As of 2017, the U.S. had about 12 million registered boats, not to mention a heap of other unregistered boats. It’s no secret Americans love hitting the water on their boats, but they have to pay a hefty price for it, quite literally. When buying a new boat is too expensive for you, you could always lease one or buy a used one instead.
Aside from the initial costs, the ownership costs of owning a new boat is a never-ending stream of bills. This begs the question, is buying a new boat worth it? Keep reading and find out whether you should buy a new or used boat or lease one for a few weeks?
In this guide, we’ll be looking at everything you need to know about buying and owning a boat. That way, you can make a well-informed decision, the next time you’re in the market for a boat.
Should I Buy a New Boat?
Who doesn’t like a shiny new toy to show off to friends and family? Absolutely no one, so buying a brand new boat isn’t such a bad idea. However, you’ll have to dig deep into your pockets if you want to snag yourself a shiny new Bluebird fresh off the dealerships.
Apart from the buying price, there are plenty of other costs you have to put into consideration when buying a new boat. So before you rush off to the boat dealers, make sure your money’s right. Money aside, let’s look at some benefits of buying a new boat.
Benefits of Buying a New Boat
There are plenty of benefits of buying a new boat, here are some of them.
It’s untouched– A brand new boat has no history of damage or misuse or faultiness because it’s brand new. As such, expect to get a lot of years from your new boat.
You get what you want– You can get the exact boat model you want if you’re buying a new boat. In preowned dealerships, you have to cross your fingers and hope they have the model you’re looking for.
The manufacturer’s warranty– You don’t have to worry should anything go amiss during your first few years of use. That’s because the manufacturer’s warranty will cover most damages and malfunctions.
Quality is assured– The most pressing question for anyone buying a pre-owned boat is why is the boat on sale if it’s so good? If you buy your boat new, this is a question you won’t have to worry about.
You can modify it how you want it– You can rig your boat with the latest gear like Yamaha propellers to boost its performance. That’s unless you settle for a boat plus motor combo, which is also okay.
If you can afford it, there’s no reason why you shouldn’t go for a new boat from the manufacturer. However, it might be a good idea to first look at the cons of buying a new boat.
Cons of Buying a New Boat
Buying a new boat isn’t without its downsides; here are a few cons of buying a new boat.
Price– New boats are more expensive than pre-owned boats.
Depreciation– Like buying a new car, the value of a new boat depreciates quite marginally the moment you.
Equipment not included– A new boat doesn’t come with the necessary equipment as a pre-owned boat does.
Cost of new technology– Just because a technology is “new,” it drives up the price of the boat by a huge margin.
Should I Buy a Pre-Owned Boat?
The alternative to buying a brand new boat is buying a pre-owned one. Most boating enthusiasts avow that the sweet spot is finding a pre-owned boat that’s a few years old. Whether it’s true is still subject to debate.
Buying a pre-owned boat is way cheaper than buying a new one. In fact, buying a five-year-old boat could save you as much as half the cost of buying a new one. A pre-owned boat is an especially great choice for first-time boat owners.
Benefits of Buying a Pre-Owned Boat
Most people would rather buy a pre-owned boat than a new one. Apart from the great price, here are some other benefits of buying a preowned boat.
You don’t have to be extra careful not to dent or scratch a preowned boat because it might have a few scratches or dents by the time you buy it.
The previous owner will have probably dealt with any bugs and issues with the boat before you lay your hands on it. This saves you a lot of time and money in the long run.
All technologies in the boat will be time-tested, and you can learn about any bad technology from the internet.
Cons of Buying a Used Boat
Buying a pre-owned boat is not without its downside. Here are the cons of buying a used boat:
No warranty– You don’t get a warranty when you buy a used boat.
No latest technologies– A used boat might not have some of the latest boat technologies.
Limited customization– There’s not much customization you can do to a pre-owned boat.
Should I Lease a Boat?
If buying either a new or used boat isn’t a viable option for you, you could always lease a boat. Renting a boat is an excellent alternative for the following reasons.
Boats are expensive– If you can’t afford a new or used boat, then you can rent one for a fraction of the cost.
To sidestep depreciation– As mentioned earlier, boats depreciate pretty quickly, and leasing a boat is one way to avoid this depreciation.
To explore the many boat options– There are many types of boats you could set sail on. Buying a boat limits you to one boat unless you buy another. Leasing allows you to explore the many types of boats.
The idle time– Boats are idle about 90% of the time you own them. You could lease a boat only when you need it.
Leasing a boat is the safest option when you’re not comfortable with buying an entire boat. However, leasing isn’t too much of an option for some people. Most people can’t stand saying goodbye to a vessel they’ve fallen in love with.
Is Buying a New Boat Worth It? the Choice Is Yours
Hopefully, this brief piece better-places you to answer the question, “Is buying a new boat worth it?” Remember, when buying a new or used boat isn’t a viable option, you can always lease a boat. Lastly, remember to only buy or lease your boat from a trusted and reputable dealer.
Also, check with the local authorities for any licenses and permits required for owning a boat. While you’re at it, remember to check out other informative pieces strewn all over the site.