Buying a new boat? Here are 6 questions you need to ask yourself!

Buying a new boat Here are 6 questions you need to ask yourself!

The decision to buy a boat can be driven by a large number of factors. For example, you may wish to buy a boat for leisure, while others may buy a boat to go on fishing trips to earn a living. Whatever be your reason for buying a boat, you should first ask a few questions to yourself before taking the plunge. It is always better to be entirely sure about the consequences of your decision, both good and bad, before spending a huge amount of money on a new boat.

Can I take the worst blow?

If you are buying a boat along with a warranty, then this does not apply to you. But since a very small percentage of people do so, hence this point is worth discussing. It may so happen that your boat fails to start mid-ocean. This can lead to a huge deal of headache and trouble for your family or crew. You shall have to remain stranded and at the mercy of the sea for quite some time until help arrives. Often, while buying boats, people tend to compromise on essential items like fuel filters in order to cut costs. But this can backfire into a big problem later on that may eventually make you spend a great deal more.

Are my needs immediate or long-term?

You should always determine whether your need for the boat is immediate or if you require it for a longer period. For example, you can buy a boat for cruising with your family and frolicking with the kids. For the immediate requirement, you can opt for a boat with a porta-potty and very little sun protection. It may be perfect for your current needs. But after a few years, when the kids grow up, these things might seem like essential requirements.

People often end up buying boats based on their present requirements. But a few years into the future, requirements change, and hence people think of selling off their boats and buying new ones. This leads to unnecessary expenditure, which can be easily avoided if one knows his/her requirements well.

Am I prepared to spend 10% of the purchase cost on annual maintenance?

All boats need maintenance irrespective of whether the boat is newly purchased. It shall still need some amount of maintenance. While the maintenance costs are trivial in most years, there shall be some years where the cost skyrockets. For example, when major paintwork or engine replacements are done, maintenance costs can reach up to 30% of the boat’s value. Thus it is advisable to set aside 10% of the boat value every year in order to avoid unnecessary financial pressure in one particular year.

Is it suitable for the area I intend to use it in?

Every boat is designed for a specific purpose and has a specified set of advantages and disadvantages. While some boats may be sturdier than others, some may be better equipped to navigate windy waters. Hence you must inquire about the waters where you intend to use your boat, gather information, and conduct research about the attributes suited to the water conditions. Only then will you be able to make an informed decision about the kind of boat that shall be ideal.

Where am I going to store it every winter?

You intend to buy a big and luxurious boat for your cruising trips. While it sounds brilliant, you should first determine where you shall store the boat during winters. Some people like to store their boats in their yards, while others keep them at the marina. You must be careful and protect the boat from the weather elements. Winters are pretty harsh, and frost often damages one’s prized boat.

Do I have a marina near my home?

Typical slip fees range from $150 to $250 per foot. This excludes fees for water and power. If you can afford the money, still finding a marina closer to home poses a serious challenge. It may take you months or years before you manage to find a marina. In the meantime, you have to commute for the better part of an hour to reach your boat.

If you have all these points sorted out, buying a boat is a good decision. You should try to buy a boat with good build quality. It is advisable to use quality components for your boat. Multiflex is built on the foundation of delivering reliable performance-driven and long-lasting control solutions for boats that are not only innovative but also cost-effective!

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