Red Flags When You're Buying a Used Boat
Is buying a used boat like buying a used car? Yes, there are similarities when it comes to price, depreciation, and the potential for hidden problems when you buy used.
If you want a reasonable boat that fits your budget, you should probably consider buying a used vessel.
Western Financial Group, a 100% Canadian company, can help you navigate your boat, car, home, and business insurance during this period of economic uncertainty.
First red flag you need to look for when buying a used boat
The first question and probably the most important question you should ask the seller, whether it’s a dealership or private sale, is: Does this boat have any issues?
If the seller hesitates, isn’t forthcoming, and can’t give you what you think is an adequate picture of how the used boat runs, that’s your first red flag. An honest seller will tell you anything that’s wrong with a used vessel even if it’s minor.
Second red flag: If the seller doesn’t want an inspection of the used boat you want to buy, you should walk away from this sale.
If you’re new to boats, be sure to bring someone with you who knows boats and what to look for in a used boat. Ask why the used boat is for sale.
More red flags when buying a used boat
Cracks and blisters
Look at the hull of the used boat you’re thinking of buying for cracks and blisters. Do you see any areas that look like they have been patched recently? Also look for an old unfilled screw holes on the hull and any paint over the gel coat.
Soft spots on the deck
Check for soft spots with your hands because it could indicate rotting wood or damage.
Rust and corrosion
Look for rust or corrosion on engine components, metal fittings, and the boat trailer.
Nest of wires
A nest of electrical wires could indicate non-professional wiring and a safety issue. Also look for frayed wires.
Mildew and water stains
Mould, mildew, and water stains can indicate poor maintenance.
Smells
How does the used boat that you want to buy smell? Does it smell like mildew, poop, or pee?
Oil leaks
It’s important to check for oil leaks on the engine and around the transmission because this can indicate a problem.
Milky or thick engine oil
Test the engine oil for milky or gritty texture because this can indicate water or metal shavings in the engine. If the oil is dark and thick, that’s generally a sign that the boat needs an oil change and the engine may not have been well maintained.
Are there any maintenance records?
Ask for a copy of all maintenance records/bills and review them before deciding about buying a used boat. Will you need to spend any money on repairs? If so, how much and can you afford it?
Steering problems
Check for steering problems like unusual resistance when you’re taking the boat out for a test drive.
Condition of boat trailer
What kind of condition is it in? Is it rusty?
What’s the resale price?
Does it seem too good to be true? Boats that have been damaged in an accident may have low resale value and may not be safe.
Condition of safety equipment
Inspect the boat’s life jackets, fire extinguishers, and signaling devices to ensure they are in good condition and up to date.
Does everything work?
Get in the boat and start turning switches on and off. Is everything working?
Are the parts going to be hard to find?
At some point you are going to be doing maintenance on your used boat. Will you be able to find the parts?
Take the used boat out for a trial run
Put the used boat you want to buy in the water and test it. Are you satisfied with its performance?
When should you buy a used boat?
The best times to buy a used boat (and a new boat) are usually in the fall and winter as older inventory is being cleared, which may help you find a good deal.
What’s the limit for buying a used boat?
A boat with over 1,500 hours on a gasoline engine is usually considered high mileage, especially if it has not been well maintained.
If you are buying a used boat that’s over 10 years old, it will need a thorough inspection by a marine inspector. While older boats may offer a cheaper price, they are more likely to need repairs and maintenance.
Avoiding red flags
It’s really important to consider both the age and condition of a used boat to help avoid red flags to ensure that you and your loved ones are safe on the water. A professional inspection of a used boat should be done.
Do used boats need boat insurance?
Boat insurance is not mandatory in Canada, but your financial lender may ask that your boat be insured as a condition of financing your boat. If you are mooring at a marina or use a private boathouse, you may be required to carry a specific amount of liability insurance and show proof of boat insurance.
Boat insurance protects you, your loved ones, and your investment in your boat.
Your boat policy coverage with Western Financial Group is an all-risk policy subject to certain exclusions. Check with Western’s boat insurance experts about what your boat insurance policy includes and excludes.
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