Should you buy a 30 year old boat?

Should you buy a 30 year old boat?

The question of buying a new versus old boat is one that plagues most new boat owners.  People who have yet to experience the success of getting a deal or the hardships of ending up with a future artificial reef.  

If you were to ask 4 different people you would get 4 different answers.  And if you were to ask your insurance company you would get one answer… “NO!”. (Don’t worry if everyone always listened to the insurance company then we would all be at home.)

But as the owner of a 44 year old boat, I think the real answer lies not with the buyer but with each individual vessel.  Here are a few things I look for when deciding whether to pull the trigger on an aging vessel.  

1. Does anybody know what it is?  Are you buying a Boston Whaler or a backwoods boyscout project?

In other words, does the vessel have a good reputation and is it a popular vessel?  Now, being a popular vessel on its own doesn’t necessarily mean that the boat is a good boat but it does mean that you might have easier access to knowledge and parts.  

It could also mean that everyone else has already discovered that the boat is a piece of trash and shouldn’t be purchased. 

If a boat is old enough to drink that means there should be rumors floating around about its performance on the water.  If nobody has heard of it then it's probably that boyscout project I mentioned earlier.  The perfect first step is to make sure you don’t waste your time going and looking at something you shouldn’t buy anyways.  

2. The engine, maybe the biggest “what if” in all of boating… what if this old engine dies on me?  

Well this is a big 1 for being number 2.  I will say if you are looking at small boats that are easily repowered then be willing to buy new engines at some point. Factor it into your budget.  You at least have the option. 

If you are looking at a big boat that could use a repower then be ready to file bankruptcy. 

You can however find good old boats with good old engines.  The key is to have a good mechanical survey, sea trial, and oil sample tests (which can be found at SetSaleMarine.com).

My advice after that is to just listen to the experts.  If they tell you it all seems to be fine then check your risk tolerance and go for it. 

That is if the rest of this list checks out…

3. Condition.  This one is pretty straight forward. You wouldn’t buy a new boat that is a piece of shit so don’t buy an old boat that is a piece of shit. 

Follow the advice in point 2 and get a survey.  If you are looking at a small vessel that doesn’t warrant spending money on a survey then perform your own.  Hit the boat with a hammer and make sure there aren't any soft spots.  

Vessel condition goes hand in hand with engine condition.  It doesn’t matter if you have a brand new outboard if it is strapped to a wet noodle of a hull. 

Lastly we have,

4. Value.  The real reason anyone ever considers an old boat, because let's face it, if we had the money we would all get that new new. 

Actually I will take that back.  Some people have taste and don’t want some plastic new party boat.  I am with you there, the classics are classics for a reason.  

But this reason is why you are likely reading this article. 

If the vessel makes financial sense to you then go for it.  Just know that it is cheaper than a new boat for a reason and that reason is probably maintenance.  You might be saving money at the purchase but not at the end of each year.  

However, as long as you keep up with that maintenance, you probably have realized most of the vessel's depreciation and won’t lose too much on resale.  Just don’t think it's an HGTV home that will double in price after your renovations.  It won’t.

In summary, as every girl turning 30 says, age is just a number.  

Do other people like her? Does she have a good reputation? Does she have high hours?

At the end of the day you don’t want a bad new boat as much as you don’t want a bad old boat.  Forget its age and look at its condition and reputation.   Hell if it lasted this long then it probably is a decent boat.  At least somebody thought so and kept it alive.