how to buy yacht

Yachting Monthly

• Digital edition

How to buy a boat: your guide to buying a yacht

• Duncan Kent
• October 17, 2023

Buying a yacht, especially your first, can be a daunting experience. Duncan Kent offers expert guidance on how to get it right

The process of buying a sailing yacht can sometimes be long-winded and stressful, especially if it’s your first time considering boat ownership. To avoid it being too daunting the first step is to think the whole thing through very carefully and then make a proper plan.

First and foremost, decide what type of sailing you will actually do, as it will be an important indicator as to what size and type of boat you should aim to buy. If you’re still learning to sail then it’s advisable not to buy too big a boat as the bigger it is the more problems and costs you will acquire. It’s often better to buy a used boat that you can practise in and make mistakes on, as accidents can be expensive in a bigger, more valuable boat.

What type of boat?

A trailer-sailer will save on marina fees and can be big enough for cruising. Photo: Graham Snook

Trailer-sailers

Key factors to look for in a trailer-sailer are size, weight and ease of rigging, launch and retrieval. Trailer-sailer masts are usually designed to be raised manually using an A-frame and tackle, and in many cases these will be provided with the boat. Being launched from a trailer means that it will most likely have a retractable keel and rudder, as well as a removable outboard motor.

Although it is possible to trail a small bilge-keeled boat, they are almost impossible to launch and recover without a crane, given the depth of water required for them to float on and off. If you’re planning on sailing with the family, bear in mind a retractable keel, whether it lifts or swings up, will nearly always impinge on the cabin in some way.

Above 750kg/16ft LOA you will need a larger (possibly four-wheel) trailer, with a more powerful towing vehicle and a few extra crew to help you rig and launch. In return, though, you’ll have a boat that you can live aboard in reasonable comfort for long weekends, or even the occasional week-long sailing trip.

Ideally, a cruising trailer-sailer would be no more than 24ft long and 1,500kg dry weight all up. If you’re going to be coastal cruising over long distances, however, you’ll probably prefer something bigger like a ‘trailer-able’ boat. These can be craned onto a larger, double-axled trailer and taken home or stored somewhere inland for the winter, saving marina berth costs or boatyard storage rates.

Not only does this make good economic sense, but it could also enable you to tow her to a new cruising destination each season. Probably the largest boat you could self-trail would be around 28ft, depending on its weight, beam and size of the towing vehicle.

Inshore sailing makes sense in a capable, affordable yacht like the Westerly Centaur. Photo: David Harding

Inshore/Coastal cruisers

Calling a yacht an inshore or coastal cruiser can be somewhat misleading, but since the EU introduced the RCD ‘Category’ system, the designations seem to have stuck. To my mind, any yacht that is seaworthy, properly maintained and has a skilled crew, is very likely to be capable of being sailed pretty much anywhere. A larger yacht may be more comfortable at sea and able to take on more crew and provisions, but a seaworthy boat should be just what it says.

If you plan to simply potter along within sight of land, stopping overnight in a sheltered anchorage or in a marina berth, then it obviously isn’t vital to have a boat that can withstand a storm at sea. You will rarely, if ever, experience storm conditions when you’re never more than a few miles from a safe refuge. That said, some still prefer an ocean-going yacht for coastal cruising ‘just in case’, and there’s nothing wrong with that, provided you can afford the extra maintenance and running costs.

Some experienced sailors swear by lightweight, high-performance yachts for coastal and offshore sailing. There’s a certain logic to this in that a quick boat stands more chance of reaching shelter before the worst of a challenging weather system hits.

My ideal coastal cruising yacht, however, is a compromise between a boat that’s reasonably fast and fun to sail, and one that can withstand the occasional Force 8 and 3m-high waves without frightening or risking the safety of my crew or family.

An Arcona 345 is a highly capable offshore yacht, but probably isn’t large enough be a true ‘bluewater’ yacht. Photo: Richard Langdon

Offshore/Ocean yachts

A true offshore/ocean-rated yacht will be strong, seaworthy and safe but, equally, it should exhibit a sea-kindly, predictable and well-balanced motion at sea, such that the crew remain able to sail, cook, eat and sleep regardless of stormy sea conditions.

What makes a yacht sea-kindly? First and foremost is its motion through, or over the waves. Many modern, lightweight yachts with flat, shallow underwater sections tend to slam into oncoming waves rather than slice through them. This not only jars the crew’s nerves and hurls everything out of the lockers below, but it also puts increased strain on the entire yacht as each thud shakes the hull and rig relentlessly on a long windward passage. Slamming doesn’t just test the integrity of the yacht to its limits, it drags the crew’s morale down and prevents them sleeping, cooking, eating or relaxing while off watch.

As with most aspects of sailing, there are many different schools of thought with offshore yacht design, but it is generally accepted that ocean-crossing yachts should be of a higher displacement than coastal cruisers and that they should have a deeper, vee-shaped forefoot to enable the hull to slice through oncoming waves.

A so-called bluewater cruiser is simply an offshore/ocean cruising yacht that has provision for living on board for extended periods of time under a wide variety of different circumstances. Usually, they will be better equipped with items like watermakers, generators, freezers, solar panels and sat-comms, but the style and design of the yacht itself will mostly be identical to an offshore/ocean-class yacht.

Stowage is an overlooked but vital consideration when assessing a cruising yacht. Photo: Graham Snook

What to consider

Accommodation.

Does the boat you’re looking at suit the style of sailing you plan to do? If you’re only going to day sail along the coast then don’t worry about sea berths, for instance, although it’s useful to have at least one long, straight berth you can fix a lee cloth to in case someone becomes ill. Big, central double berths are great at anchor, but of little use under sail.

Separate cabins are crucial if you have kids on board, so as not to keep them awake in the evening when the adults are still up. Private heads are important too, particularly if you are planning to have friends on board regularly.

Stowage is also a vital consideration for cruising that new buyers often overlook. It’s really annoying to have to remove half the contents of a vast stowage bin to reach a single item at the bottom – so look out for easily accessible lockers, especially near the galley.

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It’s important when family sailing to have the mainsail control lines led back near the helm, so the boat can be safely sailed singlehanded if necessary. Try sitting by the helm and operating a headsail sheet winch. Is the mainsheet nearby so you can dump the main in a gust? Is the mainsheet track positioned where young fingers can easily get trapped? Are there plenty of harness attachments? Is there stowage for larger items like dinghies?

Rig and sails

Unless you’re planning on racing, look for a sail plan that’s easily handled. Nowadays most cruisers choose sloop rigs with in-mast furling mainsails; in fact they can often be standard. You will lose a little performance, though, so if speed and pointing ability are vital then opt for a fully battened mainsail with single-line reefing. Virtually all new cruising yachts these days will come with a furling genoa.

Will a wheel or tiller suit you best? And is the mainsheet within reach? Photo: David Harding / SailingScenes.com

Wheel or tiller? Most older boats under 32ft have tillers, whereas most new boats over 26ft offer wheel steering. If you like to ‘feel’ the boat more then go for a tiller. If a wheel seems more natural then go for it but expect to lose a little of the feedback a tiller offers.

You can put a cat on a beach for a barbecue or to inspect and give the hulls a scrub. Photo: Yachting Monthly

Monohull or multihull?

Most new boat buyers start by looking at monohulls, with few giving multihulls a second thought. However, it’s worth stepping on board a few catamarans or trimarans before dismissing them. Better still, give them a try. You might find the level sailing, greater deck space and higher speeds worth the drawbacks of having a larger boat to park and reduced load-carrying capacity.

Cruising cats have increased in popularity hugely in recent years due to the extra space they offer. They also draw very little, so you can get right in close to the shore or creep up shallow creeks where fin keeled monohulls dare not venture. They take the ground easily too, so you can actually park up on a beach.

Shopping for a new boat is all part of the fun but beware of hidden costs. Photo: Messe Düsseldorf / ctillmann

New or used?

It’s great to own a brand-new yacht but there are many good reasons for choosing a cared-for used boat. Most will have had any initial faults rectified and are likely to come with all the necessary cruising kit. The downside is not knowing how well she’s been maintained. Depending on age, essentials such as the rig and engine could require expensive replacement.

Privately owned boats under five years old tend to be well shaken down, but not worn to the point of imminent repair. Older boats might well have gone through the first wear/replacement stage and have new sails, rigging and engine.

Most equipment, especially engines, lasts longer if the boat is used regularly. The exception is with charter boats, where everything will be well worn.

A charter yacht will endure ten times the wear and tear of a private one, despite being regularly maintained. Never buy an ex-charter yacht without getting a thorough, detailed survey.

Buying a yacht new

Before buying a new boat bear in mind you’ll need considerable additional kit that’s not included. Don’t get carried away with the options list while forgetting equipment essentials. A good guide is to allow a further 15-20% of the list price to fully equip her for cruising.

It’s also worth noting that the price displayed at a boat show may exclude delivery and commissioning, which can add another chunk to the bottom line.

When you find a boat that ticks all your boxes, go somewhere quiet and add up the real cost including any ‘essential’ options. If there’s anything left in your budget, tick off any ‘luxury’ items you’d like in order of preference, until the pot is empty. You might prefer to opt for a slightly smaller boat but equip it to a higher standard.

A word of warning: if you buy the biggest boat you can afford with the intention of adding goodies later, it will almost always cost considerably more than having them fitted at the factory or during commissioning.

No matter how much you like a boat, always engage a professional marine surveyor. Photo: Graham Snook

Buying a yacht used

Never make an offer on a boat before seeing it. Even if you’re not an expert it’s worth looking for obvious things before engaging a surveyor. Check for hull cracking, gelcoat blisters, evidence of collisions, squashy decks, dodgy wiring, damaged sails, water in the bilges, seized pumps and so on. If the boat is untidy and uncared for it’s likely to have been neglected in its previous life.

Get an idea of the value of that type of boat in basic form by checking prices of similar craft online. If they range from £20-£35,000, for example, start with the lower figure and add on the value of any extra equipment. For instance, if she has new sails, raise the base ‘value’ by £2,000. For a new engine, add £3,000, and so on. When you reach a figure you think is about right, offer the vendor 20% less and see what happens.

Always make your offer subject to survey, then if problems are discovered you can reduce your offer by the cost of any remedial work required. Once a deal is agreed, if she’s out of the water, retain 10% until she is launched and the powertrain is tested.

How well will the boat reverse and manoeuvre in tight marina spaces?

The test sail

I would never buy any boat without first taking it for a test sail unless it’s dirt cheap. Some sellers won’t want the hassle, but if she’s had a good survey and you’re really keen the owner should realise this and go along with it. If ashore, the launch/retrieval costs will be yours, as will the surveyor’s bill. If you agree to purchase immediately after the test sail you might not need to crane her back out again.

If buying new the broker should have a demonstrator in the water for you to sail. It might not be equipped to your specification, but it’ll be the same model.

If you’re new to sailing, take an experienced friend or surveyor along if possible. Take your family or your partner along too, to get their opinions.

From the moment you step on board keep your senses alert. How easy is it to get on board from the pontoon? How much does the boat tip over with your weight on the sidedeck? How easy is it to walk around the decks without tripping?

Take a camera and notebook and jot down anything you’re not sure about so you can double-check it later.

Checking the engine

The first thing to test is the engine. If it’s a used boat then pull the dipstick before starting it to check the colour of the oil – any whiteness could be water and is a sign of a problem. Make sure the preheat works and that it starts easily. Marine diesels often smoke a bit at first but should clear once the engine has warmed up. Check the exhaust to ensure it’s emitting a steady stream of water.

Try some simple manoeuvres ahead and astern to get the feel of how she handles under power. Some will have noticeable prop wash, especially those with a fixed-blade propeller, but you can often use this to your advantage once you know how strong and in which direction it acts.

Once on the move go up through the revs just to check there are no flat spots and that she revs to the correct level. Few skippers ever use full revs but it’s a good indicator that all’s well with the engine, transmission and prop. Return to cruising revs and go below to hear how much noise is evident, especially in the aft cabin.

Check the condition of the sails closely, especially along the seams

Inspecting the rig

Ask the owner to show you where all the sail controls are, don’t just let them sail you around. Helping to hoist sail will show how easy or difficult it is and make handling or gear problems obvious. If it’s hard to hoist a halyard, ask why. The solution might be simple (often a lack of maintenance in a used boat), but it need not be insurmountable.

Check the headsail furler if it has one, by unfurling and refurling it. If it’s stiff to furl, check the swivels for wear. It could simply be poor maintenance, or it might be something more serious like halyard wrap or failed bearings.

Once the sails are hoisted give them a good inspection, particularly along the seams and around the clew, tack and reefing cringles (metal grommets for control lines).

Laminate sails, such as these FibrePath Enduro sails from Ullman, utilise the boat’s pointing ability and rig controls. Photo: Richard Langdon

Once you’re sailing, ask to take the helm or have your experienced mate take over. You’re looking to see how well balanced she is (assuming the sails are trimmed correctly), and how reactive the steering is.

Ideally, the helm ‘feel’ should be light but positive. It should feel like you’re just there to change direction if needed, not to keep permanent pressure on to hold her on course.

If the steering is noticeably heavy, you have too much sail up or they’re not trimmed correctly, but it’s worth asking the owner or the rep about it.

All points of sail

Put in a few tacks to see how quickly she comes around and how well the deck gear functions. Try her on every point of sail – close-hauled, reaching and running, to see what she’s capable of and if she has any particular foibles.

Depending on the sea conditions, see how she handles with a bit too much sail up and if possible how she copes in strong gusts. Then find out how easy it is to put a reef in.

Check the navigation instruments are all functioning as they should and, if it’s a particularly complicated system, ask the owner or the rep to go through all the nav instruments with you. Finally, hand the controls over to someone else and go below to see what it’s like under sail. Take note of steps, grab handles or bars and fiddles, and then simulate going to the loo, preparing a meal, lying in a berth or plotting a fix at the chart table.

For ocean sailing a yacht with a longer keel is best for comfort in heavy seas

Buying a long keel yacht

The extra drag created by their large wetted area makes them relatively slow compared to more modern designs, but they provide a comfortable ride in heavy seas, with the fullness of the keel limiting leeway and helping to keep the boat on a straight course downwind with little or no adjustment to the helm. Popular for ocean cruising but poor at manoeuvring under power in tight marinas.

A fin keel should make a boat faster and more agile

Buying a fin keel yacht

Cutting away the forefoot of a long keel reduces the hull’s resistance to tacking and manoeuvring, while also lessening hydrodynamic drag and thereby increasing speed. Many have ballast bulbs at the bottom to lower the yacht’s centre of gravity (CoG). The resulting short, deep keel makes a boat much more agile.

An obvious advantage of a twin keel is its ability to take the ground

Buying a twin keel yacht

Also called bilge keels they provide low draught for shallow water cruising and allow a yacht to take the ground upright without supporting legs. One drawback is increased leeway when sailing hard on the wind, due to the reduced wetted surface, and a propensity to heel more readily, due to the higher CoG. Often kept on drying moorings which can put the keel/hull joint under repeated pressure, so check for GRP cracks.

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Buying A Yacht? Advice On What To Look For When Purchasing

By Rob Bowman | Posted On May 21, 2020 Updated On Mar 23, 2022

There simply is no greater feeling than a perfect day on the water in your very own boat or yacht. For many, boating is more than just a recreation, but a passion that every free moment revolves around. From waking up before dawn to catch bait for an incredible day of fishing to spending hours provisioning for a month long cruise up the coastline, the way every boater spends their time on the water may differ, but the water unites us all in our collective joy.

