A boat is a serious investment and whether you decide to go with a simple pontoon to float down the river or spend millions on a luxury mega yacht, there are a lot of factors you need to consider. Thanks to technology, buying a boat either used or new is easier than ever. So before you go out and drop some of your hard earned cash, be sure to read this short guide to determine with you should buy a used or new boat.
1) First Year Depreciation is Huge
A boat is kind of a like a car. It loses its value as soon as you drive it off the lot. Or in this case, maybe tow it or sail it! The good news for savvy shoppers is that there are many people who suffer a little buyer’s remorse and are looking to sell boats that are in like new condition at a fraction of the new cost.
2) Look at it Long Term
Cars again are another fitting analogy. Like automobiles after a period of anywhere between three and ten years, you may be interested in moving onto something new or different. For this reason, you want to look at the resell value. This is fairly easy to guage as most boats are continuation of series of boats and you can see historically how well certain brands age over time.
You have to build this into your budget. If you want to keep your boat always running smoothly than you have to be prepared to keep it in good shape. This means properly winterizing it in the colder months and protecting against the blaring summer sun. If you make sure everything is finely tuned and you maintain it will then you can expect to have a nice resell price.
4) Watch Out For Craigslist
Craigslist is a place for some serious deals. However, when it comes to boat this can be a different story. You may see a fantastic ten year old yacht at an incredible price, but the problem with this is older boats require a ton of maintenance. By that point they might have to have some serious component issues like engines and rudders that need to be replaced and you may end up spending more on repairs than you would have if you just bought a newer model.
5) New Boat Have Warranties
Although there are some distinct cost advantages to buying a used boat, the advantage of new is that you have something fresh. It is not something that has suffered through a few hurricanes and just had a new coat of paint slapped on it. New boats come with warranties that often include most of the routine maintenance. This means quality repairs for you and maintaining a higher resale value.
New vs. Used: A Tough Choice
At the end of the day it all comes down to two things: budget and research. See what boat best fits your budget and most of all your nautical goals. And there’s no better way to do that than by chartering a few Boatsetter vessels to find the perfect fit for you!