If you do your research before spending your money on a boat for the first time, simply talk to almost any long term boat owner beforehand and they will invariably advise you that boat owning can be an expensive but enduring love affair.

Cost is one of the primary considerations but there are a number of other upfront and ongoing considerations that you need to factor into your finances, before you take the plunge and set sail off into the sunset.

Affordability

It can quickly become far less enjoyable to own a boat if it becomes a drain on your financial resources.

It is therefore important to be realistic about any financial limitations that you may have and set a budget so that you can stand a good chance of keeping your initial costs well within your means. It is definitely advisable to have a pre-imposed cost limit when you arrive to inspect the boat that you are interested in.

Always consider the implications of depreciation if you are thinking about buying a new boat. Boats are not dissimilar to new cars, in that they can lose up to 20% of their value almost as soon as your drive or sail them away from the showroom.

Banks and finance companies will often require a good-sized deposit that is likely to be around 20% of the purchase price. Consider this in your budget and also think about how much you could afford to lose if you needed to sell the boat in a hurry to release some cash.

Quality matters

At the very top end of the multi-million luxury boat market, quality is taken for granted. In the real world of boat owning that most of us will be frequenting, there is a danger of considering price over quality as the main priority.

A classic mistake made by many first-time boat buyers is to be seduced by the largest vessel they can find for their money rather concentrating on the build quality. This can very soon turn out to be a purchasing decision they live to regret.

Sea water is obviously very corrosive and when you add in elements such as sunlight, snow and rain together with the rough conditions you might encounter whilst sailing around oceans or lakes, you should soon realise that build quality is actually far more important than trying to get a bigger boat for your money.
New or used?

There are some good bargains to be found in the used boat marketplace but many first-time boat buyers tend to buy new.

If you compare this to the fact that a fair number of experienced boat owners tend to buy a pre-owned boat, there is obvious a difference of opinion. Many boat owners seem to go through the same process and the majority seem to end up considering that a used vessel may offer better value.

The depreciation levels for many popular boat models seem to level off after about six years or so. If you plan on keeping your new boat for a long period of time then the monetary difference between old and new will not be that drastic, but don’t buy new if you think you might want a change in a couple of years.

Get a survey

Whether you decide to buy a new boat or try to find a vessel that has already had some of the depreciation taken out of it, you should consider getting a survey done before parting with your cash.

Marine surveyors may well have a vested interest in recommending that you arrange a boat survey, but you will often be surprised by the number of defects they identify on a new boat. It can almost be as many faults as they find on a used boat, so it is well worth considering.

Finding these faults on your behalf means that you can get these problems fixed before you take delivery.
Buying your first boat is very exciting and promises many adventures ahead. Just make sure you stay within budget and do the necessary checks, so that you can enjoy as much trouble-free boating as possible.

Archie Chifley is a self-confessed boat fanatic of many years. When he’s not sailing on the water, he’s writing about it on a variety of internet blog sites.