NEW OR PRE-OWNED YACHTS
One of the most common dilemmas facing boaters is whether to buy a new or used boat.
Having worked in the yacht sales industry for over 17 years, I know that this is a complex question and that there is no single answer. There are advantages to both options.
A good boat/yacht broker will take the time to get to know his customer, understand what motivates and interests him, sound out how he plans to use his boat, and help him navigate to the right boat/yacht for his needs.
A professional broker will take the time to listen to you, to talk about your expectations and needs, and according to your criteria, will guide you in your choices.
Of course, if he has listings that match your criteria, he’ll present them to you, but always with an ethic that will ensure you get the best advice.
This is an essential step. All too often, customers visit boats or yachts from the outset, without taking all the factors into account, and fall in love at first sight with a boat that may turn out to be unsuitable for their needs.
Buying a yacht is an emotional yet Cartesian purchase that should lead to countless happy memories, shared with friends and family, so it’s essential to get it right. Here are some of the key considerations when debating between new and pre-owned choices.
WAITING
The quickest way to become a yacht owner is to buy a pre-owned yacht, as you can be on the water almost immediately. There’s usually plenty of choice on the market, especially from the year 2023 (and onwards) and of course mainly on American territory, giving you a variety of makes to consider.
On the other hand, buying a new boat can be a longer process. There are often long lead times before the yacht is built to your specifications. That said, yacht sales companies often have brand-new yachts available for immediate delivery, bypassing the wait.
As for the US market, pre-owned inventories remain plentiful, but rare gems are highly coveted. What we’ve been seeing for several months now is abundance in the $1 million-plus yacht category. The supply is truly abundant, especially for recent and very recent yachts.
The market is very favorable for buyers at the moment. In fact, there are a lot of sellers and a lot fewer buyers, which leads to significant price reductions when bids are submitted.
An efficient broker is able to give you what’s available on the market with very detailed listings.
CUSTOMIZATION
Although buying a new yacht may take longer than buying a used one, it offers you the opportunity to put your own stamp on it. The earlier a customer is involved in the building process, the more customization possibilities there are, especially with yachts and megayachts. We’re talking here about fabric choices, bedding, wall color, floor coverings, fiberglass wall color. As for hull color, there’s no problem here.
Some manufacturers also offer different propulsion modes with very interesting engine options. You still need to be concerned about the power of the engines, and beware of underpowering them.
If you’re looking for an exceptional yacht, customized to your desired specifications, a new build is the best choice.
If you’re new to yacht ownership and haven’t accumulated the experience to know how best to customize your yacht, an experienced broker can guide you through the process.
Indeed, there are a number of options that are essential if you wish to maintain an excellent resale value.
You can also buy a pre-owned yacht and personalize it by refitting or refreshing it.
Many shipyards in the U.S., particularly in Florida, have experience in refit work, and a professional broker will be able to recommend the best yards to meet your needs.
This can be a cost-effective way of buying a yacht and adapting it to your needs, such as adding a hardtop to a flybridge that doesn’t have one.
LATEST TECHNOLOGY AND DESIGN
A great advantage of choosing a new yacht is that you’ll benefit from the latest designs and concepts, as well as state-of-the-art technology and equipment. What’s more, new builds are often more environmentally friendly and efficient in the long term.
However, be aware that a new yacht is going to have problems at the outset, from cosmetic to functional.
By working with a reliable and professional yacht broker, it is possible to reduce the list of anomalies before final delivery.
A professional yacht broker will suggest actions to be taken so that the new yacht is as close as possible to delivery without too many drawbacks preventing you from enjoying your new boat to the full.
It’s true that a new yacht is bound to have some anomalies, and most likely several. In the industry, it’s said that it’s usual to encounter between 125 and 250 anomalies for a 60-foot yacht, from cosmetic to functional. So, the buyer must take this into account.
On the other hand, with a used boat, while you may not be investing in the most up-to-date design and technology, most have been well tested and any initial problems should have been resolved.
Of course, there must be several inspections before you purchase a used boat, and it goes without saying that any offer must be clearly to the buyer’s advantage with regard to his right to withdraw following these inspections.
Boat inspections are always a must, whether you’re buying a new boat or a used one. It can be a decisive factor. The choice of an excellent surveyor for the boat part and a competent inspector for the engine part will be decisive for the essential inspection stage before any purchase.
BUDGET
The budget often determines the final decision as to whether a buyer chooses a new-build or a brokerage yacht.
A new-build yacht is generally more expensive than an equivalent pre-owned model, although maintenance costs should be much lower during the first few years of ownership and there is additional protection due to manufacturers’ warranties.
In addition, it’s a good idea to ask for very detailed explanations of how the warranty applies in the territory in which you sail. For example, if you purchase an Azimut from a Canadian dealer and plan to sail only in the United States, your boat remains under warranty, yes, but you won’t be able to have your boat repaired under warranty by the exclusive U.S. dealer, MarineMax.
In fact, some U.S. banners require you to have participated directly in the sale, i.e. with a share of the profits, in order to accept the boat for service. This can make a huge difference to excellent service in the USA.
Don’t hesitate to contact us for solutions tailored to your specific sailing requirements. We have agreements with all the major dealers in the U.S., including the EASTERN coast as far south as Florida.
When buying brokerage yachts so pre-owned, budgets tend to stretch much further, but as mentioned, it’s worth noting that older yachts still need more work and ongoing maintenance.
Choosing the yacht of your dreams can seem both daunting and complex. A reputable yacht broker will work hard to develop an open and trusting relationship with you, to understand your needs and get you on board your perfect boat.
He or she will guide you to make informed choices, making the yacht ownership process positive, enjoyable and smooth from the start.
Of course, there’s the acquisition cost, which is very important, but you should never neglect the running and maintenance costs, which are not insignificant.
Indeed, yachtsmen sometimes forget the costs of maintenance, marina rental, winterization (outside or inside) and, of course, insurance.
GOOD ADVICE
If you’re thinking of buying a yacht, don’t hesitate to contact an experienced and professional broker at ItaYachtsCanada.com.
Buying a yacht can’t be compared to buying a home or a high-end automobile – there’s absolutely nothing comparable.
Expertise and analysis are the keys to avoiding regrets, and to never saying to yourself: “I should have done that”.
Just make sure your broker’s ethics are up to scratch, and you’ll be fine.
