Who would have thought that one of the toughest decisions when buying a boat is choosing between a brand new model and one that is used? Ultimately, there is no right answer when it comes to buying new or used. The answer is based on your needs, budget, and how you want to use your boat. Should you buy a new or used boat? This article will outline the pros and cons of both options, so you can select the option that suits you the best.
Advantages of Buying a New Boat
Is purchasing the latest and greatest model of your favorite boat your dream? Brand new boats have everything you could hope for, and there are a few disadvantages to consider. Here are some reasons you should consider a new boat:
If you want to build your dream boat, a new one is the way to go. With used boats, what you see is what you get, and there is rarely any compromise. A boat fresh from the dealership means options. Choose the color and material of seat upholstery, technology, lighting, battery configuration, and more.
One of the reasons people choose new boats is to diminish the risk of purchasing a lemon. Buying new means little to no risk of a mechanical issue. Plus, you do not have to worry about marine surveys and inspections. If a mechanical issue or defect does rear its head on a new boat, it is covered during the warranty, and so repairs should be hassle-free and cost you nothing. That is not true with a used boat, which could have problems that the previous owner did not resolve.
Used boats may not have the same warranty coverage as a brand new boat is sure to include. Manufacturers want their customers to trust in their products these days, so they provide warranties that ensure your confidence. Many warranties now cover the parts of the boat for its entire lifetime. That means more peace of mind.
When you are purchasing a new boat, financing tends to be a little less complex, as you can contact a marine lender straight from the dealership or through the brokerage. Used boats, on the other hand, are harder to finance, especially when they are several years old or have a lot of hours on the engine.
Advantages of Buying a Used Boat
When you are new to the world of boating or have a limited budget, used boats are an enticing option. Although there are some risks involved, such as buying a lemon, you can get around those issues with a marine survey, inspection, and test drive. With that in mind, here are some advantages to getting a used boat:
Depreciation Has Already Happened
Upon purchasing a new boat, its value of it diminishes almost in the blink of an eye. After a few years, depreciation has already struck. This means that used boats tend to retain their value better than ones that are brand new. If you plan on buying a used boat and then selling it in a few years, you could end up recouping most of your money, especially if you keep the boat well-maintained.
Years Do Not Equal Hours
Since boats are not used daily, buying a boat that is a few years old is not as big a deal as it would be when buying a car. The hours on the motor are more important than how many years the boat has been around. If the hours are under 1,000 for a diesel engine and it has been maintained routinely, you should have few issues down the road.
Models Cycle Every Four Years
Can you tell the difference between a new boat and one that was released 2-3 years ago? Probably not. Here is why: the same model is sold for 4-6 years at dealerships. Therefore, if you find the model of a boat you’ve had your eye on and it is only 2 years old, you are basically buying the same boat as the current model but for far less.
There are thousands of used boats out there, some with minimal wear and tear. Many boats were bought one year and then sold the next, and so their engines have barely any hours on them. Since depreciation has already struck, you have unlimited options are gently used boats that are just as good as the newest models on the market. You can also find many boats within your price range.
The Research is Done
Sometimes when new models and technologies are released, it takes a few months or years for issues to arise. Sometimes, purchasing a used boat with time-honored construction or technologies is the way to go. You can easily find reviews, Consumer Reports, and ratings of past models to compare, rather than trying to gauge the craftsmanship of a brand new boat.
Considerations When Choosing Between a New or Used Boat
Now that you have seen the advantages and disadvantages of buying a new or used boat, here are a few other factors to keep in mind:
- Monthly finance payments: The more expensive the boat, the more you are going to have to pay per month. Plus, you will be asked for a sizable downpayment. Used boats tend to be more budget-friendly, but they also have limited financing options.
- Maintenance costs: Used boats are going to need more maintenance than new boats, especially since they do not come with warranties in most cases.
- Ownership costs: Insurance, docking fees, storage, registration, equipment, accessories, and taxes on your boat will all add up. Certain makes and models tend to cost more than others
- Delivery costs: When purchasing locally, the delivery cost is factored into the sticker price. However, if you are buying from out of state, for instance, the delivery cost can increase dramatically.
Get Your Dream Boat Today
Whether you are looking into a new or used boat, consider contacting Yacht Brokers of Annapolis. Our friendly and experienced team knows more than buying and selling boats. We also know the ins and outs of boating. Our vast inventory has something for anyone, and we can guide you to the best options. Give us a call or send us a message today to learn more about what we do.