Buying a new vs used boat: the pros and cons of each

Whether it was a recent trip on a friend’s boat, you’ve been inspired by the lads from All 4 Adventure or it’s seemingly come out of nowhere, if you’re reading this it means you’re seriously considering getting yourself a boat.

If you’re in the market to purchase a boat, one of the first questions you’ll find yourself asking is whether you should buy new or used. And if you find yourself a bit stuck on which to go with, this article should provide you with the information you need to make a more informed decision.

Buying a new boat

It’s always nice to get something shiny and unused. But further to that, here are some pros and cons for buying new.

Pros:

• You know it hasn’t been thrashed/mistreated. Because the operational hours are zero when you buy, you don’t need to worry about getting it inspected at all, and there’s no history you need to delve into to make sure it’s all on the up-and-up.
• It’s covered by warranty. The manufacturer’s warranty is a very nice thing to have should anything go wrong (provided what goes wrong is covered, of course).
• Customised for you. You’re free to choose details and specifications that you like, which means it’s really made for you.

Cons:

• Higher price. Obviously you’ll be paying a more premium price for the latest make and model.
• Waiting time. Unless you’re buying a stock-standard or off-the-floor model, the dealer will have to order it which means building it and having it shipped so you won’t be taking it home for a little while.
• As they say, a new car loses 10% of its value the moment you drive it off the lot. And while a boat won’t see as much depreciation as that when you hitch it up and take it home the first time, a new boat is going to see a certain amount of depreciation after its first year.

Buying a used boat

The biggest draw for buying a used boat is definitely the price; you’ll be able to get more bang for your buck, though do the cons of buying used outweigh this cost benefit? Let’s take a look.

Pros:

• Reduced price. Even if the boat’s only a year old, you won’t be paying new boat prices which translates to a lower cost per year of ownership.
• Reviews aplenty. Because the boat has been out for a while, if there were any common issues with it you’ll find them easily via Google. Conversely, if it’s solidly engineered the reviews will reflect that.
• Take it home immediately. Forget having to wait around - if you and the seller can agree on a price, you can take it home that day (though we recommend getting it inspected first).
• Get it checked by a professional. As stated in the previous point, we strongly recommend getting a pre-purchase boat inspection done on it to make sure there aren’t any major issues you’re unable to see. It costs a few hundred bucks but may save you thousands down the track!

Cons:

• You’re never 100% sure of its history. It might come up all good in the inspection and to the naked eye, look great. But there’s no way of you ever truly knowing how it’s been treated previously.
• It’s someone else’s design. Unless you want to shell out a bunch of money to have it reupholstered or to fit a different engine, it’s been put together with someone else’s specifications.
• Limited or no warranty. If you buy from a dealership, they may offer a short warranty. But if you buy it through a private sale it probably won’t have one at all which isn’t great for peace of mind should anything mechanically fail after purchase!

Discuss your boating finance needs with us today

Whether you decide to buy a boat new or used, we’re here to help with financing. After more than two decades helping Australians with financing, we’ve built up an enormous network of lenders which means we’ll find the perfect boat finance deal to suit you.

Use our online boat finance tool to discover how low your monthly repayments could be or give Stratton Finance a call on 1300 955 600 to discuss your financing needs. Alternatively, message us online and we’ll be sure to respond hastily.