A Guide to Buying Your First Boat on a Budget: PART I

I am broke and proud of it. Being broke gives a person an edge that makes them hungry and willing to take risks when they're after something. But you have to be careful. You don’t want to make foolish decisions that will put you out in the street, either, and cause you to lose everything. Let’s not go there.  

This is the first part in a series on buying your first boat and what to look out for when doing so. I want to keep this as simple as possible. This is for the novice boater who has never boated and wants a boat but can’t afford a new one.

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Bigger is Not Better

When buying your first boat, bigger is not always better. We're going to keep the size down to a 17-foot boat. The reason is that a small boat is easier to control, not only with towing and backing up but also in navigating the waterways.

This type of craft is not safe for going out on the ocean for miles. It's best suited for lakes and reservoirs or very close to shore in calm waters in a bay.

For safety's sake, let's stay out of the ocean with this boat size until you get some sea legs and a bigger boat. This size of boat has limitations, so let’s stay safe and not put anybody at risk.

Recommended Boat

Everybody is different and nobody will agree on one particular boat or engine combination. I recommend a mid to late 90s or early 2000s Bayliner open-bow 17-foot with a Mercruiser 3.0 would be ideal.

These are very simple crafts and easy to work on and service. If you have kids, I recommend a deep hull. The more hull that's sticking out of the water, the safer your kids are.

They're likely to get excited and run around in the boat. The more freeboard you have out of the water, the more protection they will have from going overboard. The high gunnels will protect you from rough waves if you get stuck out in a storm.

I'm not being compensated by Bayliner. This is just my preference for an entry-level boat. You can get whatever manufacturer you like, but I just like Bayliners for an entry-level boat. Just get the boat in the configuration I have recommended.

The 3.0 inline 4-cylinder Mercruiser would be my first choice. They're good on fuel and you can throw a tube in the back and take the kids tubing. These engines are also good for trolling.

They're very durable and will take a beating. They don't call them the Iron Duke for nothing. They are hell for stout! This GM inline four-cylinder has been around for years.

Paying For a New Boat

Instead of going out and financing a boat, let's save the money and pay cash for a boat and trailer. It's a buyer's market out there, and I have seen a lot of nice boats for giveaway prices. This will save you thousands in interest alone, and you'll own it for free and clear.

Take the money you would put out on a loan instead and save it. Once you start saving, leave it alone and don’t spend it on anything else. My mom always said if you can’t steal it, don’t buy it. She was a wise woman who always paid cash for almost everything she bought.

Nothing is a better feeling than owning something outright with pinks in hand. Really gives you a good feeling. Set aside a budget and stick to it. You can do it!

So, you've saved and saved for a year and now have $2,500.00 cash to spend on a boat? Now comes the fun part. Let’s start looking for a boat. You can go on Craigslist first and find a 1998 Bayliner Capri 17.5 foot with the Mercruiser 3.0 stern drive. And he’s asking $2,995.00 or an offer.

Oh boy, perfect! I can beat him down on the price. I have cash in hand! Cash is king, and few people nowadays have cash in hand, but you do.

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Talking to the Seller

When you call the seller, the first thing you should ask is where the boat was kept. Has it been covered, in a garage or under an enclosed awning? If the seller says, "No, it has been left out in the elements for the past 10 years," do not walk—run away!

Being uncovered causes a multitude of problems. Rotten wood floors, rotted-out seats and wood frames, bad gauges and wiring, frozen control box and cables. And a seized engine on top of that. That smoking deal you just found is only worth $250.00 for a parts boat.

In all the years I've been doing marine repair, it just amazes me how many people buy a brand new $40,000 boat, use it for one season, then tow it back home and leave it uncovered. They don’t even bother to winterize it or flush it with a salt removal wash.

Next year, they take it out on the lake and guess what? The motor is not only locked up, but the block and heads are also cracked. Complete engine corrosion. Whoops! Still have four more years of boat payments to make on a junk boat because they didn’t take care of it. Trust me, this has happened a lot in my years of working on boats. It never ceases to amaze me.

So, let’s get back to the Bayliner seller. You ask him if it has been covered, and he says yes. You then ask him if it’s been winterized, and he replies yes.

If there are no pictures of the boat inside, ask him to take some pictures and send them to you. If the seller says he will and never sends them, it's time to move on. If he lies to you once, he will lie to you again. If he sends the pictures and the inside looks good with no major tears or rips, that's a good sign.

Next Chapter, More Questions

The next installment will be about more important questions to ask before deciding to even show up to look at it. Read Part II here.

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