Some may ask, " Is buying a yacht a good investment? " Our answer is unequivocally, yes. Buying a yacht is not inexpensive by any means, in fact the cost of yacht ownership can easily be 10% of its value on an annual basis. The true value of a yacht is measured in experiences, time spent with family, and greatest of all, the cherished memories you will make along the way. In rare cases, some boats have improved in value depending on their sales price and what enhancements were done after purchase. These cases are not the norm. Buying a yacht is an investment in yourself, not a financial one.

If this is your first time buying a yacht, or perhaps you are moving up from a smaller boat, it's important to take some time and do a fair amount of research about what it's like to be a yacht owner. The definition of a yacht varies from person to person in regards to its size, versatility, and price. Generally speaking, you can make the case that a boat with overnight accommodations and over 40-feet in length would be classified as a yacht. At that size and above, there are different consideration to keep in perspective such as maintenance, storage, insurance, and other operating procedures. A good suggestion to follow is hire a professional, experienced yacht broker that can sit down with you and discuss your boating needs. If you're buying a boat, working with a reputable broker can save you time, money, and best of all, doesn't cost you anything.

A great first-person perspective is the "Trying Not To Sink" Youtube Channel. This couple were new to boating until their first purchase. Their video channel goes through all of their trials, tribulations, adventure, and excitement.

Decide How You Will Use Your Boat

Even before you figure out how much you want to spend on your new yacht, take some time to figure out what you want to get out of boating. Are you looking to primarily fish? If so, will you be staying inshore and need a shallow draft? Or will you be going offshore and need a more substantial boat? The same goes for day boating and overnight trips. Boats are designed and built for very specific situations and their features cater to that specific type of boating. It doesn't mean that boats can't be versatile. Many sportfish owners will also take their boat cruising with friends to the islands, for example, since it has overnight accommodations. There are several questions you will want to ask yourself such as:

• Do I want to live on my boat or is this purely for recreation?
• Do I have a desire to use this boat for business? (Some owners put their yachts into a charter program allowing them to recoup some expenses.)
• Are you going to handle the boat yourself? Or do you need to hire a captain?
• Where do you plan to cruise in the future? Remember your confidence will build with time and you will want to venture to more distant places.
• How many guests can you see yourself bringing out on your boat or yacht?

Boaters wanting to cruise the Great Loop are a perfect example of needing to choose the right boat for your plans as there are requirements for provisioning, suitable accommodations, and the height of the vessel must be able to clear certain bridges. This is when the services of a yacht broker can really come in handy with your decision making process and save you from making the wrong decision.

Some of the more popular types of boats include:

• Center-Console Boats
• Downeast Boats
• Flybridge Yachts
• Liveaboard Boats
• Motor Yachts
• Sportfishing Boats

Below is a great Youtube channel called "What Yacht To Do" which captures the entire process a couple have gone through to take their new boat on a cruise through the Great Loop.

Choosing A Budget

Once you've determined how you want to spend your time boating, the next step is to figure out how much you can afford. As we mentioned before, the cost of your boat or yacht can be near 10% of its value annually, so remember to factor in operating costs like fuel, storage, and travel costs. Spend some time looking online at all of the pre-owned yachts for sale on the MLS (Like real estate, the boating industry has a MLS or Multiple Listing Service).

There are a lot of factors that should be considered when determining your budget. If you're not paying cash for your boat, there are plenty of marine-specific lenders in the industry that can get you financed. As of May 2020, interest rates are very low making it a good time to finance your boat and keep your cash in the bank. If you do plan to finance, expect to put between 20% and 40% as a down payment on a 20-year loan. In addition to the cost of the boat, you'll need to consider other costs like:

• Storage - Do you have a dock at your home? Is your boat trailerable? Or will you need to pay a marina for a full-time slip?
• Captain & Maintenance - If you're buying a yacht, hiring a yacht management company to keep it working perfectly can be a smart financial decision.
• Insurance - Make sure you choose a reputable marine insurance company that has a relationship directly with the carriers.
• Registration & Taxes - You will need to choose a state or country of residence depending on the yacht you purchase. (Ask your broker for advice!)
• Accessories - You will want to buy cool stuff for your boat. This includes new electronics, soft goods for bedrooms, water toys, and more.

There's an old saying that the word BOAT stands for "Bring Out Another Thousand". No matter if you are purchasing a 30' center-console or a 68' sportfish, there will be additional costs for upkeep and upgrades. The best advice we can offer on cost is to do your homework, set your budget, and then relax. For new boaters, you will find that the positive benefits and the experiences of boating far outweigh the financial aspects. 

Seen below is an excellent interview with Noelle Norvell, President of the Luxury Financial Group, about everything a buyer needs to know when financing a yacht.

Research The Brand For You

At this step in the yacht buying process you should have an idea of your budget, how you plan to use your new yacht, and where you plan to keep it. Just like purchasing a new car, there are many different builders or yacht brands being sold today. Some brands cater to boaters looking for a certain price point, while others build their boat at the highest quality possible. Materials used in construction, the amount of engines and horsepower, the size of the vessel, and the appointments on board can all influence the cost. 

Some builders are still producing new boats today while others have gone out of business and only pre-owned options are left. This is where you should start deciding if you want a new boat, pre-owned boat, or custom-built boat. Each has their own pros and cons. If cost is not an important factor, it's hard to beat designing your own personal, custom yacht. Of course, this will take longer and in some cases years depending on the backlog of the factory and size of the project. Buying a new boat means it is still going to be under warranty, but the cost is higher and the customization options are limited. Purchasing a pre-owned or brokerage vessel is the most cost-effective, however there are likely going to be more service and maintenance expenses.

Here is a chart outlining the pros and cons of purchasing a new boat, custom building a yacht, or buying a pre-owned vessel:

Unfortunately, there is really no "consumer-report" guide in the marine industry that rates yacht builders based on their performance, equipment, and value. To add a greater level of complexity to the situation, models from the same manufacturer can even vary year to year and may have a difference in quality. Factors like change of ownership, switching designers, engine brand changes, resin quality changes in construction, and even layout changes to the lower deck accommodations can alter the performance or popularity of a boat. This is where hiring a yacht broker to help you purchase a new yacht can show its value .

Boat builders, like automobile companies, differ as well in their aesthetics. Some boats are sleeker and sexier for a particular look the owner wants. Others cater to owners who wish for their boats to have more socializing features on board or windows below deck that alter its exterior. Going to a boat show is an excellent way to get to know all of the different brands that are currently being built today. This will enable you to spend time on board the yacht, speak with factory representatives, and compare options. Many boat owners will arrange to have their yacht broker walk with them around the show and discuss each different brand. This ensures that, as the buyer, you are getting the advice that's right for you. Hiring a broker that is looking out for your best interests means that he isn't compensated to sell you any one particular boat and will offer the honest feedback you need to make the right choice. 

Some of the most popular yacht brands in today's market include:

• Azimut Yachts
• Bertram Yachts
• Fairline Yachts
• Ferretti Yachts
• Ocean Alexander Yachts
• Princess Yachts
• Sea Ray Boats
• Viking Yachts

If you've never been to a boat show, the Fort Lauderdale Boat Show is an excellent one to attend. It's considered the largest boat show in the world and every major builder is in attendance. It happens every year at the end of October or beginning of November.

Negotiating The Purchase

Whether you plan to purchase a brand new yacht, build your own, or buy a used one, there will eventually be a negotiation. Trying to determine whether you are paying too much or getting your boat at a fair price can be difficult. Generally consumers will look online for comparable pre-owned boats that are close to the same year and size to see the price they are selling at. If you plan to do this research yourself and without the assistance of a yacht broker, keep in mind that condition, engine size, engine hours, accessories, layout, and other options can influence the price of a boat. At United, we work with buyers to help determine whether a price is fair or not in a variety of ways including:

• Researching our own sold database. United consistently sells over 500 boats every year and we can accurately price all major builders.
• Using the MLS databases like soldboats.com that only brokers have access to.
• Polling our extensive team of over 165 brokers worldwide using our proprietary yacht broker forum

Whether you are buying new or pre-owned, there's a good chance that you will be negotiating with a salesperson who's best interest is to make money for themselves and their client or company. Our best advice is to hire an experienced, professional yacht broker that will keep your best interests at heart and negotiate on your behalf. This can not only save you money in the long run, but it also alleviates the stress of the process. And best of all, the seller (or boat builder) pays your broker's commission!

Surveying Your Boat Or Yacht

Whether you are purchasing a brand new yacht or a brokerage vessel, you will need to have a survey done for the bank (if you are financing), for your marine insurance company, and for your own peace of mind. A thorough sea trial and survey can uncover problems or potential issues that weren't noticeable by the untrained eye. The results of the survey can also play a role in the final negotiation process. Buyers may want to pressure the seller to lower the selling price or fix the remaining problems before the final closing can proceed.

Finding the right marine surveyor can also be a bit daunting if you have never used on before. Your yacht broker should have connections in the area with surveyors he or she has used in the past. The American Boat and Yacht Council has an easy-to-use marine surveyor search engine: https://abycinc.org/mpage/findasurveyor  

Seen below: Youtube channel The Boat Life has an in-depth interview with a marine surveyor on his experiences working with boats. The video is nearly 20 minutes along and goes through all the checkpoints during a real survey.

Resale Value & Selling Your Yacht

"Hiring a yacht management company is one of the smartest things you can do to keep your boat running smoothly and the resale value up," says Christopher Cooke, United Yacht professional broker and owner of Spencer Christopher Yacht Management. A good yacht management company take care of all of the hassles of being a yacht owner like checking the electrical, pumps, all your fluids, and even run the boat for you so the engine stays in good condition. This continual maintenance can mean thousands of dollars saved at the point when you go to sell your yacht. Not only will you recoup more money if your boat is in excellent condition, but it will also be easier to sell. The re-sale value of your yacht will depend primarily upon:

• How many hours are on your engines and if they are up-to-date on service
• The condition of the structure and mechanical components of the yacht
• The current market conditions for that particular style of brand of yacht

Just as important as keeping your boat in good condition when going to sell it, is selecting the right brokerage firm. There are many choices today, especially in the Florida market, but at United we pride ourselves on our integrity, our expertise, our support team, and the amount of business we do on a monthly basis. With over 165 brokers worldwide and a digital connection between all of them, we often sell our client's listing before it even hits the market.

For more information on buying or selling a yacht, please contact our main office at (772) 463-6161. We will put you in touch with an experienced, professional broker that is either in your area or specializes in the particular type of vessel you have interest in.

Here are several other articles you may have interest in :

https://www.unitedyacht.com/Why-Choose-United-To-Sell-Your-Yacht

https://www.unitedyacht.com/Why-Own-A-Boat-Or-Yacht

https://www.unitedyacht.com/Yacht-News/whats-it-like-being-a-yacht-broker-at-united-yacht-sales

https://www.unitedyacht.com/Yacht-News/why-you-should-care-about-your-brokers-support-team

https://www.unitedyacht.com/Yacht-News/yacht-and-boat-buying-guide-tips-for-first-time-buyers

https://www.unitedyacht.com/Boating-And-Yachting-Safety-Resources  

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Recent posts.

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How to Buy A Yacht

Which yacht is right for you?

Many factors contribute to the selection of a yacht. At the root of any sound yacht purchase decision is the core performance factors that are essential to consider long before you review interior decoration or layout.

• Motor or Sailing yacht
• High speed performance, Semi-planing hull shape or slow full-displacement?
• Size restrictions: Will you need access to a location with draft, beam, length or height restrictions? Does the dock behind your home have X feet available water or a fixed bridge limiting access to yacht with an air draft of less than Y feet?
• Guest carriage requirements: Number of guests cruising onboard and sleeping onboard?
• Maintenance issues: Are parts readily available in the intended cruising areas?
• Crew: Will the yacht accommodate a suitable number of crew to match your service expectations?
• Range: Where in the world do you wish to travel? If those ports are not serviced by a yacht transport service then the yacht will need to have an ocean passage making range and hull shape.
• Full-displacement vs. Semi-displacement?

The pros and cons of semi-displacement compared to full-displacement are:

How to buy a yacht.

There is a standard sequence to buying a yacht that is accepted by the global yachting community. Variations from these steps are possible but fairly rare.

Search and selection

Working with a yacht broker from Luxury Yacht Group your requirements are refined and suitable yachts reviewed and inspected. Inspection can be made at a regularly scheduled boat shows or by special appointment for a personal inspection subject to the yacht's availability.

Once a suitable yacht is found a formal offer is made by the buyer. This is presented by your broker on an industry standard contract to buy the yacht. This sales agreement outlines the timing for the sea trial, survey, acceptance and closing. When you make your offer it is normal to deposit 10% of the offer price into escrow with your attorney or broker. It is essential that your offer includes an accurate inventory of the vessel. At Luxury Yacht Group we always take a photographic inventory of the vessel and include that with the offer to buy.

Offer Accepted

The seller will accept, reject or counter your offer to buy. It is rare for the first offer to be accepted so it usually takes a week or two to receive an accepted offer.

Depending upon the size of the yacht the survey can take from one to 14 days to complete. During the survey all mechanical, electrical and electronics equipment is tested. The objective of the survey is to get an accurate understanding of the current vessel condition and precisely how much the yacht will cost to maintain in the next few years. As part of the survey it is strongly recommended that the vessel is hauled out of the water for inspection. The cost of the survey is paid for by the buyer.

At a convenient time before, during or after the survey the prospective buyer is able to take the yacht out to sea to establish the vessel's performance underway. This sea trial, usually limited in duration to 4 hours, is normally at the seller's expense. During the sea trial the engines are tested to verify cruising and maximum speed and it is a good opportunity for the buyer to verify the motion of the vessel and noise levels throughout the interior whilst underway.

Following successful survey and sea trial the buyer submits written acceptance of the vessel. From this point onwards the 10% deposit paid is at risk should the buyer not close the sale at the agreed upon closing date. It is very normal for deficiencies found during survey to be included in a conditional acceptance that gives the seller time to make repairs or allow a financial allowance for the buyer to make repairs after the closing. For example a deficiency is found in the air conditioning system that cannot be repaired prior to closing so a conditional acceptance is signed by both buyer and seller giving $20,000 off the previously agreed price in consideration of the non-functional air conditioning.

Just like real estate the act of a closing is a fairly straight forward exchange of signatures on important documents. The protocol of delivery and acceptance clearly lists the location and time of the ownership exchange. At closing the buyer should have new registration and insurance already lined up. The Luxury Yacht Group yacht management team will happily assist any new buyer in establishing the necessary official papers and insurance required.

Flags of convenience?

The large majority of yachts are flagged (registered) offshore. The most popular registries are the Cayman Islands, Marshall Islands and St. Vincent. These three registries offer relatively protected and inexpensive yacht registry services. Most offshore registries require that the new owner establish a corporation in their jurisdiction that owns the vessel. The beneficial owner is simply the majority shareholder in the corporation. In most cases, by flagging your vessel offshore, taxes can be avoided on the value of the hull. The savings can be significant when compared with the value of the sales tax (TVA or VAT) that would have to be paid.

Maintenance costs?

The costs of yacht ownership are significant and it is incredibly rare for a yacht owner to make money by chartering their yacht. Be very leery of any yacht broker telling you that you will make money buying and chartering a yacht. The Luxury Yacht Group management team has created the operating cost calculator that gives a general idea regarding operating costs. This can be found here: Operating Cost Calculator.

Crew costs?

The crew team at Luxury Yacht Group has developed a formula for salary ranges based upon the number of crew onboard. The table also gives the standard crew breakdown with regards job titles.

Our top 5 recommendations to new yacht buyers?

