Budgeting for a Boat: Buy New or Buy Used?

Boat Insurance

If you’re thinking about investing in a pleasure craft of any size, you’ve got a lot of options out there. The first thing to do when trying to figure out what you’re going to get is to figure out where your budget is at. The second thing? Look at the big picture for your costs, including the possible maintenance and repair costs you’ll face. A lot of the time, a used boat can look inexpensive on paper only to have a lot of hidden costs. Buy near the top of your budget and you could be sidelined soon after the purchase by repair costs that take you a season or even two to save up and cover. There’s also the issue of insurance, storage, and upkeep even when all the parts are working just fine.

Is a New Boat Less Expensive?

There’s a lot that depends on the individual situation. Certainly, there are some instances where new vessels cost less than used ones overall, and cases where the reverse is true. What’s more important is what the purchase gets you. New boats often have warranty coverage and safety features that you can’t get with an older one. When you buy new boat insurance, those features and that warranty against mechanical failure can help you get better rates. They also help you buy closer to the top of your budget without worrying about unexpected costs if there’s an accident or a breakdown.

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