How to Buy a Used Boat - Basic Steps
So you want to buy a used boat. Where do you start? It isn't easy – sometimes, buying a house can be easier. And
many people love their boats more than their houses! Here is some basic guidance – and yes, some of it may sound a
bit humorous, but then there are real issues to be addressed.
Purpose
Do you have a clear idea of what you want to use the boat for? Fishing, waterskiing,
as a starter to bigger things – do you have the experience and need to learn? Maybe you want to live aboard or sail
around the world? Well, every journey starts with the first step...
Set Your Purchase Budget
What you can afford to spend on the boat? Don’t forget that you may
need to add in extras, and that can be a big number relative to the boat if you are buying new, even as much as 1/3
of the basic cost. You might want to think first about a used boat.
Set Your Running Budget
You need to be looking at 10% of the cost of the boat as an annual
running cost (and that’s without fuel). This will cover insurance (that’s maybe 2-5% of the boat’s value), a
mooring or yard storage perhaps, servicing and wear and tear, and we’re just getting started.
Construction
Depending on what you want to use the boat for, you may need to decide about
the construction and hull material. GRP is the usual choice, but there are others.
Describe What You Want
It helps to have a checklist of the minimum that you want and focuses
your thinking. If you can do spreadsheets then that’s a good way. That will enable you to build up the costs of a
basic new boat and its equipment (‘inventory’), and then compare this with a selection of used boats. This will
give you your specification. Then when you see a boat you can easily decide whether it is good value for your
money. Continued...
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