A Detailed Cost-Benefit Analysis for Prospective Motor Yacht Owners
Key Points
New builds offer full customisation — from propulsion systems to interiors — but typically cost €9–10 million for a 30m yacht and require 2–4 years of waiting.
Pre-owned yachts can be 20–40% cheaper than new builds and are immediately available, but condition and maintenance history vary dramatically.
Depreciation curves hit new yachts hardest: 10–15% in year one, 5–8% annually after. Well-kept 10-year-old yachts often hold value more steadily.
Maintenance volatility increases with size: a 30–40m yacht may face €400k–600k engine overhauls, while 50m+ yachts can see €1m per engine.
Technology gaps widen over time: hybrid propulsion, lithium batteries, and AI navigation are now standard on new builds, while retrofitting older yachts often costs €300k–700k.
Charter competitiveness depends on tech and condition: newer yachts with silent anchorage and eco-credentials often command higher day rates and more bookings.
Financing and insurance are easier with new yachts; older yachts require detailed surveys and may attract higher premiums.
Emotional factors matter: pride in a christening and first-ownership prestige versus the immediacy and character of a proven brokerage yacht.
Case studies show both paths work: a Milanese family waited three years for a hybrid Sanlorenzo, while a British owner refitted a Benetti and cruised within the year.
It is a question every would-be yacht owner wrestles with: do you sign on for the gleam and certainty of a new build, or step aboard a pre-owned yacht with years of stories already etched into her decks? The decision is rarely just about numbers. It is about time, taste, and the value you place on the freedom to cruise now versus the pride of launching something that has never been lived in before.
As one Palma-based broker told me recently: “For some, nothing compares to being the first owner. For others, the sea days lost waiting for delivery outweigh the new yacht smell.”
What a New Yacht Really Buys You
There is undeniable theatre in commissioning a new yacht. Shipyards like Feadship, Sanlorenzo, or Princess invite you into the process, allowing owners to specify everything from propulsion systems to the stitching of the saloon sofas. For a 35m Sanlorenzo SX, a recent owner described the build as “a chance to create exactly what we wanted - family spaces, hybrid propulsion, and interiors that felt like our home in Milan.”
That level of customisation carries a price: €9–10 million for a 30m yacht, often double or triple for a full-custom 50m project. It also carries a delay. Semi-custom deliveries average two to three years, while a custom Feadship might take four. For some, particularly those approaching retirement or with a limited window to enjoy Mediterranean summers, the timeline itself is a dealbreaker.
The Realities of the Brokerage Market
By contrast, the brokerage market offers immediacy. In 2023, a client purchased a 10-year-old Benetti Classic 121. He paid just under €8 million, then invested a further €2 million in new engines and a minimalist interior refit. Within six months, he was cruising the Cyclades, while another acquaintance of his was still waiting on a slot at a Northern European yard.
Pre-owned yachts often represent a discount of 20–40% compared with their new counterparts. A five-year-old Sunseeker 30m might be available for €6 million against a €9 million new build. The catch? Maintenance histories and surveys become critical. One captain in Antibes told me, “The best bargains are the ones with meticulous logbooks. Without that paper trail, you are gambling.”
Depreciation Curves and Value Retention
Depreciation is the spectre hanging over every decision. New yachts typically lose 10–15% in their first year, then around 5–8% annually for the next five. After that, values level out, but by then a €10 million yacht may be worth €6 million. Used yachts, having absorbed this early loss, are more resilient. Brokerage buyers often remark that a well-kept 10-year-old Ferretti can resell for close to its purchase price after five years of ownership.
Pedigree changes the equation. Feadships, Lürssens, and Amels hold their value far better than volume-production yachts. A broker in Monaco put it bluntly: “With pedigree, you are paying for resale certainty. With production, you are paying for depreciation.”
Maintenance: Predictability vs. Risk
A new yacht’s first years tend to be predictable. Warranty coverage absorbs many early costs, and scheduled servicing dominates the agenda. Owners often spend 10–15% of the purchase price annually on running costs.
A used yacht can be more volatile. On 30–40m motor yachts, engines such as MTU 16V2000s or Caterpillar C32s often reach major service thresholds between 10,000–15,000 hours. At that point, owners can face overhauls costing €400,000–€600,000, which is a significant share of the vessel’s market value. Step up to the 50m+ range with twin MTU 4000 series, and those rebuilds can easily run to €1 million per engine.
From a resale perspective, that investment is not just a sunk cost. A 55m yacht with €2 million worth of recent engine rebuilds often commands buyer confidence, reducing time on market and strengthening negotiating power. Conversely, a comparable vessel approaching overhaul may sit unsold for longer, or trade at a steep discount to offset the looming refit bill.
Generators, stabilisers, and watermakers also age faster than the hull itself. One owner of a 12-year-old Azimut admitted that the first two years after purchase cost him nearly 25% of the yacht’s value in unplanned refit bills. “But once everything was stabilised,” he added, “she was as reliable as any new build I’d crewed on.”
The Technology Gap
Technology is where the gap between new and used feels sharpest. On 25–30m yachts, hybrid propulsion systems, lithium-ion battery banks, and AI-assisted navigation are increasingly offered as standard on new builds, while retrofitting older hulls is rarely cost-effective. A Seakeeper 35 gyro stabiliser suitable for a 28m yacht might run to €200,000–€250,000 installed. On 40m+ yachts, multiple units are often required, pushing stabilisation upgrades into the €400,000–€500,000 range.
