New versus Used: Real Difference in Cost

[JasonS]

My thoughts 8 years into ownership of a 1999 Manta 40. We looked at both new and used and had begun our planning/search 4 years earlier. We quickly took charter boats out of the equation due to wear and tear, lack of equipment, and lack of owners versions.

When we priced what a new 40-42 foot boat was and added all the necessary supplies, spares, etc, it was significantly more than just the cost of the boat.

Used cataramans that were 8-12 years old had basically leveled at around 50% of new. We only considered boats that were meticulously maintained and “loved”. Did we likely spend about 3-5% more than the avg Manta or similar was selling for? Yes! Was it worth it? Yes.

Consider everything included in a used boat. The spare parts, the tools, the life saving equipment, the galley, etc. Evaluate the condition. It can run into the tens of thousands of dollars quickly.

Get a good independent surveyor. And do your own thorough pre-inspection..

I can’t tell you how many new boat owners we run into that spend the first 12-18 months back and forth to the dealer to fix issues. All boats have problems, but new ones require you to use their dealer network. And your stuck on their timeline.

Also, some of the older cats are built better in my opinion. Not all, but many. So a new 40-42 cat that’s 500-600k, plus roughly $50k for initial outfitting, can typically be had in the $225-350k range in excellent condition and around 200k in need of some tlc. Even if you spend $20k on new sails, $10k on new running/standing rigging, $25k on new electronics, $10k on new solar/batteries, and $10k on other misc, you are way ahead and will have “new”. Likely you won’t need all of those at once and likely those costs will spread over 3-5 years. And new, will begin to have the same costs 4-5 years out.

Certainly look at both options. There are some great new boats out there. I certainly wouldn’t say no to a HH OC50 if someone put me in one!

[sinnerman]

The story of the charter sailboat that had the keel torn off an no one noticed is a good enough reason to NOT buy a charter boat:

https://wavetrain.net/2010/12/24/cha...o-one-noticed/

Best is to figure out what boat or boats you are looking for then (as others mentioned) find one that someone has owned AND (this is the difficult part) TAKEN CARE OF.

Take your time and shop around. Find a boat that the person wants to sell (medical issues, death, financial issues, moving etc) and is already fitted out. Beware of "liveaboards" as they o not sail much and are essentially floating condos.

I bought a 35 year old project boat. This means new wiring, new plumbing, new rigging, new bottom job, no anchor, no autopilot, no FW system and the list goes on.

Even though I am doing much of the work myself, eventually you end up spending way more money than you could ever sell the boat for. (you will not recoup your money). And you spend most of your time fixing the boat and not sailing it.

For me it has been a learning experience about how to repair a boat, but not much learning about sailing.

[Steve_C]

Markets change! Using gross generalizations rarely actually fit reality. I have a friend right now who has been trying to buy an owners version Lagoon 40 ft (Looking at L400, L40 and L39) cat for a while. Even clean 4 cabin versions are now being looked at. Most are receiving multiple offers at asking price within days and sometimes hours of listing. Many never get listed. He is now at a point of offering asking price ASAP and hoping to wait for the survey to deal with any issues. Still does not yet have a boat under contract.

I am buying new and my "All-In" costs are still less than most used L42 owners versions listed if you can find one. I at least get to order it the way I want and avoid the ridiculous prices for some of the factory options. I actually prefer to add things myself. I was lucky and found a slot that was only 6 months out, and also avoided several major price hikes right after I signed.

Unfortunately you have to make a commitment way in advance and the market may change. However for two years a huge amount of people kept saying the market was about to be flooded and prices would plummet. So far it looks to be heading further & further up.

There is no "Right" answer or "Best" way to do this. When you are 7 are 8 months out consider the market and just make a choice. You are going to spend a lot either way, consider it an investment in quality of life and dive in.

Best of Luck and Fair Winds!!!!

[waterman46]

If the canvas is in very poor condition after only 5 years, sounds like you have been looking at chartered boats - I find that chartered used boat prices are way too high considering the condition they end up in after a few years.

Assuming you can find a used boat from a private party, what you are missing is that you should not need $35K in upgrades to arrive at a completely useable boat.

I'm assuming you will buy the boat for your own use, not for charter. When you buy a used boat for yourself, you don't expect it to be cosmetically new and you are willing to accept that. You are willing to accept that some equipment doesn't work perfectly, but you'll rebuild it yourself as necessary.

You don't have immediately replace everything that is slightly "tired". Most equipment can be rebuilt by you, so no need to spend for complete replacement. The big exception is the motor and/or generator. There you have to be sure you get a good sea trial and that the PO has at least some basic maintenance records (Yes, we should all have them!) and send oil out for analysis.

If you don't want to work so much on the boat yourself or can't accept less than perfect, then it's better to buy new, not used. Just a fact of life of boating.

[Hoodsail]

What will you be missing? I would say, $100,000's. You note that you have chartered for 3 yrs and I am assuming the boats you sailed on determined your short list to buy. You said you are "on schedule" in your 5 yr plan...To do what? With who? how many? I am leading up to asking do you need a 42ft cat? Could you accomplish same with a 20yr old mono at $100,000 with $50,000 for refit? If family of 6 then not, but for 2 adults, quite easily.... so I am definitely in the used camp with the caveat in your 5 yr plan to buy a yr prior to "departure" to work on her yourself to learn systems & the boat....Of course this calculus is wholly based on my well-worn biases..all the best in your hunt.

[more]

Originally Posted by Hoodsail

I am leading up to asking do you need a 42ft cat? Could you accomplish same with a 20yr old mono at $100,000 with $50,000 for refit? If family of 6 then not, but for 2 adults, quite easily....

For me simply NO. 55-65 ft mono vs 40 ft CAT(only production EU CAT)
i pick CAT . But this is for me now my location my age.
If I go around the world i pick 55-65 mono and after jurne sale mono by CAT.
For couple best CAT is Nautitech. Cockpit and main saloon is supreme. Cockpit is simply made for MED

[Etscott]

Things to think about or investigate

Insurance rates change for older boats
Interest rates higher for older boats
Import and duty fees
Exchange rate at time of purchase

All of the above can make a huge difference in the whole cost package.

[TPG]

I've looked at a lot of boats over the last few years, both mono and multi. As a rule, anything over 10 years old had at least one major system in dire need of replacement. Have found that one-owner boats under 10 years old are hard to come by, they are off the market very quickly if priced correctly. Especially true of catamarans.

I agree that if you find a good used boat that already is outfitted, this is ideal when compared to building a new boat and outfitting it.

At the time of this writing I am working on building a new cat as I have been unable to find what I'm looking for, but that's just a personal preference.

[Cheechako]

Charter boats would be a poor comparison. A 5 year old personal boat will often have very little use.
I think at about 7-9 years the "add ons" on a boat; pumps, rigging, sails, lines, hoses, wiring etc etc, start to require significantly more maintenance.

Seldom do I see that things on a boat are worn out from 'use', sails being the exception maybe. The biggest detriment seems to often be 'lack of use' or 'lack of maintenance' in a salt environment.

[DeValency]

The situation right now is quite unique as there is extremely low supply of both new and old boats while the demand is exceptionally high. No one can assure you this is going to stay in five years. And you may be in competition with the charter companies flooding the market with used boats at the time you may want to sell.

So the loss of value over time may be much higher than calculated.