How much do boats depreciate?
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- Опубліковано 7 сер 2024
- Would you believe me if I told you that the average boat holds its value better than any other recreational vehicle on the planet?! Other than some classic cars, that is 100% true. Stay put to find out how affordable boating can be.
If you are like me, you don’t like buying anything that is worth less than the day you bought it. Other than real estate, art, and good investments, most things we spend money on just go down in value. Boats are the same...and yet, WAY better than cars and better than any other recreational vehicle on the market today. By the end of this video you will understand how much a boat depreciates in the first year, each year after that, and what variables will affect that rate.Stick around to the end of the video when I give you 3 tips on how to keep your boat looking like new for many years. In this video we cover:
0:00 Intro
1:24 Our boating season/usage.
2:09 Why cars depreciate faster than boats.
2:46 Why used boats are different than other recreational vehicles.
3:18 Types of boats with the lowest depreciation.
4:20 What to expect for depreciation when owning a boat.
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Cost of Boat Ownership Video:
▶ • What is the Cost of Bo...
Hours of Used Boats Video:
▶ • How Do Boat Engine Hou...
Here is a video playlist with other boat buying topics:
▶ • Do I need a Compressio...
Used Boat Buying Guide:
▶blog.lenscove.com/used-boat-b...
Check out our Boating Blog here:
▶blog.lenscove.com/blog
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Have you ever bought a boat, used it for a while, and sold it for the same amount or more than you paid for it? Tell us here!
In 2018, I bought a 2007 Four Winns Vista 288. I used it for two years, kept it in great shape and then sold it during the Pandemic last Summer for $2K more than I paid for it.
@@kevinblatter2369 likely worth even more this spring as there is no inventory :-)
"Boats are inexpensive to own." That's a statement that needs A LOT more information to be considered correct. If you have a boat on a trailer that you can store at your house and launch/load yourself then yes, boats are inexpensive to own.
However..if you have a boat that's greater than 8½ foot beam, or it's too big for you to tow with whatever vehicle you own, you have to keep your boat at a marina, and they usually force you to use them to winterize, shrink wrap, summerize, and store...on top of monthly dock fees. So except for the first situation, owning a boat IS EXPENSIVE.
I owned a 1987 Ski Centurion competition ski boat for 8 years and sold it for $600 less than I bought it for. My next boat was a 1994 Wellcraft Nova Spyder. I bought it for $17K from the original owner who had paid $65K for the boat. He paid almost 4X what I paid. Never ever buy a new boat unless you love wasting money.
"Never ever buy a new boat unless you love wasting money."
T
I believe there's a running joke among many that B.O.A.T. stands for "Bust Out Another Thousand". Or something along those lines. And that saying could not be more correct when it comes to new boats and their depreciation.
This is the ammunition I needed to convince the wife , thank you !
:)
LOL, we missed this comment - best ever! Did it work?
I think you missed one major reason. Depreciation is low because innovation is low. A GRP hull lasts forever if properly maintained, drivetrain technology did not significantly change the last 50 years and electronics are easy to change. There are not so many reasons to buy new boats over older ones.
That's so true! Never thought of that. It's the opposite of cars..I have a 2008 dodge ram big horn edition truck, the difference between mine and a 2020 dodge ram big horn edition is staggering. The 2020 has leather wrapped heated steering wheel, mine is plastic, Internet access, all kinds of more tech than mine. But..my competition ski boat for example...the value of it almost went up as the cost of new competition ski boats rocketed past $100k...due to innovative extras. So again...you're right. I never thought of that before, thank you.
That is an excellent point!!
Thank you for your explanation. I've tried to explain this to people when they wonder why my 10-year old boat still is worth a lot compared to a car of the same age. Now I will just point them to your video.
Thanks Kevin!
Solid info! Thanks.
Wow I’m sold buying a boat!
Did you do it Drew?
Are "magic erasers" ok to use on boat surface or upholstery? Didn't know if that considered too harsh
a friend just got a new Manitou, and I'm thinking about a new Silver Wave. Do you recommend putting any fabric protection on the seats and or the bimini (like scotch guard)?
Yes, we recommend a good fabric and paint ceramic protector be applied. The good ones will then cover them with an additional warranty coverage
If boats don’t depreciate quick it means it’s more expensive to get into boating , not the other way around
Getting in cost a fairly large amount you are correct. Then getting out nets you a high percentage of that amount back - equaling a net lower cost than many other recreational activities.
This comparison to cars didn't hold up in 2021-2022 lol... Then again nobody I know could have predicted 2020
This is misleading and contains some misinformation, depending on location. A ten year old car does not devalue to 10 percent. Maybe somewhere that they experience rust due to salt, but here in Louisiana, a 10 year old car only depreciates by 50 percent. Of course, condition is relevant. A car us far utility and recreation. Affording you to work, shop, etc. Th in s is a ridiculous pitch especially to those if us that iwn boats....and use them.
Adam, there is no question that here in Canada, our cars depreciate faster. You are right, there are many cases that are different. However in this environment, we are actually seeing boats for up in value due to demand. In general, a boat depreciates slower than most other vehicles in our area in our experience. Thank you for your feedback!
Did you really say boats are inexpensive to own???