Buying a New Boat vs a Used Boat – What to Consider
Buying new or used boats is a tough call for any boat buyer, particularly first-timers. There are no right or wrong answers. Instead, the considerations will boil down to your personal taste and budget. There is nothing wrong with either buying a new or used boat. To help make the most suitable choice, here is a breakdown of the advantages of buying new and used boats, so you can consider your options and make the best choice for your needs.
Benefits of buying a new boat
Here are the perks that you will enjoy when you decide to buy a new boat:
Full warranties
Every new boat has a warranty with a unique period depending on the manufacturer or dealer. Other than the manufacturer’s warranty, there is often a warranty on the equipment that will go even further. An example is an engine warranty that you can extend for an additional cost. Just like with a car, the boat’s warranty will give you peace of mind. Should something go wrong in the initial stages of your ownership period, you will be covered by the manufacturer.
Equipment
When you buy a new boat, your equipment will likely be new and unused. Having the latest equipment on the market means you don’t need to worry about the cost of upgrading in the very near future. To learn more about the items you will need when you buy a boat, check out our previous article on the five things you’ll need when buying a boat.
Financing
Arguably, financing rates on new boats are better than on used boats. You may not be aware, but it can be challenging to get financing when the boat’s age exceeds twenty years, and you may need a higher percentage deposit.
For new boats, the overall disadvantage here is mainly the cost. The price of the marine vessel is by far the most important consideration for most people. When buying a new boat, you pay a premium to enjoy all the advantages of purchasing a new one. Understand that the value of the boat will also depreciate over its life. This can be handy if you are using the boat for business purposes. Otherwise, for regular users, your resale value will reduce over time.
Benefits of buying a pre-owned boat
The advantages of buying used boats are not as many as new boats, but they can be the best option for you. Here are the top benefits:
Cost
The price of such a significant asset is the most crucial advantage for buying used boats. The cost of a vessel will depreciate over time, and you can find a good one at a low price when you use a reputable dealer.
Boats are rarely on everyone’s radar at the same time. So looking for your boat “out of season,” can see you get a great deal. No matter your budget, the most important thing is to have a reliable vessel to get out of the water with friends and family.
Maintenance and upgrade
When shopping around for a used boat, we recommend thinking about maintenance and upgrades as part of your purchase. If you buy your boat from a responsible owner, it may have an upgraded system. They could also have fixed bugs and motors, leaving you a clean machine that you can use for years. In addition, you won’t have any pressure to upgrade to the latest system.
On the other hand, you might be able to negotiate a better price if you need to upgrade systems. So be ready to deal!
The disadvantage in terms of maintenance and upgrades is that you never know what you are getting. You have to take some time to examine the vessel and ensure the systems and upgrades are practical and will suit your purposes. In addition, used boats may have unnoticeable maintenance issues that will trouble you in the future, resulting in more repair costs.
Finding your boat loan
Ultimately, the choice you make comes down to your budget. You can simplify the process ahead of time by investigating your budget and by getting a boat loan pre-approval to achieve your dream of buying a boat. Ezilend helps you get tailored loans when you need them. if you are interested in learning more about how to finance a boat, we have Four Easy Tips To Prepare For A Boat Loan!
Get your boat loan today and make your dream a reality.
