You’ve probably noticed that there seems to be some pretty good deals on boats these days. As the economy waits to rebound, there have been several factors that have contributed to this “buyer’s market”. The over estimated demand by manufacturers for new boats and a substantial sell-off in the private party marketplace have significantly reduced pricing. In addition, marine finance programs are still surprisingly attractive. Interest rates have remained low and there are programs available for many credit profiles.
In recent years, many homeowners used mortgage equity lines to purchase boats during the housing boom. Now that home prices are falling, many of these people need to sell their boats to put equity back into their houses. In some cases, these boats are being sold for approximately half of what they had originally paid.
A scan of the local Boat Trader, Craig’s List or Ebay will offer great deals on a variety of boats in your area. With a bit of searching, you should be able to find a boat in your area at a price that is too good to pass up. Once you’ve picked one out, it makes sense to have an inspection done by a third party to assess the overall condition of the boat and equipment. If you’re buying a boat from an individual that has run into hard financial times, it makes sense to determine if the boat’s condition is as represented.
Once you’ve found the boat, the rest of the process is simple. If you’re paying cash for the boat, you may want to consider using a registration service company or a Coast Guard documentation company. They will provide expert advice on the registration paperwork and title transfer. If you’re planning on financing, it’s even easier. In that case, the company that is handling your boat loan should also be able to complete the transfer of ownership paperwork and the registration documents. If the seller of the boat has a lien to pay, your finance source should be able to take care of that as well.
The only thing left to do at that point is work on your modesty. Because next time you are on the water with your friends, it will be hard not to gloat about your buying savvy. Better to be humble and let your buddies ask in disbelief “You paid how much for this!”