Energy systems scale even faster. Converting a 35m yacht from lead-acid to lithium house batteries can exceed €300,000, while a 50m yacht with hotel loads designed for large charter groups may face €500,000–€700,000 in retrofit costs. The larger the yacht, the more challenging it becomes to justify such retrofits, and the more attractive a new build with these systems integrated from the outset appears.
For yacht charter owners, these upgrades have a direct impact on competitiveness. Guests increasingly expect silent nights at anchor, minimal generator noise, and eco-credentials they can mention back home. A 50m yacht with hybrid propulsion and lithium storage may secure more weeks of charter at higher day rates than a comparable older vessel running conventional diesels. In some cases, the differential in annual charter income can offset a significant portion of the premium paid for a newer yacht, which reframes the “extra” cost as an investment in marketability.
That said, some captains prefer proven systems over bleeding-edge tech. One told me, “I’d rather maintain two traditional generators than be the guinea pig for a hybrid system nobody knows how to service yet.”
Financing, Insurance, and Compliance
Banks and insurers are often more comfortable with new yachts. Warranties, class certification, and factory documentation make them lower risk. Older yachts require detailed surveys and sometimes face higher premiums. Regional tax regimes complicate the picture further. An EU VAT-paid yacht is far easier to operate in the Med than a non-EU import. In the Caribbean or US waters, different duty structures apply, sometimes making brokerage bargains less attractive once paperwork is factored in.
Intangibles: Pride, Patience, and Proven Quirks
Beyond spreadsheets, ownership is emotional. Being the first owner of a yacht, launching her at the yard, and hearing your name called at christening is a singular pride. For some, it justifies the depreciation and the wait. For others, the ability to cruise immediately outweighs that pride.
There is also the matter of quirks. New yachts suffer teething troubles: software bugs, warranty disputes, or systems not yet stress-tested. Used yachts often arrive with quirks known to captains and engineers, from a stabiliser pump that needs coaxing to an autopilot that behaves oddly in quartering seas. For some, that lived-in reliability is worth more than glossy novelty.
Case Studies: Different Choices, Different Outcomes
In 2022, a Milanese family took delivery of a 35m Sanlorenzo hybrid yacht after a three-year build. The cost was considerable, but the yacht’s ability to cruise silently on battery power aligned with their values. For them, innovation and bespoke interiors justified the wait.
By contrast, a British owner bought a 12-year-old Benetti Vision 145 for under €10 million. He committed €3 million to a refit, emerging with a yacht tailored to his taste and compliant with modern charter regulations. He was cruising within the year. His verdict: “I spent less than half of what a new yacht would have cost, and I was on the water while my friends were still in design meetings.”
The Decision Point
Ultimately, choosing between used and new yachts is not about a universal right answer. It is about aligning budget, timeline, and appetite for risk with personal values. If you crave bespoke detail and innovation, and can afford the wait, a new build delivers unmatched pride of ownership. If you value immediacy and cost efficiency, a brokerage yacht with a solid maintenance history can be every bit as rewarding. Either way, the sunsets at anchor look remarkably similar from the flybridge.
Frequently Asked Questions: Used vs. New Yachts
Is buying a used yacht always a compromise?
Not necessarily. Some brokerage yachts, particularly pedigree Northern European builds, come out of major refits looking and feeling indistinguishable from new. One captain in Monaco told me: “The hull might be 15 years old, but if the engines, stabilisers, and interiors are replaced, she’s effectively new below the waterline and above deck.”
Why do some owners still insist on new builds despite heavy depreciation?
For many, it’s not about resale but reputation. A freshly launched yacht carries prestige at the marina - a visible sign that you were first in line for the latest design or technology. For charter-focused owners, a new build can also command higher day rates, softening some of that early depreciation.
Can a refit ever be a better investment than a new build?
Yes. Refits costing €2–5 million can breathe decades of life into a proven platform. Several brokers noted that owners who refitted 2000s-era Benettis or Amels often ended up with yachts that outperformed their newer peers in reliability - and at half the cost.
How do operating costs differ between used and new yachts?
The running budgets eventually converge. New yachts are predictable at first, with warranty coverage, but after five years systems start ageing regardless of age at purchase. Used yachts demand more immediate investment, but once stabilised, they can run at similar annual percentages (10–15% of value).
Do charter yachts lose value faster than private yachts?
Yes. Charter fleets clock more hours on engines and see more wear on interiors. A 10-year-old charter yacht can feel closer to a 20-year-old private one. That said, their higher earning potential during ownership can offset accelerated ageing.
Is it easier to get financing for a used yacht?
Quite the opposite. Banks typically prefer new yachts with warranties and clean documentation. A 25-year-old yacht with patchy service records will be much harder to finance than a 2-year-old build, even at half the cost.
Can older yachts still be competitive in terms of technology?
To a degree. Stabilisation, AV/IT systems, and even hybrid power can be retrofitted, but the cost curve is steep. A shipyard project manager in Viareggio put it plainly: “The closer you get to propulsion, the less sense a retrofit makes. At some point, you’re spending new-build money on an old hull.”
