It�s best not to �fall in love� with one particular model and year (example: 2002 22 foot Sea Ray.) Instead, select a category of boats (example: 20-24 foot cuddy cabins.) Determine all of the manufacturers that make that kind of boat. Look at a large pool of boats. Determine all the models and years that are acceptable to you.
Use NADA (http://www.nadaguides.com/) to determine the average price for all of the boats in you pool of choices.
Begin to make phone calls. Have a list of questions that you ask each seller. Click here to see an example list. Make several copies of your list, one for each boat your are considering. This way you will be able to easily review all of the information one each boat. Use the phone to narrow your pool to a half dozen top choices.
During your calls, try to ascertain the boat�s mechanical and cosmetic condition. Assess the seller. Was the boat well maintained and properly stored? Does the seller sound like he/she knows what they�re doing? Are they honest? How comfortable are you dealing with this person? Do they sound passionate about boating? Do they want to quickly rush off of the phone or do they take time to answer all of your questions? If your gut instinct isn�t good about the owner, don�t waste your time checking out his boat. Character says a lot. Click here for more information on the types of people who sell boats.
When you�ve narrowed the field to a few top choices, go see the boat in person. Ascertain the boat�s condition and size up the seller. Take along an experienced boater who gives a knowledgeable opinion.
After you see several that will meet your needs, begin to make offers. The goal, at least at the beginning of negotiations, is to get "the deal of the century." So many people just want "out" of their current boat they might give you a remarkable deal. At this point you want see if any of your sellers are such folks.
Start the negotiations with a significantly low offer (not so low as to be insulting.) Consider an offer that is 20-40% below NADA value. Adjust your offer based on the seller�s situation (see types of sellers.) If you get a remarkable deal, go with it. If not, tell the seller that you will leave your offer on the table for a couple of days. Give the seller you name and phone number, then move on to your next choice. Make a low offer on your next choice. Continue this process for all of your choices.
As time passes, sellers my reconsider your offer when they see you have options. You can always return to a seller with a better offer. It�s always a buyer�s market for used boats. You owe it to yourself to get the best deal possible. Remember, you�re going to have to pay to repair some hidden things after you buy the boat. Those hidden things were likely not disclosed by the seller whom you may feel bad about �low-balling.� Besides, many sellers will just be happy to get rid of their boat. Use this to your advantage. Sellers may frown at your initial offer, but secretly most will be happy to have some action.
If all of your offers are rejected, you now know that none of the sellers are in a position to give you that �deal of the century." You took your shot at a remarkable deal. Now it�s time to get serious. Determine a �reasonable� price for your top choice and try to negotiate it with the seller. If they are stuck on an unrealistic price, walk away. Again, never �fall in love� with one boat. Keep your options again open by having offers in mind for several boats. Do not spoil an otherwise solid deal over a couple of hundred dollars.
If you aren�t satisfied with any of the deals, walk away. You can always wait a few weeks for new boats to come on the market (they always do). Using the Internet you can also broaden your search to other cities nearby.
Money is not the only thing that can be negotiated. Consider the trailer, the seller's current storage contract and equipment as items to trade off during the deal making process.
Make sure the seller has clear title to the boat.
All offers must be contingent on a professional survey and sea trial.
A few problems are bound to surface during the survey. Negotiate these issues in good faith with the seller. If the seller gave you an outstanding purchase price, he/she may not be willing to compromise much on minor repairs.
If satisfactory repairs or price adjustments cannot be agreed upon, walk away. The survey may have set you back a few hundred dollars, but buying a mechanical lemon will cost you thousands.
