Over 15 million boats are currently in use in the United States. And even though the boating season is slowly coming to an end, it's the perfect time of year to get out there and find a great deal during the off-season. That being said, it's not always easy to make major purchasing decisions about a recreational boat, for example, whether to buy new or used boats for sale. There is quite a wide range of pros and cons of each option, which we've laid out carefully below. Take a moment to read up on some of the advantages and disadvantages of shopping for new vs. used boats for sale.
More than 87 million U.S. adults participate in recreational boating, and many have made an investment in their hobby by making a major purchase on a brand new boat. While new boats are incredibly durable, safe, and visually appealing, it's no secret that they require a much larger investment. That being said, owners of new boats typically have to perform much less maintenance than used boat owners due to the lack of wear and tear.
Of course, owners of new boats may also be in a better position to subsidize their lifestyle by chartering their boat when they're not using it. This can help to make some extra income that would otherwise be necessary for repairs and general off-season maintenance:
"Boat owners have several options to monetize their vessels, although doing so requires careful planning.
People considered “active boaters” spend an average of 71.5 hours on the water each season...That means their boats are not in service for the vast majority of the year. Meanwhile, the expenses for owning a boat -- including the loan payments, dockage and maintenance -- pile up...Chartering or sharing a boat can also allow the owner to count some of their marine costs as businesses expenses on their taxes," writes Brian Bandell on Biz Journals.
Shopping for used boats for sale is a slightly different process than buying a brand new vessel. Unfortunately, you may be a bit more limited regarding the styles and maritime features equipped on your boat, but the right dealership will have a large enough selection for you to be satisfied with your options. Used boats may be a better financial option for those who aren't 'active boaters' or don't need all the fancy bells and whistles that come with a new boat. While the option for chartering or boat sharing may still be available, you may have to invest a bit more in maintenance before it becomes a viable option. Again, chartering your boat isn't necessarily intended to make you extra money; it's intended to help subsidize the ongoing costs associated with any type of boat ownership.
In 2016, the total number of revenue from recreational boats sold in the U.S. was $3.6 billion, and this number continues to rise based on the popularity of the hobby. Before buying a boat, do your research to determine which of these options is best for your lifestyle and financial needs. For more information about used boats for sale in Michigan, contact Nelson's Speed Shop.