TAKING OWNERSHIP
Yacht charter companies increasingly own new yachts for only a few years, selling off sooner to ensure they can offer the latest models to customers. Meanwhile some older, heavily used ex-charter yachts are listed for sale at very low prices. Does either option represent a good buy for the private owner? while they are still in service on charter.
“They’re offered for sale during the last planned season – this allows the yacht to be checked while in use and to make sure all the equipment is working properly.”
Most Sail Ionian yachts are sold at around the five-year mark and Bingham is straightforward about what this means in terms of wear to the boat. “We see yachts that are five years old like a car with 60,000 miles on the clock. It’s still good and transitions into private use without major problems. Sails will still be in good condition, still retaining good shape, but upholstery and canvas work might need replacing. The dinghy might need replacing too. At the seven to eight year point an ex-charter yacht will start to need significant money spent on it and will naturally have more problems to fix.”
Stephen Cockroft explains that, even when purchasing from a large operation, buyers shouldn’t expect to see comprehensive maintenance records. “Due to the nature of how charter yachts are used, not much time is spent keeping records. When there’s a problem between charters it’s fixed quickly so the boat can go back out.
“As a buyer of one of these yachts you can only rely on your own survey and, in our view, it must be truly independent. We have seen supposedly surveyed yachts with undeclared hurricane damage, evidence of hard grounding, and all manner of major undeclared faults.”
In the case of yachts with a phase out period being sold from a charter programme, there’s sometimes scope to survey the yacht while it’s still being chartered. “A pre-phase out survey will help you negotiate what is fair wear and tear and what needs to be fixed before a final price is agreed. You can then stipulate that this work will be checked by another survey once it’s
complete. This makes a boat that’s being phased out a much more attractive prospect and helps you manage your exposure to risk,” he explains.
£299,000 (tax paid)
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