• Hire the best crew that you can find. Most problems that we see yacht owner's experience could be overcome by a good crew. Luxury Yacht Group's crew placement team has over 22,000 crew to choose from and has the best placement guarantee in the business. Please call +1 954 525 9959 or e-mail [email protected] for more information on our crew placement service.
• Take your time buying a yacht. Yachts that are for sale at 'great' or 'giveaway' prices are rarely a good buy. The cost of refitting a distressed vessel can far exceed the capital savings that you think are present on day one. Our brokerage staff can direct you to a good value vessel and away from a money pit.
• Charter prior to owning. Yachting is very expensive and owning a yacht is a truly unique vacation experience. Chartering a yacht is a great way to sample yacht ownership with a fixed cost and minimal time commitment. Luxury Yacht Group can charter you a very similar yacht to the one that you are looking at so that you can be familiar with the brand or style of the yacht that you are interested in buying.
• Understand the cost of ownership. The cost of yachting is fairly tough to justify in the real world however it is an amazing luxury experience that is only within reach of the truly successful. Please speak to a yacht management professional prior to purchasing a yacht so that you have a clear understanding of the operating costs associated with that yacht.
• Have a strong shore support team. Yachting is a luxury pastime with ups and downs. The Luxury Yacht Group yacht management team is available to support your operations to smooth over any issues that may arise. If you chose to operate the vessel from your existing offices please call us to help with the setup. We are happy to train your existing accounting or Payroll Company in some of the intricacies of yacht operations.

Sales Articles

Miami International Boat Show 2016

The 2016 Miami International Boat Show has come to an end. Initial reports indicate the show was a success despite some kinks related to the venue change.

17 Feb 2016

Show chaos is over...was it worth while?

The 55th edition of the Fort Lauderdale show has been and gone with its usual hoopla and hype. The weather cooperated and conditions on the docks were the best that we've seen in years with no flooded tents or blown away banners.

05 Nov 2014

Boating vs Yachting

Yachting industry professionals know there is a significant difference between yachting and boating, and the differentiating factor is not as simple as the overall length. Both have their pros and cons of course and need to be recognized and respected for their differences.

31 Aug 2018

Follow These Seven Steps to Buy a Yacht

06 May 2016

How To Buy A Yacht

When it comes to buying a yacht, hiring the right yacht broker who has the experience, trustworthiness, and support team is essential to a successful transaction. Yachts are expensive, but are a true investment in your lifestyle and happiness. The right yacht can bring countless, joyful memories to you and your family by providing a safe, luxurious experience on the ocean.

Since 1964, our team has been assisting both new and experienced yacht buyers find the perfect vessel for their boating needs and budget. With access to over 4,000 yachts for sale on the MLS, as well as a database of yachts that aren't on the open market, we can eliminate the painstaking process of searching through hundreds of boats.

TABLE OF CONTENTS

• Selecting The Right Yacht Broker To Help
• How Will You Purchase A Yacht?
• Selecting What Type Of Yacht You Want To Buy
• Selecting The Right Yacht Brand To Purchase
• Search Available Yachts For Sale
• Making An Offer On A Luxury Yacht
• Conducting A Survey & Sea Trial
• Has Your Yacht Paid Its U.S. Taxes?
• Insuring Your Yacht
• Your Vessel Acceptance & Closing
• Storing Your Yacht
• After-Market Equipment For Your Yacht

1-Selecting The Right Yacht Broker To Help

The first step in your yacht buying journey is to select the right person to assist you in the process. Hiring the right yacht broker can not only save you money when it comes to negotiating the price of your yacht, but they can help you avoid disastrous situations by keeping you away from problematic brands or models. If you plan to purchase a new yacht, we have both available and on order inventory from top shipyards like Viking, Princess, Prestige, Absolute, Pardo, and Valhalla Boatworks. Here are some questions to ask any potential sales agent you engage:

• How many years have you been selling yachts?
• How long has your dealership or brokerage firm been in business?
• Does your company take trade-ins?
• What are the most recent 5 yachts you have sold?
• Do you have customer references I can contact?

2-How Will You Purchase A Yacht?

Before you can even get into the discussion of what type of yacht you want to purchase, how you will pay for it is the next biggest question. Either before or shortly after you begin your engagement with a yacht sales professional, you're going to want to speak to your financial advisor about what you can afford. If you plan to finance, there are marine lending companies that can help you through the process. As of February 2024, below are the most recent boat loan rates.

3-Selecting What Type Of Yacht You Want To Buy

After determining what you can afford, it's now important to look at the type of yacht you want to buy. This should be determined by how you plan to use your yacht. Will you primarily be fishing offshore and entering tournaments? Or is formally entertaining friends and cruising to dinner more your style? Do you plan to spend more than a few nights on board?

Certain characteristics of your yacht such as how much fuel it holds, how shallow it can get, how many cabins are in the layout, engine power, whether you want a flybridge or not, or want it enclosed, and so much more. Below are several different types of yachts that your sales professional can review with you in detail. Another important decision is whether you want to buy a new yacht or a pre-owned one.

• Cruising Yachts
• Flybridge Yachts
• Motor Yachts
• Power Catamarans
• Sportfishing Yachts

4-Selecting The Right Yacht Brand To Purchase

Like with most motor-powered toys you buy today, the builder can make all the difference. Your SI Yachts Sales professional can walk you through the varying reputations of the shipyards and of the boats they build. Whether you are interested in a fully-custom yacht or a semi-custom boat built at a more production-style shipyard will help narrow your choices. Things to consider when selecting a yacht from a specific builder include how long the company has been building boats, do they the latest in construction techniques, what engine brands do they offer, do they tank test each boat, just to name a few. Below are the premium new boat brands carried at SI Yachts:

• Viking Yachts
• Princess Yachts
• Absolute Yachts
• Prestige Yachts
• Pardo Yachts
• Valhalla Boatworks

5-Search Available Yachts For Sale

Below are just a selection of the yachts that are available on today's market. There are over 4,000 yachts for sale on SIYachts.com of all different types, sizes, and prices.

6-Making An Offer On A Luxury Yacht

Whether you are buying a brand new yacht or selecting a brokerage boat on the market, the price is always negotiable. Long-standing, reputable companies like SI Yachts often have the financial strength to take your current boat in on trade towards the purchase of a new one. SI Yachts can even facilitate a trade for a pre-owned yacht as well. This can help facilitate to a deal when two parties may be too far apart on the price.

When you hire a SI Yachts Sales Professional, we work on your behalf and negotiate with your best interests in mind. We can represent you and your needs whether negotiating on a brokerage boat or with a shipyard building you a custom yacht. It helps to have a knowledgeable, experienced broker on your side. Best of all, the seller or selling shipyard pays our commission. Let us help you today!

7-Conducting A Survey & Sea Trial

Every yacht purchased should undergo a survey and insurance companies require one more often than not. Scheduling your survey, having it done, and getting the results may take several weeks, so some patience during this part of the process is needed. SI Yachts can recommend surveyors or you are free to choose your own. The reason for the survey is to give everyone a clear understanding of the condition of the vessel and all of its systems on board. During this process, the yacht is hauled out of the water for inspection. The cost of the survey is almost always paid for by the buying party. Your sales professional can use the results of the survey to further negotiate on your behalf.

8-Has Your Yacht Paid Its U.S. Taxes?

When buying a brokerage yacht in the United States, often the vessel is flagged (or registered) in another county. This is done as a tax loophole for yacht owners. By keeping it registered under another country, they avoid paying sales tax in the U.S. This also means that you will need to pay those taxes should you close on the yacht in the United States, otherwise you and your broker will need to conduct an offshore closing. The Bahamas, Cayman Islands, Marshall Islands, and others are just a few of the countries that are havens for yacht owners looking to save.

9-Insuring Your Yacht

Getting insurance for your yacht can sometimes be a difficult thing because of the recent devastating hurricanes in Florida that damaged many boats. SI Yachts can assist you by connecting you with a reputable marine insurance company or you are free to find your own. Ben Belyea, an Underwriting Manager for Global Marine Insurance had this to say about the insurance market for yachts:

"Leading up to Ian the marine insurance market was hardening, post Ian it's a new world. A few years ago it was easy to predict premiums for an experienced owner solely based on vessel size, value & mooring location. Often times a percent or two of the vessels vessel, now it's a much more complex conversation. Owners keeping their vessels in Florida full time now must be proactive in their insurance search, fully engaging their insurance agent and providing a complete picture of their plans for the vessel along. If hurricane coverage is available, underwriters are often times requiring a hauled storm plan and only offering high named storm deductibles. With reinsurance (insurance for insurance companies) becoming increasingly expensive and in some cases unavailable, boat owners will need to take on more risk themselves. When coverage is not available owners will need to alter their plans or be willing to accept a policy that may not provide full coverage on their vessel.

Global Marine Insurance Agency has been in the marine insurance market for over 30 years and has seen hard markets like this in the past. It's important boat owners work with a specialty agency and fully engage in the process. With this hard market, underwriters are seeing hundreds of submissions and with limited capacity only offering coverage to the very best applicants. Being proactive by securing CAT4 plus hurricane rated storage or moving the vessel North during hurricane season may be a necessity in securing reasonable coverage. "

10-Your Vessel Acceptance & Closing

Once the two parties have come to terms on the price and condition of the vessel, the buyer will submit an offer of acceptance along with an agreed upon deposit, along with a closing date. SI Yachts has an experienced closing department that is well-versed on all different types of closings and know the potential issues to avoid. Most closings are easy and straightforward – even the offshore ones. We will ensure that all of the necessary paperwork is done and you, as the buyer, are well-informed.

11-Storing Your Yacht

In your beginning conversations with your SI Yachts Sales Professional, all of the after-sale expenses and costs were explained so that you should be fully aware of what's next. "As a rule of thumb, most yachts cost around 10% - 12% per year to enjoy and maintain," said Jay Hendrix, Vice President of SI Yachts. "Storing your yacht can be one of the most significant costs. If you don't have a dock behind your home capable of storing your vessel, you will need to find a marina or another private dock to store it." Docking at a major marina in Florida could cost anywhere from $15 to $30 per foot or more, plus utilities fees, per month. Your yacht broker can often help advise you what marinas might suit your needs.

12-After-Market Equipment For Your Yacht

Once your yacht has been delivered, it's time to start looking at what after-market products you need. If your yacht was delivered in the Northeast, SI Yachts has an industry leading service team that can do everything from canvas work, electrical, carpentry, transmission repairs, installations, and so much more. Whether you are adding SAT TV to your boat, or want to completely refinish your teak deck, we have expert, tenured service professionals at our marina, as well as part of a mobile service team. We look forward to assisting you throughout the life of your new boat, and your next one.

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Buying a Yacht: Motor Yacht Buyer's Guide

Here are a few more steps to take to make buying a motor yacht as smooth as the water’s surface on a calm day.

How to Buy a Yacht

• Decide what kind of motor yacht best meets your needs.
• Narrow down a size range (length), and consider amenities.
• Try before you buy: conduct a charter or a sea trial .
• Work with a dealer or broker who understands you.
• Set a budget, and stick to it—and then close the deal.
• Take a boating safety course.
• Enjoy your new motor yacht!

Explore Different Motor Yacht Styles

What Type of Motor Yacht is Right For You?

Truly thousands of choices await when you’re buying a motor yacht, so what type of boating do you want to do? Most boats fall into one of three categories: overnight cruising , fishing , or watersports (like wakesurfing  or wakeboarding ). Once you know what activities you’ll prioritize, that will dictate the type of boat to seek.

Select a Size & Choose Your Amenities

Ask yourself the following questions...

• Will you primarily boat with just your beloved, or several friends and family?
• Do you have a growing family, where you’ll need to plan ahead for more space?
• How aboard sleeping onboard, or spending a few days cruising?

Your answers to all of these will help you determine if you need enclosed areas for relaxing, a particular number of berths (or cabins), and certain amenities like a cooktop.

Try Before You Buy

If a friend has a similar boat, go out on it and assess its amenities with your desires in mind. You can do the same on a day charter. Definitely visit boat shows, where you can get onboard your preferred brands and perhaps even sea trial the boats. Dealer demo days are helpful for the same reasons, too.

Learn More About Sea Trials

Work with a Dealer or Broker Who Understands You

Oftentimes the first thing these professionals say is, “What type of boating do you enjoy?” Next, they inquire about how many people you cruise with, and where you plan to go. They’re not just making pleasant conversation. Dealers and brokers need a clear picture of your lifestyle to help point you in the right direction. Trust your instincts; if you have a good rapport, the last thing these reps want is for you to make an expensive mistake, with the blame landing squarely on their shoulders.

Set a Budget, and Stick to it

It’s easy to get carried away when buying a motor yacht, since it can be a “heart versus head” decision. Research prices on boat manufacturers’ websites, as well as through dealers and brokers. Additionally research seasonal maintenance costs, as well as fuel, insurance, repairs, and storage. Your spending comfort may also help you decide whether a new or a used boat is right for you . 

Learn more by reading Boat Values & Pricing: Negotiating Your Purchase .

Consider Taking a Boating Safety Course

If you haven’t already done so, sign up for a class through the U.S. Coast Guard or the BoatUS Foundation, the latter offering free courses in most states. Check your state’s licensing requirements, too. The National Association of Boating Law Administrators (NASBLA) dedicates a page on its website to state-by-state mandatory education, a good place to start. Also be sure to check out our Education & Training Guide .

Next Read: Costs of Boat Ownership

You Might Also Like:

• Where to Buy a Boat: Dealerships, Boat Shows & More
• When is the Best Time to Buy a Boat?
• Understanding Boat Financing Options
• Boat Loan Calculator
• Find the Boat That's Right For Your Lifestyle

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Understanding Boat Insurance

Walkthrough of the boat buying process.

Purchasing a boat is all about finding the right watercraft to suit your lifestyle needs.

If you’ve ever financed a new car or bought a house, the process of buying a yacht might seem familiar. However, there are some notable differences that new boat buyers and seasoned yachtsmen should keep in mind to make the process easier.

In This Article: This guide highlights what to expect when buying a yacht, thoughtful questions you should ask, and how buying a used boat differs from purchasing a brand new vessel.

Use this information to help you prepare for your next purchase.

Looking to buy a pre-owned model? Let our checklist for buying a used boat steer you in the right direction.

• What to expect in the boat-buying process including sales contracts, escrow, down payments, financing options, and insurance.
• Questions to ask when buying a new boat.
• Questions to ask when buying a used boat.
• The differences between buying used vs. new, including information on brokers, aftermarket warranties, inspections and acceptance policies.
• A used boat checklist to guide you through the process.

What to Expect

How do you plan to use it.

Defining your mission statement, or how you plan to use your watercraft, is the first step in the boat-buying process.

"People buy these types of products because they have a vision for what they want their leisure time to be,” says William Morong, CEO of Yachting Solutions. “This is a vehicle to help them get there.”

William Morong

First Hand Research First-time boat buyers tend to have preconceived notions about the boat they think they want and how they will use it. Before settling on a specific brand, model, size, or type of yacht , try to attend a few boat shows, view dealer demos, or go on a day charter to learn about the different boats available.

What Does Your Lifestyle Require? You should also consider important factors like:

• Activities : The types of activities you enjoy, such as watersports, coastal cruising, or off-shore fishing.
• Size of Your Group : How many passengers you plan to have on board, including you, your family, and any guests.
• Space You Need : Which size range and boat length offers the space you need.
• Amenities :What amenities will make trips more comfortable and enjoyable for you and your family.
• Seasonality : What times of the year you plan to use the boat, and how long your voyages will last.
• Storage : Boat storage options, including boatyard or marina storage, plus indoor vs. outdoor storage.
• Transport : How you plan to transport the boat, whether via trailer or a certified marine transportation company.

Value of a Good Broker

Once you’ve fully defined your mission statement, talk to a dealer or broker. Sometimes, the boat you're envisioning isn't the one you need to achieve your yachting goals. Whether you’re buying used or new, brokers and dealers can guide you through the process of purchasing a luxury boat that you, your family, and your friends can all enjoy.

