What are the factors to consider when negotiating a new boat purchase?
When you buy a boat, many factors impact the price. If you're buying a new boat from a dealer, the price is based on the manufacturer's suggested retail price, as well as things like features, add-ons, warranties, and prepaid maintenance services.
If you're buying a used boat, the price will likely be based on what the seller paid, the age and condition, upgrades, maintenance or deferred maintenance, and the value of any accessories included in the sale. To get a good deal, you first need to know what goes into the price of a boat and how to negotiate.
The following factors can influence how you negotiate a new boat purchase.
- Whether you're financing the purchase
- Whether you're paying all at once
- Whether add-ons like a trailer or any other accessories are included
- Whether the seller is responsible for delivering the boat to you
Tips to negotiating a boat price
Know your budget
Before you shop for a boat, you should know how much you can afford to spend. Having a firm budget can be a great negotiating tool because you can set a hard limit for the absolute maximum you can pay.
It's a good idea to know whether similar boats are for sale in the same area and their respective prices. This tells you the value of a particular type of boat in your area and how many people are trying to sell boats at a given time. You can use this information to negotiate a lower price if the seller thinks they may lose your business.
When thinking about how to make an offer on a boat, most sellers prefer to get paid upfront when they sell things like boats and RVs. If you have cash, it gives a seller confidence that you'll pay, and they may be willing to take less money to have the money right away. If you're dealing with a private seller, cash can be a great negotiating tool because they know they can complete a sale quickly if they agree to your price.
Hold the add-ons
Another way to minimize the purchase price, whether new or used, is to avoid getting any unnecessary add-ons. Extra features, warranties, and prepaid maintenance plans can drastically increase cost, especially if you're buying a brand new boat.
Shopping for a boat can be fun, but make sure you get the best deal possible before you get out on the water. That's why it's important to know what goes into the price of a boat and how you can negotiate with sellers.