What to Consider When Buying a Boat: Financing, Insurance, GPS Tracking
So now you’ve decided to buy a boat. If you’ve certainly got the funds and you think you can take the responsibility, then by all means, you should go onward. A boat is a good investment, especially if you’re the type who often goes sailing. But you shouldn’t go into it without making some considerations. As they often speak, an informed buyer is a clever one. If you buy the right boat, you will have made an investment that will recent for years.
Considerations When Buying a Boat
1. Should you buy a pre-owned one?
This is the first decision you will have to create: whether you’ll buy a new or a pre-owned boat. If you have the funds or you’re in a financial situation wherein money isn’t indeed a problem, then you’re better off buying a new one. This is because new boats have a warranty, which will serve you well if there will any malfunctions later on and you’ll need to get some repairs done.
However, if you’re looking for a more economical choice, then a pre-owned is a better decision. With new boats, you will have to experience depreciation, which will be at its highest during its first season of use. With pre-owned boats, you won’t have to deal with such an issue since they will have already experienced depreciation beforehand. You will be able to save a lot of money.
2. What must be its size?
When you’re thinking about the size of the boat you’ll get, there are a lot of factors you’ll need to consider. For one, where will be operating our boat? The location matters because if you intend to sail it on rivers and lakes, you will be needing a daytime boat with just the basic amenities. Something between 18 and 40 feet will be comfortable. But if you intend to sail on the ocean, then you will need something a lot bigger that offers more advanced amenities.
You should also think about the number of passengers you’re intending to carry. Will be you be taking your family and friends with you? Or are you just looking for a place where you can be by yourself and enjoy the calm solitude for a little hours?
3. Will you choose a sailboat or a motor-powered one?
This choice comes down to private preference and the type of activities you’re planning to use the boat for. If you just intend to do some gentle cruising or calm fishing, then a sailboat will do. However, if you plan to do more active tasks such as water racing activities, then you will need something with an engine, whether it’s an inboard or an outboard.
4. What will you be using it for?
Another factor that will help you solve on the kind of boat you’ll choose is your purpose in buying it. Will you be taking your family on it, or are you also hoping to use it for your business and social contacts? Do you want too do water sports with it, or are you looking for something that’s multifunctional? The answers to these questions will help you solve.
5. How often will you be using it?
How often you’ll be using it is other factor you must take into account. For instance, if you can only afford to sail it occasionally, then you might be better off renting a boat for the meantime. If you’re retired or you have lots of time on your hands, then buying a boat will definitely be a good investment for you.
6. What about financing?
If you’re not exactly a millionaire but you badly want or need a boat, then you can opt to get financing instead for your boat, which generally lasts from near 10 to 20 years. Marine lenders will also have determined requirements. For instance, they will inquire about the age and value of the boat. Also, they will oblige to pay up to 20 percent of the price as a deposit. When choosing this option, you will need to carefully consider whether you can maintain the loan on a long-term basis.
7. What about insurance?
Just like how it is with buying any kind of expensive property, you will need to get insurance. Your excellent option would be to find an agent who specializes in boat insurance. Somebody who works in this field would be better able to provide you with better rates and policies. The size of your boat, its price, and its age will also influence your premiums and coverage. If you solve to buy a pre-owned boat, you can still get insurance, but you will need to undertake a survey that will show the boat’s condition.
8. What about the legal ramifications?
Before you can operate a boat, you will need to get a certification first. To get such certification, you will need to pass a boating safe course that has been set and authorized by the government. Also, you must create certain that your boat meets all the little vessel regulations of your country. If you are buying a pre-owned vessel, you will need to transfer its license under your name.
Another one of your significant considerations is where you’ll be storing it during the times when it’s not in use, especially during winter. Some people opt to put their boat on a trailer, while others choose to dock it at a marina. You will also need to factor in the size of your boat. The larger the boat, the more people you’ll need to move it.
Finally, the budget must also be a factor. After you’ve bought the boat, your expenses will not end there. You will also spend for fuel, maintenance, dry docking and moorage fees, cleaning services, boat insurance, and winter storage. All these special expenses will need to be taken into factor too.
Protecting Your Investment with GPS Device for Tracking Boats
No one easily gets the boat of their dreams, but if you did, you’re happy! For many people, it means months of saving up, which is why they create certain to keep it in good condition, store it in a conducive space, and prevent it from ever missing. But one thing is not in their control: losing their most-priced boats to thieves. This article will help you in finding the excellent GPS device for tracking boats.
Boats carted on ready-to-tow platforms are an easy steal and they create a lucrative fortune once sold in the black market. While this may be inevitable, lost or stolen boats are retrievable if a GPS device for tracking boats.
Everyone wants their private belongings to be safety and secure. One of the solutions is to equip each one with a tracker. This way, you can keep track of it and find it in case it goes missing.
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