The feeling of setting sail on a luxury boat that belongs to you is within touching distance. The decision to buy is probably the most significant moment on your journey to luxury boat ownership.
It’s time to weigh up all your options and preferences. Could you bear to sacrifice brand spanking new for a few thousand dollars? Will a used boat give you all the bells and whistles you crave?
Go For a Trusted Brand
Whether you’re buying new or used, the make is crucial. Brands you can trust invest heavily in cutting-edge design.
Research any brands you have your eye on carefully. It may be unwise to go for a smaller, less well-known brand because you find a unique or quirky design tempting. Start by figuring out your must-haves. These could be:
- Having a central console with plenty of space for fishing on the sides
- A high level of comfort for overnight stays
- Power for water skiing or wakeboarding
Other key considerations should be:
- Budget and financing options
- How you intend to use the boat, and how it fits with your lifestyle
- Resale value and depreciation
- Maintenance and ownership costs
Top Tips for Buying a New Luxury Boat
Many boats of today have a futuristic feel. Boat engineers get more innovative every year, challenging the norm and exceeding our expectations. By buying a new boat, you can share in the innovation and design experience every time you’re out on the water.
The innovation cycle for boats tends to be far quicker than its equivalent in the car industry. Most boats get updated every year with the latest design features and accessories. If you missed last year’s dream boat, don’t worry. The boat of today could be even more attractive.
Manufacturers kit out new boats with all the latest accessories, so you’ll benefit from top-of-the-range technology and features. You’ll even have the option to personalise your boat before you complete the purchase to fit your personal preferences. You may decide on a particular colour, add a few gadgets or boost the engine size.
Warranties and Boat Histories
A valuable benefit to buying a new luxury boat compared to a used one is the warranty coverage. Spending a bit extra may be worth it for the peace of mind. If you break down on the water in your new boat, for instance, you won’t need to stress about spending thousands on repairs as the warranty should cover the cost.
Buying a brand new boat means you won’t waste any time looking into the boat’s history. So there’ll be far fewer potential problems for you to worry about.
The Downsides of Buying New
It’s not all plain sailing, however. When you buy new, you’ll pay top dollar with a higher initial outlay.
Buying a new luxury boat has similarities with driving away a brand-new car. The initial depreciation in resale value can be eye-watering. The latest models are always in high demand, and you may also have to wait a while to get the boat you want and customised to the way you want it.
Top Tips for Buying a Used Boat Value For Money
A lower price is a clear winner when buying a used luxury boat. Just because you may be unable to afford to buy a new one, it doesn’t mean you shouldn’t buy a used one. Many are in excellent condition and cost a fraction of the price.
You could use some of the savings you make to buy upgrades or spend on a trailer or another luxury item.
If you buy a new boat, its value will drop significantly after the first year you use it. Buying a used boat cuts out the losses incurred through depreciation. There is always a strong demand for used boats, and so, with limited depreciation costs, you’re more likely to get back closer to what you paid for the boat when it’s time to sell.
There’s also a much more extensive choice of used boats out there than new ones. You’ll have a far better chance of getting what you want when you want it. The word “used” can be off-putting, but recent models last longer. Today’s boats are high quality and offer updated composite materials.
The Downsides of Buying Used
The condition and maintenance history of a used boat are the key considerations. It’s always a good idea to enlist the help of a Sydney luxury boat broker and expert like MW Marine to check out and survey the boat. They can point out any defects or potential issues, such as the age and condition of the engine.
You should always request a test drive or “sea trial,” preferably with the seller and a qualified surveyor. You need to make sure the boat is structurally sound and performs all the functions necessary.
You may have to compromise over the limited possibility to customise your used boat to your liking. Your boat may also not have all the benefits of the latest technology and accessories. The upside is its availability.
Getting to Grips with the Buying Process
It’s always advisable to do careful research and market analysis to see where your ideal boat fits with the rest. Inspections and surveys are essential to avoid any nasty and costly surprises.
Negotiating price can be a minefield, and it can cost you dearly if you don’t know what you’re doing. A luxury boat broker like MW Marine has the latest market prices at their fingertips.
It’s a smart move to let them close the transaction so you know you’re paying a fair price. They can also offer further benefits such as financing or help you find other options in your price range.
Contact MW Marine Today
Talk to one of the team now about your next boat, new or used.