Guide to buying a boat

To determine the right type of boat, consider all the activities you want to do. A boat designed for offshore fishing is very different from one built to create the perfect wake, or to take you on a bluewater cruise… not to mention the power options and different hull types.

A new boat will have the reassurance of a full warranty and the latest tech, while a second-hand boat offers proven performance and a lower price tag.

Be realistic about the purchase price, but don’t stop there. Factor in annual expenses such as insurance, servicing, registration, fuel and storage. A rule of thumb is to budget 10 to 15 per cent of the boat’s value for yearly upkeep.

Another potential expense is a new tow vehicle, so check your vehicle’s towing capacity. Many a trailerboat couldn’t go to its new home because the vehicle had to be upgraded first.

For trailerboats and jetskis, measure your garage or shed to make sure the vessel and its trailer will fit, or research the cost of local boat storage facilities and marina dry stacks, and their availability. For moored boats, secure a marina berth or mooring before making your purchase as wait times can be long.

If you’re selling your current boat to make way for a new one, decide whether the convenience of a dealership trade-in outweighs the potential for a better price through a private sale. If it’s the latter, you’ll have to handle all the details yourself – advertising, negotiating with potential buyers, arranging showings and managing the paperwork.

A boat show is the best way to see different brands and models in one place. You can climb aboard, ask retailers questions and compare options. Remember, vendors are there to sell, so use your checklist to stay focused and get the facts.

Once you’ve narrowed down your choices, seek out a local dealership and make sure they have the model you’re interested in. The team can provide expert knowledge, and many offer on-water test days.

While you’re there, ask about regular servicing (boat and trailer) and whether they can perform any warranty and repair work. Also ask what specifically is covered by the warranty, and the required service intervals to maintain the warranty.

The internet is your friend. Dive into online reviews, owner forums, blogs and boat comparison sites. Also, looking at a boat on a trailer or in a showroom is one thing, but experiencing its performance on the water is invaluable. If a seller is hesitant or makes excuses for why they can’t, consider it a red flag.

When buying second-hand, especially from a private seller, a pre-purchase inspection from a qualified marine surveyor and mechanic is a smart investment. They can spot hidden issues you might miss. This is especially important if you’re buying from interstate and can’t view the boat personally.

Trailers also need a thorough roadworthy inspection of tyres, bearings, brakes, electrics and rust spots.

A clear PPSR (Personal Property Securities Register) certificate is your proof that an asset doesn’t have any security interests over it. If you buy a boat that has money owing on it and the previous owner stops making payments, the finance company can legally repossess the boat even though you paid for it.

For a $2 fee, you can search the PPSR on the Australian Financial Security Authority’s website at: ppsr.gov.au.

Before you sign on the dotted line you should have your pre-approval or bank transfer ready to go, got a quote for insurance that suits your needs and clarified whether you’ll need to organise the transfer of ownership or registration, and what the associated costs to do so are.

At the end of the day if your gut, your budget, and the right opportunity align, then trust your research and do what’s right for you.