Classic Sailing Boat

New Boats vs Used Boats

New Boats vs Used Boats

Many people looking to buy a boat start by asking themselves this question. Whilst this may influence your choice of boat, it is more important that you have a clear idea which boat is suitable for your needs i.e. cruising, fishing, watersports and what features you want on your boat – see our buying a boat Key Questions

After you have chosen the type of boat you want, deciding whether to buy a new or used boat depends partly upon your budget, but there are other factors you need to take into account too, there are pros and cons to both new and pre-owned boats.

New Boats - Pros & Cons

Buy A New BoatBuying a new boat is well suited people who know exactly what they want, and those who are planning to keep their boat for several years.

The benefits of buying a new boat are that you can choose the precise specification and colours. You will also have the benefit of the warranty protection that comes with new purchases and the peace of mind that you can return to the dealer or boatyard in the future for advice, training and assistance with boat maintenance.

On the downside, new boats like vehicles will depreciate in the first few years' of ownership, but if you are not in a rush to sell, they can sometimes gain value eventually to the value that you originally paid for it.

For more information and tips, read our Read the Guide to Buying a New Boat


Pros

Cons

New warranty - boat covered under guarantee

More expensive than a used boat

 

 

Can be specified to meet your needs

Value depreciates in first year like car

 

 

Latest design and technology

Doesn't include all equipment

 

 

More economical

Cost of new technology

 

 

Repair costs covered under warranty

 

Used Boats - Pros & Cons

A motorboatA used boat is a sensible choice if budget is a factor. If you buy a 5-year old model, you could save up to half the price of a new boat. On the downside, a used boat generally comes with no warranty; a Dealer may provide a limited warranty, but a private seller will not supply a warranty. A qualified broker will provide the boats title and should provide the relevant paperwork. So, you will need to get the boat carefully checked by a surveyor to satisfy yourself that the boat you're buying is in good condition and has been well maintained.

For more information and tips, read our Guide to Buying a Used Boat


Pros

Cons

Purchase cost is less than a new boat

Less favourable finance terms

 

 

Bigger boat for more money

Limited customisation

 

 

Cheaper insurance

No warranty

 

 

Generally comes fully-equipped

Might not have the latest technology

Summary - Buy New or Used?

Buying new or used is a personal decision. As you've just read, both have their benefits and downsides with different sets of issues. You just need to decide what suits your needs the best and then stick with your decision.

 British Marine Boat Retailers & Brokers logoBritish Marine Boat Retailers & Brokers


British Marine Boat Retailers & Brokers represents all companies and individuals involved in the sale of new and second-hand craft.

Members of the association, which includes over 200 marine businesses, include boat brokers and retailers, all of whom must adhere to the British Marine Boat Retailers & Brokers Code of Practice.

The code was enforced to heighten consumer confidence by providing a set of comprehensive regulations for brokers and retailers.

To find a broker who is a member, click here

If you have any questions, please email us info@onthewater.co.uk

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