It should be noted that the author of this article lived on the East Coast of the United States for twelve years and, beginning in 2015, purchased three boats: a 1998 Cobia fishing boat, a 2008 Bayliner cruiser, and a 2015 Sea Ray 240, which they currently use.The author has been very active in the Facebook Boat Trading Group, the BoatTrader forum, and the r/boats subreddit on Reddit, having participated in no fewer than forty-two boat transactions and encountered numerous setbacks along the way!The data in this article is sourced from BoatUS, NADA Boats, official USCG statistics, and the author’s on-site research.
Buying a boat may seem simple, but it’s actually quite complicated.
When I bought my first boat in 2015, I thought finding an inexpensive used boat would be enough. But how did it turn out? An engine overhaul cost $8,000, and patching leaks in the hull cost another $2,000. When I did the math, the purchase price accounted for only half the total cost—the repairs were the lion’s share.
What is the current state of the U.S. boat market?
To provide some context, the U.S. is one of the world’s largest recreational boat markets. According to a 2023 report by BoatUS (the American Boat Owners Association), the number of recreational boats registered across the United States exceeds 11 million. The report further explains that What does this number mean? Roughly one in every 27 Americans owns a boat.
Please note that this data only accounts for boats that are required to be registered; small kayaks and inflatable boats are not included in the count.
The used boat market is even more active. Data from NADA Boats indicates that by 2023, used boat sales in the U.S. accounted for approximately 73% of the total market, meaning that seven out of every ten boats are used.
Why do so many people buy used boats?
New boats are too expensive
They depreciate too quickly
There are more used options
What are the prices like for new boats? Let me give you an example.Take a brand-new 24-foot fishing boat, for instance. Its starting price right now is roughly between $80,000 and $120,000. However, the same boat—once it’s five years old and becomes a used boat—might cost as little as $40,000 to $60,000, representing a depreciation rate of nearly 50%.
What does this actually mean? It means that those who buy a new boat will lose 15 to 20 percent of its value in the first year alone. That’s no small amount.
How do you choose between different boat models?
This is the most frequently asked question. I’ve seen far too many people buy the wrong boat.
Let’s talk about fishing boats—they’re one of the most popular boat types in the U.S. Brands like Cobia, Boston Whaler, and Grady-White are quite active on the used market.
| Boat Types | Used Price Range (2023) | Ideal Uses | Common Mistakes for Beginners |
|---|---|---|---|
| Fishing Boats (20–25 feet) | $25,000–$60,000 | Inshore Fishing | If you buy one that’s too small, you won’t be able to go out in rough weather |
| Cruiser (24–30 feet) | $30,000–$80,000 | Family Recreation | Maintenance costs are underestimated |
| Sailboat (28–35 feet) | $20,000–$70,000 | Long-distance travel | Can’t operate it—it’ll just sit there gathering dust |
| Motorboat (17–22 feet) | $8,000–$25,000 | Short-distance recreation | Ignore towing costs |
My friend Mike bought a used Cobia 247 last year. The price seemed pretty good at $38,000, However, there was a crack in the engine block, which cost $6,500 to repair, and there was hidden damage to the hull, which cost another $3,000 to fix. In the end, the total cost ended up being more expensive than buying a new boat.
A Few Things You Must Know Before Buying a Boat
Boat inspection—never skimp on this. A professional boat inspection typically costs between $300 and $800, depending on the boat’s size. However, it can save you thousands—or even tens of thousands—in repair costs.
One particularly outrageous case I witnessed involved a boat priced at $12,000 that looked brand-new on the outside.After purchasing it, the buyer suddenly realized that the hull had corroded through completely and was beyond repair. Ultimately, the boat ended up as scrap metal.
Many people don’t consider insurance when purchasing a boat. However, many states in the U.S. require boat owners to carry insurance. Furthermore, if you finance the purchase of a boat, the bank will also require you to have insurance.
How much would insurance cost for that $30,000 boat? Based on data from 2023, the annual insurance premium in this scenario would likely fall within the range of $400 to $800. What if the boat is over 20 years old? The premium will be slightly higher, and there is even a very real possibility that coverage will be denied.
Docking fees. This is an often-overlooked expense. Costs vary significantly by region.
Florida: $200 to $600 per month
California: $300 to $900 per month
Great Lakes region: $100 to $300 per month
Inland states: $50 to $200 per month
Where I live in Maryland, the monthly mooring fee is $180. That comes to $2,160 a year. This amount needs to be factored into the total costs.
