10 mistakes when buying a yacht

When choosing their first yacht, buyers make a series of mistakes that cost them extra costs and headaches. Even gaining experience and knowledge, it is difficult to avoid some of them. To help you save money and choose the most suitable boat for you, we interviewed six experienced dealers and asked them to formulate ten common mistakes when choosing a boat.

1. Buyers do not realize why they need a yacht. Before you buy another boat, you need to reconsider your needs and ask yourself a few questions: What will you use first of all for this boat? Is the boat really suitable for your family? Will you go sailing alone? You may want to fish, and your children go water skiing. Can this boat satisfy both needs? Do you need a classic cuddy pleasure boat, or do you prefer a sporty bowrider? Make sure that all the needs of your family are taken into account. Even if the boat looks good on the outside, it does not mean that she will be able to meet the needs and requirements of each family member.

2. Buyers do not correctly estimate the cost of purchasing and maintaining a yacht. On the payment of the cost of the yacht basic expenses do not end there. The cost of maintaining the boat can be a very significant amount. Most of the money goes to pay for the parking of the vessel and its storage. Before you make a purchase, you must choose a place with a launch and sufficient space for storing the yacht. Then you should calculate all taxes, expenses for preparation for winter, commissioning in spring, maintenance, insurance and fuel. All costs are summarized, divided into twelve months and added to your monthly payments. So you can get a better idea of ​​how much your boat really costs. And remember, you are not buying a boat to save money. Otherwise, just put them in the bank at interest.

3. Buyers do not realize that a yacht is not only a holiday, but also certain obligations. It can take you more time than you originally expected. Even new boats, like small children, need your attention and care. Therefore, it is quite difficult to combine a yacht with other aspects of your life, especially if you are not a small family. Suppose you go on a yacht trip on weekends, but what about your son’s football match, daughter’s ballet rehearsal, morning golf, breakfast with friends and many other obligations? If you are a very busy person, you should immediately bear in mind that the time spent on a boat trip will be halved. Otherwise, you will have a constant dilemma between your favorite hobby and business.

4. Buyers do not ask themselves the question: When is the best time to buy a yacht? There are several seasons most suitable for buying a boat. During exhibitions, being surrounded by their competitors, dealers usually make the best deals. Often discounts are even offered. However, buyers should remember that such offers are only available in the winter before the start of the new season. You can also find a profitable offer in the late spring, when dealers rush to get rid of stocks and make room for new models.

5. Buyers do not listen to the opinion of their co-owner. The rule tested in practice: if your partner is not satisfied, you will not be satisfied either. You may not agree with this statement, but the opinion of your co-owner may cost you additional expenses and a headache. Before you go to the sea, ask yourself the following questions: How many times did you go to sea with your partner? Did you like it? Is your co-owner still suffering from seasickness? He is not happy with the yacht? If so, what exactly? Remember, you are not the only owner of the yacht and you should take into account not only your own interests, but also the interests of your partner. The more he took part in choosing and buying a boat, the more he would like it, and the better you will spend time at sea.

6. Buyers often invest heavily in a boat and want it to pay off in a year. Buying a yacht should not be a financial disaster. Make sure that the monthly payments and running costs amount to an acceptable amount of money. If not, make a larger down payment or choose a less expensive and more modest yacht. It may be worthwhile to consider proposals for supported boats. Only in this case the cost of maintenance and maintenance will be much more than in the case of a new yacht. Remember that you buy a yacht in order to enjoy life, and not care about how to make ends meet.

7. Buyers often do not pay attention to the design of the hull of the yacht. If you often use a boat and travel long distances, high-quality designs should be a priority when choosing a yacht. Such boats are worth a lot, however, in the long term, this will help save money, since the cost of maintenance and repairs will be much less. Many experienced yachtsmen will advise you to buy the best boat you can afford. After all, the hull design is the basis of a good yacht. It does not catch the eye when inspecting a new boat in the showroom, but it feels good on the water when cheap plastic parts begin to break. Therefore, carefully inspect the boat before buying, do not be afraid to ask questions to the seller.

8. Buyers do not build relationships with dealers. After you have chosen a yacht, check out the offers of local dealers who sell the model you are interested in. What are they like? What services do dealers offer? Are they ready to help you and answer all the questions? Are dealers aware of all the characteristics of the goods sold? A good relationship with your dealer is a decisive factor and determines the level of satisfaction with the purchase. It is important to note that he not only sells boats, but also provides services. Get to know your dealer, study his offer in terms of cost and service. The main thing – you have to leave the dealer’s office with a sense of satisfaction, knowing that you will receive the expected and most acceptable level of service for you.

9. When choosing a yacht, buyers are guided by the name of the company, and not by the functional characteristics. Speaking of boats, regardless of whether it is a sports boat, a fishing boat, a cruiser or a yacht, the name of one or several shipyards always comes to mind. Beginners in this field should conduct their own little research and compare the price and functional characteristics of several brands. So they can choose for themselves a model that meets their needs and financial capabilities. Some buyers prefer functional characteristics, while others prefer brands.

10. Buyers spend not enough time on some aspects. The latter include the following three areas:Insufficient knowledge of the product. The more knowledge you get to the dealer’s office, the happier you get out. Before you make a purchase, examine every millimeter of the boat, including mechanical parts. Go down to the pier and try to talk to someone who has the same yacht as you intend to purchase. They will be more than happy to tell you about their boat, and you will thus receive a lot of useful information.Price of the yacht at resale. In most cases, a boat is a depreciating asset, but not all vessels depreciate at the same pace. When determining the resale price, it is necessary to take into account the reputation of the manufacturer on the market, how long it has been operating in this industry. Once again: buy the best boat that you can afford. In the end, the costs will pay off and you can resell the yacht at a good price.Bad dealer. Always choose your dealer based not only on the price level, but also on the service level. Otherwise, it may cost you extra costs and headaches. Visiting dealers’ offices, look at everything. What is the first impression the office and its employees make? Find out the whole list of services offered by them. Does the office look clean, tidy and professional or vice versa? Let your first dealer experience be your guide.

Before buying another boat, review the list of 10 major errors presented above. This will help you make the right long-term decision and make a successful purchase.

One Reply to “10 mistakes when buying a yacht”

Leave a Reply

Your email address will not be published. Required fields are marked *