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People who wish to own a boat, especially those with little to no sailing experience, often prefer new boats to refurbished ones. Their argument is that they don’t want to inherit a set of problems from the old owner. It’s a general assumption that an older yacht will give you more problems than newer ones.
The fact is that both can be equally troublesome and can require you to call a yacht service just as frequently. At Foster’s Yacht Services, we believe that getting a refitted yacht will offer you the same amount of pleasure at much lower cost. Consider the following points:
Long Term Costs
Let’s assume that you would spend about $800,000 on your brand new yacht. Yes, it’s sparkling, purrs like a kitten, and would probably race at above 36 knots. However, it would also come at a price that would make you blanch and wonder about your sanity.
If you were willing to get a loan and purchase the yacht, you need to realize that the value doesn’t appreciate. This means that your $800,000 boat is a $200,000 dead weight after just four years of use. In fact, you might still be paying off that loan at that point of time. It’s a better idea to either get your old boat refurbished by a reliable yacht service or purchase a refitted one from them.
Repairs and Problems
Refurbishing the boat will take time, effort, and money. Unlike other projects, this would be hands-on. You also need to keep your purse-strings tight because it’s very easy to over-spend here. A refurbished boat will set you back by a couple of hundred thousand dollars over the purchase price. So, if you’ve purchased an old boat for $300,000, you might consider that its price tag is actually $500,000, if not more. This is actually a conservative estimate.
However, if you find a yacht service that’s reliable, does high-quality repairs, and communicates with you regularly, the refit would be an enviable bargain. It would still run smoothly. Moreover, older boats have more classic lines and personality. While most people who purchase a boat are aware that it’s not an investment, you might be able to recover more money on a used boat at the point of sale, than a new boat.
If you have any questions and suggestions, or want to hire our services, just give us at Foster’s Yacht Services a call at 954 524 9098. You can get in touch with us by filling in this Contact Us form. You can also email us at [email protected]. We look forward to hearing from you.