It's important to remember that buying your first yacht is the best way to learn if a particular vessel is right for you.

“When buying your first boat, you’re probably not buying your last. Be thoughtful about how you are going to use the boat but, at the same time, [you should] buy a boat, use it and see what you like and what you don’t like.”

Robert Chace, Sales Director at Yachting Solutions.

Contracts & Escrow

What's in a Contract? Sales contracts are legally binding, written agreements that outline all boat buying terms to protect the buyer's interest. Contracts spell out the buyer and seller’s obligations, a description of the boat, purchase price, deposits, boat condition, warranty, and the time frame of the sale.

Contingencies You should also include certain contingencies in your contract to ensure that the sale hinges on buyer satisfaction.

Good Faith Deposits Another important part of this purchase agreement is a good faith deposit. Boat buyers make this payment into an escrow account to show their commitment to purchasing their chosen watercraft. Good faith deposits protect the seller from having to pay more upon default of the sale and protect the buyer by ensuring that the boat cannot be sold to a higher bidder once their offer is accepted.

Deposits for Used Boats For used boat sales, you’ll give your broker 10% of the purchase price, which then goes into their escrow account. If the boat you want to buy is in storage, you can agree to an escrow holdback that will pay for any repair needs that you discover upon inspection once the boat is available. Be sure to specify the issues and maintenance costs you're willing to cover in your sales contract.

Down Payment

Whether you’re buying a used boat or a new boat, most lenders require a down payment between 10 and 20%, depending on the selling price of the boat. Make sure you have this down payment ready at closing. As with any loan, the higher down payment you make, the lower your monthly rate is likely to be.

Financing Options

Even if you have the cash to buy your boat now, financing has many benefits. You might be able to set sail in a more expensive dreamboat if you finance the vessel rather than buying it outright. Before purchasing a yacht, calculate the total price of the boat, maintenance, repairs, storage, insurance, and fuel. Financing can give you money to fall back on when covering these additional costs.

Lenders Financing a yacht is like getting a loan on a new car or signing up for a mortgage. Once you determine the yacht you want to buy and have the purchase price, you can choose a lender. Lenders consider your credit score, debt to income ratio, job stability, and net worth to determine whether you qualify for a loan.

Someone looking to finance a used or new boat can try:

• Financing through a boat dealer
• Taking out a bank loan
• Getting a loan from a lender specializing in marine financing

Dealers & Loans Dealers have plenty of experience setting up boat loans and can offer guidance to make the process of buying your new boat as easy as possible. However, if buying a used boat, you might want to get a personal loan from your bank for potential tax benefits and a lower interest rate. Meanwhile, a marine lender could help you arrange a lower down payment or create a monthly payment plan.

Getting Boat Insurance

Insuring your boat protects your investment and offsets the risk of operating a boat to protect you and your loved ones in the event of a boating accident. Many banks and marinas place insurance requirements on both buying a boat and storing it. To verify the boat insurance requirements in your state, contact the state marine board. Your insurance policy may include:

Learn all boat insurance options with Christopher Kemp., Finance & Insurance Director, at Yachting Solutions.

What to Look for When Buying a Boat

According to Morong, “Buyers don’t always understand what’s involved in the process of the transaction.” This lack of understanding can result in some missteps and unwelcome surprises during the process of buying a boat.

Questions to Ask When Buying a New Boat Asking your dealer or broker the right questions can help you understand how to buy a boat and avoid making common mistakes.

There’s a wide variety of new boats on the market, some more complex than others. And while impulse buys can sometimes lead you to the vessel of your dreams, you should still consider asking questions about a new boat before you buy it.

The following list contains questions you should ask and what you need to know before buying a boat:

What to Ask About

Differences in buying used vs new.

“I find that new boat and used boat buyers are generally predetermined,” says Morong.

Some buyers want everything brand new, while others prefer paying a lower price for a used craft, vowing to fix it up, and never buying new again. In most cases, the decision between new vs. used depends on each boater's experience with the boat buying process.

According to Chace, first-time boat buyers should lean toward buying something as new as possible.

“You want to make your boating experience more enjoyable and as stress-free as possible,” he says.

A new boat is less likely to have the issues that often come with a pre-owned model. Also, buying a new boat ensures that the craft gets proper care and maintenance from the beginning.

Less Stress on the Water With new boats, there are usually no negative surprises. You don’t have immediate maintenance costs, newer designs are more efficient, and you can upgrade them to suit your unique style. On the other hand, used boats in good condition are lower-priced and offer a larger selection to choose from. Depending on what you're looking for, one may be a better option than the other.

Questions to Ask When Buying a Used Boat

Buying a pre-owned boat often involves more legwork than purchasing a brand new yacht. Make sure you’re working with a seller or broker who understands your needs and won't try to overcharge you or pressure you into choosing a new model that's outside of your price range.

When buying used, some questions you might want to ask include:

Using A Broker

When buying a used boat, it's a good idea to go through a broker. Brokers are sales consultants that work like real estate agents; only they’re more involved in making sure you buy the best boat for your lifestyle.

“What really makes the difference is finding a broker that you relate to and feel is knowledgeable enough to represent your interests,” says Morong.

Brokers work on commission, typically charging 10% of the sale price. To find your ideal yacht, a good broker will ask questions about what type of boating you enjoy and where you like to travel. They also negotiate prices and contracts and handle the sales process until closing. Find a Certified Professional Yacht Broker (CPYB) online or ask for recommendations around a marina or boatyard.

Warranty Extensions on Used Boats

“New boats are brand new with a full factory warranty. You can feel comfortable buying the boat at its sales price. In a used transaction, it’s buyer beware,” says Morong.

Some warranties are only transferable to the second owner, who receives the remaining time on the original coverage plan. Unlike a car, only individual parts of the boat are under manufacturer warranty, not the entire vessel.

Aftermarket While the lifetime hull and deck warranties from most manufacturers are promising, these aren’t what typically fail, according to Morong. Plus, manufacturer warranties leave the boat owner with certain costs not covered under the contract. Therefore, you may want to consider aftermarket warranties when buying a used boat.

Extended warranties are available through third-party administrators that you can find through your broker or dealership. Aftermarket warranties are service contracts that provide peace of mind while cruising the coast, traveling long distances, or storing your yacht. Generally, they cover both the repair costs and the labor.

Surveyors and Inspections

Professional inspections are crucial when buying a home, and buying a used boat requires the same due diligence. Your broker usually provides a list of professional, certified boat surveyors that they've worked with before. However, it's up to you to compare rates for each surveyor and schedule an inspection.

Value of Surveyor A surveyor checks for issues with a vessel's water intrusion, electrical or plumbing, mechanical, and other related systems. Having the boat inspected protects buyers from discovering issues post-purchase that were undisclosed in the sales contract.

“It’s your job as the buyer to find out what’s wrong with that boat,” says Chace, “so you need to hire people to do that.”

When buying a used boat, you want to make the sales contract subject to a(n):

• Mechanical Inspection
• Engine Oil Samples
• General Survey and Visual Inspection

It's important that the surveyor inspects the boat for specific damages as well as considering its overall condition. Some surveyors may lack the necessary certifications to inspect a particular engine or mechanical system, so you should consult the International Association of Marine Surveyors or the Society of Accredited Marine Surveyors to find a professional with the skills you need.

Policies of Acceptance

With a new boat, the choice is simple: will you buy the boat or not? However, with used boats, there are two different kinds of acceptance in the brokerage world. After you receive the results of inspections and take the boat for a sea trial, you can decide whether to accept the boat as-is or under certain conditions.

Acceptance As-Is If you choose to accept the boat as is, it usually means that the inspection results were free of any major issues or repair needs. As such, you agree that you will not ask the seller to make any additional repairs or negotiate a new price.

Conditional Acceptance Those who are unhappy with the survey results may choose to accept the boat under the condition that the seller makes specific repairs or reduce the price to compensate for the issues found during the inspection. If you choose this option, you will have to renegotiate the terms of sale.

A potential buyer might decide not to buy a used boat if they cannot get the financing, feel uncomfortable about the survey results, or didn’t like how the boat felt during the sea trial. If you do not buy the boat, you'll receive a refund of your escrow money. However, you'll still need to cover the cost for the inspections, launching the boat for the trial, and docking it afterward.

Buying A Boat Checklist

Before buying a new boat, you'll want to be sure that it has all the amenities and features you're looking for. Make a list of everything you want, and let the dealer guide you through purchasing your new vessel. If you're in the market for a pre-owned craft, use this helpful checklist for buying a used boat to ensure that the process goes as smoothly as possible.

Work with a Broker

Find a used boat for sale, make an offer and deposit, survey & inspection, accept or reject, storage & transportation, buying a yacht or boat you love.

Buying a boat is a lengthy ordeal and a huge financial commitment. However, it's also an investment toward fun family vacations, coastal cruises with friends, or relaxing solo fishing trips. While the process can seem arduous, many first-time boat buyers find that it's all been worth it once they “get out there and get on the water,” according to Chace.

Whether you're a first-time buyer or a returning customer, buying a boat is about following your vision and learning through trial and error what it takes to achieve it. Taking the boat buying process step-by-step with the right dealer or broker can help you find a yacht you love that will last you throughout all your waterborne journeys.

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How to buy a Yacht – 10 Steps to Buy your First Luxury Yacht

By Vlad Craciun

Published on October 14, 2019

Owning a yacht is a luxury not many can afford. Usually, yacht owners are a select breed of smart, well educated wealthy individuals who rise high on the social ladder. But even if you’re one of them and can afford a yacht, buying one is no easy task. You’ve got to think about a few matters before taking the decision.

But worry not. We’ve comprised a little guide on how to buy a yacht and we’ll walk you through the necessary steps, from the costs of acquisition, operation and maintenance to the little details you need to be aware of.

So, take your time and read our 10 steps to buy your first luxury yacht:

• 1. Define What You Want

As exciting this yachting world might be, the first thing you need to do is stop and think. A yachting lifestyle is so alluring that you might jump on the first opportunity only to realize later that the yacht you got it’s not the yacht you want.

So a better first decision is to think about the various types of yachts that exist on the market, to charter a few and see the pros and cons of each. Think about what would you need it for. Is it business or just pleasure? Would you like a more maneuverable yacht or a bigger and more luxurious one? Should it be a motor or a sailing one? Will it need a crew or can you operate it yourself?

Your various needs will shape the kind of yacht that suits you best. Pictures of yachts in the Caribbean look stunning, but you’ll have to think long term.

• 2. Consider Yacht Displacement

In general, yachts come with a semi-displacement or a full-displacement hull design. This is an important point in your decision, as these two categories come with relevant pros and cons.

A semi-displacement design allows for higher speeds, reaching around 18 to 25 knots in general but at the expense of higher fuel consumption. And by higher we mean four to six times the fuel consumption of a full-displacement yacht of the same size. A full-displacement hull design is more fuel efficient but cruises at lower speeds, usually between 10-12 knots.

When it comes to engine maintenance, semi-displacement yachts usually need specialized individuals or companies to do the maintenance, as opposed to full-displacement yacht engines, which usually only require the crew engineers.

Other things to consider are that semi-displacements are noisier than their counterparts, and that the latter are in general more stable and thus more comfortable on the waters. The semi-displacement hulls have a hard or fast roll, making them not as comfortable as the full-displacement ones.

• 3. Mind the Size

There are many kinds of yachts cruising out there, with various shapes, sizes and performances, but usually they are classified by size. The first and the most affordable option is standard yachts, with a size between 30 to 150 feet. This is the most appropriate choice for those just entering the yachting world, the main reason being affordability.

Sales of yachts between 40 and 70 feet are among the most common and a lot more frequent than those of huge luxurious vessels you read about in the news. For a used yacht in the 25-50 foot range, also called ‘starter yachts’, you might need to pay around $100K and $200K.

The next category is mega yachts, with sizes between 100 and 200 feet. The last ones is super yachts, ranging from 200 feet long to how much you can think of.

To get an idea, according to the U.S. Superyacht Association, the average yearly costs to maintain and run a 180-foot yacht can rise up to $5 million. This includes an approximate $400,000 for fuel, $350,000 for docking, $240,000 for vessel insurance, $1 million for maintenance and repairs, and $1.4 million for crew salaries.

• 4. Think About Yacht Affordability

After you’ve found out what type of yacht suits you best, make sure you add affordability to the game. And by that we don’t mean only buying the yacht, as that is only a fraction of the total lifetime cost of owning the respective yacht.

You’ll need to take into account several other factors. The size of the yacht which influences acquisition price. Sure, a larger one will have all the amenities and nice living spaces, but it will also require a lot more money. Then think about routine maintenance, repairs, fuel and crew salaries – as larger yachts might require a crew to operate.

Moreover, there’s tax implications, insurance, costs of registration, a survey before purchase if you’re going for a used yacht – which can take between one day and two weeks. Also think about redesign costs should you not like how the previous owner decorated his vessel. Another thing to research is berthing. Will the yacht of your dreams fit in the chosen location or you’ll have to dock it somewhere else? Take into account the costs with docking in each situation.

• 5. New Custom Yacht or Previously Owned one?

For some people, buying a quality previously owned yacht is the obvious and simpler solution. And significantly cheaper. But there are others who would prefer to see their next big floating toy built from scratch and even control the entire process from the early stages.

Sure, the fun factor is greater in the second case, but the process of building your own vessel might be a very long one, taking from several months to several years, so think and think well about that.

You could also choose a production yacht, which will reduce costs and waiting time.

• 6. Yacht Maintenance and Management

The key details here are fuel, oil and crew. Or yourself if you choose to save some money and do the maintenance work all by yourself.

On the other hand, a crew of specialized individuals will make everything easier for you, but for that you need to find the right crew, as not all are created equal. Most crews around the world operate on a yearly contract, so take that into the account when calculating the maintenance and management costs of your yacht.

Fuel prices can vary greatly depending on the type of vessel you own, the places you choose to fill up your tank and the volatility of the market. There are ports which have low fuel costs, so make sure you look for them and calculate the legs of your cruise accordingly.

• 7. Docking and Location

Storage and berthing is an important consideration to make before buying your first yacht. First, you’ll have to find out if you can store and dock your vessel somewhere close to where you live. What do you do off season? Will you dock your yacht in a warm or cold climate?

A popular city marina or sea entry marina can get quite costly, not to mention how time consuming the process to find and get access to one is. Private docks are an obvious better choice, but that if you know a lot of people and stumble upon one who’s got room for another yacht. Making an online research about docking and storage options is a must before buying your boat.

Another important thing to take into consideration is the eventual obstacles in various docking or storage areas. Shallow waters, fixed bridges or various other obstacles can pose a threat to your yacht and even damage your hull. So your yacht’s size and type of hull is an important thing to consider as well.

• 8. Think of the Resale Value of the Yacht

Another important point to clarify in your mind is that a yacht is not an investment. Unlike a house, a boat’s value usually depreciates with time. With that in mind, you should think about the resale value of your first yacht, which in turn, depends on factors such as the overall quality of the vessel’s build and finish, how well the boat has been maintained and the current market conditions.

If you think about reselling the yacht later on, you might want to buy a smaller one to start with and sell it when you are ready for an upgrade. If you choose your moment wisely, you might actually make a little profit of your sale. But don’t take that as a guarantee.

• 9. Choose an Experienced Broker / Project Manager

When buying a yacht, an experienced broker or project manager is important, so choose carefully. Think of your yacht broker as a real estate agent for your home… on the seas. A good one will manage to identify the type of yacht that better fits your needs and accompany you in your pursuits.

If you’re buying a new custom yacht, your broker will make sure everything is completed to standards and to your requirements. He might also have knowledge of offers that are not available on the open market, which will be a plus. He will also have other recommendations on insurance agents, marinas or various surveyors.

