Have you taken the plunge and purchased a brand new boat recently? Well, you’re not alone!
Sales of personal watercraft increased by 10% in 2020.
You’re sure to be excited, but we’d bet good money you’re also keen to protect your investment! If so, you’re in the right place. In this article, we’re going to discuss 4 easy strategies for maintaining boat value.
Let’s dive in.
1. Keep It Well Maintained
Similar to owning a car, performing regular boat maintenance is central to preserving a vessel’s value. Remember, your watercraft will be exposed to the elements and put through its paces on the water! Without maintenance work, it’s only a matter of time before its appearance and performance suffer.
From keeping it clean (you can read more here on how to do it) and inspecting the propeller to changing its oil, there’s no shortage of maintenance tasks to complete! It’s a lot of effort, but you’ll be rewarded for it financially when you come to sell.
2. Address Problems ASAP
Handling issues as they arise is another vital part of maintaining boat resale value. So don’t cross your fingers, hope for the best, and bury your head in the sand when there’s a problem!
Whether your ignition switch fails or your engine’s started to overheat, you’ll save yourself a world of hassle (and expense) by making the repairs sooner rather than later. By doing so, you’ll prevent the problem from getting worse, prolong the lifespan of your boat, and ensure it holds its value.
3. Make Sensible Renovations
Why settle for maintaining the value of your boat when you can take simple steps that actually increase it?! If you have some cash remaining from the purchase, we recommend investing in a few upgrades and renovations that’ll make the boat a) more enjoyable to use and b) more appealing to future buyers.
A few examples include:
- Replacing a tired and tatty boat canvas with a fresh one
- Installing a head (if you don’t already have one)
- Adding energy-efficient LED lighting
- Upgrading the interior with new upholstery, vinyl/carpets, and worktops in the galley
4. Use Quality Parts
Your boat is much more than the sum of its parts, but that doesn’t mean the parts don’t make a difference! Far from it. When it comes to a boat’s value, quality is key.
That’s why it’s worth paying a premium if you ever need to buy a new engine, install new carpeting and upholstery, upgrade your radar system or electronics, and so on. These steps will improve both the look and performance of your boat, thus making it more attractive (and therefore valuable) to aspiring buyers.
Maintain Boat Value Using These Tips
If you’ve recently bought a boat, then the last thing you want is to watch its resale value drop over time. Thankfully, there are plenty of ways to avoid that fate! Heed the advice on maintaining boat value in this article and you’ll be on your way to getting the most out of your vessel while also preserving what it’s worth.
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