriage. “It’s necessary to pick out a reputable boat dealer, preferably one that is located on or near the water. That way you can take a boat for a ‘test drive’ much like you’d do if you were going to buy a car.” He likens the courtship to the purchase and, since boats last a lot longer than cars, more than likely you’ll have an ongoing relationship to the dealer for such things as engine servicing, option upgrades, etc. Sanford also stresses the importance of finding a dealer who represents many boating brands. He explains that, “today there are lots of well built boats to choose from. Except for a few cheap builders you really can’t go wrong. It comes down a preference for features and design. You don’t want a dealer who just tries to sell you on one brand.”
You might also consider attending a boat show. Usually they are held at a convention center but in coastal cities they are often held right on the water. You’ll see lots of boats, although sometimes people can get too much input and become confused. But if you can stay focused, you’ll get a lot of information. Also, many times dealers will offer “show specials” which can save you a lot of money. One more thing about new boats – you might consider buying right before the end of July. That’s when a lot of dealers like to start clearing inventory while they’re waiting for new models.
Price Ranges & Boat Types
Although boats come in a wide range of prices, we’re talking here about the most popular price range of between $6,000 and $50,000. At the lower end of the scale you’ll find personal water craft such as the popular Sea Doo products which have become the “motorcycles of the seas” since you sit on them much as you would a bike. Their prices average between $6,000 and $11,000. Also in this category are small “day sailor” sailing craft made by companies such as Hobie, which, unlike regular sail boats, have nothing below decks. They are strictly for surface fun.
At the mid to upper price range you’ll find fishing, ski, small yachts and power cruisers. Your choice will mainly be based on your recreational needs. If you like to fish, then you’ll want that type of craft, which offer a different design and special electronic gear. If it’s for water skiing, you’ll want to consider boats designed for towing and will probably be equipped with the new “wake board towers” which combine both water board and ski storage as well as high speed towing capabilities.
If you are into spending quiet afternoons on a lake or bay, and prefer the feel of the wind in your sails, then obviously you’ll want a sail boat. With the exception of a small optional trolling motor you won’t have any mechanical considerations to speak of except your rigging, rudder, etc. A lot of people love this “hands on” type of boating experience with the sounds of the sail flapping in the breeze, and the feel of water spray in your face.
And of course there are the larger luxury yachts and power cruisers which offer many more amenities such as rich woods and furnishings, a fully equipped galley, and plush sleeping quarters.
As for power boats there is the question of engines. Outboards (they hang at the back of the boat) are more popular and with the new 4-stroke engines they are quite powerful, delivering up to 300 hp (with a twin engine mount). Also, with the outboard motors, you have more space in the boat itself. So, why would a person want an inboard motor? It really is a question of a quieter engine, and aesthetics. Some people want a clean design with no outboard motor showing.
What Do You Really Need?
After you’ve had a chance to look over all of your purchase options, you need to separate perception from reality. First of all, what size do you really need? How many are in your family? Are you emphasizing features for kids? Keep in mind that something from 12 feet up to 20 feet will fit most needs. Open seas will probably necessitate going up in size to 30 feet or so. But for a lake or bay, a smaller boat could work just fine and will cost less too. Also, keep in mind that your boat will probably sit in storage or in a slip 90% of the time. That’s a lot of money tied up in a boat that usually won’t be going anywhere. Other costs include fuel (marine gas stations are more expensive), slip costs which will average between $10 to $20 per foot per month, insurance, optional equipment, the trailer (which averages between $2000 and $4000), and of course your payments.
New vs. Used
So far we’ve been discussing the purchase of a new boat. But perhaps you want to save money and consider buying a used boat. First of all, they will be less expensive but you may not be offered a warranty. You’ll want to have the boat professionally inspected to insure against engine problems, leaks, corrosion, etc. Some people hire a licensed marine surveyor. And you can order an NADA appraisal. That way you’ll get a better idea of true value. The bottom line is some budget conscious people never buy anything new because of the depreciation factor. Others love the smell and feel of something new and wouldn’t have it any other way. The choice is yours.
Purchasing & Financing
Now as for the actual purchase of your boat it again is similar to buying a car. Don’t pay the sticker price. You will save yourself thousands of dollars and there is plenty of room for negotiation. And remember, you’ll also save big money if you don’t “over-buy.” For example, if you find that a 14’ ski boat meets your needs then don’t look for a 20’ cruiser. Also, just like a car, you’ll be presented with an impressive option package. Ask yourself if you really need all the goodies. Again, since boats last longer than cars, the bank will offer longer financing – up to 20 years, with interest rates being similar to what you’d expect in buying a car. Remember, although a boat doesn’t depreciate as fast as a car, it will still decline in value over time. So think of a boat as strictly a recreational investment…and join the millions of Americans who love boating.