The loud high-pitched beeping can be heard all over the lake. It starts as soon as the key is inserted into the ignition. The beeping is caused by the oil indicator. Despite having a full tank of oil, it’s still trying to warn us. Lifting up the white vinyl seat cushion to store the boat cover, the white piping tears off into my hand; the seats are disintegrating. The gray carpet has come unglued from the boat’s sides and the bar holding up the glass windshield has come unhinged. Our boat is not aging gracefully.

We have held off buying a new boat every year, in an attempt to save money. But the money we are trying to save, is getting spent on repairs. Picture a dog chasing its tail and you’ve got the idea.

So before we pay a whole lot of money to winterize and store our sinking ship for the season, I thought I would look around to see if now might be a good time to buy a new boat. It turns out it just might be - depending on the economy, interest rates and the dealer’s inventory.

According to Paul McKeown, owner of Big Lake Boats, located in Cobourg, Ontario, the economy, interest rates and the dealer ‘s inventory all affect the price you are going to pay on your new boat. If interest rates are high and the dealer has a lot of inventory, he is going to be motivated to sell you a boat, rather than pay the cost of carrying it over the winter.

If you have a trade-in, you will likely get a better price for it in the spring, because the dealer has a better chance of selling it in the upcoming months. If they have to store it through the winter, they will likely offer you less money.

The Toronto Boat Show, held in January, is another good place to buy a new boat, as manufacturers will often provide show-only incentives ranging from $500 to $1,500.

If you’re worried about the high cost of buying a brand new boat, there is some good news. While boats depreciate 25% in the first year, they tend to hold their value for the next five years. A 10-year-old bowrider, provided it has been well maintained, is still worth 50% of what it was brand new.

Regardless of when you buy your boat, you need to do your homework, especially if you are buying a used boat or looking to sell yours. The dealers have a Boat Value Book, which tells them what a used boat is worth. This is not available to the public, but going online to boattrader.com or boats.com is a good place to start.

If you are buying a boat in the US and bringing it into Canada, be sure to visit Registar of Imported Vehicles website for a list of the fees and documentation required by Canada Customs Agents. There are deals to be had in the US, see Wednesday’s blog, but buyer beware. Make sure you have the boat inspected before you buy it, especially if you are not buying it from a marina.

I still haven’t decided on what boat buy, but I will be looking for a marina that has a lot of inventory and I will try to sell our boat privately.

Anyone interested in a well used bowrider? I am definitely motivated!

Cheers,

Julie

This entry was posted on Monday, September 3rd, 2007 at 12:47 pm and is filed under Boating. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.