Five tips to lower the price when purchasing a yacht
As your yacht broker, we know where to look and what arguments even the toughest sellers can not oppose. Trust in our 15 years of experience in the yachting industry. Marine Project will make sure that you do not pay more than you actually have to.
Negotiating the best price works both ways. As a buyer, you want to pay as little as possible, and as a seller, you want to sell a yacht at the highest price. What is the bottom line? Both seller and buyer need to compromise. As a buyer, however, you may need some assistance. And this support you can get from our experts at Marine Project.
Here are 5 tactics that always work when negotiating the price:
1. We do homework
For both new and used boats, you can negotiate a better deal if you know the value of the boats you consider buying, as well as the competitive ones. We then compare prices of several similar boats from our own sources and from the internet and can tell if the price is higher than what the seller is offering. You should bear in mind that yachts and boats are an emotional commodity, and most dealers of used boats believe they worth more, simply because they are emotionally attached to it. The book value in black and white gives you a form ground to stand on. We as brokers can be particularly helpful in this regard. We primarily focus on your interest and do not involve emotions. And that helps a great deal in
2. We exclude the value of electronics
The electronics are usually dated when buying a used boat or a yacht. They may not be the brand that you prefer, or the quality does not meet your expectations. If this is the case, we can determine the approximate value of the electronics and tell the seller that a certain amount should be deducted from the overall price. However, you should not buy the boat if the electronics are removed and open holes remain. A seller would hardly ever tear out the devices and damage the fiberglass. In most cases, especially when the units are flush mounted in the helm, this would cause more pains than needed. In most cases, the seller is willing to reduce the price by the value of the electronics (or a part of it) and keep it in place. If you want to upgrade them, you can reimburse some of the costs by selling these units one-bay.
3. We will create a list of necessary repairs and upgrades
During the inspection of the yacht, we will make a list of all damaged or dated items which are not included in a report. We will then set a price for each item that cannot be repaired. Fiberglass grooves cracked pillows, and cracked or split wood are some of the key elements we are looking for. If you like the boat as a whole, we tell the seller that you will buy it at its retail price – after these items have been repaired. Alternatively, you can offer the seller to reduce the price by the amount that the repair would cost. It is the only reason not to pay for any damage already made.
4. We make the purchase depending on storage and season
If a boat has been taken out of water for the winter, we ask if it can stay there until spring. If it is in the water, we ask if it can stay there until winter. The seller has probably already paid for the whole season, so you can save a bit on that. And we can pick the right marina for you from our large selection.
5. In inspecting the yacht, we are meticulous for your benefit
We do not want to annoy the seller to death. Keep in mind, however, that the issues raised by our surveyor must be resolved either through pre-purchase repairs or price reductions. Since we at the Marine Project have our own surveyors who inspect the yacht on your behalf, you can be sure that their trained eyes will not miss any major flaws. And he would give you a detailed report on everything you need to keep in mind.