Tips For Buying A Boat

The purchase of a boat of any type, is most likely going to be the second largest investment you will make in your lifetime. So here are some tips on buying a boat we prepared to protect you, answer all your questions, and to help you with your dream boat purchase.

 Here are some boat-buying tips if you are buying a new vessel. 

• Check out the dealer, and if recognized by the relevant boat manufacturer? 
• Dealers and boat builders should be members of the National Marine Manufacturers Association NMMA.
• Do you have a valid and recognized contract? 
• Make sure you know exactly what will be included in the purchase price. 
• Check that the price you are paying is fixed and make sure you know when deposits and payments are required. 
• If using Marine Finance to make the purchase, will the finance company be responsible for registering the boat for you or the boat dealer? 
• Is the delivery date guaranteed? 
• Will a clear title be guaranteed and if so how can this be proved? 
• Check when you become responsible for the boat so that you can arrange insurance coverage for the vessel. 
• Always double-check that the HIN Hull identification Number is correct and verify it from the hull. 
• Warranty coverage and validation.

• Make sure that when you put in an offer you indicate that it is subject to a marine survey and, if necessary, a sea trial.
• If using marine finance to make the purchase, will the finance company be responsible for registering the boat for you?  Registration is recommended and some finance companies insist on this, particularly if you are utilizing a marine loan.
• Make sure you know exactly what will be included in the price of your second-hand boat.
• Check that the price you are paying is fixed and understand when you are required to pay deposits and payments.
• Do you have a valid and recognized contract? 
• Check that the closing and delivery dates given are guaranteed.
• Make sure to hire a recognized marine surveyor, and see a sample of his reports.
• Will a clear title be guaranteed and how can this be proved?
• Know when you become responsible for the boat so that you can commence the necessary insurance coverage.
• Does the current owner have all the correct ownership documents available?
• Is there any outstanding finance or liens on the boat? If so, ensure this is cleared before completion. 
• Always double-check that the HIN Hull identification Number is correct and verify it from the hull.  

Some more tips on buying a boat – don’t underestimate how the running costs can easily mount up. Remember that the purchase price is only a part of the cost required for enjoying your new dream boat. Understand these running costs before going ahead with the purchase.
The day-to-day costs to consider are:

• Insurance
• Boat and trailer registration.  
• Fuel.  
• Docking and mooring fees.  
• Storage fees.  
• Equipment (life jackets, fire extinguishers, flares, marine radio, anchor and dock lines).  
• Maintenance fees.  
• Winterization. 
• Boat survey.  

Running costs of boats can vary dramatically. however, you should expect to budget several thousand dollars per year.

TRANSPORT CANADA RULE

Every pleasure craft in Canada must have a Pleasure Craft Licence, with the following exceptions:

• A pleasure craft using a motor with less than 10 horsepower (7.5 kW)
• A pleasure craft that has a vessel registration
• A pleasure craft that was purchased less than 90 days previously (this is a grace period, during which the new owner must carry documentation with their name and address and the purchase date)

In most cases when buying a boat through a dealer,  usually the dealer is resposnible for registration or to apply for TC license for your boat.

If you require more information for boat registration or issue a license for your boat,  please visit Transport Canada wesbite on

 https://www.tc.gc.ca/eng/marinesafety/debs-obs-paperwork-paperwork_boat_licence-1898.htm?fbclid=IwAR0Jz4nIavjQM5Slv1d6XmFHqsvCvlLqcd3ah1gQI6l-yc6Q-ZUEucqWvHI