But how do you choose the broker? Recommendations and research is key here. Referrals from other yacht owners will come in handy when looking for an experienced yacht broker. When you find one, asking for a list of his clients to do further research might be a good idea.

• 10. Buy the Yacht and Fulfill Your Dream

After the survey and maybe a sea trial to test the yacht – usually lasts around 4 hours and is on the seller’s expense, the final part comes: agreeing on the seller’s offer. The process requires signing all the important documents regarding the new ownership of the yacht and you, as the buyer, should already have the new registration and insurance ready. The protocol is usually straightforward and a broker would help you a great deal.

All that remains afterwards is to find yourself a crew and a shore support team and choose your first destination.

About Vlad Craciun

Vlad has over 7 years of experience writing content about subjects such as travel, cars, motorcycles, tech & gadgets, and his newly discovered passion, watches. He’s in love with two wheeled machines and the freedom and the thrills that motorcycle travel provides. Learn more about Luxatic's Editorial Process .

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How To Buy A Yacht

Please refine your search or simply email us or call 1 954 525 5111 and we'll immediately put you in contact with one of our yacht specialists to discuss your enquiry.

ADVANCED SEARCH

• ABOVE 400'-200'
• MID RANGE 200'-150'

How To Buy A Yacht Explained

Not everyone knows how to buy a yacht. And, if you really think about it, that’s a significant aspect of what makes it special. Even to many yacht buyers, this esoteric process is part of the entire experience, as they form relationships and work with people whose specialized knowledge ranges from an understanding of the market as a whole on a truly global scale down to individual builds created by particular builders incorporating specific equipment and amenities. The yacht brokers at Merle Wood & Associates are trusted members of this worldwide network, and have daily interaction with its people and yachts. They bring their knowledge to bear on the details of your purchase, so that you encounter simplified and streamlined steps with regards to your role in the whole procedure.

The Mindful Approach To Buying Yachts

Like anything worth doing, buying yachts yields more fulfilling results the more you apply yourself. But this doesn’t have to mean countless hours of research and work on your own. Instead, it indicates the mindful approach that allows a thinking person to delegate parts of the operation, cut away the clutter, and focus on what really matters.

How To Buy A Yacht Checklist

When you think about how to buy a yacht, you have to consider the ways you will want to use it. This means you need to know who will be joining you on board, and whether those people will be coming along regularly or only every once in a while. When they do join you will it be for an extended period? Or will they fly in and out, meeting you and the boat wherever you happen to be at the time? And how will that affect the way you can best accommodate them? Experienced yacht owners also have to keep in mind, as the smart investment folks have a fondness for saying, past performance is no indication of future results. Your new yacht may result in drastic changes to the way these people share their time with you, and how you share yours with them.

How To Buy A Yacht Using A Broker

Understanding the kind of yacht you will need will also help you to answer many of the questions that arise, and check some of the boxes on your way to a new and better life on the water. Figuring out where to buy a yacht will go a long way to helping you sort out the details, and Merle Wood & Associates brings the expertise to take on this global market. Whether you’re looking at new construction to build a mega yacht or considering every option on the brokerage market in your chosen category around the world, there’s no reason to go it alone. Having a relationship with a broker at Merle Wood & Associates means harnessing the strength and experience of a team with more than 200 years of cumulative service.

The Details Of Buying A Yacht

Learning how to buy a yacht is a matter of knowing the questions to ask and answer, and in the proper order. Trying to do that in your own head is a fool’s errand. Instead the experts at Merle Wood & Associates will bring the program to you on a human scale, where you can determine whether power or sail is right for your needs, if you want new construction or think your needs and schedule would be better suited to the brokerage market, how many staterooms you will require, whether displacement or planing speeds are more your style. Every question in its own time, from favored engine brands to fabric and finish preferences to how your chosen cruising waters influence the decisions. Want to know how to buy a yacht? The answer is here.

Becoming A Luxury Yacht Owner

When you become a yacht owner, you’ll experience life in ways you never knew. So, knowing how to buy a yacht is an important step, one that will ensure many years of enjoyment, including core memories for yourself, your friends and your family. The time has come, so take a moment to discover yacht ownership along with why you should buy a yacht or when you can’t find exactly what it is you want, then you may want to build your own yacht , either way, we’ll get there.

Speak To A Yacht Broker

For more information about how to buy a yacht or for expert knowledge from a qualified yacht broker, simply contact the luxury yacht brokerage firm of Merle Wood & Associates for assistance.

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Buying a Yacht

The discerning buyer’s guide to purchasing a superyacht.

When you want to  buy a yacht , expertise and experience are paramount. Northrop & Johnson’s brokers have a unique and in-depth knowledge of the superyacht industry and have an unrivaled reputation for honest dealing. With the industry’s most comprehensive database of buyers and sellers, and access to the widest fleet of  luxury yachts for sale , our brokers are familiar with all the yachts on the market and always strive to find the perfect vessels for our discerning clientele.

Four Steps to Buying a Yacht

Looking to buy a yacht? From price and contract negotiations to the organization of surveys and sea trials to support with ownership structures and navigating legal complexities, Northrop & Johnson’s brokers are experienced in all aspects of yacht buying. You can expect a smooth purchase experience from start to finish, leaving you to enjoy the pleasures of stress-free yacht ownership.

Know The Type of Yacht You Want to Buy

Once you have made a decision to purchase a yacht, the next step is to determine exactly what type of yacht you are interested in buying. From  yacht builders , to hull types, to the different styles and their uses, there is a vast array of different yacht types available, each with a varying range of wildly different sizes, styles, performance capabilities, purposes and of course budget.

When considering a yacht for purchase, be able to answer the following questions:

• What type of experience and use you are looking for in your ownership?
• Are you interested in a new or used yacht?
• Do you prefer a custom built or semi-custom yacht?
• Are you looking for a high-speed performance weekend boat, or a genuine round-the-world blue water cruising experience?
• What size of yacht are you looking to purchase?
• How are you planning to use your new toy?

You can start by browsing through our yacht type guide (below) to view the different types of yachts available and how they might best suit your requirements.

Find the Right Yacht to Purchase

Once you have decided on the essential elements, speak to your Northrop & Johnson yacht broker. Your yacht sales specialist will begin the search for your perfect yacht. Armed with a better understanding of what each category of yacht has to offer, the opportunities and choices will fall into place. Your Northrop & Johnson broker will provide you with a shortlist of yachts, including those on the market and even in private use, some of which may not necessarily be on the open market.

Yacht Offers, Boat Negotiations, and Purchasing

Once you have found the perfect yacht to buy, your Northrop & Johnson broker will handle all offers and negotiations. The buyer and seller will then agree the sale and purchase contracts. Typically, a detailed agreement known as a Memorandum of Agreement (MOA) is drawn up and signed by both parties after your selection is made and finalized. Your Northrop & Johnson broker will arrange a buyer’s sea trial and condition survey. There may then be a negotiation and once an agreement is reached the necessary documents will be exchanged, the payment made and the sale completed.

Yacht Ownership

Northrop & Johnson will advise on yacht ownership and corporate structures and handle all the administrative documentation to help your transition into yacht ownership. They have access to a wealth of expertise, including legal and construction teams, yacht managers, insurance specialists, crew and charter marketing experts, should you be looking to recoup some of the running costs. Ultimately, our job is to ensure a smooth acquisition from start to finish and throughout your entire ownership.

The different yacht types

Defined as a vessel larger than 165 feet, a mega yacht is the ultimate luxury yacht in terms of size, facilities and services. Vast luxury megayachts can accommodate a large number of guests in the utmost superfluity and comfort. The ultimate in luxury yachting, these vessels feature anything and everything from gyms, spas, swimming pools and cinemas to discos, conference rooms and other exceptional amenities.

Large, spacious, stable and designed for pure comfort, a modern superyacht ranges in size between 100 and 165 feet and is the perfect luxury yacht for family cruising and first-time charterers. Superyachts feature an array of amenities, such as large toy chests full of watersports equipment and ample interior and exterior spaces for guests to enjoy. The most popular superyachts for charter are heavy displacement motor yachts that sit well at anchor and provide stability.

Performance motor yachts range in size between 80 to 100 feet; they are nimble and capable of cruising shallow-water locales. These yachts quell the “need for speed,” and offer beautiful lines and stunning designs. They are ideal for those who want to explore more of the coastline in a shorter amount of time and are looking for the real kudos and adrenaline that goes with the luxury superyacht lifestyle.

A modern sailing yacht is perfect for those who want the size, comfort and facilities of a motor yacht with the flexibility to open up the sails and experience the undisputed appeal of sailing on occasion.

A classic sailing yacht will appeal to those looking for a genuine sailing experience and who want to capture the real romance and thrill of yachting. These yachts’ facilities are focused around sailing qualities. As such these vessels may not offer the same space and amenities as a modern sailing yacht, but they are the superlative option for bona-fide sailors.

Many yacht owners are choosing to cruise off the beaten path and explore more exotic locales. Yacht builders are obliging by building explorer yachts with ice breaker hulls, tough decks and even extra freezer space for yachts that will be off the grid for a while. These yachts not only are expertly built and extremely safe, but they also provide comfort in all sea conditions and still feature all the luxurious amenities, if not more, as the average superyacht.

Available as both sail and motor, catamarans are best suited for those interested in shallow-water family style cruising. Thanks to a low draft, catamarans are particularly well suited for anyone who wants to discover often-overlooked (due to inaccessibility) locales. Catamarans are perfectly equipped for luxury and comfort and offer a great amount of space.

Sportsfish yachts are perfect for avid fishermen and outdoorsmen. These yachts are purpose-built for fishing. No matter if you’re a serious sport fisherman or if you and the family enjoy casting a line during weekend cruises, Sportfish yachts offer top performance and excellent seakeeping as well everything you need to reel in the big one.

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© 2024 Northrop & Johnson

THE ULTIMATE LIFESTYLE PURCHASE

Buying a superyacht.

Buying a yacht is the ultimate lifestyle choice. No other purchase quite compares to the thrill of owning a yacht and the ultimate freedom that it offers.

A TAILORED STRATEGY

Selling a yacht opens doors to new opportunities. Whether you are looking to acquire a newer or larger vessel, or to explore investment opportunities elsewhere, when it’s time to sell your yacht, trust the experts at TJB Super Yachts.

Our yacht consultants offer a turnkey superyacht sales process, including yacht marketing, viewings, and contract negotiations. Reap the benefits of our world-class marketing services, or benefit from our network of contacts with an off-market sale for those seeking the utmost discretion. Enjoy a tailored strategy that reaches the widest qualified audience in order to secure a swift sale that capitalises on your yacht’s value.

A PROVEN TRACK RECORD IN SUPERYACHT SALES

As a global leader in yacht sales, TJB Super Yachts guarantees your peace of mind. Our team of experienced yacht sales consultants handles every aspect of the superyacht sales process. Discover the successful year-on-year figures within the yachting industry in 2022:

Superyachts Sold

Avg. sales per month, largest yacht sold in 2022, identify your style.

The first stage of the yacht acquisition process is to determine what type of yacht you want.

• Do you want a superyacht, motor yacht, sailboat, performance yacht, or explorer yacht?
• Do you want a yacht designed for long-range ocean cruising or one that is more suited to island-hopping in blue water havens?
• Do you want a new yacht or a brokerage yacht ?

Consider how you will use your yacht and what amenities you want onboard. With so many different types of superyachts available, it can feel overwhelming when buying a yacht, however, our expert yacht consultants are here to help, and can advise you on the different types and styles of yachts that would suit you best.

Fine Tune the Details

Once you’ve decided on the type of yacht that is suited to your needs, you’ll want to fine-tune your search further. Whatever type of yacht you seek, our expert yacht consultants can help narrow down your search and provide you with a selection of yachts that meet your needs, all whilst keeping your yacht search indulgently fun.

• How many cabins do you need?
• What type of onboard amenities do you want?
• Do you want a pool, hot tub, gym, or spa?
• Are you seeking lots of deck space for entertaining guests or storage facilities for toys and tenders?

Whatever type of yacht you seek, our expert yacht consultants can help narrow down your search and provide you with a selection of yachts that meet your needs, all whilst keeping your yacht search indulgently fun.

Due Diligence & Negotiation

You’ve found your ideal yacht. What’s next?

Our expert team will help you expertly navigate the yacht acquisition process. This includes offers to purchase, negotiations, and purchase contracts. Working with our network of trusted global experts, we will connect you with marine lawyers, tax advisors, and survey engineers. We will also arrange sea trials. Once you are happy and all necessary documentation is in place, we will make arrangements for the sale to be finalised seamlessly.

The Adventure Begins

When you buy a superyacht with TJB Super Yachts you join our family. We help you at every stage of your yacht ownership journey and always put you first.

Our personal superyacht management services cover all aspects of yacht ownership, including crew and manning requirements, yacht marketing, yacht insurance, and charter management. With extensive knowledge and a global network of contacts, you can rest assured that your yacht is in safe hands.

HOW TO BUY A YACHT FAQS

Buying a yacht can be a complicated process. When you work with a TJB Super Yachts’ consultant, you will benefit from a streamlined yacht acquisition process. Our yacht consultants boast deep industry knowledge and a global network of contacts. From your first point of contact, we listen to your needs and then respond accordingly. Your personal yacht consultant will provide you with a list of yachts that match your needs, then arrange viewings. They will offer tailored advice throughout the yacht acquisition process, including advice on financing, class and compliance, surveys, yacht management, and much more.

The longest part of buying a yacht is usually finding the right one that meets your needs. Your personal TJB Super Yachts consultant will be able to advise on types of yachts and set up viewings as soon as they understand what will fit your requirements. Once you’ve made your choice, it is then a matter of getting surveys and inspections done, submitting a formal Letter of Intent, and arranging financing. You can expect this process to take around six to eight weeks.

While surveys and sea trials are not compulsory when you buy a superyacht, they are a standard part of the yacht acquisition process, and we strongly recommend getting them done. Surveys and sea trials provide an important overview of the yacht’s condition, and some financial institutions may insist upon them. TJB Super Yachts work with some of the best independent surveyors and engineers. To avoid any conflict of interest, we will guide you to their services, enabling you to have a fully independent survey carried out.

Manufacturers offer warranties for a set amount of time on a new-build yacht. If the yacht you are purchasing is still within its warranty period, it will be transferred to you as the new owner. However, most brokerage yachts are purchased based on the condition and findings of the professional pre-purchase survey and therefore do not have warranties.

When you buy a superyacht,  you will receive a  Memorandum of Understanding, which sets out the terms and conditions of the sale. You will also receive the Bill of Sale, which records the transfer of legal title from the seller to the buyer, and the Protocol of Delivery and Acceptance, which specifies the agreed upon time and date of transfer of ownership and funds. Your personal TJB Super Yacht consultant will advise you accordingly, ensuring your best interests are protected throughout this entire process.

The buyer and seller will decide together which country will govern the purchasing process, and this is often a country where neither party resides. It is common for English law to be chosen when buying a superyacht.

The topic of VAT can be complex and depends upon where your yacht is to be kept. TJB Super Yachts’ team of yacht consultants can put you in contact with specialist maritime VAT lawyers who will look into all the factors and advise you accordingly.

YACHT SALES CONSULTANTS

Discover why superyacht owners turn to us in confidence when they want to sell a yacht by contacting our team today. 

Founder & CEO

Tim johnson.

Sales & Charter Broker Manager

Josh francis.

Senior Sales & Charter Broker

Advait deodhar.

Sales & Charter Broker

Charlie bush.

George Brotherton

Charlie Hayward

Valentina Christine Lieto

Charter Broker

Carl-philip thunstrom.

Senior Charter & Sales Manager

Nicole haboush.

Rossella Del Gaudio

Georgie Damianakis

Contact our sales team.

