When it comes to buying a boat, one of the biggest decisions you’ll need to make is whether you’re going to buy a new boat or save a little money and buy a used boat.
While buying a new boat seems like a big investment, it also comes with some key benefits that might just make that investment well worth it.
Here are some of the pros and cons of buying a new boat:
Pros of Buying a New Boat
- Warranty: One of the biggest benefits of buying a new boat are the warranties that it comes with. Considering how easy things break on a boat, a warranty is certainly a benefit that cannot be overlooked.
- Latest Technology and Features: Buying a new boat gives you access to the latest tech and features. These include things like advanced navigation systems, joystick docking, and gyro stabilizers.
- Customization Options: A used boat comes as is, but when you order a new boat from the manufacturer you get the opportunity to add and subtract the features that matter to you, not another owner.
- More Energy-Efficient: New boats are often more energy-efficient and “Green” than older boats. The biggest benefit here is going to be the amount of money you save on fuel.
- Improved Performance: New boats are designed and built with the latest technologies and materials, which means they are lighter, faster, and more maneuverable. Newer boats are also designed to ride better in rougher seas (Offshore fishing boats).
- Custom Financing Options: When it comes to getting a loan for a boat you will get significantly more options for financing a new boat. New boats are a known quantity to lenders because they come with warranties and will hold their value longer. Check out our free boat loan calculator to get an idea of what you can spend on a new boat.
- Enhanced Safety: Similar to new cars, new boats are designed with the latest safety features and technology.
Cons of Buying a New Boat
- Higher Cost: One of the biggest downsides of buying a new boat is that they are significantly more expensive than used boats. In addition to the cost of the boat itself, you’ll also need to factor in the taxes that will certainly be higher if you end up spending more.
- Depreciation: Another drawback of buying a new boat is that it will immediately begin to depreciate in value, and while this is a concern with any boat, it’s significantly more pronounced with newer boats.
- Limited Selection and Availability: When buying a new boat, you’re still limited to availability. There are many boat manufacturers that currently have waiting lists, and some of these waits stretch out to multiple years.
- Longer Delivery Times: Depending on the manufacturer and model, the delivery time for a new boat can be several months or longer. This can be a drawback for those who are eager to get out on the water as soon as possible.
- Higher Maintenance Costs: While a warranty can help protect against most large repairs in the first few years of ownership, the cost of regular maintenance and upkeep can often be higher for a new boat compared to a used boat because of all that new technology that your average mechanic might not be familiar with, or have the parts for.