The Motor Boats Monthly guide to buying your first boat - plus berthing, budgeting and other essential information
Budgeting for a boat
The back pages of MBM classifieds or a quick surf on www.ybw.com trawls up boats for all depths of pocket. If it is your first boat buy something that is in reasonable condition and is ready to run and enjoy makes sense. Boats which require ‘a little TLC’, are to be considered carefully as any potential saving on the purchase price could be lost on the cost of remedial work, so do your research on costs.
Look beyond the direct purchase and survey costs and consider the ownership fees, such as mooring, storage, servicing, fuel and insurance. Where you boat will make a vast difference – the annual running costs of a 30ft cruiser moored in a south coast
marina will be about £10,000, reducing to perhaps £5000 if it’s moored elsewhere.
If you want to raise funds for a boat purchase you could get an unsecured loan or a marine mortgage. Unsecured loans are generally used for smaller boats or sums up to £25,000 and are available from specialist marine lenders as well as banks, supermarkets and price comparison websites.