You're revved up to buy your first power yacht, but where to start? We want you to be an informed buyer, so you go on to have a great experience as an owner. Here are some tips from the experts at World Yachts.
1) As precisely as possible, nail down what the boat needs to do. Answer these questions:
What's the primary purpose?
Water skiing?
Fishing?
Day jaunts?
Coastal cruising?
Blue-water passage-making?
Will you use the boat seasonally or year-round?
Will you sleep on the boat?
Occasional over-nighters?
Living aboard?
Does the boat need to be easily trailerable?
Or just trailerable seasonally for commissioning and haulout?
How often to you plan to eat on board?
What kind of meals will be served?
Sandwiches/snacks?
Full hot meals?
If you plan to entertain, for how many people?
2) Study and know your home waters. Don’t underestimate what the boat needs to be able to handle. The bigger the water, the bigger and stronger the boat requirement. Where will you be using it?
Inland lakes?
Great Lakes coastal?
Great Lakes offshore?
Ocean coastal?
Blue water?
3) Honestly assess how much boat you can handle.
Do you have boathandling skills and experience?
Will you need instruction?
Do the people who will be going with you have boathandling experience?
How much experience do you have as a power boat driver?
How mechanically inclined are you?
Are you familiar with marine engines and propulsion systems?
Do you want something you can singlehand?
Or are you counting on people to go with you?
4) Budget comprehensively.
You are going into this purchase with a price range in mind. Your budget, however, should factor in expenses of power boat ownership. Some potential costs to consider:
Hiring mechanics.
Buying fuel.
Waste pump-outs.
Annual storage.
Marine insurance.
Registration fees.
Dockage/launching fees.
Annual maintenance.
Sales tax on your boat purchase.
For ordinary maintenance, if you prefer not to do it yourself, you’ll be hiring service people.
Beyond the envisioned purchase price, most new owners undertake updates and improvements. Prioritize them, and factor in how much you want to spend.
The cost of materials specially engineering for the extreme marine environment is a lot higher compared to household paints and varnishes at your local hardware store. Consider it a necessary expense, because those generic products will end up costing you in the long run.
5) Firm up your financing early.
Securing a loan is fairly simple if you have good credit history and can make a down payment (10-20 percent). Consider pre-qualifying for a boat loan before you shop. It may give you some extra leverage and breathing room when negotiating. World Yachts, as part of its service, can coordinate financing and insurance for you.
6) Let us help you shop.
Through our extensive networks of listings and our solid industry relationships, World Yachts finds the right boat for you. You gain access to the most complete range of choices all around of the U.S. and Canada.
we also have extensive listings in regional Milwaukee, regional Chicago, Wisconsin, Michigan and Minnesota for those buyers who prefer to look locally. Through the Internet, we make it easy for you to shop.
Shop your local area, or shop the world. Your horizons are unlimited.
7) Let us negotiate for you.
We know boats, and we know the market. You are in a comparitively weak position when it comes to assessing the condition of the boat and its real value. Being in possession of that knowledge, we can leverage the best deal.
8) Let us help you get going.
We are thoroughly versed and experienced in all aspects of boat operation and upkeep. You will get sound advice on how to get started with your adventure. And how to maximize your enjoyment of the adventure going forward.
