How to Find the Best Yacht Price in 2024

RediksiaSunday, 7 January 2024 | 11:13 GMT+0000
How to Find the Best Yacht Price in 2024
How to Find the Best Yacht Price in 2024

DIKSIA.COM - If you are dreaming of owning a yacht, you might be wondering how much it will cost you. Buying a yacht is a major investment that requires careful planning and research. You need to consider not only the initial purchase price, but also the ongoing maintenance, operation, and insurance costs. You also need to be aware of the market trends and the factors that affect the , such as size, age, brand, design, and history. In this article, we will help you find the best in 2024, by giving you some tips and insights on how to compare, negotiate, and save money on your yacht purchase.

How Much is a Yacht?

The first question you need to answer is how much is a yacht. The short answer is… it depends. Yacht prices vary widely depending on the type, size, age, condition, and features of the yacht. According to YachtWorld, the average yacht price for a second-hand yacht for sale is €7.9 million ($8.4 million), but prices of super yachts can start at around $1.5 million for a small or older yacht and rise to a $600 million, which is how much Azzam, the largest yacht in the world at 590 feet cost to build.

To give you a general idea, here are some average yacht prices by size, based on the data from Worth Avenue Yachts:

  • Below 50ft (15m): between $500,000 and $2.5 million
  • Between 50-70ft (15-21m): between $2 million and $6 million
  • Between 70-100ft (20-30m): between $6 million and $20 million
  • Over 100ft (30m): minimum $10 million

Of course, these are just ballpark figures, and you can always find exceptions to the rule. For example, you might find a bargain on a used yacht that needs some repairs, or you might pay a premium for a new or custom-built yacht that has all the latest features and technology.

What Factors Affect the Yacht Price?

As you can see, the size and age of the yacht are the obvious starting points for yacht pricing, but there are many other factors that affect the value of a yacht. Some of the most important ones are:

  • Brand: The yacht builder, or ‘brand', can have a significant impact on the asking price. Some brands are more reputable, prestigious, and in-demand than others, and they can command higher prices. For example, a 200-foot yacht from two different yacht builders can easily see a difference in pricing of around $20 million. Some of the most popular yacht brands include Feadship, Benetti, Christensen, Dynamiq, Ferretti, and Ocean Alexander.
  • Design: The yacht designer, both exterior and interior, also affects the yacht price. Some designers are more famous, innovative, and sought-after than others, and they can charge more for their work. For example, yachts by certain designers such as Bannenberg & Rowell and Espen Oeino will generally attract much higher prices than lesser-known designers. The design also influences the aesthetics, functionality, and performance of the yacht, which are important factors for buyers.
  • History: The yacht's history also affects its resale value. Yachts that have been well-maintained, lightly used, and have a good reputation will obviously hold a higher second-hand value than yachts that have been neglected, overused, or have a bad reputation. The yacht's flag registry and tax status will also affect the yacht price. Some yachts will be advertised as ‘tax paid', representing a good deal for some buyers.
  • Market: The yacht market is also a factor that affects the yacht price. The market is influenced by the supply and demand, the economic conditions, the seasonality, and the location of the yacht. For example, if there is a high demand and a low supply of yachts, the prices will go up. If there is a low demand and a high supply of yachts, the prices will go down. The market also varies by region, as some areas are more popular and competitive than others. For example, the Mediterranean and the Caribbean are the most popular yachting destinations, and the prices there are usually higher than in other regions.

How to Compare Yacht Prices?

Now that you know the factors that affect the yacht price, you need to know how to compare yacht prices. Comparing yacht prices will help you find the best deal and avoid overpaying or underpaying for your yacht. Here are some tips on how to compare yacht prices:

  • Use online tools: There are many online tools that can help you compare yacht prices, such as YachtWorld, Boat Trader, Boats.com, and YachtWorld. These tools allow you to search for yachts by various criteria, such as type, size, price, location, and features. You can also view photos, videos, specifications, and reviews of the yachts, and contact the sellers directly. These tools also provide you with market data, such as average prices, price trends, and price comparisons.
  • Use pricing guides: There are also some pricing guides that can help you compare yacht prices, such as the NADA, DCU, Bucvalu, ABOS Marine Blue Books, and Boat Values and Pricing Guide. These guides provide you with the book value of the yacht, based on the model, year, condition, and features of the yacht. The book value is the estimated market value of the yacht, and it can serve as a reference point for your negotiation. However, the book value is not always accurate, as it does not account for the specific factors that affect the yacht price, such as the brand, design, history, and market. Therefore, you should use the book value as a guideline, not as a rule.
  • Use a yacht broker: Another way to compare yacht prices is to use a yacht broker. A yacht broker is a professional who can help you find, buy, and sell yachts. A yacht broker has access to a large network of yacht listings, sellers, and buyers, and can provide you with expert advice, guidance, and representation throughout the process. A yacht broker can also help you compare yacht prices, by providing you with a market analysis, a valuation, and a negotiation strategy. A yacht broker will charge you a commission, usually 10% of the sale price, but it can be worth it if they can help you save time, money, and hassle.

