Question: How Much Should I Spend On My First Boat?

How much should I pay for a new boat?

Your Choice of Boat The average price for a brand new pontoon boat is around $35,000.

That’s for the popular 22-foot pontoon boat size that can be seen on lakes and rivers all around America.

You can find smaller pontoon boats for less than $20,000 and you could easily spend more than $50,000 as well..

How do people afford a new boat?

Boating on a BudgetSave, Save, Save. Save for your boat and pay in cash, thereby keeping loan interest costs away.Finance Your Boat. … Consider Buying Used. … Attend a Boat Show. … Buy Only the Size Boat You Need. … Do Your Own Maintenance. … Store Your Boat at Home. … Remember that Fuel Costs Vary Widely.More items…

Is buying a boat a waste of money?

Boats are a good investment if you don’t overshoot your budget. If you research your options and go for a vessel that you can afford, nothing trumps the joy of spending time on the water. However, a boat can definitely also be a bad investment. A rule of thumb is to only buy a boat you can afford to pay for in cash.

Should I buy a new or used boat?

When deciding to buy a new or used boat, Price is by far the biggest reason to go the pre-owned route. … Not only is the price lower, but like a used car, much of the value depreciation has already happened, so a used boat will hold its value better as well.

Should you test drive a boat before buying?

Really, you just want to get boating! On the water testing is THE MOST CRUCIAL step in the buying process; we always recommend a thorough lake test before accepting a boat and making the final payment – EVER. However, don’t skip these important “on land” steps first!

Why do bass boats cost so much?

Make no mistake about it, bass boats are luxury items. Luxury items are designed for people who have money to spend and bass boats are therefore priced as much. Simply put, luxury items are in a class of their own, and the manufacturers of bass boats know that people will pay top dollar for awesome bass boats.

What is the best month to buy a boat?

DecemberDecember is the best time to buy a new boat and get a great deal. In fact, if you’re looking for a bargain, between December 14 and the end of the year is the best time of all.

How far can a boat go on a tank of gas?

A typical cabin cruiser can expect to get anywhere from 1 – 2 miles per gallon. This makes cabin-cruisers one of the least gas efficient boats used by most recreational boaters. However, proper maintenance and careful cruising can help improve the boat’s gas efficiency.

What should a first time boat owner know?

First-Time Boat Owner ChecklistSecure boat insurance.Learn how to trailer your boat.Learn how to launch and retrieve your boat.Determine where you will store your boat.Understand basic maintenance requirements.Stock your boat with the proper equipment.Follow a pre-departure checklist.More items…

What can you do with old boats?

8 Ways To Get Rid of That Old BoatTry contacting your local vocational school and see if they are open to a donation for restoration—you can still get a tax break.Call your local town hall and the board of health to see if they can help. They will often have a local contact and maybe even a budget for abandoned boats.Call a boat salvage yard.

Is financing a boat a bad idea?

Consider the downsides of boat loans Some estimates say your boat’s value could drop by as much as 20% within a year. … You’ll repay more over time than what the boat is worth. Worst of all, if you can’t make your payments on a boat loan that’s a secured personal loan, the boat will be the first thing you lose.

What do I need to know before buying a boat?

#1 — Know What You Want. The first and most important decision is what sort of boat you want. … #2 — Consider All Boating Costs. You’re not just buying the boat. … #3 — Shop Like You Mean It. Don’t just window shop. … #4 — Be A Boat Detective. … #5 — Read The Fine Print. … #6 — NEVER Buy On Impulse.

Do Boat dealers negotiate price?

Once again with dealerships, negotiate a firm price for the boat you are buying first. Then you can talk about a trade-in. Some dealerships will lure you in with a high trade-in value for your boat, only to make that back on what they charge for the boat you really want to buy.

What is the best boat to buy for a beginner?

Best Boats for Beginners – Getting Your Feet WetBowrider Boats. Bowrider boats are popular lake and inshore boats that can range in size from 18-feet to 40-plus feet and can accommodate 6 to 12 or more passengers. … Fish and Ski Boats. … Pontoon and Tritoon Boats.

Why is owning a boat so expensive?

There is no getting away from the fact that boats are expensive – both to buy and to maintain. … Many factors influence the cost of owning a boat. It begins with the purchase cost, whether new or used, and continues on to the upkeep, where maintenance, birthing or storage fees, fuel, and insurance can add up.

How much does it cost to winterize a boat?

The Cost of Paying to Have Your Boat Winterized As noted above, the average cost of having a professional winterize your boat for you is about $300.

Is owning a boat dealership profitable?

8-12% is the most you could expect. Actually, some do make that 17% profit, on some of the models they sell. It all depends on so many variables. For example, some dealers don’t buy their stock on a floor plan basis, they actually pay cash for the boats they have in stock.

What should I look for when buying a used boat?

8 tips for buying a used boatLook for cracks in the fibreglass above and below the waterline. Small cracks, such as spiderwebs in localized areas, are mostly cosmetic. … Inspect for signs of damage. … Check for loose seats. … Look for mildew. … Make sure the electronics work. … Check the belts. … Start the engine. … Test the oil.