Buying a Boat: Should You Opt for a New or Pre-Owned One?

Buying a Boat

Boating is an amazing experience with family and friends that you can enjoy every time you set sail on a new adventure.

Once you are bitten by the boating bug you will want to explore the possibilities of buying one for yourself so that you have the freedom to go where you want, whenever you want.

The big question when it comes to buying boats is whether you should opt for a new one or if it would be better to invest in a pre-owned boat instead.

Here is a look at what you need to know about both options.

The advantages of buying new

The obvious advantage to buying a new boat is that you have no previous history to consider such as whether the vessel has been properly winterized and whether it has been adequately maintained and cared for.

Buying new is a blank canvas. You can get exactly what you want, as long as you have the budget for it.

Another positive aspect of buying new is that you have a warranty to fall back on should you experience any issues that need resolving. This might be unlikely with a new boat but it is nice to have that level of comfort.

Why it might be better to buy a pre-owned boat

The major advantage of buying a pre-owned boat is you tend to get a lot more boat for your money as a certain amount of depreciation will have been absorbed by the previous owner.

As long as you get a marine survey to check the condition of the boat you can be confident that you know what you are buying.

It is also good to know that any initial faults or technology upgrades needed will have been dealt with by the current owner. That means you are getting a boat that fits your spec and delivers more for your money compared to what the same budget will get you when buying new.

Ongoing costs and other considerations

Once you have decided to buy a boat, there are certain aspects of ownership that don’t really change whether you buy a new one or opt for a pre-owned version.

The cost of marina fees and storage costs will usually be the same. As will other aspects of boat ownership such as insurance, and licenses, together with fuel and maintenance costs.

Unless you have the cash available to buy a new or pre-owned boat outright you will also have to factor in the monthly payments required to finance the deal.

Obviously, the amount you pay each month will vary according to the price tag of the boat. It will also be dictated by whether you are financing a new boat purchase or looking to finance a pre-owned boat.

There are definite pros and cons attached to either option. It is up to you and your circumstances to decide whether to buy new or pre-owned.

What isn’t in doubt, is whatever boat you buy, you are in for some serious fun.