A new boat in Panama comes from a dealer who has already imported it, so the price includes duty and 7% ITBMS, and you get a warranty you can actually use locally. A used boat costs less, but Panama's sun, heat and rain age boats quickly. Its condition and customs status matter more than its year.
Buying new: dealers, lead times and warranty
New-boat dealers for the main US and European brands cluster in Panama City, around Amador, Costa del Este and Punta Pacífica. Buying new gets you:
- Clean paperwork. The dealer imports the boat and invoices you with ITBMS. The import declaration should be in your file from day one, which helps registration, insurance and resale.
- A local warranty. Ask whether the manufacturer's hull and engine warranties are honoured in Panama, by whom, and what service schedule keeps them valid.
- A choice of spec. Ordering a boat built to your spec can take months. Stock boats are faster but limited.
The trade-offs are price and depreciation. You pay the full import cost up front, and the first years of value loss are yours. Ask what the dealer offers for trade-ins, since many good used boats in Panama City come from them. Before you sign an order, check that the dealer has a workshop and technicians where you will keep the boat.
Buying used: where the boats come from
Used boats in Panama come from four places, and each comes with its own typical history:
| Source | Typical story | Check first |
|---|---|---|
| Local owners and dealer trade-ins | Pacific-side powerboats, often lightly used | Import paperwork, hours, how long it sat |
| Cruisers ending a voyage | Sailboats and catamarans at Shelter Bay, Linton Bay or Bocas | Flag, transit status, sun and rig wear |
| Ex-charter boats | Hard hours, but often serviced on schedule | Service logs, commercial registration to change |
| Florida and US imports | A bigger choice, shipped or delivered | Landed cost after duty and ITBMS |
A used boat whose duties were paid at import doesn't normally carry ITBMS again on a private sale. A foreign boat you keep needs a definitive import. The difference is explained in in transit vs imported.
The tropical-wear problem
Panama's water is warm all year, the sun is overhead, and the rainy season runs from May to November. That wears boats in predictable ways:
- UV. Expect chalky gelcoat, crazed plastic windows, rotten canvas and stitching, and brittle hoses and wiring insulation.
- Water in the structure. Daily downpours find every leaking deck fitting. Have cored decks and transoms moisture-checked.
- Corrosion. Look for green connectors, seized seacocks and eaten zincs. Warm salt air speeds all of them up.
- Growth. Running gear, intakes and strainers foul quickly, and boats that sit grow a bottom fast. See bottom growth in the tropics.
- Mould and smell. A closed boat in the rainy season needs dehumidifiers or ventilation, or mould sets in.
- Lightning. Pacific-side storms damage electronics. Ask directly about strikes and insurance claims.
The single biggest risk is a boat that sat unused for a season or two while the owner was abroad. Its engines, pumps and wiring may all need work. More on prevention is in corrosion, salt and humidity.
Records, survey and the honest price
In a small market with few published sale prices, paper is your best evidence. Ask for:
- engine service invoices with hours,
- the haul-out and antifouling history,
- the bottom-cleaning schedule,
- any insurance claims.
A good file looks like what Panama boat records should contain. Then commission an independent haul-out survey with a moisture meter and engine checks, and an oil analysis if the engines are large. See boat surveys in Panama and sea trials in Panama.
Use what the survey finds to negotiate. In Panama, a repair list priced by a local yard is more persuasive than a figure from a US price guide. It also shows you whether the work can be done locally at all, or whether parts must come from the US. If the seller won't allow a haul-out or a sea trial, treat that as the answer.
Which is right for you
New makes sense if you want a warranty and simple paperwork, or you'll keep the boat a long time. It also suits a buyer who wants a specific model that is rarely sold used here.
Used makes sense if you can survey properly, accept some first-year work and want more boat for the money. It is also the only practical route for many cruising sailboats and catamarans.
Either way, cost both options through the boat-buying budget, and fit the boat to the coast first using choosing a boat for Panama's waters.
Your practical starting checklist
- Decide whether a local warranty or a lower price matters more to you.
- For new boats, confirm the dealer's workshop, warranty terms and delivery date in writing.
- For used boats, ask for the customs status and the full maintenance file before viewing.
- Inspect for UV damage, water in the structure, corrosion and signs the boat sat unused.
- Commission a haul-out survey and sea trial, then price the repair list with a local yard.
- Negotiate using the yard's figures, and close through the normal AMP process.
Frequently asked questions
Are new boats more expensive in Panama than in Florida?
Usually, because the Panama price includes shipping, import duty, 7% ITBMS and the dealer's margin. Compare the dealer price with a Florida price plus those costs, not with the Florida sticker.
Is a used ex-charter boat a bad buy?
Not automatically. Ex-charter boats often have hard hours but regular servicing. Check the logs, the survey and the registration, which may need to move from commercial to private use.
Should I buy a used boat in Florida instead of in Panama?
A Florida boat can be in better shape, because it saw less year-round sun and has a bigger pool of comparable sales. But you add transport, duty and ITBMS, so price the landed cost. See buying in Florida and bringing it to Panama.
How fast do boats age in Panama?
Faster than in temperate climates, mostly through UV, heat and rain. A boat that is used, washed and covered regularly holds up far better than one left closed in a slip.
En español: lanchas usadas en Panamá
Al comprar una lancha usada en Panamá, revise primero dos cosas: si los impuestos de importación están pagados y el historial de mantenimiento con las horas del motor. El clima tropical desgasta rápido:
- El sol daña el gelcoat, las lonas y el cableado.
- Las lluvias de mayo a noviembre meten agua en cubiertas y sentinas.
- El agua cálida acelera la corrosión y la vida marina en el casco.
Encargue una inspección en seco con un perito independiente y una prueba de mar antes de pagar. Una lancha nueva de distribuidor incluye arancel e ITBMS (7%) en el precio, y una garantía que puede usar en Panamá.
The next question to answer
The whole buying process, end to end. Read How to buy a boat in Panama.
Surveyors and yards on both coasts. Read Boat surveys in Panama.
Keeping a boat alive in heat and rain. Read Boat maintenance in the tropics.
Same topic in Florida: coming from the US? Compare New vs Used Boats.
Official resources
Use the relevant Panamanian authority for current requirements and fees. These resources are the next place to check; a practical recommendation is not an agency determination.
- US Commercial Service: Panama customs regulations (secondary) ↗
- DGI: ITBMS, generalidades ↗
- Encuentra24: boats and yachts for sale, Panama (secondary) ↗
- ACP: Amador tide table 2026 ↗