Quick Tips: How to Maintain Your Boat’s Value
Boat ownership is one of, if not the the largest investment you’re going to make, and you obviously want to keep the value of that investment as high as possible.
The greater your boat’s condition, the more use you’ll get out of it, and the better price it’ll command if you ever decide to sell it. Maintaining your boat’s value is simple, but it takes an ongoing commitment. You have to put time, money and effort into it. With that in mind, here are a couple of quick tips for preserving your boat’s value.
Keep Up With Maintenance
Nothing helps your boat hold its resale value more than regular maintenance. Just washing your boat and flushing the motor after each use protects it from the ravages of harsh marine environments.
Regular mechanical maintenance also makes a major difference in preserving the value of your boat. Motors are expensive to repair and even more expensive to replace. Make sure the outboard or sterndrive is in optimal health by servicing it regularly and replacing any worn parts before they break.
NADA and BUC values give you the current value for your boat, assuming it’s in top condition. Find out how much repairing a blistered hull or burnt-out motor would cost, then subtract that amount from the NADA or BUC values. Doing so gives you an indication of how much the general maintenance and upkeep work you do to your boat benefits its overall value.
Something as simple as an annual waxing goes a long way to preserving your boat’s value. Quality boat cleaners, polish and wax cost little but do much to protect your investment, and save you hundreds or even thousands of dollars in maintenance and repair bills. Meanwhile, an outboard or sterndrive motor in perfect working order can account for as much as half of the overall value of a boat.
Invest in Upgrades and Improvements
Spend money on upgrades and improvements, particularly in areas that experience wear-and-tear or on technology that will become outdated. For example, boat seat vinyl eventually cracks and is vulnerable to stains and mildew, while canvases and Bimini tops fade and tear.
Electronics also get superseded by updated versions and can become obsolete. Failing to make any upgrades or improvements to your boat will steadily decrease its value over time. Like owning a house, making ongoing investments on the upkeep of your boat comes with the territory of ownership. Even if you invested only a couple grand in something like a new GPS radar system and used it for several years, it still goes a long way in perceived added value. It shows you as a boat owner cared about improving your vessel.
Enjoy Your Boat
Most boat owners would agree that the benefits of owning a boat are greater than the costs to maintain it. The true value of upgrades and improvements is a combination of the cash value they add to your boat as well as the enhanced boater experience. Invest in your boat as much for your own enjoyment as for preserving its monetary value.