Buying New or Used? A Guide to Making the Right Yacht Purchase

Buying New or Used? A Guide to Making the Right Yacht Purchase

Owning a boat isn’t like owning anything else in your lifetime. A boat can have the value of a piece of property, need the maintenance of a seasoned automobile and will provide enjoyment like a vacation home. Put all of these aspects together, however, and you’ve got an investment that needs to be cared for over time—especially at the price that they retail for.

Investing in a boat brings up a great question that many people often have: “should I buy new or used?” While this isn’t an easy question to answer, there are some deciding factors that can help narrow down your decision one way or another.

Buying brand new

One of the best things about buying new is being able to verify completely the condition that your yacht is in when you first step aboard it. You won’t have to worry about initial boat repair in Fort Lauderdale because when you buy new, you’re getting a yacht that no one has ever captained before, directly from a manufacturer that you can put your trust in.

Another upside to buying new is being able to take advantage of any warranties that come with the boat you’re purchasing. These warranties will often be of great assistance to you throughout your ownership of a boat and being able to rely on them gives many boat owners peace of mind.

Now, for the downside. New yachts are expensive—there’s no getting around that! Buying a new yacht will put a dent in your checking account that can be intimidating to approach as a first time buyer. On top of that, your boat will begin to depreciate once it hits the water, much like an automobile.

Buying a used yacht

Buying a used yacht means taking a slight gamble with your money upfront—but it’s a gamble that could pay off big in the long run if you’re smart about it. The first and foremost thing to consider about buying used is who you’re buying your yacht from. A reputable broker is always a smart choice, along with those sources that have obtained yachts through reselling programs. It’s hardly ever a good idea to buy directly from an existing owner, unless you know and trust them personally.

Next, you must consider boat repair in Fort Lauderdale. There’s a slim to none chance that the boat you’re buying is in perfect condition, so assessing the repairs needed to make it seaworthy factors into the buying decision. The greater the repairs needed, the more it will eat into your budget, even if you’re getting your used yacht for cheap.

Finally, make sure that your boat is thoroughly inspected by a marine surveyor before handing over that hefty check! Check with the Society of Accredited Marine Surveyors (SAMS) or National Association of Marine Surveyors (NAMS) for help on getting your boat checked out. If it passes the inspection, you’re in the clear to make a deal!

Remember, a boat is an investment, whether it’s new or used, so you’ll need to carefully consider both options before making a decision. And, once you are the proud owner of a brand new boat, be sure to keep up on boat repair in Fort Lauderdale, to ensure you’re getting the most out of your money.