How to Negotiate Yacht Price?

Once you have compared yacht prices and found the yacht that you want, you need to negotiate the yacht price. Negotiating the yacht price can help you get a lower price, or get other things included in the deal, such as a warranty, a maintenance plan, or some extras. Negotiating the yacht price can also be challenging, as you need to deal with the seller, who might have different expectations, motivations, and emotions. Here are some tips on how to negotiate yacht price:

  • Do your homework: The negotiation process begins long before you talk to the seller. You need to do your homework, and prepare for the negotiation. You need to know the value of the yacht, based on the factors that affect the yacht price, the market data, and the pricing guides. You also need to know the seller, their situation, their goals, and their personality. You need to know what you want, what you can afford, and what your alternatives are. The more information you have, the more confident and persuasive you will be.
  • Be direct with your offer: When you make your offer, you need to be direct and clear. Don't talk about a price range, or hint at what you want. Tell the seller what you want, and why. Explain how you came up with your offer, and how it is fair and reasonable. Don't be afraid to ask for a lower price, or for some extras. But don't be unrealistic, or insulting. Be respectful, and show that you are serious and interested.
  • Start low: A common negotiation tactic is to start low, and work your way up. This means that you should offer a lower price than you are actually willing to pay, and leave some room for negotiation. This will give you an advantage, as you can anchor the seller to a lower price, and make them feel like they are getting a better deal when they get a higher price. For example, if the yacht is listed at $100,000, and you are willing to pay $90,000, you can start your offer at $85,000. This way, you can meet in the middle, or even lower, and get a good deal.
  • Be flexible: Negotiating is not a one-way street, where you get everything you want, and the seller gets nothing. Negotiating is a two-way street, where you and the seller need to find a mutually beneficial solution. This means that you need to be flexible, and willing to compromise. You need to listen to the seller, understand their needs and concerns, and address them. You need to be open to different options, such as changing the terms, the payment method, the delivery date, or the inclusion of some extras. You need to show the seller that you are reasonable, cooperative, and respectful, and that you value the relationship as much as the deal.
  • Be patient: Negotiating can take time, and you need to be patient. Don't rush into a deal, or pressure the seller to accept your offer. Give the seller time to think, and to consult with their broker, lawyer, or accountant. Don't let your emotions get the best of you, and don't get attached to a specific yacht. Be prepared to walk away if the deal is not right for you. Remember, there are many yachts on the market, and you can always find another one that suits your needs and budget.
  • Be respectful: Negotiating is not a war, or a game, where you have to win at all costs. Negotiating is a relationship, where you have to respect the other party, and their interests. Don't lie, cheat, or manipulate the seller, or their broker. Don't insult, or criticize the yacht, or the seller. Don't make unreasonable demands, or threats. Be polite, courteous, and professional. Show that you are a serious and trustworthy buyer, and that you value the seller's time and effort.

How to Save Money on Yacht Price?

Finally, here are some tips on how to save money on yacht price, and get the most value for your money:

  • Buy at the right time: Timing is everything when it comes to buying a yacht. The best time to buy a yacht is when the market is slow, and the sellers are motivated. This usually happens during the off-season, such as winter, or during economic downturns, such as recessions. The worst time to buy a yacht is when the market is hot, and the sellers are confident. This usually happens during the peak season, such as summer, or during economic booms, such as expansions.
  • Buy from the right source: The source of the yacht can also affect the yacht price. The most common sources of yachts are yacht brokers, yacht dealers, yacht builders, and private sellers. Each source has its pros and cons, and you need to weigh them carefully. For example, yacht brokers can offer you a wide selection of yachts, and professional service, but they will charge you a commission. Yacht dealers can offer you new or certified pre-owned yachts, and warranty, but they will charge you a markup. Yacht builders can offer you custom or semi-custom yachts, and quality, but they will charge you a premium. Private sellers can offer you lower prices, and flexibility, but they will not offer you any guarantees, or after-sales service.
  • Buy the right yacht: The most important tip on how to save money on yacht price is to buy the right yacht for you. The right yacht is the one that meets your needs, preferences, and budget. Don't buy a yacht that is too big, too small, too old, too new, too fancy, or too plain for you. Don't buy a yacht that you can't afford, or that you can't maintain. Don't buy a yacht that you don't love, or that you don't use. Buy a yacht that makes you happy, and that you enjoy.

Conclusion

Buying a yacht is a big decision that requires a lot of research, planning, and negotiation. You need to know how much a yacht costs, what factors affect the yacht price, how to compare yacht prices, how to negotiate yacht price, and how to save money on yacht price. By following the tips and insights in this article, you can find the best yacht price in 2024, and make your yachting dreams come true.