When it comes to buying a boat or yacht, there are many choices to make. The first, and most important of these choices is whether to purchase a new boat or refit an existing vessel. If you are considering which option is best for you, MPI is here to help. As there are benefits and drawbacks to each option, we have put together this simple Boat Buying Guide to be used as a reference to aid in your decision-making process.
MPI understands that the boat buying process can easily become a bit overwhelming, which is why this Boat Buying Guide is a very useful tool. It outlines the pros and cons of each option, so you can make an informed decision based on what is best for you. While many people assume that a new boat is a way to go, it is definitely worth your while to look into a refit. This guide will detail the benefits and drawbacks of each option, as well as what to consider when buying a boat.
Option 1: Purchasing a New Boat
- Brand New Vessel – New, untouched vessel, direct from the manufacturer
- Equipped with the newest technology & options – No need to update electronics
- Comes with manufacturers warranty – Peace of mind that you are covered
- Additional manufacturer or representative support – Ability to have all your questions answered
- Greater purchase price – Paying a premium price for a premium product
- Longer order to delivery time – Demand is rising, causing longer wait times
What to consider
When purchasing a new yacht from a well-known manufacturer, a new build could take as long as 2-3 years to complete, depending on demand. While many yacht owners prefer to have the latest and greatest, you must also be willing to wait for what you want. Additionally, a new vessel will have an adjustment period while you are learning how to operate all of the onboard systems.
Option 2: Choosing a Refit
- Takes half as long as a new build – Wait time is cut significantly
- Can start enjoying your vessel much earlier – Shorter wait time means more time out on the water
- Lower price point, cost savings – Ability to afford a used, high-quality boat you may not be able to purchase when new
- Not possible to replace everything on a vessel – Certain items are not able to be removed
- Some pieces may be prone to breakage due to age – Older pieces with more wear and tear may break down after some time
What to consider
Choosing a refit is a great option for boat owners that may have a sentimental attachment to their existing vessel. It gives them the chance to keep the vessel they love while being able to update all of the onboard systems and accessories. On the other hand, a refit is not suggested for a boat owner that does not plan to keep their vessel for a significant period of time.
A good rule of thumb when it comes to deciding whether to purchase a new vessel or to refit an existing one is the cost factor. Determine the current resale value of a vessel, along with the refit budget, and compare that to the cost of a new build. This should help in making your decision.
The Choice is Yours
It is important to remember that with both new builds and refits alike, there are maintenance costs associated with each. Both will have their own set of potential problems, as maintenance and repairs are unavoidable, no matter what type of vessel you own.
If you are interested in a refit, the professionals at MPI can help. From small repairs to extensive overhaul projects, MPI is your trusted source. We offer refit services for electronics systems, woodworking, mechanical repairs, refinishing, and much more. We are able to service any type of vessel, from fishing boats to luxury yachts. With over 23 years of industry experience, there is no need to look anywhere else for your refit. Trust the professionals at MPI with your refit and experience the first-class difference for yourself.