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Should You Fix or Sell Your Boat?

It’s no secret that boats require quite a bit of maintenance, time, attention, and funds beyond the initial purchase. However, at some point, the cost and time needed to repair your boat just isn’t worth it anymore. If you’re torn between fixing your boat and replacing it with a newer model, here’s what you should consider. 

Top reasons to fix your boat

Sentimental value

If you love your boat and couldn’t imagine yourself cruising on the water in anything else, then refurbishing your current watercraft is probably your best bet. Your emotional attachment to your boat can often be enough reason to put the time and money into fixing it up. Sometimes newer isn’t always better!

Minimal repairs that fit within your budget

Obviously, your budget is a major determining factor for fixing or selling your boat. To determine which repairs are necessary, get your boat inspected by a trusted, certified surveyor. 

During their inspection, make sure they’re on the lookout for potential issues with your boat’s structure – those are usually the most expensive repairs you’ll come across. You’ll also want to hire an experienced mechanic to check for costly issues with your engine, exhaust and cooling systems, and fuel lines.

If you find that the repairs fit within your budget, then it just might be worth keeping your boat in the family a little while longer.

Top reasons to sell your boat

No longer fits your needs

Family dynamics change over time. Whether you’re now an empty-nester, or you’ve welcomed more children into your family, or maybe grandchildren have entered the picture – your current boat might not fit your needs anymore.

Don’t have the time or money to put into repairs

Fixing a boat is a project not all people want, or are able, to commit to. Plus, some repairs cost more than your boat is worth. If fixing your boat doesn’t fit into your schedule or budget, selling it and getting another boat is probably your best option. When you purchase a new boat, you can finance the purchase over several years. Expensive repairs are usually out of pocket and generally don’t come with financing options.


Whether you decide to spruce up your current boat, or sell it for a new one, always keep safety top of mind. Make sure to inform prospective owners of any necessary repairs that could lead to fire, sinking, and other disasters if unattended.

Don’t forget about insurance, either. Check with your Family Risk Manager to ensure your boat is properly insured.  If you aren’t currently working with one of our experts, please click below to read more about our Private Client services and to find a specialist near you.

Insurance products and services offered through McGriff Insurance Services, LLC, a subsidiary of TIH Insurance Holdings, LCC, are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.

McGriff Insurance Services, LLC. CA License #0C64544