New vs. Used Boat

[Chris-R]

I'm out looking for a bigger boat (no kidding). I'm just wondering what your thoughts are regarding buying a new vs. used boat. I've bought new before and gotten killed when I sold the boat 3 years later. The instant devaluation as soon as you take delivery is brutal. On the other hand, I've bought a few used boats and never lost too much $$ when I sold. With that said, the new boat comes with a warranty and since everything is new, stuff usually doesn't break too quick. Any thoughts on new vs. used boats? Thanks.

 

[mr 88]

Re: New vs. Used Boat

Depends on how "big"your going. Having a survey with a used boat will put most peoples mind at ease.Going smaller then do your homework if you go used.Check out all the forums here on the model and engine your looking at. For every questionable used one there are probably 50 as advertised deals.

 

[Bifflefan]

Re: New vs. Used Boat

Look for a 3 to 5 year old one.
Dealers want to move them so see about gettting a warranty with it. If only even for a one year it will cover anything that is unforseen. After that you should know what you have and what needs attention.
Or you can get a new one and not sell it, LOL

 

[Summer Fun]

Re: New vs. Used Boat

I never owned a new boat because I don't want to be the guy that takes the big $$$$$$$ hit in resale.

My old 1987 is going on 5yrs without a breakdown.

Just do your homework & you'll do fine on a used boat.

 

[WIMUSKY]

Re: New vs. Used Boat

I'm out looking for a bigger boat (no kidding). I'm just wondering what your thoughts are regarding buying a new vs. used boat. I've bought new before and gotten killed when I sold the boat 3 years later. The instant devaluation as soon as you take delivery is brutal. On the other hand, I've bought a few used boats and never lost too much $$ when I sold. With that said, the new boat comes with a warranty and since everything is new, stuff usually doesn't break too quick. Any thoughts on new vs. used boats? Thanks.

You kinda answered your own question... Something else to consider is how long you plan on keeping it. If you want to keep it for many years, buy new. If you're looking at 5 years or less, stick with used.....JMO

 

[user64]

Re: New vs. Used Boat

Look around for used boat that still has a warranty on the motor. I bought one privately that was 6 months old and had 18 hours on the engine, plus a warranty for 6 years. Extended warranties are pretty common lately so not unusual to find a 3 or 4 yr old boat with a warranty still in effect. Take your time, be patient.

 

[JimS123]

Re: New vs. Used Boat

First of all, it depends on how long you intend to keep the boat. That "getting killed" depreciation doesn't amount to much if you're in it for the long haul. Sell it after 3 years and yeah it'll cost you extra. Maybe the best idea is buy used and dump it when it needs work, but save the new one for when you really know what you want.

I like to consider "depreciation" as "the optional cost of a new boat". For that extra cost you get:

* A full warranty from the manufacturer.
* a boat that has no holes drilled in it to mount some crap that the previous owner thought was a necessity (but you don't want)
* No possibility that the boat was left outside and the floor and stringers are wet and just waiting to start rotting.
* a "factory ordered" boat that has every option you want (including the right color), but none of the options you don't want.
* a maintenance free boat (or low maintenance) for X years.
* peace of mind that nobody else screwed with the boat and the maintenance has been done 100%
* Maybe even some value added items***

*** My son's 3 year old boat (2 years out of warranty) had the helm seat vinyl tear at a seam - without any hesitation (and at the request of the dealer) the manufacturer shipped him a brand new seat at no charge.

So, depends on your persuasion. Is the "extra cost" worth it to you?

 

[Home Cookin']

Re: New vs. Used Boat

you will not come out ahead, economically, with a new boat. Buy new for other reasons but not for the money.

 

[jkust]

Re: New vs. Used Boat

I am generally anti new everything vehicle because of depreciation. It's like getting something for nothing when you find a few year old boat, used but just like new for a huge discount to new. That said I tend to keep my stuff for a long time compared to average so If ever there was something I'd consider buying new, a boat would be it to get exactly what I wanted. It seems to me though the bigger the boat the fewer the buyers and the bigger the discount on used boats you get. The desparation level to sell goes up as well. We all can afford an 18 foot boat and probably most have a spot to put it but I don't know anyone that can fit a 28 footer in their garage attached to their house...garage not pole barn. There is a nearly new 35 foot Chaparral for $150,000 for sale locally here and it's been for sale for a long time. It is an extreme example but that is a gigantic discount compared to what the owner paid for it. That guy has to be feeling bummed by the hundreds of thousands of dollars he will lose for a few years of use.

 

[jmarty10]

Re: New vs. Used Boat

I bought new 2 years ago and havent been sorry. Turn the key at the ramp and go boating. Just changed the impeller this fall so there is some maintenance on new boats that grow old. I agree with the theory about having to keep them when new. When I was buying however, the only thing I couldnt reconcile was how to afford a used boat that was 5-10 years old and still cost 10-15K. Most banks dont finance boats over 5 years old and taking out a heloc to pay for a toy with already diminished home equity didnt seem right. So............I bought new and let the bank front all the money for a boat.

 

[jkust]

Re: New vs. Used Boat

So............I bought new and let the bank front all the money for a boat.

Another 'buy only used vehicles' reasons is because if cash (from working and saving not from debt) doesn't buy it, it isn't coming home. I generally won't lay out more than $20,000 cash for any one vehicle. That limits me to a small boat.

 

[BTMCB]

Re: New vs. Used Boat

I say "what boat to buy" and whether to go "new or used" is an individual decision and depends upon your wants, needs and financial position. I bought a NEW left over 2008 in 2009, with full warranty and a few dealer upgrades and am very pleased with my decision. I was able to negotiate what I feel was a pretty good bargain with the dealer (once his eye starting twitching I knew he wasn't going much lower), plus I received a sizable factory rebate (Brunswick discontinued the Maxum brand the week I bought). I have owned the boat for about 16 months and have used it weekly without any issues whatsoever of significance. Yet, I have the warranty (piece of mind) should anything go wrong. According to NADA (what a majority of "used" boat buyers refer to) my boat is worth a hair more today than what I paid for it new after the rebate. I realize that I wouldn't know for sure unless I actually sold it but it would appear that I have NOT taken a big depreciation hit, if any, on the new boat. Again, it all depends upon what kind of deal you can negotiate. Just one man's opinion.

Good luck with whatever you decide!

 

[Brewman61]

Re: New vs. Used Boat

If nobody bought new stuff....................

 

[produceguy]

Re: New vs. Used Boat

jkust, I agree. If I cant pay cash, it cost to much. Myself, i might buy new when Im rich. Someday. Besides,the older boats have all the character,kinda like an old 60,s Camero.

 

[MainShip36]

Re: New vs. Used Boat

I purchased a boat from it's second owner. It is a 1992 and went for over 100K at the time. Last owner had it for 12 years and maintained it very well (he had the money).

I got the boat for $16K and the book value is still over $40K. Can beat that!

I prefer to purchase used because you can get more for your money and I can maintain all the systems myself. Boats can be a hole in the water if you do not know how to take care of them.

I guess if you are not familure with boats or you do not want to deal with the maintenance and repairs and have the money to pay someone or want a warranty, then go new.

 

[Snobike Mike]

Re: New vs. Used Boat

We bought a left over new boat because It had everything we wanted/needed which I couldn't find in used.

Plus with the discount we got it ended up being not significantly more than a used boat around here (years newer and less than $10K difference). I got the piece of mind of the warranty, and the unabused state of a new boat.

Boats around here have actually gotten more expensive due to lower supply, still reasonable economy, and the price increases that inevitably come every year.