With a compound annual growth rate of 6.8% CAGR, the market for leisure boats increased from $38.04 billion in 2021 to $40.61 billion in 2022.
Owning and buying a boat is a dream come true for many people, and dreams can come true when you plan carefully and determine what you require from the experience. If you’ve never owned a boat, this can be more than a little intimidating, as there are hundreds of types of boats out there.
By considering your needs and plans, you can narrow down the types of boats that would work best for your situation. Take the time to evaluate your budget and needs so that you have the best experience on the water.
Continue reading below to learn what you should consider before you buy a boat.
1. Estimating the Cost of Boat Ownership
The costs associated with boat ownership are much more than a simple purchase price. Some key factors include the initial purchase price, auxiliary services, fuel costs, mooring costs, insurance, maintenance, storage, and seasonal upkeep. The size and types of boats chosen can drastically change the amount spent on these items.
2. Know What’s Needed to Keep Your Boat Running
If you plan on using the boat for activities like fishing and boating or if you plan to transport large items or additional passengers, then you need to make sure that the boat will meet your needs. Also, you should investigate the boat’s safety features, such as life jackets and fire extinguishers. You should also consider the maintenance and storage requirements for the boat.
A boat owner should know what is necessary to keep their boat running in top condition. Please take the steps needed to make sure it is safe and secure.
3. Qualifying Boat Dealers and Mechanics
Contact boat dealers and mechanics to learn more about boat specifications and warranties. Ensure the boat dealer is knowledgeable and experienced, and ask for testimonials and references from prior customers.
If you’re considering a used boat or testing a luxury boat hire, to have a feel of owning one, if necessary, have a mechanic inspect the boat for any signs of wear and tear.
4. Know Where to Keep Your New Boat
Boats must be properly maintained and stored in a dry, covered space to protect them from the elements and prevent unnecessary wear and tear. For those without a pier or dock, dry dock storage or a marina berth may be an option. Consider also the storage or docking fees, which can be expensive depending on the size and type of boat.
5. Understanding the Necessary Safety Precautions for Boating
Learning the rules and regulations and the ability to recognize both written and visual navigational aids is essential. This knowledge will help to make the time on the water, out of sight of land, much safer.
It is also essential to check the boat type because each boat has a different engine and handling characteristics. Learn how to manage your boat, dock, and return to shore in a safer, smoother boat ride.
Dream of Buying a Boat
In conclusion, buying a boat is a significant endeavor and decision to make. There are many factors to consider, such as the type of boat, budget, storage and maintenance needs, and the legal aspects of boat ownership. Contact knowledgeable professionals when you have questions and determine the boat best fits your needs.
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