In short...buying a boat is not unlike buying a car.
The second you drive it off the lot....it loses 20-25% value....it doesn't lose it per se....but that is the dealer profit......your boat's value is what you paid for it....less dealer profit.
Then you have to add in sales tax...usually a significant number, especially so for a large cat.
Then comes the annual slip fees, insurance, bottom jobs, and 101 things you'll add, change, modify, etc. None of these things adds to the value of your boat, which, like a car, depreciates year after year. You might think that solar panels
, dink, radar
, etc, that you'll add, adds value to the boat, but you will be sorely mistaken.
In the meantime you are still carrying the note from the original purchase price
on a boat which is significantly depreciated.
When it does come time to sell, yours will not be the only boat on the market. This time you will be obligated to pay the broker's commission...usually 10% the value of the boat.
Realistically speaking, it's not uncommon for a boat to sit on the market for a year or more before it sells. You will off course, price
it way to high initially to recoups some of your investment. While you wait, the dockage, insurance, maintenance keeps going and you'll find yourself knocking the price down hoping to attract a buyer.
While you wait, newer boats will come on the used boat
market, while your becomes a year older.
It's not unusual for sellers to have to bring money to the table themselves to get out from underneath a boat mortgage. Talk about adding insult to injury, but it happens more often than you would think.
Finally, your location comes into play. If selling thru' a broker
, and these days, most boats are, location is big thing. If a broker has to drive hours to your boat to show it to someone, their zeal quickly wears off. Broker income
is commission driven. He may have to show your boat a dozen times, all on his own dime. He doesn't take home a check until the boat is sold
All in all, think carefully before opening your checkbook.