Essential Guide to Buying a Used Boat

If you are in the market for a boat, inevitably, you will have to decide if you’re going to buy your boat new or used. If you have the disposable income and you know for sure boating is something you love to do, then you should probably buy your boat new. However, if you’re on a limited budget or aren’t 100% positive boating will be a passion of yours, you should buy a used boat.

Just like when you buy a car, buying a used boat isn’t as exciting as buying a new one. If you’ve been to the water, whether it was the ocean, or lake, you’ve probably seen lots of boats which a small fortune was spent on them. Don’t be fooled. It’s true some of those boat owners may have been able to buy a new boat with cash, but most probably financed their boat.

Again, it’s just like cars. You see people in a fancy, new, car. Chances are, they financed that car and are in way over their head with the payments. At least most used boats are within a price range that you will be able to own it flat out.

When you get right down to it, do you really need a big, expensive, boat to enjoy the water? Isn’t it better to buy a used boat and be able to enjoy it every weekend, than to buy a new one and be so busy working to make the payments (or so stressed about the payments) you never get to use it? Think about some of the people who own the big, fancy, brand new boats. They probably work 60-80 hours a week and never even have time to enjoy the water.

Another reason to buy a used boat instead of a new one is depreciation. Did you know that a new boat can depreciate half of its value within two years? If you buy a new boat, and realize that you can’t or don’t want to own the boat anymore, you won’t even recoup your purchase price. It’s true that a used boat will also depreciate. However, at least you won’t be out as much money as you would if you had bought a new boat.

In fact, you may even be lucky enough to buy a used boat from one of the type of people mentioned above. Someone who spent a small fortune on their boat new, but never had any time to use it. They finally decide that it isn’t worth having, as they only get out on the water one or two times a year. They decide to sell it.

These types of boats are ideal to buy used. The value has already depreciated so much that you will get a great bargain. The boat probably only has a few hundred hours of engine time. In fact, when buying a used boat, always check the hours on the engine. Of course, the engine may have been replaced. It’s always a good idea to ask if the engine is an original engine.

Some people may consider dings and scratches on a used boat a problem. However, if you are an inexperienced boater, it’s actually a good thing. You’ll probably be adding some dings and scratches to the boat. If you bought the boat new, you would constantly have to be careful, as the damage would add even more to the depreciation. You shouldn’t spend all the money you set aside on the boat itself. You should keep some of the money out so you can add equipment and make any necessary repairs the used boat may need.

Another advantage to a used boat is the gear which you will probably get along with the purchase price. Generally speaking, when you buy a used boat you’ll also get dock lines, life jackets, spare props, a radio, safety equipment, life preservers, etc…If you buy a new boat, you usually have to pay lots more for such equipment. Not only are you saving money on the boat itself when you buy it used, you’re saving a lot of money on the equipment on the boat.

The only downside to buying a used boat is you don’t know if the owner took good care of it. Again, it’s like buying a used car. You could be buying someone else’s headache. To help prevent this, it’s best if you can buy a boat from someone you already know. Or buy a boat from someone a friend recommended. In any case, it’s always best to have someone with you who is an experienced boat owner. They’ll know what kinds of questions to ask the owner. You should always consider getting the boat surveyed before you buy it.

In conclusion, there’s nothing wrong with buying a used boat. In fact, you can save yourself a lot of money by buying a used boat instead of a new one. Having a used boat won’t make your excursions on the water any less fun. In fact, by buying a used boat you’re more likely to have more time to spend enjoying it instead of working to pay it off.