Boat Buying: Should I Go New or Used?

Boat Buying: Should I Go New or Used?

Buying a custom powerboat is a big deal. You want to make sure it’s exactly what you want, but you also want to get the best bang for your buck. So, as you enter the boat-buying market, you’re faced with two options: Should you buy new or used? There are benefits to both, and ultimately, it’ll come down to what you want to (or can) pay and your boat ownership goals.

Benefits of Buying a New Custom Powerboat

Who doesn’t like shiny new things? There’s something to be said for being the first owner of a powerful, brand-new custom powerboat. Buying new might be the most expensive route, but there are plenty of benefits that come with the heftier price tag.

Pristine Condition

When you buy new, you never have to worry about condition. Did the previous owners ride it hard, neglect the maintenance, or wear out the seats? It doesn’t matter! Your brand-new boat probably has never touched the water before, so you know it’s in the best condition of its life.

Since you’re the first owner, you’ll be there for every high-seas adventure and can take care of your custom powerboat however you please.

Covered by Factory Warranties

Although new motors rarely have problems, new boats typically come with manufacturer warranties that cover just about anything that could go wrong.

Having a factory warranty will give you some extra peace of mind knowing you won’t have to worry about repairs (or at least paying for them) for the first few years of ownership. While you might pay more upfront for a new boat, you won’t pay anything for repairs.

Customized to Your Style

Perhaps the biggest benefit of buying new is that you can get the exact custom powerboat of your dreams. Especially if you shop Mystic, your boat will be custom-made to have the exact features and styling you’re looking for. Do you really want to cruise around in a boat sporting someone else’s favorite colors and styling? When you buy new, you can make it your own!

Benefits of Buying a Used Boat

The most significant benefit of buying a used boat is the cost savings. Used boats are cheaper, and if you’re willing to scour the internet and used boat lots, you still could find the perfect custom powerboat of your dreams. The main downside of buying used is that you don’t know how the previous owner took care of the boat. But with those mysteries, there are still some major benefits to used boats.

Lower Up-Front Cost

The most obvious benefit of buying used is the lower initial cost. You’ll be able to hit the water with less of an impact on your wallet. If you’re not entirely sure if the boating life is for you, buying used offers less financial risk. If you buy a new custom powerboat and decide you don’t like it after your first outing, you’re out more money than if you bought used.

Less Value Depreciation

Just like cars, boats depreciate in value. The average powerboat loses about one-third of its value in the first five years, with most of that depreciation occurring in the first year. When you buy used, you let the original owner take the brunt of the depreciation, and you can cruise the waters on the same boat with a lower investment.

The lower depreciation on used boats is great if you plan to sell or upgrade within a few years. You can recoup more of your investment and put that money toward another custom powerboat that might better suit your needs.

Avoid Issues with Untested Technology

Boat manufacturers are always adding new technology. Bigger engines, fancier features, and high-tech upgrades are great, but they haven’t been around long enough to prove they can stand the test of time.

With a used boat, you know the features work. They’ve had real-life experience! Even if the previous owner doesn’t share their knowledge, you can find plenty of information online to learn about the durability and performance of a used boat’s features. You’ll have a better idea of what you’re investing in.

More Buying Options

With a new boat, your only buying option is to go to a dealer. For a used boat, you can go to dealers or private sellers. There are exponentially more buying options to choose from. If you don’t like the price one person offers, just move on to the next one. Used boats are a buyer’s market.

The only downside to more buying options is that you need to have the time and patience to wade through all the sellers to find the perfect boat and price to fit your needs.

The Final Thought

Ultimately, the decision between buying new or used comes down to price. Used boats are cheaper, but buying new allows you to customize and choose the exact style and features you want. Typically, it’s preferable to buy new if you can afford it, but it’s up to you to weigh the pros and cons of each to choose the right option for your unique situation.

If you’re interested in boat ownership, contact the experts at Mystic. We’ll schedule a one-on-one meeting to discuss your needs and build a custom powerboat to meet your exact specifications. Are you ready to enjoy life on the water? Get a luxury powerboat that’s as unique as you are. Contact Mystic today.