TBhOAeT FINBANeCsE t Time Ever To Buy a BoBYaANDtY ADAMS
You Can Afford Your Own Trailer Boat!
The Canadian dollar is at its highest
level in years and yet Canadian
interest rates are at their lowest level.
The combination makes this the best
time ever to buy a new boat.
You don’t have to shop the US for
deals either.
For many years now, most boats
have been priced in US dollars to
protect both buyers and sellers from
currency fluctuations. The majority of
boats and motors are made in the
United States, and our Canadian dollar now goes further than it probably
ever has in your lifetime. Also, there
are a number of Canadian manufacturers building really excellent boats
and they are continuing to be price
competitive because they purchase
engines, hardware, electrical equipment and basic materials from the US
at best-ever prices thanks to that
strong Canadian dollar. No matter
who you talk to, there are great deals
on new boats this year.
For those new to boating, buying a
boat is not like buying a car.
Cars only last a few years. They
rust, travel high miles and suffer rapid
depreciation. A car that’s 10 years old
is worth very little. Boats are quite
different.
First, virtually every trailerable
power boat uses engines made by
Mercury, MerCruiser, Yamaha, Suzuki,
Tohatsu, BRP Evinrude or Volvo
Penta. Every engine is a good product; there are no bad marine engines.
On top of that, the National Marine
Manufacturers Association [NMMA]
established construction standards that
give you an assurance of quality.
Look for the NMMA sticker. And of
course, every boat sold in Canada has
to meet the applicable Canadian
Coast Guard standards for that size of
boat. As a consumer, that is an assurance of safety.
Next, remember that your new
boat will probably be used seasonally – not every day like a car. The
combination of construction standards and high-quality marine
engines means that your 10-year-old
boat will probably still be in good
condition and running well. Where
a 10-year-old car may be ready to
be scrapped, boats, especially larger
ones, may still be in use 15 and
even 20 years after they were new.
Sailboats last that long too.
BOATS RETAIN THEIR VALUE
There is an easy way to check on
how your boat can retain its value.
First, talk to your dealer about the
values of used boats. To get an independent check, look for a particular
boat on www.boatcan.com or talk to
a certified yacht broker by going to
the British Columbia Yacht Brokers
Association at www.bcyba.com or the
Ontario Yacht Brokers Association at
www.oyba.com .
Certified yacht brokers adhere to
a code of ethics established by their
association and those brokers can
provide you a wealth of knowledge
and information about used boats
and values. You might even decide
that buying a used boat can be a
fantastic deal.
Because boats last a long time, in
some cases you can still get a 10-year
term and low monthly payments on
an older boat. By maintaining it well,
you could enjoy boating very inexpensively and still have value in the
boat when the loan is paid off.
.
DO I BORROW FROM MY BANK?
Certainly you can, but many boat
dealers have a staff person who is
well versed in Finance & Insurance.
This person may work with marine
financing and insurance specialists
and those people in turn, may have
relationships with dozens of different
lenders – one could well be your regular bank.
The difference is that they understand boats and boating. Since boats
last so long, it’s wise to get a boat
mortgage or specialized boat loan.
The structure and terms may work
out to a far lower monthly payment
For examples, monthly loan costs are
included in most of our boat tests.
HOW DO I CHOOSE
THE RIGHT BOAT?
To begin with, you know what you
like. A boat is a pleasure. Read boating magazines like this one, visit the
boat shows and consider where you
will want to do most of your boating.
