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.