Inherited a Boat? Is it an Asset or Liability?
Inherited a boat?
Have you inherited a boat from a friend or family member? Like any inheritance or gift, it is usually something of value that is passed on. Many people may look at being given a boat as an exciting gift. However, as people who work with boats know some people can’t give boats away. Old boats are more of a liability than an asset.
Sadly boats aren’t like cars and don’t always have any trade-in value. Because a car is made of metal that metal has scrap value. But a boat is usually made of fibreglass or wood and these don’t have any value. Both materials are considered waste which costs per tonne to dispose of.
Fees to Pay
An inherited boat can be more of a liability. If a boat is being stored in a boatyard or marina there will be instant storage fees to pay. Even to get the boat lifted in or out of the water can cost around £200. Then transport fees for boats are fairly high across the board.
If you’ve inherited a boat and you’re not sure what to do it is always worth giving us a call. We will give honest advice on our opinion of the boat. Our team will tell you whether they think the boat could be sold or if it’s end of life.
Sometimes we can offer to take a boat on for free if the new owner isn’t able to sell but wants rid. This can only be offered as a solution if the inherited boat has some recoverable items of value.
Important Advice
The most important advice we could offer now is that if you inherit a boat make a decision as soon as possible. Marinas and Boat Yards will be understanding of your situation but ultimately there will be fees to pay. Boat bills soon add up, so if you’re not in for the long haul as a boat owner it would be wise to move it on.
Recycling a boat with us often has an upfront one-off cost to pay. But this one-time payment can save you thousands in the long run. It couldn’t be simpler to send us your boat details using our Scrap Calculator. Or if you’re more old school we always welcome people giving us a call.
Date Published: November 5, 2019
Last Modified: June 28, 2022
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