New or Used
Deciding whether to buy a new or used boat is in part dependant upon your budget but there are other factors you need to take into account too.
Buying a new boat suits those who are planning to keep their boat for some years (say 7-10 years), may know exactly what it is that they want or are planning to buy, and will be staying with or upgrading to a particular brand when they replace their existing boat.
The benefits of buying a new boat are that you can choose the precise specification and colour ways that suit you. You have the benefit of the warranty protection that comes with new purchases and have the peace of mind that you can return to the dealer or boatyard in the future for advice, training and assistance with boat maintenance. Also, if you choose to stick with the same brand and upgrade your boat next time, you'll probably be offered a very advantageous part-exchange price on your existing model.
The negatives of buying new are that your boat will depreciate significantly in the first few years' of ownership. Thereafter though, if you hang on to your boat, you may find that it actually starts to appreciate, returning eventually to the value that you originally paid for it! But if your plan is to change or upgrade your boat within 2-4 years, you can expect to bear the brunt of your boat's depreciation.
Generally, unlike cars, boats are not assembled by computer-driven robots and with all the benefits of precision and reliability that comes with it. New boats will have faults inadvertently built in to them, either during the assembly process or in the supply of the components that are fitted to your boat. Times do change though and this is advice is only offered as a warning rather than assuming all new boats carry faults.
Saying this, when you buy a new boat you may expect to use that warranty! But the upside is that once these initial fixes are carried out, it'll all settle down and you'll have the added confidence of knowing just what good shape your boat is now in and how to look after it in the future.
Buying a used boat carries the big benefit that you'll get more boat for your. Buy a model that's 5 years old and you could be paying half the price of a new one. Even if you buy a boat that's a year old, you could expect to pay up to 20-25% less than the new price. And, provided that the boat has been used by its previous owner, all the early fixes required from when the boat was new, will have been identified and carried out by the time that you're buying it.
However, there is a hidden price to pay for these benefits. You'll probably have to make some compromise on the specification of the boat that suits you best, even if it's just that the colour isn't your absolute favourite. You'll never know the full history of the boat, so you'll have to satisfy yourself that the boat you're buying is great value, is also in good condition and has been well maintained. Also you'll maybe receive a limited warranty from a Dealer or Broker that you buy from, but you'll certainly not receive a warranty from a private seller.
And unless you're lucky or you don't make a point of asking, you won't get the backup, advice and assistance during your period of ownership. This may not be a problem to you, especially if you're an experienced boater or a very practical D-I-Y type.
Buying new or used is your call. Both have their benefits, both have their downsides. As you've read, there are just different sets of issues that, on the one hand you can enjoy and on the other, you'll need to accept, when you're buying new or used. You just need to decide which set suits you best and then stick with it.
What boat to buy
- Matching your lifestyle
- New or used
- What type of boat
