So you’ve done a few yacht charters, fallen in love with boating, and you are ready to buy your very own boat! You got to decide what kind of boat to buy, where to buy it from, and should you buy used or new ones. There are a lot of factors that go into these decisions, and we’ve written a post about types of yachts here that might help you choose the type of yacht you are interested in. Now, we can help you decide choosing between a new or used yacht to buy.
When you buy a new boat, you are guaranteed the latest designs, styles, features and gear. If you’re ordering a customized one straight from the factory, you can even choose the layout and all the extras: upholstery, color, lighting, etc. You don’t need to adapt to someone else’s style, and you can have it exactly just the way you want it.
This is kind of a big deal. Boats are machines, and machines tend to have problems sometimes. This warranty will help you out and save you a lot of money whenever problems do arise. Your new boat dealer should maintain this service relationship with you for at least several years.
There should be no problems with this shiny new boat. You’ll be the first person to drive this new yacht, so there’s no one else’s story or history….just yours! Maintenance should be minimal, and so should problems. All you need to do is enjoy and relax on your new boat.
When buying a new yacht, you can visit several dealerships and choose from tons of new, state-of-the-art boats. There should be many competitors for which to choose, and a lot of quality brands out there!
It should go without saying that a new boat is EXPENSIVE. There may be exceptions to this rule (and you would have to ask yourself very carefully, “why is that new boat so cheap?”), but in general, you will be handing over a lot of money for this new boat.
After handing out a substantial amount of money for this boat, you should understand how quickly it will depreciate. Most boats depreciate by at least 10% in the first year. If you ever decide to sell this boat, do not expect to get a lot of money in return.
If you’re buying from a manufacturer, not a dealer, you will have to wait a while before your customized yacht is finally yours. At the same time, you might not be able to test drive it!
Saving money!! This is quite an important factor to most people. A used boat will definitely be cheaper than a new one. Someone else has had to cover that depreciation, so you can buy a bigger boat for less money. Plus, you get lower cost per year of ownership.
The boat you’re looking at is available immediately. This is the one you’ll get (unlike a ‘model home’), and you won’t have to wait until a ‘new model’ is available.
Any problems the boat has had have usually surfaced by this point, and should have been dealt with accordingly. For reassurance, you could always get a Marine Survey and have them assess the boat and see what needs to be fixed on the yacht before you buy it.
You could potentially be buying someone else’s problems. Even with a marine survey, there could be some hidden issues that only pops up when you use this boat. Sometimes its one that the previous owner tries to hide intentionally, other times its just an honest problem that happens with boats. However, you now own this boat, and you are responsible for it.
Used boats do not generally come with a warranty or service support, so if a problem does arise, you’re paying out of your own pocket for this. Have we mentioned that boats are expensive? Yes, boats are indeed expensive.
The gear and technology you have on board might not be the latest and the greatest. Depending on how old the boat is, the technology might be from that year, and you might have to spend some extra cash to replace them with the newest gadgets.
Used boats usually need more maintenance than the newer ones. Whether it’s things like the engine, the sails, the fixture or the fittings, these things will need replacing and maintaining sooner and more often than a new boat. This is just something that comes with age.
Boat history might be a bit muddled. If you’re buying this boat from someone you know well, they might be inclined to give you the whole story. But what if the boat is 3rd hand, 4th hand? Does the owner really know all the previous owner’s stories? Its important to know why the boat has been sold so many times!
there is no right answer here. It really depends on what you want, what you need, and what you think is right for you.
Luckily for you, companies such as The Epicurean State team up with industry leaders to provide you with yacht purchases and yacht management services. If you have any questions, please look at our page here, or feel free to contact us!