This is one of the first questions for anyone who has decided to buy a boat. Both routes have their strengths. The answer depends less on budget than on your timetable, how you plan to use the boat and how much uncertainty you are willing to accept.
Timing
With a new boat you choose the layout, colours, materials and equipment yourself. In return, the production queue usually means a long wait for delivery, and the date depends on the builder's schedule. A pre-owned boat is ready, and the process takes as long as the inspection, the agreement and the registration. If you want to be on the water in a particular season, this difference can settle the matter by itself. When you order a new boat, the contract should show the delivery date and what happens if it is late.
Depreciation
Boats lose value fastest in their first years. The buyer of a brand-new boat takes that first loss, and the buyer of the same model a few years on pays a lower price. That makes young pre-owned boats a good middle way for many buyers. Equipment added by the previous owner is often not fully reflected in the sale price either. On the right boat, that works in your favour.
Technical condition
A new boat has no history. The builder is responsible for manufacturing defects for the period and to the extent stated in the contract. Even so, a new boat may need adjustments and corrections when it first goes into use. At delivery the boat is checked against the specification in the order, and some buyers call in a surveyor for this as well.
On a pre-owned boat, those early problems have usually been dealt with in the previous owner's time. On the other hand, it is for you to verify how the boat has been used and how regularly it has been maintained. The maintenance records, the engine hours and the survey show you. With a pre-owned boat you make the decision by reading its present condition in a report.
Equipment and generation
A new boat brings current design and current systems. On a pre-owned boat you look at the age of the equipment and whether spare parts can still be had. Navigation equipment and electronics date more quickly than the hull and the engines. Whether an item you want can be added later, and what that would do to the budget, is worth discussing at the start.
Selling later
One day you will sell the boat you buy today. A model that is in demand, well-kept maintenance records and the equipment buyers expect all speed up a sale. On a new boat, very personal choices can reduce the number of buyers later. A tidy file on the day of sale makes things easier whichever route you came by.
Tax and finance
Tax works differently for new and pre-owned boats. With a new boat, the question is at what stage and in which country the tax arises. With a pre-owned boat, it is whether tax has already been paid and whether that can be shown by a document. If you will buy with a loan or under a lease, lenders may apply different terms to new and pre-owned boats. With a new boat, where the invoice is issued and to whom is part of this conversation too. You discuss these matters with your tax adviser and your bank in the light of your own circumstances.
Whichever route you choose, a good decision starts with knowing when you want to be on the water.
