Completing the boat buying process?

Willhound

Looking for insight on experiences with the boat buying process. My previous new boat purchase was pretty straightforward, I handed them a pile of cash, and they signed over the boat. Previous to that, they were all back yard deals on old clunkers. This is our first experience with a broker, and also first time dealing with a trade. 
The process so far is that we viewed the used FV270 indoors at the brokers showroom, liked what we saw, and after discussing pricing, and a fair trade on our existing, we left a deposit and signed a purchase agreement with contingencies for a satisfactory trade, satisfactory survey (which has been done, and came out excellent) and the broker fixing a few noted deficiencies including a small leak in the sterndrive gear oil reservoir and the temperature sending unit. And finally a satisfactory sea trial to test all the other components we can't power up until in the water. Around here, that won't happen until at least mid April at earliest.
In the meantime, our trade is at the broker and has been listed on the broker website, but limited info, and no pricing, I'm assuming until we all know the deal is all finished. But at least it gives them the opportunity to generate interest ahead of the season, which I thought was fair. They had to take a look at it anyway.

So here's the questions that I will be asking the broker, but wanted input on if I am correct in my thinking:

1 - Our current boat/trade is still insured by us, and I'm assuming I'll want to keep that policy in place until a done deal?

2- We insure the new craft as of the delivery date, expecting a successful sea trial? (If all good, it'll be going right into the marina slip)

3 - We've given just a small holding deposit, but of course, they also have my old boat, but should I expect to hand over more cash before the sea trial, or have a certified cheque for the full amount ready for the day of?

4) Given that they are delivering the boat to our home waters/marina for the sea trial, and assuming no catastrophic conditions, but if we find any minor deficiencies, how do we handle that? Do we outright refuse delivery, have them re-cradle it and drag it back to their shop, or is it ok to agree they fix it in the slip? (not sure would even be allowed by the marina as they have their own service team) Or is it better to negotiate a new final price and either fix it myself or live with it, for example, maybe the refrigerator isn't working properly.

5) How much time should I expect to have for the sea trial. The correct answer in my mind, is "As long as it takes until I'm satisfied", but what would be an average normal?

6) If I want to have a mechanical survey, or at least have a mechanic cast eyes on it, do I do that at time of sea trial, or prior? The difficulty is that the boat won't be anywhere near water until day of delivery.

Is there anything else I missed?

As  "newbie" soon to be cruiser owners (fingers crossed) we are obviously excited, but also nervous, so any advice from those of you that have been through it all before is greatly appreciated.

rasbury

sounds to me like you have a pretty good handle on things....I would think the broker has insurance to cover the boat until you take delivery of it however....and I would keep yours covered under the same premiss.  It can't go anywhere in the water just like your potential new purchase, otherwise I would be concerned about someone using it.  Not sure how you would get the mechanical done but I would try to do that at sea trial? I did not do that on mine so I don't know. I  bought an 05 270 from a private individual but did have it surveyed, for all the good that it did. What ever he asked for as a deposit I would not give him any more- if your paying cash then when you take delivery of it then pay him. If your financing I would think the same thing while it sits in your slip but if you have everything lined up, that should not be more than a couple of days to get the payment to him- I'm sure he would accept a wire on the money. When we did our survey, the main thing he did was to get the motor up to WOT and as far as mechanical, that was about it. He thoroughly inspected the hull for any soft spots or  blisters in the gel coat. There is very little they can do to inspect the stringers and such of the internal hull as you can't really get to it on the 270. He missed that the fridge did not work, windless did not work and I thought the A/C did not work but it was just not calibrated correctly. Again, he is not a mechanic and more dealt with the hull itself. My boat only had 100 hours on it so I was not to concerned about the mechanic and have had virtually no issues with that or anything else on the boat, just some updating.


good luck, great boat and we expect to see pictures as soon as you sign that bottom line!

