You all know the feeling - that exciting shiver that goes up your spine when you find the
boat of your dreams. But what if you also discover a price tag that's about triple your budget?
Next thing you know, you're combing the classifieds and Craig's List, looking for the used boat of
your dreams. You're hoping to save a few dollars, but at the same time, you're hoping not to buy
"somebody else's problem." After all, you've all heard the horror stories from people who've paid
$X for a used boat, then paid $5X to get that boat seaworthy. The truth is, buying a used boat is
always a bit of a gamble, but if you follow some sage advice, you can tip the odds in your favor so
the gamble has a better chance of paying off.
DO YOUR HOMEWORK
It's amazing how people will spend untold hours researching every detail about a new boat,
but will do absolutely no prep work when it comes to buying used. That's crazy. Buying a used boat
means doing even more research.
Take as a given that you've already figured out more or less what boat best fits your needs.
The first step is to go online and visit the National Automobile Dealers Association website:
www.nadaguides.com. (Note: There are other
websites that give used values, but they often require paid membership for full utility - NADA is
free and doesn't even require registration.)
The NADA site is easy to navigate and allows you to quickly get a range of retail prices for
a specific year, make, model, and engine package, including an "average retail" that you can use as
a benchmark. A word to the wise: Don't look for the smoking deal - the boat that's in mint
condition but is selling for half the NADA guide's "average price." You have better odds of hitting
the lottery. Use the price guide to fairly and accurately assess the value of the boat you're
considering and go from there.
In addition to researching price, you want to research the boat and engine. One good thing about buying a used boat is that there's usually a lot of information about that boat and engine floating around. Boating World, for instance, has archived reviews dating back several years, and a visit to your local public library will probably turn up even more archives. Read up on the boat you're considering, just like you would for a brand-new boat.
For even more information, such as reliability and real-world usability, go back online.
There are owner's clubs for just about every make of boat you can imagine, virtually all of them
with at least a website that will give you information on how to contact the club. Many have forums
and bulletin boards that are incredibly rich sources for the straight story on the boat you have
your eye on. Get active on the forums and bulletin boards, asking pointed, specific questions.
You'll get great information and might just make some new friends in the process.
DUE DILIGENCE
Back in the day, when you expected your mail to take four or five days to get where it was
going and you actually had to walk over to the TV and change channels by hand, it was unthinkable
to buy something as big and important as a boat (or a car, a house, or a town) without seeing it in
person. But this is the eBay era - thousands of people buy thousands of boats (and cars and towns)
online, every day, almost sight unseen.
Call 'em old-fashioned, but many experts agree that you should physically inspect and
test-drive any boat before you buy, if possible. There's no substitute for taking a good hard look,
feel, and listen to a boat. Not to mention the fact that it's a huge, fiery red light if a
potential seller tries to prevent such an inspection. If he or she won't let you fire up the engine
and take the boat out on the water for a spin, walk away quickly.
That goes for online purchases, too. Sellers operating on the up-and-up
will offer test-drives or money-back grace periods. If you do buy online, use a payment system that
allows for dispute mediation (i.e., don't mail off an envelope full of cash), and use common sense.
If the seller wants you to bring cash and meet him in the middle of nowhere, listen to the alarm
bells that should be going off in your head.
Whether you buy online or from the guy on the next block, always demand complete paperwork - a clear title that matches the serial numbers of the hull, and trailer and registration records. It's not being paranoid, it's being smart. You want to make sure the boat you're buying actually belongs to the person you're buying it from. A seller who has his paperwork in order is one you can generally trust.
Also, request maintenance records. As a rule, boats are serviced much less frequently than
cars, so it's easier to keep good records of that service - at least in theory. If a seller has no
maintenance records, it could mean he's never had the boat serviced, or it could mean he's a sloppy
record keeper, neither of which are good signs.
INDIVIDUAL VS. DEALER
Whether it's best to buy a used boat from a dealer or an individual is an argument that may
never end, because there's no definitive answer. Buying from an individual will usually result in a
lower sales price, and that's good. Buying from a dealer, on the other hand, usually brings the
peace of mind of knowing the boat's been properly inspected and serviced, and may even carry a
warranty, and those are good things.
For most of us, a "good deal" boils down to a good price. As a rule of thumb, it's fair to
say that the peace of mind offered by a dealership's inspection, service, and warranty is worth
about a 15 percent premium on price. For example, say you find two boats in more or less identical
condition, one from an individual and one from a dealership. The individual is selling the boat for
$10,000. The dealer is selling the boat for $11,000. The dealer's boat is the better deal.
Is the better deal the best deal? Often, it just may be. The reality is that the best deal is the one that finds you paying a fair price for your new used boat, a deal that has you out on the water with a smile on your face. In other words, the best deal is the one you'll make if you put these tips - gleaned from experience and many discussions with dealers, buyers and sellers - to use.