By filling out this form you will receive communications on our services and offers. You can unsubscribe at any point in the future from our mailing list using the ‘unsubscribe’ link on any of our emails. In order to understand how we use and protect your personal information, please read our privacy policy .

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Buy a Yacht | A Complete Guide for First Time Yacht Owners

Here you are. After years of renting catamarans, chartering motor yachts and sailing on different crewed vessels, you made your mind up: it’s time to buy your own yacht.

Behind this apparently simple task actually lies a lot of confusion. If you’ve never done it before, buying a yacht isn’t exactly the same as buying a new car or a personal watercraft. Buying or selling boats is a very complex process that brings a lot of questions along the way: 

– What type of boat is a good fit for you?  Motoryacht, sailing yacht, catamaran, trimaran, motor-sailor (fifty)? – What is the best yacht configuration? – Should you buy a brand new yacht, or a second hand one that has proved herself?

We have been owning boats for many years, and we’ve been organising yacht charters for more than 20 years with Windward Islands. We’ve helped countless owners to buy their boats from 15 to 47m . Needless to say, we know a thing or two about the ideal yacht buying process. Follow our beginner’s guide !

1. Choose the boat category you want to buy

All categories of yachts have their pros and cons. One boat can be perfect in a certain situation, but not suited for some others. If you plan a transatlantic journey, you will not have the same needs as someone looking for a catamaran to sail the shallow waters of a tropical island.

So your first question should be to determine what you are going to do most of the time with your boat and where you are going to go the most.  

Buy a yacht that matches your main uses and the destinations you wish to discover.

You can always charter a more suited yacht for these extra activities that are not adapted to your boat.

Read also : Catamaran vs Trimaran : What are the differences

2. Find a yacht that pleases your eyes

Whether it is justified or not, aesthetics is a big part of narrowing down your options when you are buying your first yacht. Everyone wants a yacht that is a true eye candy. Many of them are unique and have lines or interiors designed by prestigious artists and shipyards.

Regardless of your yacht style, keep in mind that your mooring neighbor will want to have a prettier (and bigger) boat than you, and vice versa. Nobody wants to be left behind.

Joke aside, all options are on the table: traditional sailboats, sharp catamarans, luxurious motor yacht… Some designs are timeless while some lines follow trends that could fade. Regardless, find a boat that makes you want to step on it. It’s all about pleasure.

3. Assess the comfort needed on the yacht you want to buy

Knowing what comfort you expect is very important. The comfort is directly related to the size of your yacht, its equipment and therefore whether or not it will need a crew or specific skills to operate it.

If you choose a boat too small, you might be able to sail it yourself and reduce the overall cost, but you may encounter limitations in size, comfort, or possibility to hire a crew. 

On the other hand, if you choose a yacht too big, you might have a vessel extremely comfortable but you will likely need a crew to operate it and the costs for both purchase and maintenance are higher. 

Bigger and more comfortable is not always the answer. Even superyacht owners sometimes go for smaller vessels after years of using huge yachts to find the pure sailing experience back. 

A bit like aesthetic, comfort and size are matters of feeling, and sometimes compromises.

“ All yacht designers say that there are 3 criteria to define the qualities of a boat: Performance, Aesthetics and Comfort on board. To date, it is only possible to combine 2 of these: Performance and aesthetics, Aesthetics and comfort . T he performance and comfort couple i s the most difficult one to a chieve” Emmanuel Pertuisot (President of Windward Islands).

4. Decide the boat performances you want

Not everyone is looking for the fastest yacht. But let’s be honest, speed can be one of the most addictive parts of sailing. Some boats are more suited for long distance, some are better to cruise around and many can be a balanced mix of the two.

So you can decide to compromise on performance to favour cruising and long distance.  Or go full on on the fastest boat of your category. 

The choice is yours. The important thing is to buy a boat that you like.

5.Estimate your yearly budget for yacht maintenance

As rewarding as it is, yachting can be an expensive hobby. The price of your yacht is of course important, but many other costs will add up on a yearly basis, and it’s important to forecast them properly. 

A boat needs maintenance, repairs, insurance and mooring. In most cases, the bigger the yacht, the bigger these expenses add up, especially when crews get in the mix.

On the bright side, once you have a boat category suited to your needs, aesthetics you are looking for, a good idea of your comfort needs, your performance expectations and a budget you can afford… you are basically ready to buy your first yacht.

Emmanuel Pertuisot (President of Windward Islands) estimates that the annual operating costs of a vessel are usually 10% of its purchase cost. It’s rarely far from this ratio. Some then consider putting the vessel under rental management.

Read Also: How much does it really cost to own a yacht?

6. Browse the yachts available on the market. Take your time!

Have a look at the market, observe which boats are for sale and why. Especially when you buy a yacht second hand, it’s important to understand the market before diving head first. Once you do, you will quickly realize that there are always good deals lying around. 

Do your research, and do not hesitate to contact a well established sales broker who will advise you on the different models and who will often be able to point out “off-market” boats that often prove to be the best opportunities.

Afterwards, your specialist broker will be of great help in securing and finalizing your transaction: – check all legal documentations – organise visits – manage a pre-purchased survey – negotiate for you the best deal – settle the charter business if you want your vessel expenses to be covered by rental

7. Visit the yachts for sale that you like

This is not the worst part of our process. Take the time to visit the yachts that interest you. For a new boat, the easiest way is to go to a boat show where your broker will arrange a visit and private test.

For a used boat, it will be necessary to travel to visit the vessel(s) in their home port. That’s where your specialist becomes handy again. By assessing the condition of the boat first, he can ensure that your trip is worthwhile.

Another way to be sure about a boat model is to rent it out or to charter a similar one to see if it meets your expectations. Windward Islands as an expert broker in boat sales and charters can help you in this process.

8. Find a place to dock the yacht you intend to buy

It might look like this step is out of place, but it’s not. 

Finding a marina or a harbor to dock your yacht can be difficult in some areas. So if you know your marina is in high demand, it is worth checking how long it usually takes to obtain the holy grail: a spot to dock your new jewel. Even if your yacht is not exactly bought just yet.

9. Settle the financing and the paperwork

You can finance your yacht in different ways: ask for a loan at your usual bank, pay it cash or lease it. The choice of the flag of your yacht is also usually made at this stage of the purchase. It is generally chosen according to several criteria such as home port, sailing area, commercial activity or not. Many flag of convenience options are available in addition to the usual options in your country of residence. Your specialist broker will be able to help you make a choice, or will refer you to a professional in the sector.

After all these researches, visits, and test sails, you are now a proud yacht owner.

Congratulations!

Buying a yacht can take anywhere between a few days to a few years, depending on what you are looking for and how ready you are to make the purchase.

Start by deciding what kind of boat you like and what are your needs. Take your time before buying a yacht. Sail test the yachts you like and consider chartering similar yachts before bringing a definitive answer.

A place to dock your yacht should be picked before you buy the yacht, especially if your marina is in high demand. It can sometimes take a few weeks to a few months to have a spot in some marinas.

If you are buying a yacht for the first time, you should get an experienced broker by your side if you intend to buy a second hand yacht. If you do not, better stick to new yachts that usually have less “hidden surprises”.

The best place to buy a yacht is a yacht broker. A yacht broker can assist you in picking the right yacht for your needs, controlling a used yacht and give you access to off-market offers.

If you are a true sailing enthusiast that know what you need, then you’ll love having your own yacht. If you are undecided about the type of yachts your like or the destinations, then better stick to yacht charters.

RELATED ARTICLES MORE FROM AUTHOR

8 catamarans for sale under 5 millions in 2023, yacht maintenance – what is needed, can you live on a yacht full time our advice.

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How to Buy a Yacht

There’s no way around it: A superyacht is a passion investment that likely won’t increase in value. But if you’re set on buying one, here’s what you need to know.

Andromeda La Dea. Photo courtesy of Perini NaviThe 282-foot megayacht Chakra accommodates 20 guests in 24 cabins

The 154-foot sailing yacht Andromeda La Dea has had an eventful existence. Tom Perkins, cofounder of Silicon Valley’s powerhouse VC firm Kleiner Perkins and a sailing aficionado, commissioned Italian shipyard Perini Navi to build it in 1990 with the latest technology available, including a then-newly developed computerized system to furl and unfurl its sails, reducing the size of necessary crew. It featured four deluxe staterooms, state-of-the-art communications systems and, with a range of 4,000 nautical miles at a maximum speed of 13 knots, the vessel could explore any ocean in the world. “This yacht was a marvel, and she sailed over 200,000 miles under my ownership in a 10-year span,” wrote the late Perkins in his 2008 biography Valley Boy . The ship withstood circumnavigating the globe, voyages to the Arctic and Antarctica, and even the fierce 1991 nor’easter that inspired the George Clooney film The Perfect Storm . “In many ways this boat was the perfect yacht—fast, beautiful and practical.”

Still, Perkins sold Andromeda La Dea in 2001 to build an even larger and more innovative ship, the 289-foot Maltese Falcon . Andromeda has had serveral owners since then, including former New York Daily News honcho Fred Drasner, who also sailed around the world on it for three years, and Charleston, S.C.–based real estate developer Charles “Buddy” Darby III .

“She wasn’t a classic sailboat, but when the sails are furled up and she’s at dock, she basically has the room of a motor yacht,” says Darby, who purchased the boat in 2007. As a lifelong sailing enthusiast and developer of the luxury yacht marina Christophe Harbour in St. Kitts, Darby wanted a ship that combined traditional ketch features with the convenience and entertaining space of a modern superyacht. “For my needs, I got a sailboat that today would be considered a modern classic.”

The Wines that Tech Built

September 19, 2023

More than 90 percent of all American-made wine comes from California—and many of the best wines, like the ones that follow, were built with handsome profits from Silicon Valley ventures.

For yachtsmen like Perkins and Darby, who both owned smaller vessels before supersizing, having a boat like Andromeda La Dea fulfilled a passion. And as the global yachting market grows—market research firm Global Industry Analysts projects it to reach $74.7 billion by 2022—more people are entering the superyacht game. Yacht sales have held steady throughout the last decade according to the latest Superyacht Times industry report, and charters, a lower-cost access to boating and usually the first step toward ownership, have grown as the wealthy clientele has skewed younger. Even traditional hoteliers have jumped into the market: the Ritz-Carlton Yacht Collection is debuting in 2020 with three custom-built ships to provide intimate cruising experiences; in the Maldives, Four Seasons offers the liveaboard Four Seasons Explorer for guests who want to island-hop; and even the 21-room boutique hotel Atzaró in Ibiza has launched an 180-foot-long Indonesia-based superyacht, Prana by Atzaró .

gabriellesulzberger

Photo by Hollender X2

But at a certain point, enthusiasts with the means will prefer to own a boat rather than be at the mercy of booking agents and space availability. So what does it actually mean to buy a yacht? Here’s what you should know.

VALUE THE EXPERIENCE, NOT THE ASSET

While passions sometimes make great investments, this is almost never the case with yachts. Unlike an art collection or prized wines, a yacht seldom increases in value. “The average owner would want to buy a boat that works for them, but it’s not about making money,” says Jonathan Beckett, CEO of London-based Burgess Yachts , one of world’s leading superyacht brokerages that handles everything from sales and charters to management and insurance. While he admits some of his clients do make money buying and selling yachts, “they tend to be very savvy—they look for unique opportunities in the marketplace” that allow them to buy particularly low and significantly improve the asset.

“It’s like flipping a house,” says Kathy Lefakinis, president of Valef Yachts , a Greek superyacht charter management company that started out in 1969 by acquiring vessels. “If you get a boat at a good deal and invest a little more into it, you can make a lot of money,” she says. But those opportunities are hard to come by—and they might be here today and gone tomorrow. That type of buyer typically has a preexisting close relationship with a brokerage or a shipyard.

Buddy Darby puts it more bluntly: “Boats are horrible investments.” For all its storied heritage, pristine maintenance, and major upgrades and refits, Andromeda La Dea has only decreased in value. Tom Perkins reportedly built it for $15 million; it was subsequently sold for well under $12 million, and Darby, who has tried to sell it for a number of years, has it listed for just over $8 million. Perkins’ other technological marvel, the Maltese Falcon , cost upwards of $150 million, but Burgess Yachts sold it in 2009 for $100 million. “A few people I know make money on boats,” Darby says, “but very few.”

USE IT OR LOSE IT

First and foremost in buying a yacht is understanding what its purpose will be. “You either buy the boat for personal recreation, or you buy it for the charter business,” says Lefakinis, whose company manages all aspects of chartering for ships such as the legendary Christina O . Most owners fall into the first category, but that doesn’t mean they won’t deal with charters. Because a yacht’s running costs can be so high, the majority of owners operate them like a vacation property. “Many people take their boat for X amount of time for themselves and offset the cost of maintenance by putting it on the charter market,” she says. Jonathan Beckett estimates that charter operation might offset as much 60 percent of running costs. So before you even buy, have a clear idea of what you want out of your yacht.

The average first-time buyer owns a yacht for three years, according to UK–based Towergate Insurance, before trading up or getting out altogether. “First-time buyers often feel they are going to use the yacht more than they really do,” says Beckett. “The first and second year is when people use it most. After the second year, the usage drops off a bit.” That’s one of the reasons Darby has listed Andromeda La Dea . “I want to take a pause since I’m not using it as much, and see where I want to go from here,” he says.

BUYING COULD TAKE LONGER THAN YOU THINK

The process of buying a yacht is similar to that of a home. Normally you go to a broker, who can show you what’s available, talk through your preferences and budget, schedule viewings and even take you to an event like the Monaco Yacht Show to see many ships at once. This process could take months and a great deal of back-and-forth as a broker guides you to your desired yacht. But some companies, such as Miami–based YachtLife , are trying to streamline this by giving potential buyers immediate access to available choices through a mobile app. “We eliminate a lot of that process that is done with phone calls and emails going back and forth with a broker guessing what you’re going to like,” says CEO Patrick Curley, who launched the company in 2015. “This puts the control in the hands of the customer.”

Once you’ve zeroed in on a boat and a seller accepts your offer, you make a 10 percent cash deposit. Then the due diligence begins. “Buyers should work with an independent marine surveyor who is accredited and who can provide a report on a yacht’s condition, seaworthiness, the condition of its machinery, its parts and its systems,” recommends Jeremy Backman, VP of recreational marine at insurance giant Chubb . “An underwriter would evaluate that survey in their understanding of whether they want to insure the asset. But it also provides the client with clarity on what they are purchasing.” A sea trial and other inspections are also recommended, as well as a good maritime lawyer who can help you navigate the appropriate flagging and registration of the ship, which can vary according to usage and location.

THINK BEYOND THE STICKER PRICE

The larger a boat is, the more it costs to maintain it. According to Beckett, yachts are typically considered to be any luxury seacraft over 50 feet in length, which sell in the $4 million to $12 million range. Superyachts are over 120 feet in length and sell for $30 to $80 million. And megayachts upwards of 250 feet in length cost hundreds of millions.

But the carrying costs of a yacht are arguably more important than what you need to fork over up-front. “First-time buyers can underestimate the running costs,” Beckett says. These include dockage, crew salaries, insurance, fuel and maintenance. “It is the single largest personal asset that a client will own.”

Any yacht requires a captain to lead the operation, assuming you’re not a licensed captain yourself. According to a 2017 poll by the industry publication Dockwalk , the average monthly salary for a yacht captain was $6,900; for a superyacht like Andromeda La Dea , a captain could earn upwards of $18,000 a month. Owners may also need additional crew such as first mates, deckhands, stewards, engineers and chefs—with bigger crews depending on the size of the ship. In the context of a sailboat like Andromeda La Dea , which has nine crew when fully operational, this could be as much as $60,000 a month. Though Darby does not reveal his ship’s carrying costs, he concedes that it is a complex and costly operation. “You get a superyacht, you get super complicated.”

