Friday, December 15

Your Money – Finance Column – Buying A Boat Made Easy

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1. Decide the type of usage: Decide whether you are going to use the boat for your own use or you would like to make it a family possession. You can use boat for fishing or just cruising.  In that case you might require small boat.  If your family has to be accommodated, then the situation changes.

2. Frequency of use: Next, decide how frequently you are going to use your boat. This will help you in fitting a trailer if it is for long haul.  But large size of the boat will result in increase of its cost to operate, store and maintain.  There are host of other costs associated with it like insurance, gas, mooring etc.  So, if you are not going to use the boat frequently, then opt for small and cheap boat. Also, check with your financial consultant regarding the tax component attached to your boat.

3. Place of use: Decide where you are going to use your boat.  Whether you intent to use it in ocean or at night to far off shore.  Buy big boat if you intend to take it to ocean and check whether it has hull designed for rough water.  Many boats are not designed to tackle wave patterns in big lakes and oceans.  Enquire with some sailors who have experience regarding the design of boat as your and your family’s safety in involved.

4. Which type of boat to buy: Last, but not the least, you have to decide which type of boat matches with your needs. Typically, a boat falls in following categories, viz, fishing boat, sailboat, power boat, self-powered boat and personal watercraft.  Each has different subcategories with different design, configuration, engine strength, size, shapes and most importantly cost.  Analyzing each of them minutely and comparing these points will no doubt help you in getting the right boat which matches with your expectations.

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