According to Allied Market Research, the recreational boating market will attain a value of $35.4 billion by 2027. This projection indicates a compound annual growth rate of 5.1% between 2020 and 2027.
Most people buy a boat and become pilots. You learn how to ride, manage, and maintain your new boat in the process.
You can also purchase a boat for fun activities. For instance, fishing from a boat is more fun than on land because you can navigate to the best locations where you’ll get plenty of fish for food.
Boat buying can be challenging without enough knowledge and guidance. This article presents the five things to look for when buying a new boat.
1. Sail or Motor Boats
Usually, you’ll need to make this decision depending on individual preferences. Motored boats are easier to ride than sailboats, which rely on the wind.
Your choice will also vary depending on the purpose of your boat. A sailboat can be perfect for simple activities like fishing and gentle cruising.
Motored boats work well for more vigorous activities like boat racing.
2. Available Time
The time you have to use your boat is essential when planning to buy a boat. Unfortunately, most boat buyers overlook this significant consideration.
It’s not recommendable to purchase a boat if you can only use it once every month or every few months. Your boat maintenance costs and the rate of depreciation will increase.
Alternatively, some boat owners choose to rent out their boats to generate extra income. Boat buying is highly recommended if you’re retired or have plenty of time to make good use of your new boat.
3. Boat Financing
Boat financing plans can last up to 20 years. You’ll get different financial aids from marine lenders, depending on the size of your loan.
There are various requirements to meet to qualify for boat financing from marine lenders. Your marine lender may want to know the age and condition of the boat you want to buy.
You’ll need to make a 20% deposit of the boat price to receive your loans in some cases.
4. Boat Insurance
It’s advisable to join boat clubs like https://www.freedomboatclub.com/franchises/golden-state-boats-inc/san-diego-mission-bay.html. These clubs allow you to network and connect with other boat owners.
You’ll find out about insurance agents that deal with marine boat insurance in the process. Other boat owners can help you secure a good deal by comparing rates and insurance policies.
The age, size, and price of your boat will determine the right coverage and premiums for you. You might get discounts on rates and premiums depending on your boat type if you’re a first-time buyer.
5. Inspect Your Boat
It’s your responsibility to ensure your vessel is seaworthy when you purchase a boat. It’s a crucial step, especially when buying a second-hand boat.
Take the boat on a sea trial to see if you can enjoy your new boat. This action will also help you identify potential problems that can affect the lifespan of your boat.
It’s advisable to hire a marine surveyor if you’re an inexperienced buyer.
Buying a New Boat
You can search online or visit a boatyard when boat buying. It’s best to know the exact boat type you want to buy. This helps you save on time and energy.
You should also compare boat prices from more than boat sellers. This measure ensures you get a good deal for your new boat.
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