Are you finally ready to buy your first luxury yacht? You can thank the media for glamorizing luxury yachts and making you want one, but that doesn’t mean you know where to start when it comes to making the big purchase. Fortunately, we’ve got you covered when it comes to what you should know. Here are the 7 most important steps to keep in mind throughout this process.
Do your research
You wouldn’t buy a car or a house without doing research first. Buying your first luxury yacht requires prior knowledge, and you’ll want to know some basic information about what you want and need before getting started. If you don’t, you may get led astray by sellers and be told you need expensive capabilities that you’ll never actually use. Read up on what’s available, so you know what’s essential to you heading into this process. Here are some things to consider:
What is your budget?
How big of a yacht would you like?
Will you use it to travel?
Do you want to charter it?
How many passengers will you use it for?
Do you prefer speed or a luxury cruise?
Do you want a production yacht? Or a custom yacht?
Familiarize yourself with pricing
Yachts are a substantial investment and also require a lot of upkeep. Thus, it would be best if you went into the buying process ready to spend a large part of your savings. You can keep these price points in mind as a benchmark.
Production yachts: $100,000 to $5 million
Semi-custom yachts: $25 million
Fully custom yachts: $100 million
Buying your first luxury yacht is an exciting experience, but it will be an expensive one. Familiarize yourself with pricing, so you don’t have sticker shock when shopping.
Get help from experts
Feeling lost while buying your first luxury yacht? Don’t hesitate to ask for help. Use people in your life who already own some kind of passenger boat as a resource. They’ve been through the same process you’re experiencing right now. If they can show you how to operate it and help you understand some of the terminologies, then you’ll be far more knowledgeable than you were. You can also ask for recommendations on videos, tutorials, and reading material.
Even better, if you have an experienced friend who can accompany you during the buying process, they can help spot good deals and avoid scams.
Ensure private sellers or dealers have credible reputations
Yachts are an expensive purchase. For your first luxury yacht, you may even be tempted to get a cheaper yacht from a less reputable private dealer or seller. Yet, this can hurt you in the long run. Reputable dealers go out of their way to satisfy their customers and maintain long-term relationships. They nurture their reputations by offering higher quality service. This shouldn’t be overlooked throughout the buying process.
Enjoy a test ride
What do you do before you purchase a car? You take it out for a test drive. When you’re buying your first luxury yacht, you need to do the same. During this ride, make sure you’re entirely satisfied with the yacht, and you’re ready to put that money done. This is another excellent opportunity to take that expert friend on board with you. They can point out any flaws or things you should know for that particular luxury yacht.
One good thing to note is that yachts often have fees for test rides. Try and negotiate this for free (dealers may waive the fee!). Even if you have to pay, this is worth it because you can check how you like it and see any additional maintenance costs that may be in your future.
When you first begin yacht shopping, it may be easy to envision yourself on any luxury yacht. However, it’s important to hold out for the right boat for the purpose you plan to use it for. Settling on a boat that isn’t exactly what you want can put you out a lot of money and leave you feeling dissatisfied. What you may think is your dream vessel at the time you buy it may end up being too big or too much work. Take your time and really feel out what you want to buy. Patience can only help you in this process.
Yachts are about experiences, and the first and biggest one is the purchase process. Of course, it’s a huge deal to buy your first luxury yacht, but don’t let be caught by stress. Deals may go South, you may look several yachts before finding the perfect one and it’s easy to be overwhelmed. But remember what your reward is going to be: fun and sun. So, just enjoy the process.
These are the top 6 things you should know when purchasing your first luxury yacht. Being mindful during the buying process will only lead to higher satisfaction when the boat is finally yours.