Calculating the purchase price of a used boat also means estimating the additional costs that will be added to the boat’s sale price. Here is a complete list of expenses to consider before buying a boat.
Buying a used boat is a matter of passion and love at first sight. Passion for the sea and boats, of course. But buying a boat is also about falling in love with it. Very often, a transaction happens on a whim. You’ve worn out your shoes walking the docks, visiting boatyards and marinas on winter Sundays. Then, in the evening, you take your tablet and dive into the boat classified ads. If you’re reading this page, you’re probably living this experience right now.
This love at first sight will inevitably require some checks, a boat inspection, and then the signing. However, very often, while we may be proud of our negotiation and the equipment left on board, we forget that our new boat will cost more than just the purchase price. Additional expenses will arise in the first few months, increasing the total cost and giving us the real price of a used boat.
Restoring the Boat After a Long Dry Period
When you buy a used boat that has been dry-docked for a long time, the boat will need some restoration before it can be launched. Indeed, a boat is made to sail, not to stay idle. The first thing to budget for in the price of a boat is getting the engine back in working order, especially inboard engines. This will involve rinsing, checking seals, lubrication, and filters—basically, a complete overhaul. At the same time, the fuel tank is likely full of dirt and bacteria, so cleaning the fuel system will be necessary.
The running rigging will also probably be quite dry. While some lines can be kept, others will need to be replaced. Finally, check the seams of the sails, which may have weakened.
Preparing the Boat Before Launching
In any case, no matter what you’ve negotiated with the previous owner, keep the boat preparation for yourself. This is the best way to get to know your boat and discover other small things that need replacing. For example, you can take care of hauling out and antifouling the boat—it’s never better done than by yourself. At the same time, you’ll likely find hardware to replace and equipment you’ll want to personalize. In short, all these small expenses before launching can quickly add up. More costs to consider, which will be added to the price of the boat.
Boat Insurance
Before launching your new boat, you need to insure it. If you want comprehensive boat insurance, many insurance companies will require a survey. This survey will also increase the bill. Regarding the cost of boat insurance, prices can vary widely. I recommend turning to specialized brokers or mutual insurance companies. They know how to manage this risk and therefore control their costs… and their rates. This won’t be the case with contracts from major networks.
What Insurance for Your Boat?
First, you should know that boat insurance is not mandatory for individuals, unless you moor it at a marina. In that case, you will need at least liability coverage. However, it is highly recommended in all other cases, as no one is safe from incidents during any trip or leisure activity.
Even if you are experienced with maneuvers, there may come a day when you are less attentive than usual and damage your boat or port infrastructure. You might also experience a breakdown or damage at sea and need to be towed back. If the boat is on your property, your insurance won’t cover it in case of a claim, such as fire damage. All of this comes at a cost, which is why it’s better to be well insured.
Of course, as with any insurance, there are different levels of coverage. You can choose between:
- Third-party insurance
- Comprehensive insurance
- Additional options
Third-party insurance is essentially liability coverage. Bodily injury to passengers will not be covered, nor will the items you have on board. Therefore, it would be preferable to opt for comprehensive insurance to cover all situations.
Boat Survey
Regarding the survey, it is not mandatory before buying a used boat. However, it is highly recommended. You should factor in the cost of this survey to calculate the real price of a boat, or the actual cost, to be more precise. For a boat under 8 meters and over thirty years old, you might reasonably question the need for a surveyor, but in other cases, I recommend it. First, as mentioned earlier, some insurers require it. Second, a survey will help you better identify upcoming expenses and budget for them accordingly.
Launching the Boat
Finally, the last expense to consider is launching the boat. Whether you buy a boat that is dry-docked or need to haul it out for maintenance, this step is unavoidable. Beyond launching, you must also anticipate the cost of a visitor’s berth. This means you won’t be able to leave the marina immediately. The delivery may have to wait a few days, and in the meantime, you’ll need to moor the boat somewhere.
In summary, to evaluate the real price of a sailboat, you need to estimate the costs of the first year. These expenses are systematic during a transaction. It’s up to you to budget for these costs when buying a boat, or even negotiate them with the previous owner.
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