Boat Buying Tips

Buying a boat is possibly one of the largest financial outlays you are ever likely to make, so it’s important that you understand the legal aspects of any purchase.

Most boat sales, whether new or second hand, go through without any problems, however it’s wise to make a few basic checks before parting with your money.

Buying a New Boat

1. Are you buying from a reputable dealer?
2. Is the dealer / boat builder a member of the British Marine Federation (BMF)?
3. Ask the dealer for details about deposits and stage payments required.
4. If your boat is being built to order it’s a good idea to read the Royal Yachting Association’s (RYA) ‘Buying a New Yacht’.
5. Is the dealer / boat builder using a BMF / RYA approved contract?
6. Are the specifications and any additional equipment agreed?
7. Is the price fixed?
8. At what stage do you become the legal owner of the boat and when do you take on the responsibility for the insurance?
9. Does the seller guarantee clear title and, if so, how?
10. What documentation will be provided?
11. If buying with marine finance will your bank arrange registration? (Part I Registration is recommended in most cases.)

In addition to the actual cost of purchasing your boat, don’t forget to take into account the following extra expenditure associated with running it.

1. Insurance
2. Boat and trailer registration
3. Taxes
4. Fuel
5. Docking and mooring fees
6. Storage
7. Equipment such as life jackets, fire extinguishers, flares, marine radio, anchor and dock lines
8. Maintenance
9. Trailer