New or used yacht

NEW OR USED (PRE-OWNED) YACHT

One of the most common dilemmas boaters face, is whether to buy a new or used boat.

Having worked in the yacht sales industry for over 20 years, I know this is a complex issue and there is no one answer. There are advantages to both options.

A good boat/yacht broker will take the time to get to know their client, understand what motivates and interests them, probe how they plan to use their boat and help them navigate to the right boat/yacht for their needs.

A broker is completely independent, he is not a salesman who has to sell the boats that are in his store, a professional broker will take the time to listen to you, to talk about your expectations, your needs and according to your criteria, he will accompany you in your choices.

Of course, if he has listings matching your criteria, these boats will be presented to you, but always, taking into account, the buyer’s best interests.

This is an essential step. All too often, clients visit boats or yachts from the outset without taking all the factors into account and fall in love with a boat that sometimes turns out to be inadequate for their needs.

Buying a yacht is both an emotional and a logical purchase that should lead to countless happy memories, shared with friends and family, so it is essential to get it right. Here are some of the main considerations when debating between new or used choices.

WAITING

The fastest way to become a yacht owner is to buy a used yacht, as you can be on the water almost immediately. There are usually many choices on the market, giving you a variety of brands to consider.

N.B. Since the beginning of 2023, boats newer than 10 years old and even boats 3 years old or less including Catamarans, are very abundant and have very attractive prices. We have definitely entered a market that favors the buyer.

Flip side: buying a new boat can be a longer process. There are often long delays in obtaining the yacht built to your specifications. That being said, yacht sales companies often have brand new yachts available for immediate delivery built with predetermined specifications, so you can bypass the wait.

Since the summer of 2020 due to the pandemic (Covid-19) and supply chains, inventories of new are at an all-time low.  Please note that this is also the case for used boat inventories, especially in Canada.  As for the American and European markets, used boat inventories are still abundant, but rare gems are highly coveted.

An efficient broker can give you what is available on the market with very detailed listings.

He will also consider the applicable taxation according to the various free-trade treaties between countries and the fiscal norms according to the flag of registry that will be chosen.

CUSTOMIZATION

Although buying a new yacht may take longer than buying a used yacht, it offers you the opportunity to put your own stamp on it. The earlier a client is involved in the building process, the more possibilities there are to customize, especially with yachts and megayachts. We’re talking about fabric choices, bedding, wall color, flooring, fiberglass wall color. As for the color of the hull, there is no problem at this level.

Some manufacturers also offer different propulsion modes with very interesting engine options. You should always be concerned about the power of the engines, beware of underpowered engines.

 If you are looking for an exceptional yacht, customized to your desired specifications, a new build is the best choice.

If you are new to yacht ownership and have not accumulated the experience to know how to best customize your yacht, an experienced broker can guide you through the process.

Indeed, there are several options that are a must if you want to maintain an excellent resale value.

There is also the option of purchasing a pre-owned yacht and customizing it with a refit or refresh.

Many shipyards in the United States, particularly in Florida, have experience in refitting and a professional broker will be able to recommend the best yards to meet your needs.  This can be a cost-effective way to purchase a yacht and customize it to your needs, such as adding a hardtop to a flybridge that does not have one.

LATEST TECHNOLOGY AND DESIGN

A great advantage in choosing a new yacht is that you will benefit from the latest designs and concepts, as well as the latest technology and equipment. In addition, new builds are often more environmentally friendly and efficient in the long run.

However, be aware that a new yacht is going to have issues at the start, from cosmetic to functional.  By working with a reliable and professional yacht broker, it is possible to narrow down the list of anomalies before final delivery.

A professional yacht broker will suggest actions to take so that the new yacht is as close as possible to delivery without too many drawbacks that would prevent you from fully enjoying your new boat.

On the other hand, with a used boat, although you may not be investing in the most modern design and technology, most have been well tested, and any initial problems should have been resolved.

Of course, there should be several inspections before purchasing a used boat and it goes without saying that any offer should be clearly to the advantage of the buyer with respect to his right to withdraw from the inspections.

The inspection of a boat is always necessary and very important, whether it is a new or used boat.

BUDGET

Budget often determines the final decision on whether a buyer chooses a new or 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 manufacturer warranties.

When purchasing pre-owned boats, budgets tend to stretch much further, but as mentioned, it should be noted 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.

There is of course the cost of ownership, which is very important, but one should never neglect the costs of use and maintenance which are not negligible.

Indeed, boaters sometimes forget the costs that will be related to maintenance, the costs of renting a dock (marina), the costs related to winterization (outdoor or indoor heated) and of course the insurance.

GOOD TIPS

If you are considering buying a yacht, do not hesitate to contact a professional and experienced broker at ItaYachtsCanada.ca

Buying a yacht cannot be compared to buying a home or a high-end car, there is absolutely nothing comparable.

Expertise and analysis are the keys to avoid regrets, to never say to yourself the famous line: I should have.

Make sure your broker’s ethics are up to par for a smooth transaction.

 

If you have any questions about this article, please let us know…