Most boats change hands on the brokerage market rather than new from a dealer. A good pre-owned boat can give you more boat for the money and a known track record. A tired one can cost more in repairs than it saved on the price. Here is how to tell the difference.
New or used?
A new boat gives you the latest design, a builder's warranty and the chance to choose the options. A used boat gives you a lower price for the same size, the depreciation already taken by someone else, and often a boat that has already been sorted out and equipped by a careful owner.
The right answer depends on how you will use the boat, how long you plan to keep it and how much of your own time you want to spend on maintenance.
What to look for in a pre-owned boat
Condition matters more than the options list. A clean, organized boat with records usually means the parts you cannot see were looked after too.
- Maintenance records and receipts, especially for engines and generators
- Engine hours relative to age, and how the boat was used
- Signs of water where it should not be: stains, soft spots, corrosion
- The condition of canvas, upholstery and electronics, which are costly to replace
- Where and how the boat was stored, in the water or on the hard
Pricing an offer on a used boat
Your offer should be based on recent sold comparables, what else is on the market, and the actual condition of the boat as you found it, including any repairs or updates it needs. Boats typically sell within 10% of list price, but the right number is the one that reflects this specific boat.
Protect yourself with contingencies
A written offer with the right contingencies protects you: the survey and sea trial, financing if you need it, and any specific equipment that should go with the boat. All you need to begin the offer process is your driver's license. No deposit is required until your offer has been accepted, when a 10% deposit is held in escrow.
Want a broker to walk you through it?
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