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How to buy a boat on a budget this summer

Summer is finally here in Australia, which means many mariners will be thinking about taking the plunge into boat ownership. If you’re one of them, you’re probably wondering how to do so without sinking your finances.

Here are our top 5 tips for doing just that!

  1. Get real

According to moneytalksnew.com, knowing what you will use your boat for is key to saving as much as possible. Their experts say that fishing is usually the number 1 answer to this question, followed by cruising and sailing.

With this in mind, choose the simplest boat you can, which also meets your core criteria. If you’re not sure exactly where to start, Discover Boating has a great ‘Find your boat’ application, which lets you plug in your favourite activities, and then recommends a boat based on them.

  1. Choose the right time

Okay, so you can usually get a deal on a boat any time of the year, but if you really want to score a bargain, buy one on the off-season. Yes, that also means that if you’re looking to sell, summer is the best time.

That doesn’t really bode well for you, since it’s summer now and you want a boat, well, now. So, let’s meet in the middle. Buying at the end of the month is a good start, as sellers often have targets to reach every month, which impact their bonuses. So why not take advantage of this?

  1. Shop around

Just like property, boats are considered an ‘emotionally charged’ purchase. This may come as a surprise, since both are relatively expensive, but it is arguably easy to get attached to the idea of owning a certain boat, once you set your eyes on it and imagine yourself on the water.

Be sure to create a list of requirements before you head out to look at what’s for sale. This should certainly include your budget. If something does not fit, walk away. As a rule, we recommend never deciding on the first visit. Cool off, think about it, then make your choice.

  1. Use a broker

If you’re securing finance to buy your boat, we highly recommend using a good finance broker. Yes, banks can do a great job, but they only have a limited number of loan products available. And, they have a vested interest in selling their own loan products to you.

A broker is not affiliated with any lender and can compare many different competing loan products. Then, they pinpoint one that matches your budget and circumstances. Word of mouth and online reviews are a great way to gauge if a broker is good.

  1. Get affordable and comprehensive cover

Okay, we have a vested interest in this recommendation. But according to Discover Boating, getting comprehensive marine insurance goes hand in hand with purchasing a vessel. Especially if you happen to need to file a claim.

Choosing cover that is not only affordable but also comprehensive, will give you peace of mind on the water (and when towing too). We can provide you with a free quote, based on the kind of vessel you choose, and the best possible cover for your circumstances.

Contact us to get started!

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