Six things to consider before purchasing a speedboat

Ever dreamed of cruising over the ocean in your very own speedboat? Or how about using it as a way to take friends and family on leisurely trips along the Thames? While a £50,000 Riva may be out of reach, there are more modest options available for the first-time buyer. Read on for six things to think about before you take the plunge and purchase a speedboat.

Type of Boat

Begin your search by taking a look at the different types of speedboats available to purchase, along with their asking prices. A good place to look is on online brokerages, and in special magazines that list different types of watercraft for sale. Some of the most luxurious speedboats can set you back anywhere from £50,000 to £100,000+ when purchased straight off the shop floor. If you're seeking something a little more affordable, why not buy a small, second hand speedboat? Take the time to look around and you could find something decent for between £1,000 and £5,000.

Mooring

There next question is where are you going to moor your new toy? If you're lucky enough to have riverfront property, or your own boathouse then you can park it there, but if not you'll have to find a mooring spot. You can search for available mooring spots in nearby marinas by looking online. The prices of these spaces will depend on the length of your speedboat. You can also try approaching people with homes on the water, and ask how much it would be to rent a private mooring space.

Maintenance

Always factor in the cost of annual maintenance for your speedboat. When you find a reputable boat specialist, you'll realise that maintenance is probably less than you think -- providing that nothing drastic goes wrong.

Insurance

The next step is to think about insurance. It is not a requirement by law to purchase insurance for your speedboat, but it is highly recommended. Some insurers will need to know that you are capable of safely driving your speedboat, and some may ask for waterway certifications.

Fuel

Expect fuel costs to be around the same price as for a car. The tanks of a small motorboat will cost around £50 to fill up with petrol or diesel, while LPG fuel is significantly less.

Reselling

Finally, it's worth thinking about if your speedboat is going to hold its value if you sell it. Again, similar rules apply to boats as to cars. Purchase a new boat and you can expect to get much less for it when it comes to the resell. Buy a second-hand quality brand name boat, look after it properly, and it should hold its value well.

Mull over the above tips, and you'll be well on your way to making a sensible decision when it comes to purchasing a speedboat. Enjoy!