Crisp waves crashing against the bow. A cooler full of ice-cold drinks. Laughter as the kids cross the wake atop their tube. Warm sunshine and cool breeze, away from the cares of a busy week.
Buying a boat is a fantastic opportunity to capture a little slice of nature’s beauty and make lasting memories with your family in the summer sun. However, a boat is also a big investment. Whether you’re considering your first boat or thinking about upgrading, you’ll want to make the right choice — for your family, your budget, and your lifestyle.
Think about why you want to be on the water, where, when…and then choose the boat that checks off all your boxes. If it seems like a lot to consider, you’re not alone. First-time boat owners and returning buyers alike must make a decision that matches their unique goals.
With our guide to buying a boat for beginners, you can learn how to buy a boat with peace of mind. And then the fun part begins!
Table of Contents:
- Buying a boat vs. Renting a Boat
- What to Know Before Buying a boat
- What Type of Boat Will You Buy?
- Explore Featured Inventory & Buy a Boat at North Water Marine
Buying a Boat vs. Renting a Boat
The first big question to ask is whether buying a boat is a better choice than renting at this time. A purchase is a commitment that comes with ongoing costs. That may be worth it if you’re getting the most from your boat out on the water, but if it spends a lot of time in the yard or on the trailer, a rental could be a more sensible option — at least for now.
Here’s a quick breakdown of the main considerations when you’re comparing renting vs. buying a boat.
SHOULD I BUY A BOAT? |
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Advantages |
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Things to Consider |
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What to Know Before Buying a Boat
Owning a boat requires some upkeep, just like owning a car. You’ll need to maintain it by changing fluids, filters, spark plugs, and other regularly replaced parts, but sometimes unplanned repairs are also needed as time goes on.
That’s all to say that varying monthly, yearly, and as-needed expenses must be included in any estimate of the total lifetime cost of owning a boat. You'll need to consider insurance payments, refueling, yearly maintenance, repairs as parts break down and need to be replaced, where and how you’ll store or transport the boat, and more.
For boating beginners, it’s important to get up to speed on these costs and understand what happens after you buy the boat — and before you sign on the dotted line. Let’s take a closer look.
Rising Purchase Prices
A lot has changed in the boat market in just the last few years. Rising sticker prices may come as a surprise to boaters who have purchased a boat in the past, but much like other major purchases (homes, cars), supply and demand have impacted the current cost of buying a new boat or pre-owned boat.
According to National Marine Manufacturers Association data, the average retail price of a new outboard boat with an engine went up by 44% in just three years between 2019 to 2022. While prices have gradually stabilized, they haven’t gone back down.
Maintenance & Repair Costs
Regular engine servicing, cleaning the boat, and minor repairs will likely cost around 2-3% of the boat's value, annually. Think of it like a car for the water. It’s wise to make a connection with a local boat service and repair shop where you most often use your boat.
Make sure you also practice caution and safety when piloting the boat, beaching it, or anchoring on sandbars, in order to avoid costly repairs. If something big breaks down, this cost can go up a lot.
Boat Insurance
Boat insurance is not required in New Hampshire (though registration and a boating education certificate both are). However, going without it is an enormous risk. Insurance covers liability in case of damage or injury to your boat, your family, or any other property or people involved in a collision. A $100,000 policy is generally a reasonable baseline — although faster and larger boats may benefit from more coverage. An older boat with a smaller engine may not need quite as much.
New, recent changes to boat insurance requirements in Florida may eventually impact policy in New Hampshire, so it’s worth taking a look at those, too.
Transportation & Storage
One of the first decisions boating beginners need to make after buying a new boat is how they’d like to move it or store it. Will you keep it in the water year-round at a private dock (at a warm-climate waterfront property)? Store in the garage or a barn? If you choose to keep it at home, you may also need a trailer to get it to and from the boat launch — or at least a boat valet service from a local marina.
Do some math on the cost of renting a boat slip or paying for dry storage over the winter and keep in mind when you look at other expenses, like monthly financing payments. You can reasonably expect to pay roughly $500 to $2,000, depending on size and location, for a storage area each year. If you're using a marina, annual costs are typically in the range of $1,000 to $10,000. Make sure you’re handling winterization right, too, or there could be additional costs to fix issues down the road.
What Type of Boat Will You Buy?
If the total lifetime cost of ownership makes sense and the boating lifestyle is right for you, the next step is to set a budget and build a wish list. The age of the boat, size, style, brand, and features can all factor into the final decision.
Buying a New Boat vs. Pre-Owned Boat
New boats offer plenty of perks and will have the most up-to-date features, but may not be realistic in all financial situations. Here are a few considerations to help you decide what makes the most sense.
- Buying Pre-Owned Boats: While it’s true that buying a used boat can save money upfront, be extra careful to examine the boat’s condition and ensure it’s in good shape. Make sure to get a ballpark idea of how many hours the engine has run, if possible. Unlike cars, boats measure engine life in hours used — not miles traveled. The gasoline engines typical of lake watercraft tend to run for around 1,500 hours before they must be replaced (or at least face an increased risk of breakdowns). Bring a list of questions to ask when buying a boat on the pre-owned market so that you can go into the purchasing process prepared.
- Buying New Boats: When buying a new boat, the process is more straightforward. Start by knowing what to look for when buying a boat from a dealer. Financing through a dealer can typically help you to get a competitive rate on a loan, if needed. You might set a rule of thumb for your budget to help ensure you’re happy with your purchase and not financially strained. For instance, once you know what the top of your price range is, commit to putting only two-thirds of that cost towards the actual boat — so that you can also comfortably afford the other ongoing costs of ownership. You’ll also want to ensure you’re getting warranty protections, if possible, so that you can have peace of mind in case of malfunctions.
Popular Boat Styles & Types
There’s no shortage of great choices among types of boats for lakes, whether this is your first boat or your latest upgrade. Start your search by narrowing it down to a preferred category. Below are four of the most popular options for recreational boating, fishing, and watersports. Take a closer look at how new boats have changed, too, because each of these categories come with misconceptions based on earlier stereotypes.
- Bowriders: The bowrider — also called the “runabout” — is your go-to for joyrides, family weekends at the lake, watersports, and leisurely day trips. There’s a wealth of choices and model options with bowriders, too, since almost every major boat manufacturer offers a line of them.
- Center Consoles: The latest models of these popular lake fishing boats have become more comfortable, flexible, well suited to a mix of leisurely family cruises at quiet swimming holes and hardcore fishing missions with a squad of well-equipped anglers.
Pontoon Boats: Pontoons are more than party barges — they’ve evolved into beloved pleasure boats perfect for a variety of activities. Their calling card remains the ample deck space and stability of the multihull pontoon design, which makes them perfect for entertaining. The party comes along for the ride on your waterborne patio.
- Deck Boats: Deck boats are the perfect choice for families and those seeking more space than a bowrider can offer, but a sportier shape than a pontoon boat to mix in watersports. With their flared hull designs (wider at the front than the pointier bowrider), they provide plenty of room for seating, amenities, and storage. It’s a best-of-both-worlds choice.
Explore Featured Inventory & Buy a Boat at North Water Marine
We’re a full-service, family-oriented marina in the Weirs Beach area of Lake Winnipesaukee. Since acquiring Thurston's Marina in April 2021, we’ve regularly added new boat lines, removed and renovated buildings and docks, and added fantastic new products and services to support a rewarding NH boating lifestyle.
If you’re looking at options for buying a boat to use on Lake Winnipesaukee — or anywhere else in the lakes region! — contact our team, come see us at the bridge in Weirs Beach, or visit us at www.NorthWaterMarineNH.com.