Buy it Like a Pro!

BUY IT LIKE A PRO!

By Steve Brigham

Writing this article is going to be easy. Jim Sabia, the owner of Top Notch Marine has already written a book called “Buy It Like a Pro” so I am just going to plagiarize his hard work and share the Readers Digest Condensed version. If you would like your own copy of the book visit our website at www.topnotchmarine.com click the sales tab and click Buy it Like a Pro. First off you have to decide what style of boat is going to do the things you and your family require it to do. Jim suggests that each member of the family independently compile a list of activities they want to do with the boat and then compare those activities and compile a master list of activities. This will help you choose what type of boat will suit the family. Remember that a boat that fits will get used while that single purpose machine will get used very little. Remember we are shopping for a new boat not a front yard ornament or storage lot queen. Speaking of storage before looking for a boat you should look at your storage options. Will you keep it at home, will it be stored in the garage, driveway or side yard. How much space do you have? Most important will your HOA allow you to keep it at all. Will it be stored at a storage facility a Marina or dry storage? Remember wherever or however you store it, if it is not convenient you will not use the boat. All these questions are extremely important because it doesn’t matter how good of a deal you get if it’s not the right boat, you bought the wrong boat at the right price. Another important consideration is how you are going to pay for it. Finance it, or outright purchase. If financing be prepared to put down a heft chunk for a down payment. Lending institutions are much stricter on qualifying for loans based on the current conditions. That being said it might surprise you that if you were thinking about buying a boat over five years old and financing it that a new boat may not be that much more per month. Think of it this way you pay $10,000 for the used boat with no warranty. To make it ship shape and safe for your family you have a tune up batteries and the carbs rebuilt as it has been sitting and while you’re at it a new water pump. The canvas is a little tired and one of the cushions needs replacing say another $1400.00. Now as it is used the bank will only give you a short term loan at a higher interest rate than new. So your payments are XX. Now price a new comparable boat with warranty and at least a 5 year warranty on the engine. Because it’s new the bank offers a longer term at a much lower interest rate and surprise, the new boat is only a few dollars more per month.
Ok we have decided that we want to look at some used boats first to maybe see if we find that deal of a lifetime. How do we start? Arm your self with information on pricing. Check Boat Trader and other websites like Iboats etc. to get an idea of what the type of boat you are looking for sells for. Try to stay with name brand boats that were built for your geographic region. Some brands of boats that are built for a northern market don’t stand up as well in the salt. While we are on the subject geography plays a major part in pricing a used boat. Here in the south we tend to use our boats year round while the northerners use them a much less. Guess what, the properly maintained northern boat will sell for a lot more than its southern cousin. Before making that first call make up a list of questions to ask the seller such as Was the boat ever involved in an accident or sunk? You think this is a silly lead off question but I have a customer who bought a used Scout for what he thought was a great deal. The bait well didn’t drain and while trying to sort it out he found that the transom was repaired from where it had been damaged in an auto accident. Next ask for a 1 to 10 condition of the boat. Does everything work? Do they have service reports? How long have they owned the boat? How many owners? Most important “Do they have a title, does it have a lien on it”? If so make arrangements with the lien holder to have the lien paid off with the proceeds at time of sale. I know one person who got stuck when he paid cash for a boat and the old owner skipped town without paying off the lien. It is unlawful to sell a boat in Florida without a title.
You have a boat you want to go look at. It’s being sold by a private individual so what should you look for. Surprisingly the first thing to do is look at their house and yard as well as their vehicles. If they are not maintained are you sure the boat was? Examine the boat trailer and engine. Ask to see service records, beware if he says “Oh I did all my own work or I just had it rebuilt by a buddy”. Check all systems to see if they work. Use any deficiencies to negotiate the price. Check the batteries and examine the wiring, corroded terminal ends are another indication of lack of maintenance. Make sure you hear it run and if possible get a sea trial. If you make a sincere offer a reputable seller should comply with this, remember though, it is a sea trial so don’t bring the whole family and the dog. At least here it run, never trust their diagnosis. If it is just the carbs or something similar why didn’t they do it before offering it for sale? I had one customer have to spend almost as much on parts as he did the boat because he didn’t hear it run. The sellers excuse was that his wife was sick in bed sleeping and he didn’t want to wake her. Most dealerships will be happy to diagnose most engine problems for a small fee, believe me; it’s worth it to have it done before making a purchase.
Another option is buying a pre-owned boat from a boat dealership. Remember the five year old boat we talked about earlier, this is great location to buy them Many owners have realized that trading in their boat at this age gets them top dollar as a trade in and ensures reliable boating as well. Try to deal with reputable well established dealer. Many dealers will make sure everything works on the boat; the batteries are fresh and will do any maintenance that may need doing before selling the boat. They will generally perform a sea trial on delivery and demonstrate functionality of all systems.
What ever you choose make sure before you take it on the water that all is ship shape, you have your required Coast Guard Safety equipment and when you take it out operate it in a safe manner. Happy Boating!