Dipping into the yachting life is a big investment – make sure to consider whether buying a brand new yacht or used yacht is the right option for you
What’s life without striking a balance? You need to find that perfect middle ground. Between work and play. Between family and friends. Between health and treating yourself. And it can be so tricky to get the balance right. Sometimes the scales tip one way or the other, but the key is to try your best every day to get the weights sitting perfectly balanced on each side.
And one way to achieve balance is by engaging in leisure activities. For some, it’s board games and puzzles. For others, it’s hunting, fishing and camping. For others, still, it’s knitting, crocheting or sewing. Whatever the activity, leisure time is essential.
One great way to spend your downtime is sailing a yacht on the open ocean. There’s nothing quite like it; the wind in your hair, the salty spray, the glistening waves. It is as close to paradise as life on Earth gets.
But what if you’re new to the yachting world, and you are considering different yachts for sale without knowing which is right for you?
You have two options: buy new or used. Each has its pros and cons, and in this informative article, we’ll explain the upsides and downsides of each.
Pro to Buying New – Brand New
The benefit of buying a brand new yacht is that you purchase it unsullied, sparkling, and pristine. There will be no wear and tear, no barnacles, every element straight from the shipyard. For some, this is attractive, as it is like driving a brand new car off the lot for the first time.
In addition, the latest yachts typically feature the most current, innovative designs and are constructed with the newest materials.
New designs typically mean that a new yacht will look better and perform better due to having hydrodynamic drag built into the design, increasing fuel economy.
Con to Buying New – Expensive
Yachts are not a cheap purchase compared to other leisure activities. They can range in price from absurdly expensive, particularly for extravagant leisure craft, to slightly costly.
This isn’t an issue if you’ve got the money to spend. However, for those on a budget, you may have to look at financing the purchase, which can mean years of loan repayments as well as interest, which always stings to pay.
Pro to Buying Used – More Affordable
On the converse, buying a used yacht can be more affordable than buying a new one. This is the main reason why people shop for used yachts, and there are heaps on the market,
Paying less for a yacht means that you’re saving money for other purchases. Hopefully, if you still wind up using finance for the purchase, you’ll pay less in principal and interest repayments.
Con to Buying Used – Risky
A major negative to buying a used yacht is that it can be risky. When buying used vehicles of any sort, there is always the chance that you are buying someone else’s problems.
Not every used yacht on the market is a lemon, but they are out there. It is always worth engaging someone in the know to conduct a pre-purchase inspection if you’re buying used. The last thing you want is to buy a defective or damaged watercraft.
Pro to Buying New – Factory Warranty
One benefit to buying a new yacht is that it will come with a warranty provided by the boat builder. This ensures that any defect that presents within a year or two will get repaired by them, free of charge. As a yacht is no minor purchase, this can provide great peace of mind knowing you’re covered.
Con to Buying New – The Waiting Game
Unless you buy a stock boat straight from a yacht dealer, you’ll generally have to wait for the company to build your boat, ship it and deliver it to the marina, which means a wait. This can take months sometimes, especially if there are any materials shortages or supply chain delays. Are you patient enough to wait?
Pro to Buying Used – Get it Right Now
The upside to buying a used yacht is that there’s no waiting game. You can take possession of the craft then and there once you’ve paid for it. This means you can hit the open ocean sooner and enjoy that leisure time that is so important to life balance.
Con to Buying Used – More Ongoing Maintenance and Repair Costs
A downside to buying a used yacht is that it will be older. Typically, older things, whether they are houses, cars or boats, tend to require more ongoing maintenance to keep them in ship shape and tend to require repairing as they get older. This will cost additional money, so it’s worth considering.
A Sailing Summary
In this article, we’ve shared the pros and cons of buying new vs used yachts and covered several benefits and drawbacks for each approach. Ultimately, your specific circumstances and preferences will determine what you choose. Happy sailing either way!
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