November 1, 2023

After crew salaries, maintenance and repairs are the next largest expenses for yacht owners. For the larger yachts, this could be more than $1 million a year, with fuel, insurance and dockage each costing between $300,000 and $450,000 a year. “The rule of thumb for estimating carrying costs per year is 10 percent of the original purchase price,” says YachtLife’s Patrick Curley. “You’ve got to understand what you’re walking into. When you start getting into superyachts and megayachts, it’s like owning a new company.”

MAYBE YOU SHOULDN’T OWN ONE

During the pre-purchase process, some potential buyers are hit with the realization that they are not cut out for yacht ownership. And that’s not a bad thing, says Beckett, who is giving a speech at this year’s Monaco Yacht Show about the subject. “We have lots of clients who are very happy charterers. They didn’t want the aggravation or hassle of yacht ownership. They are permanent charterers and you are never going to convert them into yacht ownership.”

For Curley, whose company brokers yacht charters throughout the U.S. and Caribbean, the Mediterranean and even Dubai, it all boils down to practicality. “If someone lives in Manhattan but uses that asset only three to four months out of the year, and you are still paying the full carrying costs, does that make sense?” he asks. “That’s why chartering is such a huge industry. And if something happens during a charter, it’s not your problem.”

Not that chartering a yacht is inexpensive. While smaller yachts can go for $21,000 per week, according to Valef Yachts’ Kathy Lefakinis, a superyacht charter could be well over $300,000 a week. “It’s not a cheap way to travel,” she admits, “but chartering becomes addictive. Our repeat clientele is huge.”

And yet the question of what makes sense can flip the other way. “There are a lot people who will charter, but once or twice a year, not regularly,” says Buddy Darby, who chartered some larger boats before purchasing Andromeda La Dea . “When you get up to that level, that market will say, ‘I’ll just buy it.’”

Getting Started

Interested in owning a yacht? These six resources will help you learn more.

Burgess Yachts , a full-service yacht brokerage, Jonathan Beckett, CEO, 377.97.97.81, burgessyachts.com

Christophe Harbour , a yacht marina in St. Kitts offering freehold berth ownership, [email protected] , 869.465.9755, christopheharbour.com

Chubb Personal Risk Services , a subsidiary of insurance giant Chubb that offers recreational watercraft policies, 877.513.2338, chubb.com

U.S. Superyacht Association , a trade association, [email protected] , 800.208.5801, ussuperyacht.com

Valef Yachts , a Greece-based charter management company, Kathy Lefakinis, president, 267.404.2415, valefyachts.com

YachtLife , an online yacht charter and sales platform, 786.574.6762, yachtlife.com

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Here’s how a middle-class can afford a yacht and other things billionaires own.

When you think of owning a yacht, you probably assume such a luxury is reserved for billionaires . However, there are ways that a middle-class individual can afford something like a yacht, not to mention a bevy of other luxury goods.

Read Next: Warren Buffett: 6 Best Pieces of Money Advice for the Middle Class Learn More: 6 Genius Things All Wealthy People Do With Their Money

First things first, ‘yacht’ is actually a broad term. The largest, most expensive options are called megayachts, but plenty of other smaller options don’t rise to that level of cost. There are quite a few types of yacht classifications based on the purpose, including sailing, explorer/expedition, sports, sport fishers or cruisers. When it comes to thinking about them in terms of cost, the size is generally the primary consideration. You’ll sometimes find these terms merged or used interchangeably, but generally, there are mega yachts, superyachts, large yachts, mid-size yachts and small yachts.

The largest yachts reach lengths over 50 meters and carry a price tag of as much as $600 million, give or take. So, what should you consider that’s not a superyacht?

The smallest ones sport less ostentatious designs and a lack of space for a jacuzzi but can get as low as $500,000 — certainly not cheap, but much more obtainable when speaking relatively. You’ll still benefit from day cruises on the open ocean. Selecting an older, used model is the best way to keep that price as low as possible. For example, there’s the  Ciao Bella 2006 Sunseeker . It’s roughly 15 meters long, sports three cabins and goes for $500,000.

The same principle applies to affording other ‘billionaire items’ where you’ll scale things down without losing the spirit of whatever you’re looking for. Take household staff, for instance, where the image that comes to mind is a massive mansion with a team of maids, cooks, gardeners and more. That’s probably out of range of the average middle-class person. Scale it down to perhaps one staff member, a butler or a housekeeper and you’ll pay around $40,000-$100,000 rather than close to $1 million or more. While most middle-class households don’t have a butler or housekeeper, this is far more doable than having an entire staff.

Billionaires also buy things like expensive paintings or islands. Oracle founder Larry Ellison purchased a 90,000-acre Hawaiian island for $300 million. Suddenly, a 1-acre island for $500,000 seems much less impossible. Keep applying this idea of scaling things down to fit your lifestyle, do all you can to perfect your credit rating and available credit, consider pooling resources or renting your asset out from time to time, and you’ll find yourself able to afford things you never could.

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This article originally appeared on GOBankingRates.com : Here’s How a Middle-Class Can Afford a Yacht and Other Things Billionaires Own

Russian oligarchs can't buy superyachts — but rich Americans are helping to fill the void

• Superyacht sales fell 17% in 2023, but still stayed above pre-COVID levels.
• Sanctions imposed on Russian oligarchs dented the market, but America helped split the difference.
• Florida, where most US users base their boats, has been doing especially well, one expert said.

Both new and used superyacht sales of vessels longer than 100 feet fell again 2023 — in part due to sanctions imposed on Russian oligarchs.

But steady sales in America are helping to split at least some of the difference.

A total of 203 superyachts were sold globally in 2023 — a 17% drop from the 245 sold last year, according to the SuperYacht Times' annual State of Yachting report .

Related stories

That's down from 2021's peak of 313 superyacht sales — though the report notes the market still remains high above its pre-COVID levels, and that "any number over 200 is historically still a high number."

Sales for superyachts over 200 feet slowed more than their smaller counterparts due to high pricing and longer build times, according to the report. And the fallout from Russian sanctions will likely impact the market for years to come, especially with respect to the larger ships that Russians have purchased in the past.

"Russian buyers remain largely absent from the newbuild market, which has an impact on the market for large newbuilds in particular," according to the report.

That said, SuperYacht Times' head of intelligence, Ralph Dazert, told Business Insider that sales in America are helping to fill some of the void.

"The strength of the US economy just continues to defy expectations, and Florida (where most of the US owners base their boats) has been doing particularly well," Dazert said. "The top end of the market has been hit by the Russian pullout, but it is beginning to bounce back, with mainly inquiries from the US again."

The US share of overall superyacht ownership stayed steady at 23.6% from 2023 to 2024, according to the report, while Russian ownership continued to decline from 8.1% to 7.8% over the same period.

And while Americans have tended to buy slightly smaller yachts than Russians in the past, Dazert said they are gradually moving up in size.

For new superyachts longer than 130 feet, Russia's share (now at 6%) has declined over the past decade, while the US share (29%) has continued to increase, the report found.

The report concludes that the superyacht market could see "further slowdown" in 2024, citing the conflict in the Middle East and the US presidential election — an event that's sometimes thought to impact sales.

Watch: Video of Russian naval ship explosion shows a much-needed win for Ukraine

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The Ultimate Guide on How to Buy a Used Boat

B uying a boat is a path toward fun in the sun and outdoor adventure with friends and family. Over 140 million people worldwide enjoy spending time on the water on all types of boats, and you can join their ranks by shopping for your favorite boat styles near you. The first step toward enjoying the benefits of boating starts with learning how to buy a used boat.

Used boats provide the same freedom and fun at a much lower price. You’ll enjoy a lower barrier to entry to get out on the water and meet up with friends on those sunny summer afternoons.

The good news is that you’ve found the perfect guide to take you through buying a used boat. Continue reading to start shopping for vessels you love today!

Set a Budget

Setting a budget is essential when shopping for used boats near you. Boats are expensive assets, and it’s easy to get carried away by more expensive options providing impressive amenities and luxuries.

Your budget should cover boat insurance, the cost of maintenance and repairs, and the delivery fee. These charges add up and can quickly take your favorite types of boats outside your budget. Create a firm price and stick with it when shopping for different types of boats.

Determine Your Needs

Different types of boats provide various benefits and experiences when out on the water. It’s critical to determine which type of boater you are. If you crave speed, a sailboat is going to be a disappointment.

Consider fishing boats to hit deeper water and try your luck for rare and delicious fish in the ocean. A sailboat is perfect for a leisurely experience with friends and family on the water. It’s also worthwhile to consider the bodies of water you’ll use your boat on.

Check the Canvas

The canvas on the boat is one of the first things to check when exploring your options. Most boats come equipped with a canvas package to provide shade and comfort for occupants. Don’t trust the previous owner or dealer when they claim the canvas is in “like new” condition.

Unfurl the canvas and check its condition to determine if it needs repairs or replacement. Check the snaps and look through the clear vinyl windows on the boat to ensure they’re in top-notch condition. It’s best to ensure you get fair value for your hard-earned money when buying a boat.

Look for Red Flags

There are several red flags when checking out your favorite boats for sale in your area. These red flags include signs of past damage and future problems that will cost you more money in maintenance. Ignoring these signs could result in significant expenses and a frustrating ownership experience for yourself and your family.

The first place to check when inspecting a boat you want to purchase is the bellows. The bellows look like an accordion, and they’re designed to protect the boat’s control cables and other sensitive parts. Damage to the bellows is a bad sign that you’ll need to spend more money to fix the boat before making it seaworthy.

It’s also wise to check the boat’s hull for cracks and other signs of damage. A cracked hull could result in significant water damage and worse if left unrepaired. A crack is a sign that the boat has been in a crash and a sign you should get uninsured boater coverage .

The engine and steering are other components to look closely at before buying a boat. Have the boat’s owner start the engine and let it run to listen for signs of damage or wear and tear on the moving parts. Smoke is another indicator that the engine needs service or repairs.

Check the steering wheel to ensure it’s responsive to the rudder. Driving a boat with unresponsive steering is dangerous for you, your passengers, and other boaters.

Get a Marine Survey

A marine survey is similar to having a mechanic inspect a vehicle you’re interested in buying. It’s an excellent way to enjoy peace of mind when learning how to buy a used boat. The mechanic will give you a clear breakdown of what the boat has been through and any maintenance issues to expect while owning the boat.

The surveyor will likely charge based on the size of the boat styles you’re considering. It’s a good rule of thumb to pay between $20 and $25 per foot for the boat you’re having inspected. The inspection includes an out-of-water check, survey report, and sea trial test.

It’s an additional cost that could save you thousands of dollars when learning how to buy a used boat. Eliminate risk and find the best vessel to provide the benefits of boating to your family.

Negotiate a Deal

Negotiating is a challenging aspect of buying a boat, but getting the best deal is essential. Use your knowledge of the boat’s condition and any necessary repairs to work toward a lower price. You can proceed confidently when you know the price of similar boat styles and conditions.

Knowing the market equips you with everything you’ll need for a straightforward negotiation process. Don’t lose hope if you find a boat you love that needs some TLC. Use that knowledge to get a lower price and the boat your heart desires.

Protect Your Investment

When learning how to buy a used boat, the last step is to protect your investment with boat insurance coverage. Insurance will help you repair your boat if you’re involved in an accident. It’s also wise to consider the warranty coverage on your new asset to save money on repairs and maintenance.

Now You Know How to Buy a Used Boat

Learning how to buy a used boat is an intensive process, but there are several steps to take for peace of mind when finding the perfect vessel for your family. Determine your ideal boating experience, and shop for the types of boats that fit that description.

Pay for a marine survey for peace of mind, and check troublesome areas for red flags before buying. Use your market knowledge to negotiate a fair price when buying a boat.

Making a significant purchase can be stressful without the best guidance. Check out our Finance blog content to help your money go further today!

This article is published by NYTech in collaboration with Syndication Cloud.

Lydia Moynihan

Ultra-rich put off buying yachts, jets in hope of massive trump tax break if he wins.

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The very top of the 1% are waiting until after the presidential election to buy big ticket items like jets in the hopes that Donald Trump’s election could save them millions on taxes, The Post has learned. 

“I’m waiting until after November,” one bi-coastal source who is looking to buy both a jet and a yacht for his business told The Post.

“If I can save millions on my taxes by waiting a few more months I will.”

Business owners — or even someone who is paid through an LLC as a consultant — can deduct the cost of buying a jet or yacht if it is used for a business expense like flying to meetings or hosting clients.

Separate tax deductions allow them to claim its running costs too.

Trump told a group of billionaires at a recent Palm Beach fundraiser hosted by hedge fund manager John Paulson that restoring the 2017 Tax Cuts and Jobs Act is a priority, according to CNN .

One of those cuts was 100% depreciation, or deducting the entire cost of a yacht or jet used for business expenses from taxes.

That means a $40 million jet is equivalent to a $40 million deduction from your tax bill — or nearly $15 million in savings given the average tax rate on the wealthiest Americans is 37%.

The amount someone can deduct from a tax bill for a capital investment — an item like a jet that can help a company’s growth — fell from 80% last year to 60% this year, in line with how the 2017 tax cuts were put in place.

It will drop to 40% in 2025, 20% in 2026, and 0% in 2027 unless the tax cuts are restored.

Trump’s comments behind closed doors have not been mirrored in public so far.

But a source involved in the Palm Beach International Boat Show in March — which showed more than 800 boats and attracted more than 55,000 visitors — told The Post that one of the main topics was whether to wait until after the election.

The boat show didn’t disclose how many sales were made. The yacht and private jet industries are intensely private.

“A lot of us are waiting to see what happens in the election… the Republican Party has promised 100% write-offs so that would save companies,” the Florida-based source added.

The prices of jets and yachts seem to show demand is slowing.

In recent months, demand for anything between a super-midsize jet, which can sell for as little as $12 million, and ultra-long range aircraft, which can sell for as much as $75 million, has dipped according to CEO of Mikolay Jet Group Michael Mikolay.

A super-midsize aircraft like a Gulfstream G280 or Bombardier Challenger 300 can fly around 3,500 miles or the distance between New York and London.

An ultra-long range aircraft like a Bombardier Global 6000 or Gulfstream G700 can fly more than 8,000 miles — the distance from NYC to the Middle East.

“Basically, there is more supply than demand right now,” Mikolay said of the pre-owned market in particular.

Between October 2023 and March 2024, 719 jets were sold — down from 815 jets sold in the same period the year before.

While the largest yachts, which can cost north of $65 million and typically attract international buyers aren’t taking a hit, the market for slightly cheaper boats in the $40 million to $65 million range is softening, super yacht broker Jamie Edmiston said.

A source in the jet space said his business clients — as opposed to those buying for leisure — are more sensitive to tax implications like the rate of depreciation.

“If someone wants to buy his wife a Birkin he’ll spend the money but if he’s looking to buy a jet for his business and he can save millions, he’ll wait,” the source added.

“Rich people —  like anyone else — want to save on taxes and if there is a legal way to do it they will.” 

Partner at Soar Aviation Law Amanda Applegate said sales typically fall in the lead up to an election, “I do usually see a slow down every presidential election year” but adds it is more pronounced closer to August.

Chair of Business Aviation and Regulation practice at law firm VedderPrice David Hernandez told The Post he warns clients that waiting for a more favorable tax scheme doesn’t always work out — and that it can result in some sellers charging more.

If you’re rushing to buy a plane at the end of the year, chances are sellers will increase their prices because they know you are desperate,” he adds.

Another chilling factor spooking potential jet buyers, Hernandez adds, is the increase in audits of jet owners that the IRS announced in February.

