Buying the Right Yacht: Used vs. New
The idea of owning a yacht may be a dream for most, yet this dream comes true for many every day. Owning a luxury inland waterways or seagoing vessel is a great way to enjoy vacations, retirement, or just a weekend trip from a private dock.
However yacht owners plan to enjoy their yachts, they must first choose how to acquire the perfect one. In this regard, let's examine the pros and cons of buying a used vs. new yacht.
Buying a New Yacht
The biggest con of buying a new yacht is paying full price and then having it depreciate quickly; within five years a new yacht can depreciate upwards of 40% from the original price.
With that said, buying a new yacht means buyers have more selection when it comes to choosing from new models and types of yachts. Whether they're buying an express cruiser, a pilothouse motor yacht, sedan bridge, or a mega yacht, they'll have more selection with type and customization.
Buying a new yacht gives owners the assurance of knowing their vessel is under warranty and everything is working properly. The engine, wiring, and infrastructure won't bring any unwanted surprises, and if there's a problem the warranty will resolve it.
New yachts are made from the latest technology, design, and materials, which means better fuel efficiency, more environmentally friendly, stronger, lighter, and with modern-looking designs.
And for those trying to finance their yachts, buying a new yacht is easier to finance and has lower rates.
Buying a Used Yacht
The main benefit of buying a used yacht is saving money, which is significant considering the depreciation rate of new yachts and the overall cost of them in general. For instance, buying a five-year-old yacht can save buyers 40% off the new price; this is an excellent deal if the yacht was regularly maintained and has low miles – it very well may still look and feel brand new!
Buying a new yacht may bring more choices with new models, yet buying used brings more choices with older models. Older discontinued models may be what buyers are looking for, as discontinued models may have certain features or designs that appeal to them.
Older yachts may have some miles and wear, yet may also have some custom upgrades and features added. Basically, previous owners may have invested in upgrades over the years, making the yacht worth much more than they're asking. These upgraded used yachts will cost less than new yachts and give the new owners years worth of custom upgrades.
The used yacht market gives buyers more selection when it comes to type, year, model, and cost. Buying a new yacht means buyers are limited to the selection available from manufacturers. As long as used buyers are willing to be patient and search in non-local markets, they'll find a wider selection of yachts to choose from – all at significantly lower prices than new.
Owning a yacht is a life-changing experience, as they bring luxury, fun, and excitement to life on the water. This experience shouldn't be hindered by problems or issues from a recently purchased yacht, whether new or used. This is why careful considerations must be taken when purchasing a new or used yacht.
Employing a competent surveyor to inspect a used yacht and using a broker service to help find and purchase a quality used yacht, are both good ideas for buyers. In fact, if buying used, using a broker service that specializes in yachts is very helpful. They have the resources, expertise, and connections to find the right yacht, know its real value, and make sure it's a sea-worthy vessel.
Originally published at Business and Society Articles Aug. 15, 2018
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