Nothing beats the excitement of purchasing your first boat. If you are on a tight budget, browsing secondhand boats for sale in Singapore is a wise decision. We all secretly wish we could be out looking for a new boat. When you open a hatch, you want that wonderful styrene fragrance. You desire the VIP experience.
Don’t be concerned. Shopping for and purchasing a secondhand yacht offers advantages that outlast the new-boat scent or the memory of taking delivery. So take note, used-boat buyer, because there are at least five reasons to be completely satisfied with your purchase.
1. Used boats are less expensive.
It is not a secret. Used boats are less expensive than new boats. Much less. That is why they are so enticing. Less out-of-pocket upfront means more money for vital things like retirement savings or your children’s college tuition. Alternatively, more petrol for boating excursions! A secondhand boat gets you out on the lake for less money, which is a huge benefit.
2. New boats lose a lot of value in the first year.
When you buy secondhand, much of the depreciation has already occurred. According to the rule of thumb, new boats depreciate 10% the first year and 6 to 8% each year after that. That may be the general norm, but when I look at used boat pricing, it appears to be more than 10%, but we’ll take that amount for our example.
Assume you acquire a four-year-old yacht (a good age to pick up a used model). According to the rule of thumb, the boat will be priced between 28% and 34% less than it costs new. That is a significant loss you do not have to bear because you purchase secondhand.
3. Boat model cycles are long.
Let’s return to that four-year-old model you just purchased. Boat model cycles are generally longer than four years — probably five to six years — so if you can find a boat that a specific manufacturer still manufactures, you’ll be out on the lake in the same model as the guy who purchased new. If you were picky and bought something clean and well-maintained, you’d be in the same situation as the man who bought new. There are hundreds of secondhand boats for sale on the water that is virtually identical to the latest versions that are being produced today.
4. A used boat can look just as good as a new one.
If you took your time and bought it correctly, your boat should look just as excellent on the water as a new one. Once they’re in the water and darting around on the lake or river, they all appear very much the same.
5. No one can find a used boat in the water
Can you tell the difference between a new Sea Ray and one that is a few years old? What about a secondhand Monterey, Regal, or Bryant? If you can, chances are the differences will be minor, which is why it makes sense to consider a used boat — even if you can afford to purchase new.
