Factors To Consider When Buying Your First Boat Or Upgrading Your Current Boat

As the summer comes to and end boat manufacturers and dealers are busy preparing for the upcoming boat show season. If you have made the decision to venture down the path of boat ownership for the 1st time or you are making an upgrade from your current vessel, here are few items to keep in the back of your mind once you have selected the boat of your dreams.

Sales Tax:

Every state in the country has a different tax schedule but you’ll want to investigate the rules in your state prior to signing the deal. You will also want to keep in mind that some states have an annual tax as well. For example, South Carolina has a sales tax at the time of purchase in addition to an annual tax based on the value of the boat.

Insurance:

Insurance policies are very volatile now especially in hurricane-prone areas such as Florida. If you are using a marina facility, they may require a minimum of coverage in addition to naming them as ‘additional insured’. Many insurance companies are also requiring a documented ‘Hurricane Plan’ that must be executed in the event you are in the path of a named storm. Your marina may offer a plan but typically it requires a deposit prior to the start or hurricane season. If your boat needs to relocate in a storm, you’ll want to ensure that you have a captain and/or hauler on standby prior to the storm. Another item that you’ll want to factor in is if you want to take your boat to a foreign country as the Bahamas. Make sure your policy covers you when leaving US waters.

Experience:

Some insurance companies may refuse to write a policy for you based on your boating experience. This can happen to both the first-time buyer as well as someone making a significant jump in size (i.e., Going from a 31 Center Console to 58 Sport Fish). Even, if the policy can be written, it is always a good idea to take a class at one of the many dedicated schools in the USA or spend some time with a local captain on your vessel. Having confidence in your ability to navigate safely and handle the boat in close quarter situations will only add to the enjoyment you have with your family and friends.

Once you have gotten through all the pre-purchase details, the fun can begin!

Majesty Yachts USA has served the southeast Florida community for more than 30 years. Our team is here to help you with any part of the purchase process from boat selection to delivery.