Fuel consumption. Fuel efficiency varies greatly depending on the boat model.
A 24-foot fishing boat with a cruising speed of 25 knots consumes approximately 3 to 5 gallons of gasoline per hour.If the boat is operated for 4 hours per week over 50 weeks a year, it will consume 600 to 1,000 gallons of gasoline. Based on the average U.S. gas price of $3.50 per gallon, annual fuel costs would range from $2,100 to $3,500.
Where is a reliable place to buy a boat?
There are several main channels:
1. BoatTrader is one of the larger online platforms and offers the most extensive selection of listings. However, you should be particularly wary of fake listings and overly edited photos.
2. YachtWorld tends to focus on mid- to high-end boats and offers relatively high price transparency.
3. Facebook Marketplace has many low-priced listings, but there are also numerous scammers. It is recommended to conduct face-to-face transactions and pay in cash; never make bank transfers.
4. Local boat shows, such as the Miami International Boat Show in Miami or the New York Boat Show, allow you to view boats in person and speak with sellers face-to-face.
5. Direct sales from shipyards: Some shipyards sell inventory or display boats directly to the public, often at prices 10 to 15 percent lower than those offered by private sellers.
Here’s the approach I recommend: Start by filtering listings on BoatTrader to find boat models that interest you, then head over to YachtWorld to compare prices, and finally check Facebook to see if there are any cheaper private sales. Be sure to shop around and don’t rush into a purchase.
The Five Most Common Mistakes Beginners Make
Based on my five years of experience buying boats, here are the most common mistakes:
1. Focusing solely on the boat’s appearance while ignoring the engine’s condition. Remember, the engine is the boat’s vital core. Even if the exterior looks brand-new, the boat is completely useless if the engine shows signs of wear and tear.
2. Ignoring maintenance records. A boat without maintenance records is like a patient without a medical history—you have no way of knowing what problems it has had in the past.
3. Skipping a boat inspection is the most costly mistake you can make. An inspection costs only a few hundred dollars, but it can help you avoid tens of thousands of dollars in repair bills.
4. Underestimating ownership costs. Buying a boat is just the beginning—insurance is an expense, mooring is a cost, fuel costs money, maintenance requires funds, and depreciation also drains your finances. Each of these is an expense.
5. Buying on an uncontrollable impulse—that is, immediately transferring funds the moment you see a cheap boat—is an absolute no-no. You must stay calm for at least three days before making a decision.
Frequently Asked Questions
Q: How much tax is due on a used boat?
A: Regulations vary by state. Florida does not charge state sales tax but does charge a vessel registration fee. California charges an 8.25% sales tax, and some counties may impose additional local taxes. We recommend checking the website of your state’s Department of Motor Vehicles or vessel registration authority.
Q: Can I repair the boat myself?
A: Yes, you can, but it depends on the specific situation. Minor repairs and touch-ups are fine, but for major engine overhauls or hull repairs, it’s best to consult a professional technician. I’ve seen many cases where DIY repairs ended up making the problem worse.
Q: Is it worth taking out a loan to buy a boat?
A: It depends on the interest rate. In 2023, the average interest rate for boat loans ranged from 6% to 9%. If you have sufficient cash on hand, paying in full is a better deal. If you choose to take out a loan, be sure to calculate the total interest costs carefully before making a decision.
Q: What age of boat offers the best value?
A: Boats between 10 and 15 years old offer the best value for money. By this point, most of the depreciation has already occurred, yet the engines and hulls are generally still in good condition. Boats over 20 years old carry a significantly higher risk of repair costs.
Q: What size boat is best for a beginner?
My first boat was 22 feet, and I later upgraded to a 24-foot model, which felt just right. Motorboats or small fishing boats between 18 and 22 feet are best suited for beginners—anything too large is difficult to handle, while anything too small won’t be able to go out in rough weather.
Buying a boat can be difficult if you make it difficult, but it’s actually quite simple if you keep it simple. The key is to never act on impulse; do plenty of research and compare your options thoroughly. The U.S. boat market is vast, with numerous options available, but it’s also full of pitfalls. I hope this article helps you avoid some of the common pitfalls.
Finally, one last point: a boat is a consumer good, not an investment. Be sure to think it through thoroughly before purchasing—what you’re buying is enjoyment, not a tool for making money.