Warning Signs When You're Buying a Used Boat
Like a used car, a used boat already has a depreciated value and may be a better choice for you.
A used boat, though, can also have hidden problems and repairs that may need to be done, similar to a used car. The choice of buying a used boat may come down to your needs and budget.
Western Financial Group, a 100% Canadian company, can help you navigate your B.C. boat, car, home, and business insurance during this period of economic uncertainty.
First warning sign 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 in B.C., is: Does this used boat have any issues?
If the seller won’t give you a complete picture of how the used boat you want to buy operates, that is a red flag for you. An honest seller will tell you what problems a used boat has even if they are minor.
Second warning sign: 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 warning signs when buying a used boat
Cracks in the hull
Look at the hull of the used boat 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 on the deck with your feet and hands because it could indicate rotting wood or damage.
Rust
Look for rust or corrosion on engine components, metal fittings, engine components, and the boat trailer.
Messy wires
A nest of electrical wires could indicate non-professional wiring and a safety issue. Also look for frayed wires.
Mildew
Mould, mildew, and water stains can indicate poor maintenance.
Does the used boat smell?
Does it smell like mildew, poop, or pee?
Oil
It’s important to check for oil leaks on the engine and around the transmission because this can indicate a problem.
What does the engine oil look like?
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.
Lack of maintenance records
Ask for a copy of all maintenance records/bills and review them before making a decision about buying a used boat. Will you need to spend any money on repairs? If so, how much and can you afford it?
Steering issues
Check for steering problems like unusual resistance when you’re taking the boat out for a test drive.
Boat trailer condition
Is the boat trailer rusty or damaged?
What’s the resale price?
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 switches work?
Get in the boat and turn switch on and off. Do they work?
Will you be able to find the repair parts?
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.
When is a used boat too old?
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 any warning signs
Consider both the age and condition of a used boat to help avoid any problems to ensure that you and your loved ones are safe on the water. Get a professional inspection of your used boat.
Does your used boat need insurance?
In Canada boat insurance is not mandatory, but your financial lender in British Columbia may ask that your boat be insured as a condition of financing your boat. If you are mooring at a B.C. marina or use a private boathouse, you may be required to carry a specific amount of liability insurance and show proof of boat insurance for your used boat.
Remember that boat insurance protects you, your loved ones, and your investment in your boat whether it’s new or used.
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