The Ultimate Guide to Finding Cheap Used Boats (2024)

FAQs

What time of year are boats cheapest? ›

While fall may be the best time to buy a new or used boat, the winter months signify the boating offseason, which means the boating market slows down and there is a decrease in boat prices. Private sellers may not want to pay to store their watercraft in the winter, and boat shows are offering incentives to buy.

There are numerous factors to consider, like make and model of the boat, its age and condition, the amount rigging features and electronics, the region and type of water where it has been used, and the total operating hours on the engine, just to name a few.

Opinions differ among boatowners and brokers on what constitutes a reasonable amount to spend on a yacht, but they seem to average around 5 percent of net worth as a good benchmark. That works out to $2 million in net worth if you want a $100,000 yacht.

Whether you're looking at a boat from a dealership or a private seller, you should be negotiating — it's just like buying a car. But negotiating doesn't come naturally to everyone.

But sales of big, new, fun stuff fell in 2023 to the lowest level in a decade: boats down 5%-25%, depending on the type, and RVs down 20% year over year, according to Recreational Vehicle Industry Association and National Marine Manufacturers Association year-end reports.

The ABOS Marine Blue Book offers pricing data, helping you estimate a boat's value.

Upgraded boats tend to have higher resale values. From advanced navigation systems to upgraded interiors, these enhancements not only improve the boating experience but also contribute to a boat's appeal on the resale market.

While you can certainly find expensive used boats, if you want a reasonable vessel that fits within a tight budget, you will likely choose a used option. Not only is the price lower, but like a used car, much of the value depreciation has already happened, so a used boat will hold its value better as well.

Annual maintenance for the boat costs 10 percent of the boat price on average, but you'll also have to consider other costs like insurance, storage/mooring, fuel, registration and repairs, as some examples. Make sure to choose the boat that works for your budget, usage needs and lifestyle.

What age boat is best to buy? ›

But if you're looking for a pre-owned yacht, what's the best age to aim for? Ten to 15 years in the life of a yacht is a key juncture where some spending will often be needed to maintain value, but initial depreciation has levelled out. It's also a part of the market with big variations in price.

Boat loan lenders typically want a down payment of 10% to 20% of the boat's purchase price, but this can vary based on the lender and the boat's cost. Although some lenders offer loans with 0% down, keep in mind that a down payment may lower your monthly payment and reduce the total interest you pay on the loan.

The hull is the main body or frame of the boat and should be inspected for any cracks, dents, or other signs of long-term damage. According to J.D. Power, any cracks or dents to the hull are major red flags and reasons to walk away.

Sight along the hull for mismatched paint or gelcoat, which can signal a previous repair. Look for warps and dimples in the hull and topsides, which might indicate a structural problem. Blisters, unfortunately, are a common complaint, and though unsightly, they rarely rise to the level of being unsafe.

Inspect the Boats

Once you narrow down your search and are seriously considering one particular boat, it's important to have a thorough inspection of other major components such as the engine, propeller, bilge (inside a boat's hull), steering system, electrical systems and fuel tank. Take a test drive or sea trial.

Similar to other industries, boat prices tend to be lowered in the fall and winter. Add in the fact that dealerships are trying to clear their inventory to prepare for next year's models and you're sure to find a few good deals.

That being said, October and November still see a greater number of completed sales than in December and January on average. If you want to take advantage of the fall selling season, it's important to start the process now so that your yacht brokerage firm has the time to prepare the listing for the public.

Boat maintenance and repair costs

Typically, annual boat maintenance costs about 10 percent of the cost of the boat itself. For example, a boat that cost $20,000 to purchase would cost roughly $2,000 a year to maintain. Examples of typical boat maintenance include: Painting the hull.

If you tried to buy a boat during the pandemic, you dove into a new type of retail environment – the quarantine market – featuring overwhelming demand, multiyear waitlists, soaring prices, and strong competition from other shoppers.