As new and used boat values continue to climb, you might be thinking about selling off your current boat or trading it in for a newer or bigger vessel. Before you do, a few Southwest Florida marine experts have some advice for successfully navigating this unprecedented boat market.
It is a question boat buyers have faced for decades. And, while there is no perfect answer, there are pros and cons to each, and a right and wrong way to go about it. Breaking it down, there are five key areas to consider:
Price
One of the first reasons people consider used boats is cost. Once a boat is 5-10 years old, the depreciation factor starts to cause a considerable gap between used boat prices and their comparable new counterparts—for the most part. However, value-priced new boats can often be close in price to many used alternatives, and come with all the advantages of buying anything new; warranty, ability to finance and the benefits of the most up-to-date technology (things I will expand on shortly). These all enter into a price vs. value analysis that can’t be ignored if you are to avoid the regret associated with many buying decisions.
Financing
Hand in hand with the price factor is ability to finance. If the used boat you are buying is not terribly old, its residual and loan value might make it a sound purchase that doesn’t deplete your savings to afford—provided your bank writes boat loans if you are buying from a private party. But as many used boats don’t qualify, it might need be a cash deal. On the flip side, new boats are easily financed and even give you the ability to add options and accessories to the amount financed, allowing you to outfit the boat how you want it and build it into your payment.
Quality
The advances made in boat and engine manufacturing in the past decade are considerable. The old adage “they don’t build them like they used to” can often be seen as GOOD news, as today’s products are ofter more reliable and maintenance free than their older counterparts. There are, of course, exceptions to this rule but, on the whole the quality factor almost always favors new.
Warranty
Even the best boats have issues from time to time. This is where warranty protection comes into play. New boats invariably come with warranties and used boats occasionally have either transferrable warranties from the original owner, or you can buy an extended, third party warranty. The extended warranty option often comes with conditions, however, such as excluding pre-existing problems, waiting periods, and deductibles that water down their value.
Service
Finally, regardless of whether you buy new or used, I suggest buying from an established boat dealer. Private party sales are recipes for post-sale regret as a private seller usually has no motive—or obligation—to take care of you should something break or be discovered shortly after the sale. Dealerships have reputations to protect and the profit from the sale of your boat (and others) allows them to take care of things professionally and they typically stand behind what they sell. It’s your best bet to not being sorely disappointed.
So before you make your decision, I urge you to consider these five factors and weigh your options. A little planning now can save you a world of regret later.
By Keith Yunger
President, Bayliner Boats
Living on a planet that is 2/3 water might qualify a boat as a necessity rather than a luxury. We could not agree more! So let’s get down to the necessities of your shopping criteria and get you started.
Question 1 – What kind of boat?
Your first step is to determine the type of boat that will suit your needs, and that is based on how you plan to use the boat. There are three main boating activities: cruising, fishing, and watersports. While many boats can be used for two or even all three activities, the chart below shows the type of boat and its primary use.
| Day Boating | Cruising | Fishing | Watersports |
| Bowrider/Runabout | Overnighter | Jon Boat | Personal Watercraft |
| Deck Boat | Motorycht | Bass Boat | Bowrider/Runabout |
| Pontoon Boat | Express Cruiser | Flats Boat | Ski/Tow Boat |
| High Performance | Trawler | Center Console | Wakesurfing Boat |
| Walkaround | Jet Boat | ||
| Convertible | Rigid Inflatable |
Day boats are designed to entertain guests and deliver good performance. They are intended (as the name implies) to be taken out for the day and not stayed on overnight.
Cruising boats are also designed for entertaining guests but are not typically as fast or agile as a smaller day boat. They offer cabins and overnighting capabilities, and typically include a head (toilet area) and some form of galley (kitchen) equipment.
Fishing boats are designed with open cockpits in the rear of the boat to maximize the deck space needed for fishing. Plus, they are usually equipped with specialized storage areas and compartments for rods, tackle, bait and the day’s catch.
Watersports boats are designed for waterskiing, wake boarding and towing various water toys at speed. They range from basic sport boats and jet boats to specialized tow boats—which tend to be for the more experienced tow sports enthusiast.
Question 2 – What Size?
Boat size is an important consideration. The bigger the boat, the more features it typically has—like cabins, galleys (kitchens), heads (toilet areas), and so on. The downside to bigger boats is they are more costly to buy, operate and maintain, have more systems to understand and operate, and might not be trailerable. When you’re first getting started in boating, we recommend your first boat be no larger than 24 feet. This, of course, must be balanced with the amount of passengers and gear you plan to bring aboard. Resist the urge to go too big too soon.
Question 3 – New or Used?
The next step is to decide if you want to buy a new or a used boat. Each has its pros and cons—not unlike cars. New boats should provide you with trouble-free operation right from the start. They are sold by dealers who order them direct from the factory and, provided they get the right dealer-prep, are in first-class condition.
Before buying a new boat, make sure the dealer you are considering will support you after the sale throughout your term of ownership. Ask around at boat shows and at the dealer’s location to make sure you’re buying from a reputable dealer with a strong commitment to customer service.
The downside to new boats is they cost more than a similar used boat, but when you buy new you are entitled to all the warranty coverage and manufacturer’s support that comes with buying a new boat.
A used boat may or may not still be covered under the manufacturer’s warranty. These can be sold by a) dealers (who’ve taken the used boat in on trade), b) brokers (who don’t own any boats, they just represent them for sale), or c) private individuals. You take a greater risk on the overall quality of a used boat than you do on a new boat since you don’t know the history of the boat, its maintenance, or whether it’s been involved in any type of accident or suffered any damage.
Many of us will bring a used car to our mechanic prior to finalizing the purchase of a used car. By the same token, you can (and should) hire a marine surveyor to go over the boat carefully. The survey will uncover any problems with the boat, and let you know whether you’re getting a good deal or just buying somebody else’s headache.
Question 4 – Which Make and Model?
Once you decided which type of boat and whether to buy new or used, the next step is to narrow your search down to which boats you want to actually see firsthand and take for a test drive.
There are several magazines and websites that regularly do roundups and buyers guides to help you with your research. BoatTEST.com is one good example. They classify boats by type and have helpful video tests online so you can see the boats run and get the tester’s opinions on where can save you countless hours as you do your research.