Recreational boating is one of the most popular leisure activities among Americans. More than 87 million adults in the U.S. use boats for recreational activities such as water skiing, traveling, sailing, and fishing.

According to a report, 10.3 % of American households with an income of $200,000 and over are boat owners.

Owning a yacht is considered the ultimate symbol of luxury and excess. Yacht owners are an affluent breed. They are wealthy, successful individuals who are usually well-educated and looking to expand their social and business circles. Most yacht owners hail from fast-paced entrepreneurial lives and prefer having their own yachts for a peaceful escape from their hectic lives. According to Bloomberg, almost 300 superyachts were bought by the U.S. elite in the year 2018 with a combined retail value of more than $2.9 billion.

The Yacht Industry:

The yacht industry today revolves around three categories of water vessels, superyachts, megayachts, and standards yachts. The names correlate to the sizes of the boats. A yacht length from 30 feet to almost 150 feet long is considered standard. Megayachts range in length from 100 feet to upwards of 200 feet.

Superyachts are the longest, starting at a massive 200 feet and upwards!

FUN FACT: The world’s largest luxury superyacht is the 590-foot, $620-million Azzam. It was commissioned by the UAE president and made in Germany by Lürssen Yachts.

However, according to the National Marine Manufacturers Association around 95% of owners have yachts that sit in at 26 feet or less, with an average cost of $18,000.

Step into the New Lifestyle

To enter the world of sailing and boating as well as making sensible decisions for your yachting pursuits, here are a few simple steps you need to follow according to experts:

STEP 1 – Test the Waters

The yachting lifestyle lures in many people with obvious and exciting prospects. Most yacht owners are motivated by the desires of personal entertainment, social standing, and sailing on clear waters with the balmy tropical breeze flowing around them. Regardless of what’s motivating you to become a yacht owner, the first step is to charter a yacht to get the feel of the lifestyle.

Spending some time on the yacht is a good way to discover what is involved in the entire boating experience. A test drive will help you understand the different types of yachts, the requirement, and role of the onboard crew, as well as a chance to see whether the novelty has worn off or you still want your own boat. It will also help you become familiar with safety and maintenance rules, docking process, rules of sailing, and yachting regulations.

STEP 2 – Clarify your purpose

To make informed decisions regarding the ideal type of boat for you and the purpose of your yacht, try answering the following questions for yourself:

• Am I buying the boat for business, pleasure or both?
• How many people will be usually with me on the boat?
• Which length of the yacht will be easier for me to maneuver and manage?
• Where do I plan to go and what speed and range will be ideal for that cruise?
• Where will I dock and store my yacht?
• Will I need an onboard crew?
• Will I work and live on my yacht seasonally?
• Who will manage the actual sailing of the vessel?

STEP 3 – Know Your Affordability

The best way to familiarize yourself with pricing structures of various sizes and types of boats is to search boat brokerage listings on websites such as Performance Yacht Sales. Browse through various models by built, year, and length and compare the prices of old and new options. Buying a yacht is a considerable investment and you need to look for a model that offers the ideal features that agree with your budget and yacht experience.

For those seeking their first yacht, modestly sized vessels of 40 to 70 feet are ideal and most popular. First timers should go for a used yacht for sale as a starter luxury sailboat that will cost them $100K to $200K instead of extravagant superyachts.

While it is true that a boat depreciates in value over time, it is important to keep in mind the resale value while deciding on the type of yacht you want to purchase. The make, model, and the quality of the build greatly influences the resale value.

STEP 4 – Consider the Important Factors of Yacht Ownership

Some factors prospective yacht owners need to take into consideration before purchasing their dream yacht include;

Insurance – If you are financing your own purchase you need to consider protecting your investment with insurance. Consult a professional for various insurance options and tax deductibles available for yacht owners.

Registration – You can choose to register your vessel in your state of residence, or go for federal or international registration. Follow the advice of your broker for the various legal requirements and where to register your yacht.

Berthing and Docking – Make sure you plan properly regarding the mooring or berthing of your vessel before making the purchase. If you have a location in mind make sure your boat will fit that storage space. Consider the regional climate and the distance to you residence from wherever you dock your yacht. Also, make sure your boat will be safe there during off-season.

Management And Maintenance – Good yacht maintenance can increase the performance and longevity of your vessel. Make sure you have a plan, which factors in all the elements of yacht maintenance and management. Consider the pros and cons of both DIY maintenance and hiring a crew. Familiarize yourself with the varying fuel fees for different types of yachts to avoid overpaying for fuel.

STEP 5 – Always Use an Experienced and Reputable Yacht Broker

A yacht broker plays the same role as an estate agent but for boats. A good yacht broker can help you make important decisions on the type of yacht that will fit your needs and will assist you in finding and purchasing the right one. Yacht brokers typically work on commission and work for both the buyer and the seller.

Performance Yacht Sales boat brokerage has one of the most highly trained staff and offers to oversee the entire transaction process including filing all the paperwork and important documents as well as completing all the legal requirements. With PYS you get the added advantage of a wide range of the pre-owned and the latest yacht models such as Princess Yachts and Bavaria Catamarans.

Trends and Demographics for the Yachting Industry

As baby boomers have started retiring, the average age of yacht owners has been rising. Gen X and Millennials earning good money have been seen entering the yacht market and account for a large percentage of first-time yacht owners.

For individuals focused on working hard and playing harder, yacht ownership represents a significant milestone. The industry trends show a significant number of boat owners rely on used or brokerage boats for first time purchase. There is also a growing sense of duty to protect the marine world among yacht owners, which has increased the demand for eco-friendly sailboat yachts. The expectations of yacht owners have also changed as they are more enthusiastic about the facilities they are getting, better informed about the market and various products, and rely on a number of resources to make more thought-out decisions.

For more information on first-time yacht purchase contact Performance Yacht Sales.