davidbrooks

Agree with @rasbury. You are asking the right questions.  There are no perfect answers though.  A lot is up to what the owner and broker will agree to.  You should definitely keep insurance on your boat till the day after you sign the sales papers.  You should definitely get insurance settled on your new boat for the day before you sign the sales paperwork.  I normally planned on half a day for my sea trials of which about half was actually under power.  I normally had a mechanic look at the boat before the sea trial as I really didn't want to be out in a strange boat and be surprised.  But you need to just get that coordinated.  Nothing like showing up for a sea trial and finding out the batteries are dead or the transom has issues  I wouldn't go out.  Last thought is that if you find something after the sale... what are your options.  Well it all depends.  Your gonna find stuff.  Its a boat.  You have to determine how major it is and what kind of fight you want to take on.  If you did the surveys correctly you shouldn't find really major things.  I tried to keep a open channel of communications with the last owner but like anyone at a certain point you just want to stop answering questions about your old boat.

Willhound

Deal is moving along. I did end up writing another cheque, but not full amount yet, still a hold back until delivery/sea trial. I had originally only written a very small deposit, about 3% of the overall price, with the understanding that within a short time I would up it, so I'm ok with it. And of course, they have my trade hostage.
In the meantime I had another good long chat with the broker so that we're on an even understanding of expectations. We're not starving, but we're not rich either, so as I made it clear to him, I expect all the major systems to be in good working condition at delivery, i.e., head, fridge, electronics etc., on top of the obvious mechanical components, engine, drive, steering, trim tabs, tilt etc.
Electric windlass, windshield wiper....not sure if I've forgotten anything or not.
It is after all a 17 year old boat, so I don't expect pristine, a burnt out bulb or something minor isn't going to kill the deal for me. But I don't want to have to start by changing out something like a fridge, even they are about a grand.
They have sworn to have powered up and tested all the above before delivery, checked and load tested the batteries, engine and drive oil change and drive sand blasted, and proper prime and paint. I suggested that if they'll let me be present when they power it up, I can check a lot of the electric stuff ahead of trial to save some time, and in case anything needs attention.
I have also requested a copy of the readout from a recent engine scan.

One question I did have, does the Mercury diagnostic software provide for a printout that also shows engine serial number or identifying information? I seem to remember reading somewhere that it does.

I have the OK from the marina and will be visiting broker again today to arrange for a delivery date of either April 19 or 20, conditions permitting. Right now there's still 10 inches of ice on the lake. Besides being anxious to get going, that date also gives me time to bounce around the marina for about a week or 10 days while it is still relatively empty, before they lift all the sail boats and others in. If I'm going to embarrass myself, I'd prefer fewer witnesses. LOL.

randy56

10 inches of ice on the lake? where are you at?

Willhound

Lake Simcoe, Ontario, Canada. Earliest I've ever been able to spring launch was around April 1st. Last year was April 12th. On the other hand, fisherman were still sneaking smaller boats in at the ramp on January 1st this year. Late ice, and a Lake Trout season opens here then. Had to laugh...when I looked for an insurance quote for the new boat, one of the questions they asked was "Will you be living on the boat 12 months of the year?....Yeah, when I win the lottery and join Handyman and a few others in FLA!

randy56

Found this:
https://youtu.be/FSxdUv57nKE?t=112

Willhound

  Been to that exact spot many times. I do ice fish, but not as much as my younger days. That opening shot of the house with the fake palm trees, we anchor and fish a shoal straight out from there in the summertime. My old marina was just to the right of where that video was shot and the new place the Rinker is going to is just a little further down, maybe a couple of hundred yards by water. According to the video I may have overstated at 10" but as you can see, no where near boating season here yet.

randy56

BRRR, you can have all that ice and white suff, hahaha, lol the second guy said it was a good day of fishing! that's not my idea of a good day of fishing. Lake Simcoe is going to be thawed and ready for boating in 6 week's ?  who know's it may be. 
It's always interesting to see where other's live/boat. 

Willhound

When the temps come up and the wind plays for a day or so, I've seen it go from ice you can walk on to totally clear in 3 or 4 days.