How to Decide if Buying an Older Boat is Right for You.

When we were young, we just loved the idea of buying a new car. But by the time we've owned three or four of them - often without paying off the balance of last one before buying the next - eventually we discover what a tremendous waste of our financial resources this is. When it comes to boats the situation's not much different, except now we're talking about serious money.

Most people want to buy a brand new boat and rationalize it by saying, "Well, I don't want to fool around with all the breakdowns and problems involved with a used boat. I want a new one that's free of all that hassle." You know the arguement, we've all used it. As the late John D. Mac Donald might say, anyone with a deep saltwater tan would crack a smile over that one. Boaters who've had the experience of fitting out a sizable new yacht know that they're hardly trouble free.

And the cost? Financing a new boat purchase over ten, twelve or fifteen years is hardly good economics when the average period of ownership is probably less than four years. What could give you more of a sinking feeling than to have to write a check to the bank when it comes time to sell because you owe more than its worth? That can really take the pleasure out of boating.
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