The summertime is all about finding new activities that will bring you joy and lots of wonderful memories. While this might not be a sport for all, watersports are a great way to have fun as they are fast-paced and guaranteed to get your adrenaline pumping. But one thing that usually puts people off from trying out any watersport is the financial costs of owning a ski boat or any other watercraft.
However, with the right knowledge of what you need and what you would do once you own a boat, you can make the right financial decisions for yourself and your needs. To find out everything you need to know about buying a boat this summer, read down below.
Know exactly what you want
The first thing you need to ask yourself is what kind of boat you are interested in. Knowing this will also help you get a better idea of how much you would need. For example, if you’re interested in a tubing boat, you may ask yourself, how much does a tubing boat cost? Then, you’d have to do some research to find out about the costs. So, once you know what type of boat you’re interested in, and how much it costs, you need to ask yourself a few more questions to help you come to a decision;
- How many people will be able to ride on this boat with me?
- Will you want to ride with others, or is this a solo hobby?
- Will the size of this boat be a problem for me when it comes to towing?
- Where will I be using this boat frequently?
- Lastly, where will I store the boat?
Asking yourself these questions before buying a used wake boat or any boat you prefer will give you an idea of what you can get. Or it will help you plan out what to do to ensure you get the boat you’re interested in.
Test drive different boats
Whether you’re unsure of which boat you’re interested in or if you know you’re buying a used ski boat, there is no loss in trying them out. How will you know which is the best-used ski boat if you never take the time to test drive it and other used boats for sale? If this is your first time owning a boat, then you need to weigh your options before you seek finance from a leisure loan company.
The same process you’d follow if you were buying a vehicle, applies when trying to buy a boat. Boats also need maintenance, and you need to know exactly what this entails, especially for a second-hand boat. When you test drive the boat, make sure you take note of the following:
- Funny noises or vibrations can mean there is a bent propeller.
- Check to see if the trims work as they allow the motor to move.
- Test the steering to see how well it responds; a slow response means that there might be something wrong.
- How well and how long does it take to plane after takeoff?
- How does the boat go into gear? Smoothly or is it jumpy?
- Check its temperature, speedometer and all its functions to see if it works well.
- Make sure it can reverse and doesn’t have any problems.
- Check to see if the bilge, which is designed to collect excess water, is still doing its job.
Test driving different types of boats will also help you get an idea of what you need to look out for. And also what you should expect from a boat that’s in good condition.
Ask for the boat’s maintenance history
Just like a vehicle, a boat has a maintenance history that documents every repair. Before you look for boat finance in South Africa, you should also take note of the boat’s history. Find out if it has gone through any major repairs. While this might not mean the boat is in bad condition, it could indicate that you will experience a few problems with it as the new owner. So, be wary of that as you don’t want to pay for a boat that will give you more problems than it’s worth.
Get a boat surveyor’s in-depth opinion
While this may cost money, it will help you in the future. A Marine Surveyor will conduct an inspection and examine the boat before you make a purchase. This will help you know exactly what condition the boat is in and whether it has any damages. While you may still test drive it, having it go for an inspection will help you in the long run. You’ll know what you are paying for and whether it’s a good purchase. Suppose the seller is hesitant about taking it in for an examination. In that case, it probably means they’re hiding something, and it would be in your best interest to look elsewhere before you purchase a boat you’ll end up regretting.
Seek financing
Once you know what boat you want, have done the test drive and seen the boat’s maintenance history, as well as seen it through an inspection, you can prepare to apply for leisure finance online.
Leisure finance in South Africa allows people to get a tailored loan for their recreational needs. These finance products can cover any type of boat from speedboats, sailboats and yachts. Lenders also have a leisure vehicle calculator that can help you get a guideline of how much you will need to pay, set a budget and help you see whether or not you can afford to purchase a boat right now.
Shop around for boat insurance
It’s always beneficial to have insurance for something you cherish and pay a lot of money for. Boats are an expensive recreational vehicle and, should anything happen to it, you can end up paying even more money than your premium. So, to be on the safe side, make sure you have it covered.
Lenders also expect consumers to get insurance as it protects their investment and ensures the risk is covered. For lenders, this also ensures that you will keep making your monthly repayments even in the event of something happening as you’ll be insured. When seeking insurance, there are a couple of important things you need to know, such as the type of cover available – liability cover and physical damage. Liability cover ensures any legal obligations you may have to a third party are covered. This includes injury, property damage and loss of life. Physical damage, on the other hand, covers the damages towards the boat and its machinery. That includes any equipment used to operate the boat such as hull and engine sails.
Final thoughts
Now more than ever, getting the boat of your dreams is easy. There are lenders offering loan amounts for leisure purchases, and there are second-hand boats in good condition that make for a perfect buy. Once you’ve done all of the necessary research, received financing for your favourite boat and took out good insurance to cover you in times of need, you can enjoy some fun in the sun, and show your loved ones your new favourite purchase for this summer.
