There is always something to learn about purchasing a used boat. Fortunately with the Internet, today the used boat buyer has a wealth of information right at their finger tips. Never before has so much information been readily available for the boat buyer. All one needs to do is follow some simple guidelines, and do a little research.
Our family has been purchasing boats since I was learning to walk, and for the past fifteen years, I have been threw anywhere from one to four boats a year. Purchasing and selling boats each year has given me an in-depth perspective of the do's and don'ts of boat buying.
Here are a few tips and observations that I have learned, that may be helpful to your next used boat purchase. Some of these tips will certainly apply to purchasing a new boat as well.
1) Do your homework.
Now it is easy. The Internet has just about all the information you need to determine the value of a boat. I would check out Yacht World .com and Bucknet. We have links to these sites on our main page. Here you can not only find the boat you are looking for, but you can get an average of what the boat is selling for throughout the world. This is VERY important information to know, especially when talking to the yacht broker.
These sites will usually have pictures of the boat that will give you a rough idea of the boats condition. When we were looking for the Trojan 36, I told the broker that I wanted pictures of the Trojan we were inquiring about. While I was on the phone with him, he FTP'd the picks to his web site. I was able to view each new picture of the boat while we were talking on the phone. The lesson here is, DO NOT BE AFRAID TO ASK QUESTIONS, you may be surprised at the service you get from a good broker. This boat we did end up purchasing, we had received all the info we need through the web, enough to go to contract and proceed with a survey.
2) Negotiate Contract.
Know what the boat is worth in average condition. Average condition means that everything on the boat works and is serviceable. What you need to realize is that very, very ,very, few boats are actually in average condition. The seller will tell you everything works on the boat, as well as the broker. However when you go to look at the boat, the generator does not work, and is original equipment, the boat does not have reverse cycle air, and only has one unit, the engines will not start, and what in the heck is all this water in the bilge?!? How about those blistery looking things on the Fiberglass Hull?!? How come this boat doesn't have all the amenities that the ad said it had!?
This is the reality of most used yachts. The trick is to negotiate the price of the boat, as long as the boat passes survey. Deductions will start as the surveyor finds all the many things that have deferred maintenance, adding up to many, many, thousands of dollars. It is not uncommon to find a boat selling for $100,000 to have as much as $50,000.00 in deferred maintenance.
3) Get a GOOD marine surveyor.
VERY important. How do you do this? The best way is to ask around local boat yards and get reference's. We have links to some surveyors on this site that you can get information on. DEFIANTLY ask the surveyor for some sample copies of survey's they have done. If they hand you a page and a half report, run, and run fast, look for someone else. Our last Trojan survey was over 23 pages long, very detailed, and worth every penny.
Haul out is a must, bottom inspection is very important. If you think there is a good chance you will buy the boat and the bottom paint is good, ask if you can pay to have new zinks put on during the haul out.
ALLAYS be present throughout the entire survey. Ask a ton of questions. A good surveyor will be glad to take time to review any aspect of the boat with you. The surveyor is also a good source for boat yard and independent contractors, believe me, you will need them. After our last survey, I took the surveyor and his wife out to dinner, had a great chat, learned more about boats than I could have ever imagined. The point is, be kind to the surveyor, he is there to help you, listen to his advice.
If your surveyor does not plan to use a moisture meter during the examination, get a different surveyor.
4) After the survey.
Certainly this is when you finalize your contract, tell the broker to tell the seller either fix the boat, or come down in price. Usually sellers do not want to fix anything. Pouring more money into a boat is not what a seller wants to do, so they lower the price, to accommodate the deferred maintenance.
Assuming the final contract is agreed to by all parties, here are some things to consider before moving the boat any great distance.
* Before making the "shake down run", hire a good qualified mechanic to fully review the engines while under power. Take the mechanic out on a good sea trial and let him carefully inspect all system regarding power. Make sure all hoses are in like new condition, sea cocks are not frozen, cooling system are fully functioning, water pumps are pumping, belts are tight, etc, etc,.
* When the sea trial is finished, plan on having some general maintenance done by the mechanic. It would be a good idea to have the carburetors replaced with new kits before making a trip of any length. It should not be very expensive, and certainly worth every penny. Bad carbs all but stopped our trip back from Myrtle Beach SC, had anyone told me to have the Carburetors re done, I would have.
* Also check water separator filters, Raycors are nice, you can drain them without having to replace the filter. Raycors are more expensive than disposable filters, but you do not have to change them out often. Highly recommend them.
* One other consideration is to have the fuel tanks completely drained, and filled with fresh fuel. Most boats sit for long periods, and trash can accumulate in the tanks. Having the tanks drained on a used boat is always a good idea.
* Never listen to the comment, "we just put new batteries in, they are like new". Unless the seller can provide receipts, plan on putting new batteries on all systems in the boat.
5) Pumps.
And I am not talking shoes here.
Try to get an idea of how old the sea water pump is on all the engines. If it is a boat that is over 15 years of age, and they have never been replaced, replace them. Be sure not to forget the generator pump. Often times you will look at a ginny and find that is rusted to death, the culprit, leaking water pump. These puppies can cost between two hundred to $250 bucks a piece, but will last for many years. Better have them replaced while at dock, before making a big trip. Also check you main house water pump. Usually these will need replacing. For our 36 Trojan, we put in a 4 gal pump. Works great. Plenty of pressure. For main bilge pumps, ask your surveyor if he thinks the pumps are adequate for the boat.
There are quite a few other factors to consider when purchasing a new or used boat of any size. Believe it or not, many smart purchasers will have a survey done on even a NEW YACHT. Believe me, there are a lot of reasons to do so.
However after reaching a fair market price for a boat, getting a good survey, fixing the deferred maintenance issues that relate to structure, power, and electrical systems, will go a long way to insuring a pleasant shake down cruise. After your new boat is in it's home port, then you can take the time to do the more menial task like woodwork, interior treatments, etc.
NOTE: What is deferred maintenance?
Many regular maintenance issues that a prudent and observant boat owner would normally take care of, but doesn't. IE: Leaking decks, that will cause rotten wood and ruined interiors, leaking stuffing boxes, leaking water pumps, bad wiring, old carpet, neglected teak and wood interiors, busted MSD's, and the list goes on and on and on. Deferred maintenance is usually the big expense in getting a used boat back in shape.
J.B,.
