After 3 years of boat ownership, you'll realize that the $4800 you paid for the boat is almost nothing.

I paid close to $10k for my boat and was faced with the same situation as you are after about a year. I'm sure I've got at least another $10k into it. Can I sell it for $20k? Absolutely not. But have I got my $20k out of it? Without a doubt!!

There's no guarantee with boats. You could have easily spent $15k on a boat and still need to put $10k into it over the next few years. Purchasing the boat is rarely the shockingly expensive part.