When Should You Upgrade Your Boat?

old-scarab-boat

It doesn't matter what type of boat you have, whether it is a small bowrider or a large cabin cruiser. There will be a time when your boat needs to be upgraded. You don't have to buy a bigger boat in order to upgrade. You might decide that a boat with a different hull design is more appealing to you, or that you just want something faster or different. How do you know when it's time to pull the trigger? These are key considerations to consider if you feel it is time to upgrade your boat.

Ironically, considering the timing of this article. I recently upgraded my boat after having it for almost 15 years. After it has served me well for so many years, why move? It was also well maintained and reliable, especially considering it had been refit a few seasons back. It was often a combination of all the above factors that a boater chooses to upgrade. These were just a few of the factors that came into play.

Boat financing

Personal finances are an important consideration for most people when deciding whether to upgrade their boat. It's a good time to upgrade if you have a large amount of money and your bank account is full of zeros. However, upgrading your boat when times are difficult may seem foolish. It is important to remember that boat upgrades don't always mean spending more money. Many people choose to downsize their boat because they feel it is more practical.

Your current boat's age, condition, reliability, and performance.

If your vessel is old and has problems with maintenance, mechanical failures or looks drab, you may be prompted to upgrade. These aren't necessarily problems for older boats. Boats that have seen decades of service look and perform great and can last for many years. There are classic and vintage boats that may become more appealing as the boat ages.

If the engine is giving you trouble every other trip, or if the bilge pumps are not working intermittently and the switches need to jiggled, it may be time to upgrade. The same applies if your boat is slow or reminiscent of old boats. Your old, slow and shaky boat could be a great opportunity to upgrade to a buyer who is willing to fix any problems and give it a new lease of life.

Your Crew Size

There are some restrictions on how many people you can take out of a boat, particularly smaller ones. You may need to upgrade because your family grows and you want to be able to carry more people. Or you might find that you enjoy taking along lots of friends on your fishing trips. No matter what the reason, upgrading to a bigger boat can often be a decision that will lead to a larger crew.

This is particularly true for younger boat buyers, who might be upgrading from a smaller starter boat. Long-time boaters with grandchildren often find the same need for accommodating an expanding crew.

Current Boat Market

Many boaters experience "three-footitis", a desire to be bigger and better. While most of us wait until the need arises for one of these reasons, there are some boaters who will never stop looking for upgrades. These people often watch the market and decide to upgrade when it is financially feasible.

There are many factors that affect the boat market. When it is low, you might be able make an upgrade that was not possible before. For example, during the Great Recession you could have purchased more LOA per dollar than any time in the previous decade. A strong boat market can also mean that you might be able to obtain more cash for your boat than you could have a year ago. Sometimes, in a strong market prices are so high that boat owners may be tempted to sell their boats and upgrade.

Sometimes, a seller or dealer might need to sell quickly because of personal reasons. Another reason to keep an eye on the market for boats and be ready to make a quick sale to upgrade is to be able to do so quickly.

Your love of technology

Some people love technology, while others don't. You should always be upgrading if you are one of these boaters. Technology advances so fast in today's age that your boat can become obsolete within a three to five year timeframe.

Consider this: Getting an electricboat five years ago was not feasible. But today, there are many options. There are huge differences between the best multifunction displays 2022 and the MFDs that were built five years ago. The Mercury V12 600-hp Verado was not available five years ago. If you go back 10 years, you won't find digital switching. Instead, the gauges and shift will be analog. This is just a small selection of the many options available to you if you are a fan of new technology.

Your Boating Goals

As boaters age, their priorities often shift. Anglers might find themselves fishing less and instead opting for the sandbar. Wake surfing might be the preferred activity for water skiers. Long-distance cruisers may shorten their trips to take the grandkids with them. No matter the reason, boaters often experience shifting priorities over time. This means that you may be able to upgrade to a new type of boat.


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