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4 things you need to know before buying a boat

Coming into the summer months, there’s nothing like being out on the water. Having a boat will help you explore unique locations and enjoy new experiences with your friends and family.. Boat ownership can give you the flexibility and convenience to head out for a fish, swim or pleasure cruise whenever you like.


Looking to buy your own boat this year? Here are 4 things you should consider first.

  1. How do you intend to use your boat?

    How much you use your boat and where you plan to use it are important factors in your buying decision. Will you be taking a boat out in the water to explore the seemingly turbulent waters of the lake, instead be navigating the unpredictable conditions of the sand bar?

    Is there enough room to fit your family and will the ride out to deeper water be comfortable?

    Pick out a model made for the geographical area and your preferred water sport. Whether you’re interested in a boat console, inboard versus outboard engines, or something else, you should think about it before your investment.

  2. Can you afford the maintenance?

    Boats, whether new or used, are notorious for maintenance costs. With so much salt, wind and water in your marine environment, keeping your vessel in peak condition is a battle against extreme these elements.

    A good rule of thumb is to plan on spending around 10% of the purchase price on annual maintenance.

    These costs are likely to be inconsistent. Some years you may get away with only basic upkeep while one year you may need to fork out more expenses for new engines or a repaint.

  3. Where will you store it?

    There are several options for storing your boat including a trailer, marina berth or mooring.Berths and moorings can have long waitlists, so you may need to have another short-term storage option while you wait.

    While a trailer is an extra option you need to consider investing in, it will also give you the freedom to take your craft to more locations than you could during an extended voyage, which is down the coast or up the river.

    And, of course, you want your new purchase to be secure. If you plan to store your boat at home, will it be locked away in a garage or shed, or parked on a trailer in the yard?

  4. How will you use the boat long-term?

    Buying a boat is a big decision. Considering how the boat will be used in the future is essential, so be sure to carefully consider your choices..

    Time spent on the open water is time creating special memories and shared experiences with family and friends. There’s plenty of new life skills that come with operating a boat, so whoever you bring along on your boat, make sure to delegate tasks to them so they can learn.

    Owning a boat allows you to choose from many different watersports, including wakeboarding or skiing. It can be the gateway to new opportunities for you and your friends.

If you want to go boating, you can now talk to our experts about how everything can be possible. Get in touch and let our team at RPM Finance help you. Our team of financial experts are there to take the hassle out of the search and help you make the best financial decisions for your business. Give us a call, and let’s discuss your best loan options.

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