Sponsored by Hutchwilco, boaties can get up to $40 discounted off brand-new lifejackets.
Coastguard NZ Community Ambassador Sue Tucker runs the campaign and said it's not just about upgrading old lifejackets, it's about educating people on safety and the management of their lifejackets.
"Lifejackets should have a life expectancy of 10 to 20 years. We have been going to Whanganui for the last three years and it is always positive.
"The local Coastguard unit as always support the campaign on the day and provide local safe boating information and promote their Coastguard unit and service to the boating community."
Coastguard Wanganui president Gary Hawkins said it was always a positive engagement with the community, centered around education and safety.
"It's just a promotion to get all the old lifejackets off the boats and have them upgraded."
It was important to stay on top of water safety and ensure you had working, safe lifejackets.
"We've had some come back in a very shocking condition. People that buy inflatable ones don't realise they have to maintain them."
Tucker said one lifejacket swapped in was more than 60 years old.
"People grow attached to what is handed down to them. But if it's not safe, it's no good for anyone."
She said kapok lifejackets had been outlawed by Maritime NZ, as they were unsafe and should be replaced as soon as possible.
"We got a lot of old Kapok lifejackets traded in yesterday. You may as well stick an anchor around your leg if you hop into the water with one of those," Hawkins said.
"What happens with those, the kapok is in a plastic bag, but the plastic bag deteriorates and gets holes in them and they just fill up with water. It's more of a weight than a lifejacket."
Tucker said people should get their lifejackets properly fitted and use different lifejackets for different activities.
She urged people to visit https://www.old4new.nz/ for any more information about the campaign.