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One of the most common dilemmas faced by my clients is whether they should purchase a new or a pre-owned boat. Having worked in the yacht sales industry since 2003, I know that this is a complex question and there is no ‘one size fits all’ response. Both options have advantages.
A good yacht broker will take the time to get to know their client, understand what motivates and interests them, probe how they envisage using their boat and help navigate them towards the right yacht for their needs.
Buying a yacht is an emotional purchase that should lead to countless happy memories, shared with friends and family, so getting it right is essential. Following are some of the primary considerations when debating new versus brokerage.
The fastest route to yacht ownership is to buy a pre-owned yacht as it is possible to be out on the water almost immediately. There tends to be plenty of choice on the market, giving you a variety of brands to consider.
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On the flip side, a new boat purchase can be a lengthier process. There are often long lead times for the yacht to be built to your specification. That said, yacht sales companies often have brand-new yachts available for immediate delivery, making it possible to bypass the wait. An effective broker has the inside track on what is available within their market.
While buying a new yacht may take longer than buying a pre-owned one, it does offer you the chance to put your own stamp on it. The earlier a client is involved in the build process, the more scope there is for customisation – especially with larger yachts and superyachts.
If you are looking for a pristine yacht, personalised to your desired specification, then a new build is the best choice. If you are new to yacht ownership and have not accumulated the experience to know how best to customise your yacht, an experienced broker can lead you through the process.
A Sanlorenzo SL104 is among pre-owned yachts for sale
There is also the option to purchase a pre-owned yacht and personalise it through a refit or refresh. Several shipyards in the region have experience in refit work and a good broker would be able to recommend the best yard to suit your needs. This can be a cost-effective way to purchase a yacht and still tailor it to your needs.
A great advantage of choosing a new yacht is that you will benefit from the latest models and designs, along with state-of-the-art technology and equipment. In addition, new builds are often more eco-friendly and efficient to run.
However, be aware that a new yacht may have teething issues at the start. By working with a reliable yacht broker and their commissioning team, these will be ironed out quickly. In contrast, with a pre-owned boat, although 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.
Additionally, some buyers are actively looking to purchase a classic yacht that’s no longer in production, such as a Riva Aquarama, for example. This is often a labour of love, with owners prepared to forego cutting-edge technology in exchange for a classic piece of maritime art.
Budget often drives the final decision on whether a buyer chooses new or brokerage. A new build yacht is usually more expensive than an equivalent second-hand model, although maintenance costs should be much lower during the first years of ownership and there’s the added protection of manufacturers’ warranties. Furthermore, financing options for new yachts are typically more attractive than for pre-owned yachts.
When buying brokerage yachts, budgets tend to stretch much further, but as mentioned, it’s worth noting that older yachts invariably need more work and ongoing maintenance.
Choosing your dream yacht can seem both daunting and complex. A reputable yacht broker will work hard at developing an open, trusting relationship with you, to understand your needs and get you onboard your perfect boat.
They will guide you to make informed choices, making the yacht ownership process positive, enjoyable and smooth sailing from the outset. If you are considering purchasing a yacht, please do get in touch.
Sales Manager for Simpson Marine in Hong Kong, Walder has worked for Asia’s largest yacht dealership since 2013, having spent most of his life around boats. After studying Maritime Leisure Management in the UK, he worked as a yacht broker from 2003. He holds Boat Retailers and Brokers Association (BRBA) boat sales qualifications and has received training by the Association of Brokers and Yacht Agents (ABYA). An active member of the Royal Hong Kong Yacht Club and Aberdeen Boat Club, he regularly races on Etchells and Beneteau yachts, and spends much of his free time cruising local waters.
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