Buying a boat isn’t an easy decision to make. The process becomes even more complicated if you are short on funds.
Boat Prices: New vs. Old
Boating enthusiasts who are planning to procure their own vessel often consider the pros and cons of buying new or used boats. Either way, the fact remains that one major factor taken into consideration is the price of the watercraft.
Old or used boats have significantly lower cost upfront, although they may cause additional expenses depending on their condition. New ones, on the other hand, cost more up front but won’t often require you to cash out on repairs and maintenance.
How To Negotiate Boat Prices
Whether you plan to buy new or used boats, you should still consider negotiating the price. After all, everyone wants to save as much money as they could to maximize cost-efficiency of a product. Because of this, we have compiled 4 tips to help you get a fair price for your next boat purchase.
Knowledge is your best tool for negotiating boat prices. Make sure to dig up more information on the boat you have your eye on before contacting a new vessel salesman or the owner of a used boat.
Once you know how much the used boat costs and the year it was manufactured, among other things, you can already determine whether the owner’s asking price is fair.
For new ones, you should never settle with the first shop you see. Do some digging on competitors as well as the brand.
2. Remove the Value of Electronics
Another great advice you can heed when buying boats—especially used ones— is to remove the value of electronics. Tell the owner that you’re planning to replace them right off the bat. This way, he or she can no longer factor in the value of electronic equipment installed in the total cost of the boat.
3. List Down Potential Repairs and Their Costs
Repair costs can be hefty when you’re buying used boats, so make sure to list down possible repairs to be done in the vessel before settling on a price. Like the second tip, this one is useful for second-hand boats.
4. Hire a Picky Surveyor
Boat enthusiasts who have little idea about the technicalities of the hobby should hire surveyors to determine whether the cost of a used boat is appropriate for its condition. Make sure that the expert you hire is someone who has a keen eye for detail. This way, you can negotiate the boat price with the potential cost of repairs to be done or at least have him deal with the issues before you close the deal.