We’ve already covered most of the basic lessons for first time boat buyers, with everything from boat buying research to the difference between buying privately and from a dealership, inspecting a boat, the test ride, even negotiating the price.
After looking at all the right things we thought we’d give you a bit of advice on the wrong things to do when buying a boat, so you can learn from the more common boat buying mistakes of others.
Buying Grey Imports
With the Australian dollar currently tracking quite high against the US dollar there are plenty of perceivable benefits to buying some things cheaply from the States. This has resulted in a number of people importing new or used boats through non-authorised channels. This is known as a “grey import.”
However, a boat purchased from the US still has to meet Australian standards. While you may be able to get a boat cheaper from the US, you may also end up spending what you save and more in alterations and additions to get it up to Australian standards. If you do want to make the most of the exchange rate, do so through a registered boat importer so you can be sure you get something that’s ready for Australian waters.
Getting The Wrong Boat For You
This should get covered by the research stage of boat shopping, but it’s important to get the right boat for the conditions in which you’ll use it.
Just as a large houseboat would be overkill for regular fishing trips to swamps, rivers and dams, a tinnie would be way out of its depth if you had your sights set on deep sea fishing or taking a lot of friends along for a ride.
Not Getting A Boat Inspected
While a boat broker, dealership or boat yard will sell second-hand boats, they still have a reputation to maintain and compliancy matters to adhere to in order to keep their commercial license. Their boats have to meet a certain standard and they’re required to inform you if the boat needs any repairs or alterations to meet Australian standards.
A private boat seller just wants to sell you their boat and may not even know if there’s anything wrong with it themselves. Unless you’re a boating expert you could easily miss some sign of a bigger issue.
That’s why you should always get a professional to inspect a used boat you’re thinking of buying privately.
Not Considering Resale Value
Unless you plan on owning just one boat throughout your entire life, at some point you’re probably going to consider selling your boat.
It’s important to consider the potential resale value of any boat you’re looking at buying. While you no doubt love that you’re getting a great price now, it may prove quite costly in a few years if you can’t sell it.
Do a bit of research on the brand, model, what the current market value is for this boat and how that reduces over time. This should be something you consider for negotiating the price anyway.
Getting The Wrong Loan
If you’re taking out finance to buy a new or used boat you need to know that you can meet the repayments. There are plenty of low rate or zero percent interest loans out there with enough hidden fees to really hurt you back pocket. Make sure you know what repayments you can afford, what extra fees your loan includes, and how long you have to make your repayments.
At Aussie Boat Loans we have a range of lenders from which to source the best loan to suit your situation. We also offer loan protection insurance to cover you in the event you cannot work due to sickness, injury or disease.
If you’re looking for a new boat and need boat finance, talk to us at Aussie Boat Loans today.