If you\u2019re looking to buy a pre-owned boat, working out how old to look for is a key decision. Will Bruton speaks to brokerage and refit experts to find out why 10- to 15-year-old yachts can be a sweet spot for diligent buyers. Will Bruton reportsWith new build waiting lists growing at an unprecedented rate, buyers are turning to the second hand boat market to get on the water without the wait. But if you\u2019re looking for a pre-owned yacht, what\u2019s the best age to aim for?
\nTen to 15 years in the life of a yacht is a key juncture where some spending will often be needed to maintain value, but initial depreciation has levelled out. It\u2019s also a part of the market with big variations in price. Two identical-looking prospects can sometimes be seen listed for very different prices; making it hard to determine the true value.
\nBroker Alex Grabau suggests it\u2019s an ideal age to buy at, however. \u201cWe have 10- to 15-year-old yachts listed now that are either extremely well maintained from new or have been upgraded ready to go on an adventure with all of the major jobs taken care of; they don\u2019t stay on the market for long though.\u201d
\nBuy a second hand boat to upgrade
\nWhile the prospect of time in a yard straight after taking ownership is offputting for some, for others it\u2019s an opportunity to get exactly what they want. Specialist bluewater broker John Rodriguez has seen more clients than ever looking for a dependable hull to bring up to date.
\nAn Oyster 725 in refit, including deep services of engine and generator, plus new lithium-ion battery bank. Photo: Calum Tait
\n\u201cBuying at the 10-year-plus mark can be the path to the right boat in less time than a new build,\u201d he explains. \u201cA good survey, followed by surrounding yourself with the right people to deliver the work needed is essential though; it needs to be carefully managed with an aim to what you are trying to achieve.
\n\u201cQuality boats like Hallbergs, Oysters, and Moodys are a bit like a solid Victorian house; if the bones are there, you can bring it right up to date and make it yours while modernising at the same time.\u201d
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\t\t\t\t\t\t\tPip Hare explains when to check and replace your standing rigging<\/p>\n
\t\t\t\t\t\t\tThis was a \u2018no brainer\u2019 decision as my rigging has been around the world once already and I would never\u2026<\/p>\n
\t\t\t\t\t\t\tWinter refit planning<\/p>\n
\t\t\t\t\t\t\tWhen your boat is out of commission during the winter, use this time to upgrade and maybe add value to\u2026<\/p>\n
Alex Grabau also highlights how younger yachts can be easier to upgrade. \u201cA lot of the yachts we are now selling around the 10- to 12-year mark are already equipped with digital wiring. This generally makes even putting the latest generation of instruments in easier.\u2019
\nCalum Tait is overseeing the refit of the 2012-built Oyster 725 Intrepid, which has been purchased for the Oyster World Rally. The refit, undertaken in Palma\u2019s STP yard with support from Oyster\u2019s Palma service centre has been a blend of essential maintenance and improvements to bring the boat up to \u2018as new\u2019 standards for her second owner.
\n\u201cThe batteries needed replacing so we have upgraded to a massive lithium domestic bank, which will allow us to run the air conditioning without running the generator \u2013 something that wasn\u2019t possible in 2012 when she was new,\u201d Tait explains. \u201cThe engine and generator have both had deep services, hoses have been replaced, including new hydraulic lines, and we added a fuel polishing system.
\nTeak deck replacement can be expensive so is worth checking carefully
\n\u201cIt was also an opportunity to customise. The most significant addition was a solid carbon fibre bimini with solar panels and upgraded speakers, which was custom made in Palma by BMC Composites. The refit has taken a very busy five weeks, but it is now feeling new.\u201d
\nSecond hand boat costs
\nFor insurers, the age and condition of rigging is a crucial opening question when quoting. \u201cIt is quite common for an owner to say there\u2019s nothing wrong with their standing rigging, even when it is 20 years old. In the case of rod rigging, some parts need changing every five years; this is often ignored too. Insurers know this and won\u2019t offer cover, so if you\u2019re looking at a boat over 10 years old, assume the rigging needs replacing as a cost you\u2019ll have to meet,\u201d explains marine surveyor Ben Sutcliffe-Davies.
\nMost yachts built after 2010 will have digital systems, making electronics upgrades easier
\nThe following are worth considering early on when trying to establish value of a second hand boat:
\n\u2022 Teak decks. With teak prices higher than ever, replacement is now extremely costly.
\n\u2022 Seacocks and stern gland. Seacocks are exposed to the marine environment constantly. Replacing all of them at once will save time and money at this age.
\n\u2022 Technology. Many yachts sport an aging hard wired satellite phone, SSB radio or outdated navigation technology. Spares can be hard to find, so consider the cost of replacement even if you are happy with what is already on board
\n\u2022 Sails. Are they fit for purpose, or do they need replacement?
\nManketti was a rare find in a fast moving market. Photo: Will Bruton
\nA second hand boat buyer\u2019s experience
\nEmily and Dave Birch were in search of a yacht to take them on a sabbatical with their seven-year-old daughter. \u201cWe were looking for a yacht that would look after us and hold value if we looked after her. It put us into a market with big variations in price, but also usage. Some bluewater yachts have been lived aboard full time, regularly crossing oceans, while others had been sitting in a marina despite their ocean-going credentials.
\n\u201cEach scenario presented different challenges in terms of keeping seaworthy. Due to the pandemic, we also found ourselves in a period of unprecedented demand; we weren\u2019t the only people wanting to sail off into the distance,\u201d Dave recalls.
\nThey found Manketti, a rare 2005 Sparkman & Stevens-designed Hylas 49 berthed in Vigo. \u201cThe broker\u2019s proposal was clear: definitely priced at the top end, but in turn-key condition. A conversation with him reassured me this was genuinely the case, so I started to work through the inventory to build up a clear picture. I was looking for indicators of what we still might need to spend.
\n\u201cThere were lots of receipts, which was promising. The owner, an engineer by trade, had lived on board for several months and taken it upon himself to sort niggles he was aware of, so the systems were all being used regularly. What he was upfront about was that he was not prepared to replace the rigging, which was original, as he believed it to be sound. We made an offer not far off the asking price, subject to survey. We also priced for rigging replacement early on.\u201d
\nDave travelled to Vigo with his surveyor. \u201cThe boat presented beautifully, even better than expected. However, the owner was surprised by what the surveyor determined was a saturated section of balsa core in the foredeck. It would need a comprehensive structural repair.
\n\u201cWe found a middle ground in the negotiation, factoring in only the significant repairs. The owner also decided after speaking to the surveyor that he would replace the rigging before sailing back across Biscay to deliver the boat to me. We\u2019re happy with the boat we now have and the few things that need upgrading are an opportunity to get to know her better.\u201d<\/p>\n
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If you\u2019re looking to buy a pre-owned boat, working out how old to look for is a key decision. Will Bruton speaks to brokerage and refit experts to find out why 10- to 15-year-old yachts can be a sweet spot … <\/p>\n