Some elements to consider before purchasing
You want to buy a new or used boat? This is a very exciting project. We have some practical tips that will help you make an informed choice and avoid potential problems.
How much does it cost?
Owning a boat comes with its share of benefits, but there are many things that factor into the cost of having a boat. Beyond the purchase price of the boat, you must count the annual maintenance fees, such as oil change or winter engine preparation, , as well as expenses related to insurance, gasoline, storage, launching and, in some cases, wharf fees. Think about including them into your budget!
What type of watercraft?
The first step is to define your needs in order to choose a model that meets your expectations. Will the watercraft be used for boating? Would you like to practice water sports? Do you plan on spending a lot of time on the boat and entertaining relatives and friends? The number of people on board, the places you sail to and the duration of the trips will have an impact on the selection of your future boat. Don’t forget to consider the type of towing vehicle you drive.
Made in Canada
Before purchasing, you must ask the seller to provide you with the hull serial number and a Canadian notice of compliance, if required. If it’s a used boat, also make sure it meets the construction requirements when it was built.
Other important things for a used boat:
- inspect the hull carefully
- ask for the maintenance receipts
- check the title deeds
- don’t hesitate to ask the seller all the necessary questions , and if possible
- try the boat
If in doubt, do not hesitate to seek the advice of an expert.
Last but not least:
- verify on Stolen boats Canada, if the boat you wish to buy has not been registered as stolen and
- check with your MD Marine broker if the boat is insurable.
Buying in another country
When buying a boat in another country, remember that building standards may differ from one place to another. Be aware that you will have to comply with the import requirements and submit the necessary documents to the Canada Border Services Agency. You will be able to determine if specific requirements apply in your case by contacting the authorities of the country in which you intend to make the purchase.
Inspect, verify, ask.
Here are some things to check before buying a used boat: the model and the year, the serial number, the duration of use, the list of all the previous owners, past accidents (if there are any), the reason for the sale and the warranty of the boat, if it is still valid.
By taking the necessary precautions, you can make sure you make a good purchase and enjoy your new boat in peace.
Want more advice to help you buy a boat? See the tips from Transport Canada's Safe Boating Guide.
Evaluation of the resale value of the boat
If you want to know the resale value of your current boat before you buy a new one, remember that our marine assistance program – which is included in your boat insurance policy – includes the services of specialists who will help you establish the market value of your boat.
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The content in this article is for information purposes only and is not intended to be relied upon as professional or expert advice.