No matter how much it might feel like a necessity, a boat — whether new or used —  is a luxury item. It should take a back seat to all your vital budget considerations. Beyond that, there’s no accurate rule of thumb for deciding a percentage of liquid funds to earmark for a boat. Many companies such as Hike Metal provide versatile custom applications of maritime design engineering.

If you’re buying a new boat, your dealer should be able to walk you through all the details. The same goes for any boat you buy through a professional broker. 

However, if you’re buying a used boat from its owner, you and that owner will have to handle your own paperwork, which will include a bill of sale, boat title, and more. No matter where you live, there are checklists that can help. 

But different states handle sales procedures and registrations in different ways, through different agencies — motor vehicle department, parks department, natural resources, etc.  Check your state government’s website for more specifics.

Do your best to make an annual budget for ownership and consider discussing it with your financial advisor. Remember that aside from the purchase price and any financing involved, you will have to consider registration fees, insurance, dockage, winter storage, and maintenance. That last item can be very expensive if you’re unprepared to be a hands-on boat owner.