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What you need to know when buying a new boat

Have you always dreamed of spending your summer days swimming, fishing and sunbathing on board your very own boat? Sure, buying a boat is a little more complicated than some other purchases, but it doesn’t have to be a pipedream. Whether you’ve come into some money, or you’ve been saving for a while, with some knowledge you can get out on the water.

Before purchasing a new or second hand boat, you might first like to consider a couple of important things:

Boat license requirements in your state

Boat license regulations are different for each state and territory. They also change vessel to vessel. So, in order to get your boat license, some study will be required. Make sure you’re across all ‘dos and don’ts’ in your state and familiarise yourself with the Maritime Safety Act. You’ll need to cover registration, safety, communication, operation of your craft, and lots more.

Boat ownership

Before you purchase your new boat, you need to consider how you’ll store your vessel. If you don’t have the space at home, you may need to hire some storage space. You may also wish to begin by comparing the market! The price difference between new and used can be surprising. Sometimes it pays to buy new. How much you spend impacts how much you outlay over the life of the boat, so it pays to be curious.

Consider the costs

Most people searching for a new boat have already undergone the process of buying a new car. So you’re no stranger to ongoing costs. Just like a car, you’ll need to allocate money for repairs and services. From budgeting to ensuring your boat is stored safely, to what you need to consider when setting up finance, there is a lot to think about.

Many factors influence cost, including location, time of year and, of course, whether you buy pre-loved or dealer direct. Crunch the numbers early in the process to ensure you enjoy your floating investment for years to come, minus the financial stress that comes with overspending.

Prepare your finances

Don’t have the cash to buy your boat outright? Don’t worry! You’re not alone. Not many people do. Considering the high upfront cost of buying a boat, it’s likely you may opt to take out a loan to fund part of your purchase. Some people choose to get financing for the full price of the boat. But you may also like to borrow part of the funds and use your savings to pay the rest.

If you choose to finance your purchase, you’re best to apply for a pre-approval early on in the process. With a pre-approval, the finance lender agrees to provide you with an agreed-upon loan amount once you find the boat to purchase. This means you will be able to shop for your boat, knowing exactly how much you can spend!

Ready to buy your dream boat?

Come in and chat with our experienced team of boaties at Wyld About Boats. Specialising in new and used trailer boats, we customize your vessel to your needs! Give us a call on 07 55 63 2223 today and arrange a time to come in and meet us face to face. Or check us out online. We’re here to bring your boating dreams to life!

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