“With expanded resources, IRS work in this area [private aircraft] will take off,” IRS Commissioner Danny Werfel said earlier this year.

“These aircraft audits will help ensure high-income groups aren’t flying under the radar with their tax responsibilities.”

The IRS is expected to verify that someone writing a plane off their taxes is actually using it for business expenses — flying to visit clients or a factory they’ve invested in — as opposed to jetting to the Bahamas for a long weekend.

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But Hernandez advises clients that there is no cause for alarm if you’re not doing anything illegal, “If you haven’t done anything wrong, who cares.”

The bi-coastal source who told The Post he is waiting to make a purchase said he plans to buy a yacht and a jet no matter what — he just wants to be smart about timing.

“There is huge value in having a boat… I can have a captive audience on my yacht for three hours who can’t wander anywhere and have to discuss business with me,” he added.

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Luxury yachts and other myths: How Republican lawmakers echo Russian propaganda

Two senior Republican lawmakers, the chairs of the House Intelligence and Foreign Affairs committees, say their colleagues are echoing Russian state propaganda against Ukraine.

Researchers who study disinformation say Reps. Mike Turner, R-Ohio, and Michael McCaul, R-Texas, are merely acknowledging what has been clear for some time: Russian propaganda aimed at undermining U.S. and European support for Ukraine has steadily seeped into America’s political conversation over the past decade, taking on a life of its own.

McCaul, chair of the House Foreign Affairs Committee, told Puck News he thinks “Russian propaganda has made its way into the United States, unfortunately, and it’s infected a good chunk of my party’s base.”

Turner, chair of the House Permanent Select Committee on Intelligence, told CNN that anti-Ukraine messages from Russia are “being uttered on the House floor.”

For the past decade, since Russia’s first military incursion into Ukraine in 2014, Moscow has spread propaganda and disinformation in a bid to undercut U.S. and European military support for Ukraine, according to U.S. and Western officials.

Some of the arguments, distortions and falsehoods spread by Russia have taken root, mostly among right-wing pro-Trump outlets and Republican politicians, researchers say, including that Ukraine’s government is too corrupt to benefit from Western aid and that the Biden family has alleged corrupt ties to Ukraine.

Russia, in keeping with traditional propaganda techniques, seeks to make its case and tarnish Ukraine through a mixture of outright falsehoods, half-truths, inferences or simply amplifying and promoting arguments already being made by American or European commentators and politicians, researchers say.

The propaganda is sometimes spread covertly, through fake online accounts, or openly by Russian officials and state media. As a result, the origin of some allegations or criticisms is often opaque, especially when a certain accusation or perception has gained wide acceptance, leaving no clear fingerprints.

Early in the war, a false story boosted by Russian propaganda — that the U.S. had helped Ukraine build biological weapons labs — gained traction on right-wing social media and was touted by then-Fox News host Tucker Carlson.

Russia also is conducting a parallel propaganda campaign in Europe. Belgium’s prime minister said Thursday that his government is investigating alleged Russian bribes to members of the European Parliament as part of Moscow’s campaign to undermine support for Ukraine. Czech law enforcement officials last month alleged that a former pro-Russian member of Ukraine’s parliament, Viktor Medvedchuk, was behind a Prague-based Russian propaganda network designed to promote opposition to aiding Ukraine.

Here are some examples of Republican lawmakers using arguments often promoted by Russian propaganda:

Buying yachts

When Ukrainian President Volodymyr Zelenskyy met with members of Congress behind closed doors in December to appeal for more U.S. help for his country’s troops, some lawmakers raised questions about Ukraine allegedly buying yachts with American aid money.

Zelenskyy made clear that was not the case, according to Republican Sen. Thom Tillis of North Carolina, a strong supporter of arming Ukraine. “I think the notion of corruption came up because some have said we can’t do it, because people will buy yachts with the money,” Tillis told CNN. “[Zelenskyy] disabused people of those notions.”

Where did the yacht rumor come from?

Pro-Russian actors and websites promoted a narrative alleging Zelenskyy bought two superyachts with U.S. aid dollars. One Russia-based propaganda site, DC Weekly , published a story last November that included photos of two luxury yachts, called Lucky Me and My Legacy , which it alleged were bought for $75 million.

Rep. Marjorie Taylor Greene, R-Ga., a vocal opponent of military aid to Ukraine, in November retweeted a post about the alleged yacht purchase from the Strategic Culture Foundation, a Russian-based propaganda outlet directed by Russia’s intelligence services, according to the Treasury Department. The U.S. has imposed sanctions on the organization, accusing it of spreading disinformation and interfering in U.S. elections.

Another outspoken critic of aid to Ukraine, Republican Sen. J.D. Vance of Ohio, also made a similar claim.

In a December interview with former President Donald Trump’s White House adviser Steve Bannon, Vance claimed that members of Congress wanted to cut Social Security benefits to provide more aid to Ukraine, and that money would allegedly be used for Zelenskyy’s ministers to “buy a bigger yacht.”

“There are people who would cut Social Security, throw our grandparents into poverty. Why? So that one of Zelenskyy’s ministers can buy a bigger yacht?” Vance said. “Kiss my ass, Steve. It’s not happening.”

The tale of Zelenskyy’s luxury yacht, however, turned out to be totally false . The yachts cited in the DC Weekly article remain up for sale , the owners told The Associated Press.

Two academics at Clemson University, disinformation researchers Darren Linvill and Patrick Warren, found that DC Weekly ran numerous stories copied from other sites that were rewritten by artificial intelligence engines. The articles had bylines with fake names along with headshots copied from other online sites. DC Weekly appeared to be a Russian effort to launder false information through a seemingly legitimate news site as part of an attempt to undermine U.S. support for Ukraine, according to the researchers .

Asked by reporters about Vance’s comments, Tillis said: “I think it’s bullshit. ...If you’re talking about giving money to Ukrainian ministers — total and unmitigated bullshit.”

Greene’s office did not respond to a request for comment.

Vance’s spokesperson said the senator was making a rhetorical point about how he opposed sending U.S. assistance to what he sees as a corrupt country, but was not asserting the yacht stories online were accurate.

Vance’s office referred NBC News to an earlier response to the BBC on the same topic:

“For years, everyone in the West recognized that Ukraine was one of the most corrupt countries in the world. Somehow everyone forgot that just as we started sending them billions of dollars in foreign aid.”

Enabling ‘corruption’

Russian state media for years has painted Ukraine as deeply corrupt, and has argued that the U.S. and its allies are wasting money and military hardware by assisting such an allegedly corrupt government.

“This is absolutely a line that they have pushed, and then once it appears in the Western ecosystem, other [Russian] media picks it up and it gets recycled back,” said Bret Schafer, a senior fellow at the Alliance for Securing Democracy.

This line of argument has gained traction partly because Ukraine does face a genuine corruption problem.

Russia’s effort to focus attention on corruption in Ukraine reflects a long-established propaganda method of using facts or partial truths to anchor a broader assertion or accusation, sometimes making a leap in logic, Schafer and other researchers said. Russia’s message amounts to: Ukraine is corrupt, therefore U.S. and Western aid will be stolen and wasted.

Schafer said it was ironic for Russia, a country mired in corruption and kleptocracy, to be leveling accusations about corruption.

Republican Rep. Mary Miller has said she strongly opposes more assistance for Ukraine because it amounts to sending cash to “corrupt oligarchs.”

“With Zelensky coming to DC this week to ask for more money, I will continue to vote AGAINST sending your tax $$ to corrupt oligarchs in Ukraine for a proxy war that could have ended in ‘22,” Miller wrote in a post on X in December.

The Illinois lawmaker also echoed another assertion that often appears in Russian media, that the Biden administration allegedly undermined efforts by Russia to avoid war with Ukraine.

 “A peace deal was on the table that [Ukraine] and [Russia] were both ready to sign, but Biden said NO,” she wrote.

There was in fact no proposed peace agreement that Russia and Ukraine were prepared to sign before Russia launched its full-scale invasion of Ukraine in February 2022, according to U.S. and European officials. As Russian troops massed on the border of Ukraine, Western governments urged Russia not to invade and warned there would be economic and diplomatic consequences.

Reuters has reported that Russian President Vladimir Putin rejected a possible deal to avert a war that had been discussed with Kyiv by Russia’s envoy to Ukraine. The Kremlin said the report was inaccurate and has said Russia tried for years to arrive at an understanding with Ukraine.

As for corruption in Ukraine, Zelenskyy has vowed to tackle the problem, sacking senior officials in some recent cases. But some civil society groups have criticized his approach and Ukrainians say corruption is the country’s second-most serious problem, after the Russian invasion, according to a poll conducted last year.

In an annual survey, Transparency International said Ukraine made progress toward addressing the issue and now ranks 104th out of 180 countries on its Corruption Perceptions Index , climbing 12 places up from its previous ranking.

Ukraine is not alone among countries that receive U.S. and other foreign aid but struggle with corruption. Supporters of assisting Ukraine argue it would undermine America’s influence in the world and its humanitarian efforts if Washington withheld foreign aid from every country where there were reports of corruption.

Miller’s office did not respond to a request for comment.

The Biden family and Ukraine

Republicans have repeatedly alleged that President Joe Biden and his son Hunter have corrupt ties to Ukraine, and that they sought $5 million in bribes from the Ukrainian energy company Burisma to protect the firm from an investigation by Ukraine’s prosecutor general.

There is no credible evidence for the allegations. A key source for the accusations against the Bidens is a former FBI informant, Alexander Smirnov, who was arrested in February on federal charges of fabricating the bribery claims. Smirnov says he was fed information by Russian intelligence.

Republicans had heavily promoted Smirnov’s allegations against the Bidens, seeing them as crucial to a planned impeachment effort against the president that has since fizzled .

“In my estimation, that is probably the clearest example of Russian propaganda working its way into the American political system,” said Emerson Brooking, a resident senior fellow at the Digital Forensic Research Lab of the Atlantic Council.

GOP Rep. Paul Gosar of Arizona cited the false bribery allegations in expressing his opposition to providing assistance to Ukraine.

“In exchange for … bribe money from Ukraine, Joe Biden has dished out over $100 billion in taxpayer money to fund the war in Ukraine. I will not assist this corruption by sending more money to the authoritarian Ukrainian regime,” Gosar said in a statement in October.

Gosar’s office did not respond to a request for comment.

Dan De Luce is a reporter for the NBC News Investigative Unit. 

Syedah Asghar is a Capitol Hill researcher for NBC News and is based in Washington, D.C.

NEWS ALERT: House advances a $95 billion aid package for Ukraine, Israel and other U.S. allies, teeing up final votes this weekend

BP defeated thousands of suits by sick Gulf spill cleanup workers. But not one by a boat captain

The Associated Press

April 19, 2024, 9:36 AM

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John Maas spent years buying and outfitting a 17-foot aluminum boat called the Superskiff 1 so he could take customers fishing for sea trout and flounder in the Gulf of Mexico.

But before the Mississippi captain could make his first charter trip in 2010, the BP Deepwater Horizon drilling rig blew up 120 miles (193 kilometers) to the south, killing 11 people and sending many millions of gallons of oil into the sea.

As for many along the Gulf coast, the disaster changed Maas’ life. Fishing stopped when oil contaminated the water, so he used his boat to help clean up the spill. It was nasty work under oppressive, humid heat in oily water and around the chemical dispersant Corexit deployed in massive quantities to break up oil.

Maas said the Corexit smelled like burning brake fluid and caused his eyes to water and skin to burn. “You were coughing and things like that. It’s like tear gas almost,” he said in an interview.

Four years later, he was diagnosed with chemically induced asthma. Today, the former Marine — who never smoked and always stayed fit, running with his dog on the beach and keeping up with fishermen 15 years younger — gets winded just walking around his deck at home.

BP paid criminal penalties for the disaster and would eventually spend billions of dollars to settle claims for economic damage and environmental devastation. But after more than a decade of litigation following the largest offshore U.S. oil spill, Maas may well be the only person to receive a BP settlement for his injuries through an individual lawsuit. Thousands of similar cases have been thrown out without ever going to a jury.

Maas succeeded where more than 99% failed by being smart, sometimes pig-headed and, in the end, lucky. His saga illustrates how extremely hard it is for workers who claim they were sickened by the spill to receive meaningful compensation.

Maas worked with four different law firms and even carried the case on his own for months, writing motions longhand on white legal pads and sending them via U.S. mail.

Finally, 12 years after the spill, BP agreed to pay Maas $110,000, according to a confidential copy provided to The Associated Press. The company denied liability for his illness. BP declined to comment for this story, citing ongoing litigation.

“I know this is going to shorten my life tremendously,” the 61-year-old Maas said of his illness. “And I know I’m going to have continued issues related to the spill.”

BOAT CAPTAIN’S LONG ROAD

At every turn, Maas narrowly avoided the fate that befell others.

He first signed up with The Nations Law Firm, based in Houston, but dropped them in 2016 when legal fees shrank his $1,300 check from a class-action settlement between BP and cleanup workers’ attorneys.

After two unhappy years with a second law firm that couldn’t file his federal lawsuit due to paperwork problems, Maas hired a Miami-based law firm, which filed one in Louisiana in 2020.

Almost immediately, they butted heads. Maas says the firm sent him a declaration that his eyes were splashed with contaminated water while he picked up tar balls.

“This was a scripted thing for the dudes who walked down the beach in the (protective) suits with a little shovel, and a broom, and a bag,” he said. “I was a master boat captain.”

Maas didn’t like the mistake. He also wanted his case heard in Tennessee, where he had moved. This time, the law firm dumped Maas.

NEARING A WIN

Maas next pressed his case against BP on his own for nine months and got it moved to Tennessee.

“I think most people would be very hesitant on writing their own motions to court, which I was, but I’m dumb enough not to even be embarrassed by spelling things wrong and and not having it set up right,” he said.

In late 2020, Maas secured the services of Tennessee attorney Ken Burger. Initially reluctant, Burger decided to get involved after examining spill worker injury suits.

“The more I looked at it, the madder I got,” he recalled. “My frame of mind was, I don’t give a damn if I don’t get a dollar out of this. They’re (BP) going to answer my questions.”

As with hundreds of similar suits, BP tried to get Maas’ thrown out by arguing he couldn’t prove the exact level and duration of his exposures to oil and Corexit.

But Maas had two things going for him.

First was expert testimony from Corexit researcher Dr. Veena Antony, a professor of pulmonary and critical care medicine at the University of Alabama, who told the court she believes there’s no safe level of the oil dispersant one could inhale. Maas and his deckhand had testified they were “crop dusted” with Corexit, taking in lungsful.

The second advantage was that the federal judge in Tennessee who heard his case was less conservative than those in Gulf states when it came to proving a connection between toxic chemical exposure and illness.

“Mr. Maas does not have to establish he was exposed to a specific dose of Corexit” for his case to continue, U.S. District Court Judge Waverly Crenshaw Jr. said in 2021, noting Maas’ doctor testified the boat captain was exposed daily for a long period.

After the judge ordered mediation, BP settled.

BP never admitted wrongdoing, and Maas’ attorney carefully frames the outcome: Unlike cases “from New Orleans to Pensacola to Galveston to Tampa … we were able to resolve Captain Maas’ case in a manner agreeable to the parties.”

Since Maas’ case, the lawyer said many spill workers have asked him to take theirs, but he refused. “I don’t think any of these cases are winnable,” he said.

And his Corexit expert witness says she’s loath to testify in any more contentious cleanup suits.

“As a physician, I feel terrible for these people,” Antony said. “But … I’m not a lawyer. I wish I was in some ways; I would fight for them.”

The Associated Press receives support from the Walton Family Foundation for coverage of water and environmental policy. The AP is solely responsible for all content. For all of AP’s environmental coverage, visit https://apnews.com/hub/climate-and-environment

Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

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