Is it better to buy a used or new boat?
The water is calling. But before you can set sail on a new adventure, you need a watercraft to turn your dreams into a reality. So that begs the question: is it better to buy a new or used boat?
There’s no right or wrong answer as both new and used boats come with pros and cons. To help you figure out which is the best option for you, we’ve outlined some of these below. Ultimately, the final decision will come down to your individual wants, needs, tastes and budget.
The pros of buying a new boat
Who doesn’t like getting a shiny, new toy to play with? Even better, as you’re the first owner, there’s no need to delve into the boat’s history or worry hidden problems will break the bank. And should anything go wrong, there’s always the manufacturer’s warranty to fall back on.
The benefits don’t stop there. When you buy new, you can get exactly what you want as you’re not limited to what’s on sale in the preowned market. The boat’s equipment will come with all the latest bells and whistles so you won’t have to face additional costs upgrading outdated tech.
The cons of buying a new boat
The biggest downside of buying brand new is the significant price tag. And while the benefits might outweigh the premium costs, remember boats are a depreciating asset that slowly loses value over time. As the first buyer, you’ll take the biggest depreciation hit. However, don’t let that put you off if you feel that memories of fun in the sun will outweigh the cost.
The pros of buying a used boat
You can get more boat for your dollar when you go down the pre-owned route – plus there’s always the possibility you could score a true bargain (especially if you’re buying from a private seller). That translates into a lower cost per year of ownership when it’s finally time to sell.
There’s also no need to put your sea dreams on hold until the boat is built or shipped, as you can take a used boat home immediately. However, it’s always a good idea to get a pre-purchase boat inspection done first to uncover any hidden issues.
The cons of buying a used boat
While a used boat might pass its marine survey, there’s still a small chance that there will be mechanical issues. The boat might have been mistreated or handled roughly by its previous owner and it’s you that could be stuck with the costs of putting it right.
Used boats also come with limited or no warranty, and you might have to upgrade or replace equipment that’s become worn-out or outdated. You’ll also have to live with someone else’s specifications from their choice of upholstery to the engine’s make and model. While you can always put these right if they aren’t to your tastes, that does mean shelling out yet more money.
Need finance to get on the water? Whether you’re buying a used or new boat, National Loans can find you the right boat loan to suit your needs. Click here for a free online quote. If you want help, please fill in this online form or contact National Loans on 1300 358 358.