Owning a jet ski is a fun and sporty way to splash a little cash, but how much will one depreciate after purchase?
Jet skis (PWCs) are very similar to cars in that they depreciate as soon as they are purchased. They will lose around twenty-two percent of their value in the first year of ownership, and then around eight percent of their value every following year.
Read on to learn more about the cost of owning a jet ski, and how fast they lose their stock value.
Jet skis have long been the iconic choice of entertainment for many beachside locations around the world. They’re fun, look cool, and are often available for hire wherever tourists and holidaymakers are found.
It can sometimes cost nothing more than a few dollars to rent one, equipment provided. You’ll often be able to take to the seas within minutes of your transaction.
However, many people in the world understandably opt to purchase their own jet skis. They’re arguably a staple of the wealthy and are often found attached to beachside properties, or on yachts.
Although it’s not just the rich who can purchase jet skis – they’re available to anyone. They’re a considerably economical source of entertainment and sport, provided you take all aspects into account.
For instance, you’re not just purchasing the vehicle itself. You’ll also need to consider storage, maintenance, insurance, fuel, and cleaning.
The annual cost of owning a jet ski can be more than you’d think, particularly if it sees regular use. According to jetdrift.com, average ownership costs could climb to around $1,700 a year.
Of course, that’s after you’ve paid to purchase the actual jet ski itself.
It’s the same as purchasing any other vehicle; you can buy brand new, or used. If you’re buying a brand new jet ski, you can expect to pay anything from eight to twenty-five thousand dollars.
If you opt for a used model it will of course be considerably less, but new will always be more reliable. These crafts are often driven aggressively, wearing down the durability over time.
That’s not the only aspect in which a jet ski is like any other vehicular purchase. As with a car, for example, a jet ski will depreciate from the moment it’s taken off the manufacturer’s hands.
It’s estimated that a jet ski will depreciate by as much as twenty-two percent in the first year of ownership. After that, it will go down to around eight percent every year.
Therefore, if you purchased a ten thousand dollar jet ski in 2020, by 2023 it would be worth around six thousand dollars.
While researching, we found a 2020 Yamaha FX Cruiser HO being sold brand new for twenty-one thousand dollars. However, a 2018 used variant of the same jet ski was selling – at the same time – for just sixteen thousand.
Of course, there are a huge number of factors that determine the end value of your jet ski. You have to take into account the time it has spent on the water, and how it has been ridden.
For instance, consider a jet ski that has been ridden aggressively for fifty hours on saltwater. This would be worth less than a jet ski that has seen one hundred hours of calm freshwater riding.
While they’re almost entirely used for entertainment value, the hours can quickly rack up. While some jet skis track distance, most don’t, so you’ll never really know how much it’s been ridden.
Get Me A Jet Ski
There’s a lot to consider when buying a jet ski, as we’ve already mentioned.
You’ll need to ensure you’re completing the proper maintenance, and having the jet ski serviced. There are legal regulations in place when owning such a vehicle, also.
Some states are stricter than others, and in some cases, you’ll have to obtain a permit to ride. There can also be restrictions on which waterways the jet ski can be taken on.
After all things have been considered, it’s ultimately a great boast to own a jet ski. If you live near a body of water, they can often be deployed at a moment’s notice.
Just be sure to understand that after a few years in the garage, your Sea-Doo will be worth way less than you paid for it.