Boat Buying 101 Avoiding Disaster

[zarillus]

Guys,

I am in the market for a new boat and i was wondering how i can protect myself.I have read so many horror stories i am now completely worried about throwing money into something for nothing.I have also read the post regarding what to check before buying a boat.

Don't get me wrong, i realize a boat is a hole upon which you throw money into however when you are looking at 15k -20K boats i would expect a little better outcome.

Take this scenario for example....I get a boat loan for a used boat and take it out the first day and the motor blows.What protection do i have if any to re-coup my money? Boat insurance will not cover the motor correct? Only the hull in the event of an accident.

Would i simply be stuck making payments on a boat with a blown motor and then footing the additional cost to purchase another motor? How do guys protect yourself from getting screwed over by someone selling their boat knowing it has a bad motor.This type of stuff happens all the time with car deals.It even happened to me buying a motor off of Ebay.

 

[jc55]

Pay cash, use your expendable income for maintenance, fuel, and upgrades. I'm saving now for my next repower even though everything is running great.

 

[pckeen]

Unless you buy new and get a warranty, you can never guarantee against a problem like this, but you can take some practical steps to protect yourself and make a significant problem less likely. If you are shelling out $15-$20k, and cannot get a marine survey, spend $100-$200 to have the boat inspected by a marine mechanic who is independent from the seller. Have them review the hull, engine, and all mechanical systems. This isn't a guarantee, but it is some practical protection against problems.

I don't know what you are buying but if you are picking up a 18-20 foot boat, then you should be able to get something decent for $15-$20k.

If the fear of something going wrong is going to be a major problem for you, then your best bet is to bit the bullet (and the monthly payments), and pick up something new.

 

[Brian 26]

US boat covers freeze damage on your motor, but other than that yes you're on your own. Just like buying a house or car you definitely don't want to spend your last dime buying the biggest boat you can and not leave yourself any room for repairs. Some boat loans actually require you to have a down payment AND reserves in the bank for repairs. I'm sure that scenario has played out many times where a guy just lets a boat get re-poed after a major repair comes up.

Buying with cash and having money in reserve is the best way.

 

[Lager]

Same as a car,truck or a motorcycle. Buyer beware and educate yourself as much as you can.

 

[tpenfield]

If/when you are spending $15-20K on a boat, then it is best to have a marine survey and an engine survey done to properly assess the condition of the boat . You might spend upwards of $700 getting the inspections done, but it still is a small fraction of the money that will be at stake.

Also, it is often difficult, if not impossible, to get a loan on a boat that is over 10 years old. Since a boat is what you could consider 'non-essential', versus a house or a car, you should probably consider paying cash rather than financing, since financing only adds to the cost of something that is already going to be expensive.

One additional thing about buying a boat, is that you should consider the difficulty (or ease) in which you could sell the boat, if you had to. So, what you buy and how much you pay are also important factors.

 

[bonz_d]

Shark Week, just read a story about bull sharks migrating up fresh water rivers, I fear sharks so I'm not goin into the river anymore either.
Not likely but could happen!!

 

[tpenfield]

Shark Week, just read a story about bull sharks migrating up fresh water rivers, I fear sharks so I'm not goin into the river anymore either.
Not likely but could happen!!

Interesting, but is it relevant to the topic :noidea:

 

[agallant80]

You have not mentioned what your requirements are besides it does not break and leave you on the hook. There are lots of 17 foot bow riders that can be bought new for under 20K look at Stingray, Bayliner and Tahoe.

 

[jc55]

Interesting, but is it relevant to the topic :noidea:

Well, yeah. Your motor blows in shark infested river water.

 

[OllieC]

Get a marine survey done. As other mentioned, "Buyer Beware".

Also, you can flip the scenario around. Let's say you sell a boat that you have lovingly taken care of over the years to upgrade. Some yahoo who is a first timer buys it from you, takes the boat home, fires it up to show off to his buddies. He revs it and revs it, all while running it without muffs, and blows the engine. Then comes back and says you sold him a piece of junk.....then what?

 

[zarillus]

Guys- Thanks, i appreciate the comments! Definitely paying the extra money for a full survey!

 

[lncoop]

Interesting, but is it relevant to the topic :noidea:

Sharks are always relevant. You've been around here long enough to know this. I'm surprised at you. :facepalm:

 

[bonz_d]

Interesting, but is it relevant to the topic :noidea:

Point was there are no gaurantee in life other than death. If the poster feels this way about a boat then were does that put them in buying a $25000.00 used car? But as they last said a full inspection by a surveyor is in order and will give them peace of mind, yet still no guaranty.

 

[greenbush future]

Paying for knowledge (survey)is a good investment to ensure you spend wisely. It helps but offers no guarantee when purchasing used.

 

[jc55]

Zarillus, what kind of boat is that in your avatar? I like the looks of it!

 

[zarillus]

Its a 1967 Larson All-American 166 and she is for sale

 

[greenbush future]

Guys- Thanks, i appreciate the comments! Definitely paying the extra money for a full survey!

Start the education process now, and realize the more knowledge YOU obtain, the better decisions you will be making. There are no guarantees about buying boats, heck even new boats can be problematic to an uneducated buyer. Just because you can buy a boat doesn't mean you are qualified to operate. When you go see these boats, pay attention to the seller, and how they run the boat, it will give you an idea about how the boat was cared for. If there's 6 wrecked cars in the front yard of the house, you may want to take this under consideration when buying from them. Also start getting knowledge about whatever type of boat you plan to buy. It's all about knowledge, research, and certainly the survey. Most important, take your time, there is always another boat right around the corner. No impulse buys!
Have smart fun!!

 

[ihearth2o]

Look into any aftermarket warranties especially if you are financing. Banks probably have some kinda cozy relationship with a warranty company or a company that provides "sevice agreements" and yes there is a difference.

 

[inthedirtagain]

I just sold a boat to a co-worker. Didn't have much info on it as I only had it in the water about 5-6 times (without issue) before putting it up for sale. Co-worker buys it and the tilt breaks down on them the 2nd time they had it in the water. Bummer. No indication of impending issues, but I still feel like crap for it. We've both been on vacation for the last few weeks, so I'm not sure if she's pissed or has any bent feelings about it. She and her husband were aware they were buying a 30yo boat, so I can't be held accountable for everything. S**t happens.....