Several fundamental tasks come with buying a used yacht, from checking the engine to running a title search. Just like purchasing a used car, it’s essential to check out all the details for yourself and not just trust the person selling you their boat.
The National Marine Manufacturers Association reports that around 60% of first-time boat buyers purchase a used vessel. The reason is that you can get a better price on a pre-owned boat compared to a brand-new model. But if you end up with a poor purchase, you will always repent for buying a used bat and wish you had purchased a new vessel for more money.
However, here are some steps summarized to reduce your risk of buying a pre-owned boat.
Things to Consider While Buying a Used Yacht
Conduct a Title Search
When you start your yacht buying process, make sure you do a proper title search of the boat you plan to purchase. There should not be any outstanding liens or other problems with the boat. The prior study will help you detect the difference between the vessel shown to you and the title that appears to represent it. Also, find out about the yacht registration certificate.
Get the Yacht Inspected By a Professional Surveyor
Those who put their yachts for sale will always say the boat is in excellent condition. Therefore, it is always a good idea to take a marine surveyor to inspect the vessel for you. They have the experience and tools to detect the actual condition of the yacht you plan to purchase. You will also need a professional survey if you require financing or insurance. In addition, a surveyor can help you assess the yacht’s market value and caution about the yacht’s problems.
Evaluate the Engine and Electrical Work
The condition of the yacht engine determines how well your yacht will perform on the sea. So it is crucial to evaluate it thoroughly before you decide to buy. Check for cracks, rusts, dents, damages, misalignments, leaks, etc. Also, test the exhaust system components to confirm they are functioning at the appropriate temperature. Detect the cylinder compression. A qualified mechanic with experience working on a particular yacht engine model can check and ensure if the engine is in good working order.
Additionally, yachts also have electrical systems and connections. If the wiring looks entangled, you know, it requires some attention. On the other hand, organised wiring indicates the owner has taken good care of the yacht and did not neglect it.
It will be worth hiring a professional to do a proper survey of the electrical work of your yacht.
Engine, electrical components and wiring are critical things that you should not ignore at any cost. The engine keeps the boat running and does not come cheap if you want to replace your engine. It is a costly affair to fix a troubled engine. Similarly, correcting bad wiring is again a complicated task. So, if these are not in good shape, it is better to look for another boat.
Assess the Hull & Deck
Ensure you have got the hull and deck inspected by a professional to ensure no rust, corrosion, wet cores, or any other damage due to moisture or dampness issues. It is natural for used or pre-owned yachts to have wet cores in certain parts. Though it can considerably reduce the asking price of the boat, eventually, it will result in high future repair costs. Damages due to moisture can burden you with high fixing prices, and the longer they are neglected, the costlier their damage becomes.
Check the yacht you plan to buy thoroughly along the hull-to-deck joint. You may come across many points that may indicate poor quality. Also, inspect the windows for leaks, smeared caulking, or low-grade non-marine aluminium window frames. Do not finalise a yacht just because it is available at a lesser cost. You may end up spending more on fixing the problems compared to its total purchase cost.