Key Considerations for Buying a Boat

Introduction

• Presenter: Nick Cardozo from Mr Yachts
• Location: Sunset Harbor Marina, Miami Beach
• Purpose: Discuss important topics and considerations when buying a boat or upgrading.

Main Considerations When Buying a Boat

Mission Specific Boats

• Types: Fishing, Cruising, Day Boating
  • Fishing Boats: Designed specifically for fishing activities.
  • Cruising Boats: Have multiple cabins, more comfort, and volume for long trips.
  • Day Boats: Open deck space, easy access to water, good for sandbars and entertainment.
• Personal Goals: Consider how you will use the boat (e.g., water sports, entertaining, storage needs, overnight stays).
• Example: A 72-foot fly bridge is ideal for Miami day cruising but lacks storage for long trips like to the Bahamas.

Budget

• Initial Costs: Price of the boat and possible offset through charter program.
• Operating Costs: Crew, marina fees, insurance, maintenance, etc.
• Depreciation: Pay attention to the depreciation curve.
• Broker Role: A good broker can help negotiate the best price and provide honest advice to ensure satisfaction.
  • Avoid buying boats beyond your financial capability even if they seem like a good deal.

Condition of the Boat

• Turnkey vs. Project Boats:
  • Turnkey: Ready to use, less time-consuming, ideal for beginners.
  • Project Boats: Require work, more affordable initially, suitable for enthusiasts with time.
• Tips: Ensure you understand the true cost and effort required for project boats.
• Rule of Thumb: For first boats, prefer turnkey options for a hassle-free experience.

Age and Depreciation Thresholds

• New Boats: High MSRP, pay for warranties.
• 3-5 Year Old Boats: Better deals, lower depreciation.
• 10-Year Old Boats: Usually need major overhauls, avoid unless already refitted.
• General Advice: Buy slightly used boats (3-5 years old) for the best value.

Brand and Pedigree

• High-Quality Builders: US, Dutch, German, Italian yachts known for high quality.
• Notable Brands: Westport, Bonetti, Azimut, Sun Seeker, Ferretti, Pershing, Riva.
• Buy Recognizable Brands: Easier resale value and better market presence.

Engine Hours

• Common Misconception: Lower engine hours are always better.
• Reality: Diesel engines have a long lifespan (up to 10,000 hours or more).
• Service Records: Prefer boats with recent major services over ones needing imminent services.

Resale and Chartering

• Chartering: Can offset costs, understand the business if planning to charter.
• Resale Strategy: Consider the market for your boat type and how easily you can sell it.
• Personal Use: Balance between personal use and potential resale/charter value.

Conclusion

• Summary: Key topics on buying boats, including budget, type, condition, brand, hours, resale, and chartering.
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