5 Common Mistakes First Time Boat Buyers Make and How to Avoid

We’ve compiled a list of the top 5 most common mistakes first time boat buyers commonly make so you can be one step ahead and ensure you’re making the right decision.

1. Not Getting to Know The Dealer

It's important to look beyond the product, where you buy the boat matters. Investigate the reputation of dealers. When you invest in a boat you're also investing in the company that will service you for years to come. 

2. Not Budgeting Correctly

The initial purchase price of a boat is only on part of owning a boat. Consider the ongoing costs such as maintenance, insurance, marina cost and gas.

3. Not Carefully Comparing Models

When you're comparing similar models from different manufactures make sure to look closely at what is standard and what is not. One manufacturer may call item "A" a standard feature that is included in the price, while another may consider it an optional feature that is an additional cost. This can make a huge difference in the final price of the boat by the time you figure all the options & features you want.

4. Financing for Too Long

It is tempting to look at the figures of low monthly marine loan repayments and spread them over a long period of time but it doesn't always make the most sense. Putting down a 10% deposit and then taking a loan for a long period of time is rarely a good idea because, differently to houses, boats typically depreciate in value. You will be in a stronger position if you front a larger deposit and opt for a high monthly payment over a shorter period of time.

5. Not Considering Future Needs

Think ahead. Consider why you are buying a boat in the first place - will you be entertaining friends and family, participating in water sports, fishing, etc. If you have young children, will your family needs differ in a few short years? It's common to quickly outgrow your boat.