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Guide: Buying Your First Boat

October 22, 2015

Are you thinking about buying a boat? Well, at Pegasus Marine Finance, we’ve put together a helpful guide for first time buyers so you know what to consider before you take the plunge into boat ownership. When you a buy a boat, many of the principles are similar to buying a car – you’ll need to think about the type of boat you want, its intended usage, where you’ll keep it and so on.

beach with boats

What Kind of Boat do I Need?

First of all, think long and hard about the type of boating you want to do and where you want to do it. If it’s gentle cruising along the inland canals, then buying a canal boat or a riverboat is clearly going to be more suitable than a yacht! Take some time to research the different types and styles available in each area of boating. For example, if you want to buy a fishing boat for offshore use, you’ll want a saltwater fishing boat rather than freshwater – and you’ll want to ensure it has the appropriate safety equipment for use in open water and can withstand rough conditions.

New or Used?

When you buy a boat, there’s plenty of new and used options available, with the latter being the cheaper option. However, like a used car, you’ll need to consider what you’re getting for the lower price and ensure it’s in good condition before parting with your money. Buying a boat that’s second-hand can save you money initially, but if you end up with a dud, you could land yourself with high maintenance and repair costs further down the line. Take someone with you who knows what to look out for to avoid any pitfalls.

Make Comparisons

As with any major purchase, don’t go for the first boat you see. Shop around, do your research and compare prices and specs of the models you’re most interested in. Don’t forget to think long term, accounting for running and mooring costs, insurance and maintenance. You’ll soon get an idea of what you like and don’t like as well as what you can afford.

Boat Inspections

Having narrowed down your choices, you’re ready for viewings. Be sure to take a thorough walk round the boat, checking for any obvious faults or issues that might get the alarm bells ringing and find out what’s included in the purchase. Also, always take the boat trial on the water, making sure you are in control to get a feel for it on the water. For a real insight into the boats ins and outs you can also take a boat surveyor with you, which can also help when it comes to getting it insured.

yacht

Signing on the Dotted Line

Once you’ve found your perfect boat and are ready buy, check all the paperwork is correct and that who you’re buying a boat from is actually the owner. Also, try to remain objective when you’re negotiating the price – sellers know that if you really love the boat, you’ll be willing to pay a higher price, so you might not get the best deal.

Ready to buy your first boat? Pegasus Marine Finance are on hand to help with the finances. We offer flexible boat finance options to suit your needs, so that dream boat could be yours sooner than you think. Apply now and we’ll come back to you with a decision within the hour – alternatively, check out boat finance calculator for an instant estimate.

 

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