10 Things I Wish I’d Known Before Buying a Boat

Buying a boat is a dream come true for many, offering freedom on the water, adventure, and relaxation. But behind the dreamy images of cruising on the lake or fishing at dawn, there are some key considerations I wish I’d known before making my first purchase. Whether you’re in the market for a sailboat, fishing boat, or a sleek powerboat, here are 10 things to think about that could save you time, money, and frustration.

1. Boating Costs More Than Just the Price Tag

The initial purchase price of the boat is just the tip of the iceberg. Many first-time buyers get caught up in the excitement of boat shopping without factoring in the additional costs. Here are some hidden expenses to consider:

  • Docking fees: Depending on where you live, these can range from $1,500 to $10,000 a year.
  • Maintenance and repairs: Boats require regular upkeep, and some of these costs can be significant, especially if you’re buying a used boat. Expect to spend 10% of the boat’s value annually.
  • Insurance: Boat insurance depends on the type of boat and how often you use it, but it’s a must-have.
  • Fuel: Fuel costs can add up quickly, especially for powerboats.
  • Winterization: If you live in a colder climate, storing and winterizing your boat can cost anywhere from $500 to $2,000 annually.

2. Understand Your Purpose

Before jumping into the buying process, think long and hard about how you’ll use the boat. Will you be sailing with family on calm lakes, taking solo fishing trips, or looking for adrenaline-filled water sports adventures? Your answer will dramatically affect the type of boat that suits you best.

  • Fishing Boats: Designed for stability and outfitted with livewells, rod storage, and fish-finding tech.
  • Pontoon Boats: Great for family and group outings with plenty of seating.
  • Speedboats: Perfect for water sports like wakeboarding or tubing.
  • Sailboats: Ideal for those seeking quiet, wind-powered journeys.

Having a clear idea of your boating style helps narrow down the right boat size, engine power, and features.

3. New vs. Used Boats

This is a huge decision that can significantly impact your budget and ownership experience.

  • New Boats: Come with warranties and the latest features, but depreciation hits hard within the first few years.
  • Used Boats: More affordable upfront, but you’ll need to factor in potential repair costs. It’s crucial to hire a marine surveyor to inspect any used boat before buying. This inspection could save you thousands in surprise repairs.

4. Size Does Matter

The size of your boat matters more than you think. You might be tempted to buy a larger boat with extra features, but larger boats often come with larger costs, including docking fees, fuel consumption, and maintenance. Here’s a general guide to help you think about size:

  • Under 20 feet: Suitable for small lakes and day trips.
  • 20 to 30 feet: Good for coastal cruising or fishing with more amenities like a galley and sleeping space.
  • 30 feet and above: Best for extended trips, ocean cruising, or living aboard, but maintenance and operating costs can be significantly higher.

Consider where you’ll be boating, how many people you’ll typically bring aboard, and your storage options when choosing the right size.

5. Test the Waters First

Boating isn’t for everyone, and your ideal boat may look different on paper than it does in practice. Before buying, try chartering or renting a similar boat to what you’re eyeing. This will help you gauge if the boat meets your needs, and you’ll get a feel for handling it. Some boat clubs allow you to try different types before committing to a purchase, which can save you from buyer’s remorse.

6. Don’t Forget About Storage

Where you’ll store your boat is a critical (and sometimes expensive) consideration. Many new owners overlook storage until after the purchase. Will you be keeping the boat at a marina, in your driveway, or at a storage facility? Marinas offer convenience but at a premium, while home storage may require trailer space and local regulations compliance. You’ll need to:

  • Calculate storage costs, whether it’s dry storage, a lift at the marina, or trailer storage.
  • Make sure your storage method offers protection from weather elements and theft.

7. Financing Options

Many first-time buyers assume they’ll pay cash for a boat, but loans are common in boat buying. Before you set your heart on a particular boat, explore your financing options:

  • Boat Loans: Interest rates for boat loans are often higher than car loans but lower than personal loans. Your down payment will likely be 10-20%.
  • Loan Terms: Boat loans can last between 5 and 20 years, with the boat itself serving as collateral.
  • Credit Score: A higher score will get you better loan rates, so check your credit before heading to the dealership.

8. Boating License and Education

In most states, you’re required to take a boating safety course and get a license before you can legally operate your boat. Even if your state doesn’t require a license, it’s a smart idea to educate yourself on boat handling, navigation, and safety. Some insurance providers even offer discounts for boaters who have completed certified boating courses.

9. Features and Tech Are Important—But Don’t Go Overboard

It’s easy to get carried away with flashy features when buying a boat, from upgraded sound systems to fish finders and radar. However, remember that every feature adds to the cost, and some may not be essential for your boating lifestyle. Some key features to prioritize:

  • Engine Power: Ensure the engine is powerful enough for your planned activities (fishing, water sports, etc.), but too much power can be inefficient and costly.
  • Safety Equipment: Life jackets, first aid kits, VHF radios, and other emergency equipment are necessities.
  • Storage: Plenty of under-seat or below-deck storage is essential for stowing gear, food, and personal items.

Focus on the features you’ll use most, and leave room for upgrades as you grow into your boating experience.

10. Join the Boating Community

Owning a boat isn’t just about the vessel itself; it’s about becoming part of a community. There’s a wealth of knowledge and camaraderie among boat owners, and you’ll find that fellow boaters are often eager to share tips, advice, and even local hidden gems. Joining a yacht club, marina community, or online boating forum can provide you with invaluable insights and even save you money on things like repairs, mooring, and gear.

Conclusion

Buying a boat is an exciting adventure, but it’s also a big investment of time and money. By considering these 10 key factors, you can avoid the common pitfalls that first-time boat owners face and make a more informed decision. Whether you’re planning on lazy afternoons with family or thrilling water sports, making sure you have the right boat for your lifestyle and budget will ensure you have smooth sailing ahead!

Happy Boating!

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Read 10 Sailing Activities to Keep Busy When You Can’t Sail until we meet in the next article. 

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