Buying a Yacht at Auction: What You Need to Know

Buying a Yacht at Auction: What You Need to Know

Purchasing a yacht is a major life investment and is a decision that should take planning and saving for in order to make it a smart investment. Too many people go into buying large items such as a house, a car or a yacht without proper knowledge or planning and dig themselves a hole that is hard to get out of.

Part of the problem is purchasing something brand-spankin’ new. Sure, it can bring you peace of mind to buy something you know is new and has never been owned or operated by a stranger. But rather than purchasing something brand new and spending more than you need to, have you ever thought of purchasing a yacht at an auction?

Yacht services in Fort Lauderdale are here to help get you through the process of buying a yacht at an auction without making a poor investment. Here are the five things you need to make sure you know before purchasing a yacht at an auction:

1. Know the condition of the boat. When at an auction, analyze the boat very carefully. Gain knowledge on what a yacht should look like and how it should perform so when you are looking at the boat for sale you can understand the condition it’s in. Since the yachts at auctions are used, there will for sure be imperfections; however, you want to make sure the imperfections can be fixed without costing you too much money and ultimately being a money pit as opposed to a smart investment.

2. Understand the service needs. Along with the above point, make sure you understand what services need to be completed or when they were last completed to ensure the vessel is operating as it should.

3. Obtain information on the updates it needs. When looking to purchase the yacht, not only do you want to understand everything a yacht needs in order to function, you want to obtain information on the updates it needs that haven’t been completed yet.

4. Ask if there are any prior problems or history of service. Similar to the questions you would ask when purchasing a used car, you want to know if there were any accidents or mechanical issues with the boat prior to buying it. As stated in the first tip, you want this to be an investment, not a money pit. If you purchase a yacht without knowing its problems, it could end up costing you more than you thought and could get you into financial trouble.

5. Obtain a complete list of needs for the yacht and the costs that go along with these needs. Now that you are aware of the condition the yacht is in, what services are typically needed to maintain it and any updates that may be required, you want to make sure you obtain and understand the list of needs that are required for the yacht and know roughly how much it will cost. You don’t want to be blindsided with cost and charges and all of a sudden be scrambling for pennies.

Bottom line is, you never want to go in blindly with a purchase like this. Auctions are a great way to buy a yacht and save tons of money, but if not researched and understood, they can be a money pit. Utilizing yacht services in Fort Lauderdale can help you understand what you are buying and what is required in order to make it a good investment.