Buying normal boats or wakeboarding boats can be an exciting time but there a number of mistakes you don’t want to make at this point. Most people purchase boats that they come to regret later on, only because they made hurried decisions. It is important that you carry out sufficient due diligence before acquiring that new toy you’ve been eyeing for a while. The following are common boat buying mistakes that people do.
- Getting too small a boat
Boat buying and ownership is an expensive affair, so you’d expect most buyers to try and save by acquiring a small boat. The problem is that after just one season of use, you’d want to get a bigger boat. Trading the first boat for a second one will be even more expensive for you because it means you’ll be paying two sales commissions. The only way to save money is to buy a large enough boat the first time around.
- Failing to get the boat inspected
Although a boat dealership or broker will want to adhere to industry regulations while selling their boats to maintain a good reputation, most private boat sellers will just want to offset their assets. They don’t exactly pay attention to compliance matters and may end up selling you a boat in bad shape. It is crucial that you get a boat inspector to determine if your new acquisition will require repairs or alterations to meet the standards of use. Unless you are an expert in boat matters, you risk ending up with a faulty vessel.
- Not considering resale value
Unless your plan is to own your new boat for the remainder of your life, chances are you will consider selling it at some point in time. This is why you should consider the potential resale value of the boat you are about to acquire. Although you might be getting a good deal presently, it might prove costly when you finally want to sell it in future. It doesn’t hurt to make this consideration before you start negotiating the price.
- Squeezing the dealer too much
Most people assume that selling boats is like selling cars. While car dealers may operate on a measly 3-5 % margin, they make thousands of car sales each year. This is unlike a boat dealer that can only manage to sell a handful each year and still have to deal with cut-throat property taxes, mortgage payments, and other expenses. You need to remember that most boat dealers are in it not so much for the money but for the love of boating and boats. So you don’t need to make the situation sour by bargaining too hard.
- Failing to consider future needs
When people are buying boats, one common mistake is that they don’t stop to think about how they’ll want to utilize the vessel as they get older. Remember that you might be acquiring the boat as newlyweds, so you have to think about the kids you are going to have or pets you are going to adopt;
generally how the family is going to expand. You also want to buy a boat that will suit your lifestyle as most boats are made for a specific purpose.