Question: What Do I Need To Do When Buying A Used Boat?

Is buying a used boat a good idea?

While you can certainly find expensive used boats, if you want a reasonable vessel that fits within a tight budget, you will likely choose a used option.

Not only is the price lower, but like a used car, much of the value depreciation has already happened, so a used boat will hold its value better as well..

What is the best time to buy a used boat?

Boats are no different at all. Dealers price them highest in the spring, and lowest in the fall and winter. Boat sales being as seasonal as they are, encourage marinas to boost cash flow during the quieter months by selling at a larger discount.

Do you have to pay tax when buying a used boat?

Amazingly, most provinces continue to collect a provincial sales tax (PST) each and every time a boat is sold on the used market. Alberta there is no sales tax at all!

Where is the best place to buy a used boat?

Craigslist, Kijiji and magazine classifieds Without a doubt, the best place to buy used boats online is in the wilds of Kijiji, Craigslist, and the classifieds. We have found many boats for sale on Craigslist that never appeared anywhere else online, but there are a few secrets to scoping out the very best deals.

Is 350 hours on a boat a lot?

Much like high performance cars, some boat engines are not designed to last forever. If a boat is 10-15 years old, 200-300 hours is most likely not enough. You would want to see that number closer to 500 or more for a boat of that age. … People often compare hours on an old boat with commercial operators.

What is the best boat to buy for a beginner?

Best Boats for Beginners – Getting Your Feet WetBowrider Boats. Bowrider boats are popular lake and inshore boats that can range in size from 18-feet to 40-plus feet and can accommodate 6 to 12 or more passengers. … Fish and Ski Boats. … Pontoon and Tritoon Boats.

How many hours is a lot for a boat?

Unless you are looking at a really high hour boat (2,000+ hours) there are typically very few drawbacks to the number of hours a boat has. In fact, a boat with normal hours (50-75 per year) will often time run better than a boat with low hours.

Do you pay taxes if you live on a boat?

The deeded slip is assessed by the local municipality in which it is located, as homes are. Then it is subject to the same property tax rates. If a boat owner leases the slip, it is taxed as a portion of the value of the marina. Generally the marina pays this tax and the cost is part of the lease price.

Can you write off sales tax on a boat?

You can enter the sales tax you paid for the boat you purchased in 2017 by going to Federal>Deductions and Credits>Estimates and Other Taxes Paid> Sales Tax. … Sales tax is an itemized deduction.

Do Boat dealers negotiate price?

Once again with dealerships, negotiate a firm price for the boat you are buying first. Then you can talk about a trade-in. Some dealerships will lure you in with a high trade-in value for your boat, only to make that back on what they charge for the boat you really want to buy.

Is it cheaper to buy a boat at a boat show?

The high-traffic nature of boat shows makes for a competitive environment for dealers. Buyers can take advantage of this sense of competition to score a great discount on a boat they’ve been eyeing. There are often special “show-only” deals at exhibitions and are unavailable any other time.

Is 1000 hours a lot for a boat?

The number of hours that a marine engine runs is very dependent on the amount and quality of maintenance over the years. The typical gasoline marine engine will run fine for the first 1,000 hours. It is at this juncture that the engine starts to exhibit small problems.

Is it bad to buy an old boat?

Nevertheless, old boats can be very good boats, and that’s important if you own one or if you want another boat but can’t afford a new one. You must examine old boats closely and also consider whether the problems you find are relevant to how you want to use the boat. Here are some things to look for in old boats.

How do I avoid paying taxes on a boat?

This is a tricky one in that technically, there are only two ways to avoid paying the sales tax on a boat purchase: 1) buying and using the boat in a state without sales tax (Montana, New Hampshire, Delaware and Oregon—and to some degree Alaska) or 2) using the boat in a state with sales tax for only short periods of …

Is 700 hours a lot for a boat?

Most people say average engine life of a 350/ 5.7 class engine in a tow boat is between 2000-2500 hours. Many go more. 700 hours on a 10-15 year old boat that is well kept is no big deal.