Ask someone who’s purchased a boat before, and they’ll
likely tell you: boats are not investments.
Boats require tremendous amounts of time and energy, and
are the best and sometimes only way to enjoy the water…but as investments? Most
casual investors will want to stick to mutual funds.
But this doesn’t mean every boat is a complete money pit,
either. After all, there’s a reason you buy a boat: to enrich your life and the
lives of those in your family. It’s not all about the money. And even if it is,
there are steps you can take to maximize the resale value on your boat and make
sure that you get the most bang for your buck.
Quality of Parts
A boat is more than the sum of its parts, to be sure, but
when calculating the resale value of boats, most investors look for, well, the
sum of its parts. The quality of the parts in your boat will not only have a
tremendous effect on how the boat runs, but on how much potential boat buyers
will be interested in giving you a greater amount of value for your boat.
What parts have the most impact? The most obvious answers
are the most visible: the engine, the quality of carpeting and upholstery,
radar systems, electronics, canvas tops, and the like. These parts don’t only
help your boat look good in the marina, but help the boat look attractive to a
potential buyer. You’d be amazed at how many people will make a decision based
on what they see.
Want your boat to retain its value? Then make sure that you
work to retain its quality. That’s the simple principle behind this point:
maintaining your boat regularly won’t only help it to run efficiently, but will
preserve its condition for the next buyer. Even if you aren’t interested in
re-selling your boat, at least not in the short-term, it’s not difficult to see
why paying for regular boat maintenance might be in your best interest. It will
keep your boat safe, secure, and much more efficient.
Regular cleaning and boat care is also important if you want
your boat to impress any future buyers. Something as simple as applying regular
wax will help
your boat maintain its “like new” appearance, which will be crucial if you ever
decide to put your boat up for sale.
There’s a final truth about resale value that many people
overlook: you can only make a sale for your boat for what buyers are willing to
pay for it. The market will largely determine the value of your boat, no matter
what you do. Sure, it’s important to maximize resale value and take care of
your boat…but at the end of the day, the boat is for you. So enjoy it for you, and trust that if you ever do need to
sell it, you’ve done a good enough job of regular boat care that any potential
buyer will be happy to hand you a check.