Buying a second-hand boat

Repairs: Even if a second-hand boat saves some cash and might come better equipped than a brand-new model, there may be added expenses in repairs and upgrades.

Track record: Although the second-hand boat's warranty is not valid for long, it will have a proven performance and reliability track record that can be checked out through repair shops.

Broker: The safest way to buy a second-hand boat is through a broker, although there is the extra cost of paying a commission. They can give you a good valuation and appraisal of the vessel. A good broker will take you through the entire boat-buying process, from determining what type of boat you really want to negotiating a contract.

Warranty: A dealer may offer a limited warranty on the used boat and has likely serviced it for resale. But because he is a third party and has overheads, including commissions, the price is generally higher than what you would pay the owner directly.

Ownership: It is important to check the seller's proof of ownership, especially if the price is a steal. There are no free lunches. So check the necessary documents, and if they can't be produced, beware.

Engine: A used boat engine has to work much harder than its automotive counterpart, so pay special attention to its condition. If you are not mechanically astute, it is best to have a mechanic to check the engine before you commit to a sale. Some tips for checking engines - is there oil in the bilge, are there signs of lubricant leakage around the gaskets, freeze plugs and hoses?