You love your boat, and it has served you well. Yet, as we experience life changes, our perceptions can also change. Sometimes this means that your erstwhile dream boat no longer meets your needs and wishes. Is it time to upgrade? Here are key factors to consider.
Life Changes
The changing seasons of life definitely play a part in deciding when to upgrade. “We often hear from boaters who started out with a small dual- or center-console when they were single, then marry, have kids, and their needs change,” says Shelley Tubaugh, vice president of marketing for Grady-White.
When kids come along, it is good to consider an upgrade if the family intends to do a lot of boating and fishing. A larger boat offers room for a bigger family and their friends. These are the times when the decision to upgrade is easy.
That evolution continues when the kids go off to college. “Now perhaps the couple wants an express or a walkaround cabin to overnight on long weekends at the Bahamas or cruise the Intracoastal Waterway,” Tubaugh observes.
Of course, without the need to tote around kids and their friends, perhaps a smaller, easier and cheaper to own and operate boat is in the cards? If it’s just you and your spouse using it, a new smaller boat definitely qualifies as an upgrade.
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Greater Adventure
Many boaters yearn for greater adventure. If this sounds like you, it’s probably the time to update your ride. “Upgrading to an offshore-capable boat such as the Canyon 336 with triple Yamaha 350s means you can chase big fish in deeper water, way offshore, and bring along more of your fishing buddies too,” Tubaugh points out. The more time you plan to spend on the boat or the farther out you plan to fish, the more important it becomes to upgrade to a larger, more powerful boat, the 30-year industry veteran says.
New Technologies
A big reason to upgrade to a new boat—be it bigger or not—is to avail yourself of the latest in boating technology and power. “New developments in marine technology are absolutely changing how we boat,” Tubaugh says. “That trend is driving many boaters to upgrade to newer models.”
Some new technologies are retrofittable to older boats, but many advances, such as joysticks, gyrostabilizing systems and air conditioning, are generally installed at the factory when the boat is under construction. As such, you might need to buy a new boat to experience and enjoy such technology.
With new technology comes the need for new learning. “Make sure you have a dealer who can teach you how to use all of these new features of your boat, engine and electronics, and answer any questions when you go out on your boat,” says Tom Harris of Atlantic Marine, North Carolina. “It won’t do you any good to have it if you don’t know how to use it.” Once you learn how to use the technologies, you won’t want to boat without them, Harris says.
Storage and Transport
A number of other factors can influence if and when you upgrade. For example, if you plan to keep your new boat on a trailer, find out if your tow vehicle can safely transport, launch and retrieve the boat. If not, you need to add in the cost of a bigger truck, and if the price is too high for your budget, it might not be the right time to upgrade.
If you don’t trailer, think carefully about where and how you will store the boat—be it in a slip at a marina, on a lift, or at a dry-stack facility. Each of these will incur different costs, perhaps ones that are to become a large part of the ongoing expense of upgrading to a new boat. Once you know and evaluate your budget, you will have a much better idea of whether to upgrade now or wait a while.
Cost of Repairs
One of the biggest reasons to upgrade is the age and state of your existing boat, engine(s) and onboard systems. As boats age a decade or two, the number and frequency of repairs can put a strain on your budget and patience, and cost you downtime that you might otherwise spend on the water.
Each boat owner will have to make the personal decision as to when enough is enough, but eventually you may well reach the point at which repairs, refurbs and refits are not worth the trouble any longer—and this is the time to upgrade.
Resale Value
Selling your current boat is often part and parcel of defraying the cost of buying a new one. But how do you maximize the retail value and selling price of your current boat?
“It’s not about years, it’s about hours and condition,” says Tom Harris of Atlantic Marine in North Carolina. “A very well-kept five-year-old boat with low engine hours—say under 300— will hold value better than a two-year-old boat that’s had less care and has 400-plus hours on it.”
Yet, this is tempered by the specific market area and the economy at the time, Harris adds. “If a boat is in a market where people use their boats more hours in a year, people generally understand that a boat with 400 to 500 hours still has lots of life in it,” he explains. “However, in a market where people use their boats less frequently, buyers generally want a used boat with fewer hours—again, 300 or less.”
General market conditions can also affect used-boat values. For example, when the new-boat market is slowing or soft, then the used-boat market can often be slow, Harris says.
Opting for Quality
Are you a long-term boat owner or one who likes to upgrade frequently? Whatever mindset you possess, choosing the highest-quality boat you can afford ranks as a critical factor, and here’s why.
The long-term owner probably won’t upgrade much, maybe not at all. It is just not in their DNA. If you’re this type of boat owner, you want a boat that will prove durable and reliable for as long as possible—perhaps two or three decades—because that’s how long you might own it. As with any purchase, you get what you pay for.
Interestingly, opting for the highest-quality boat possible also benefits the boater who gets bored quickly and likes to trade up frequently. That’s because the higher the quality, the higher the resale value.
