Boat buying decision process for boat buyers and boat surveyors

BOATSTATS

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Buying a Boat

The decisions involved when buying a boat are quite exhaustive. Typically what is it for? What budget is available? How will it be financed? Where will you keep the craft? and how to ensure that you are getting value for money!

The BoatStats Report is designed to help you look at potential areas where defects are located or have been found by Professional Marine Surveyors.

This information helps you understand that there is not just the cost of the boat, but there may be a requirement for expensive repairs either on acquiring the craft or the BoatStats Report may indicate that at a certain age, the craft will be subject to degradation and require major refits at this particular age of the craft.

BoatStats have provided certain key criteria that a prospective purchaser should consider and these are

The boat budget
Don’t forget to consider ‘on going costs’ such as insurance, safety equipment, fuel costs, routine or preventative maintenance, for a used boat there maybe full overhaul and refit in a few years and don’t forget storage costs either mooring fees and out of water storage costs.

Don’t fall foul of some experiences that have been shared with us, some boat buyers spend to their limit on the boat and then have little reserves of money to pay for operation and maintenance of the craft.

What are you going to use the boat for?
What do you initially wish to use the craft for and do you have any further plans for changing this use?

How many on people will there be on board?
How many people will you need to run the boat and how many passengers will you want to take with you on trips?

Maintenance
As with all equipment there will be a need for maintenance.? Wooden boats require significant preventative maintenance programmes. A glass reinforced plastic (GRP) boat requires the Hull Below Waterline scrubbed once a year! All vessels require maintenance from hull cleaning to engine winterisation. What does the BoatStats Report indicate for defects against the age of the craft?

Do you buy a new or pre-owned boat?
There are many advantages of buying a new boat, it will sparkle and shine and not be fitted to another persons requirements or style. Pre-owned crafts often come with many extras, which with a new craft, you may not purchase because of the extra cost. Unlike cars, boats do not depreciate as fast, they are generally built to last longer and by adding features and equipment you increase the value of the boat with time.

How old and what to look out for when buying a pre-owned boat?
The BoatStats Reports for boat buyers or boat owners check defects on pre-owned boats. This information is a guide to you when you first inspect the boat you are considering purchasing.

The age of the boat will depend on the type of boat you want for your needs and the budget you have set. With all manufactured products the older they are the greater the degradation. Your BoatStats Report will enable you to identify what issues there may be with the craft you have selected.

Shortlist Boats of interest
Having decided on the type, size and age of the boat you should now research the different models meeting your criteria. Look through the many websites magazines. When you have selected the boats of interest, go and have a look at the BoatStats Reports available for this model of craft.

View and trial the boats on the short list
The inspection of a boat you are thinking of buying is an important part of the purchasing process. Look through your BoatStats Report for defects and the ageing degradation profile.

Identify areas you should pay particular attention from your BoatStats Report when viewing the boat and follow these guidelines;

Give yourself plenty of time, take a full tour of the boat, ask questions about its age, how it handles, where it has been used, how many have owned it and what they used it for.

Look at the fittings and structure of the boat, are they in good order? Having read your BoatStats report, inspect the areas where issues have been raised in the report. Try to assess any costs which may be incurred restoring any defect; this can be included in your negotiations. If the boat is at anchor or in a marina ask for a sea trial so you can get the feel of the boats handling.

Remember don’t negotiate on price until you are certain this is the craft you desire! Remember use the STAR approach, Stop, Think, Act, Review every step of the process of the boat buying exercise.

Remember the final check that must be carried out is to have the craft surveyed by a Marine Yacht Surveyor. Always make your decision about purchase following a full Marine Survey.

BoatStats offers advice and guidance on Using Surveyors.

Buying a Boat