Despite living in a financially turbulent period, many sailing fanatics are still looking to turn their dreams of life on the water into a tangible reality, which has led to a surge in people looking into overseas boat purchases. There are significant benefits to considering fleets further afield, most of which effortlessly counterbalance assumed logistical difficulties.
Read on to learn more about the positive draws of buying a boat overseas.
Overseas boat shows offer excellent preview opportunities
It’s not just the pomp and splendour of overseas boat shows that appeal, it’s the fact that they offer endless opportunities to observe and examine models that have already made your shortlist. There is no substitute for seeing something with your own eyes, and you can ask all the questions you need to rather than committing to an endless email thread with a broker.
Whether you are in the market for a brand-new or used boat, overseas shows give you an insight into how far your budget will stretch – and, for the lucky few, can even see you securing a deal in person. Vessels that are for sale should have already undergone sea-worthy surveys and should be ready to complete on, so you could find that enjoying a visit to a show will save you valuable time and money. Shows of note include Boot Dusseldorf in Germany, the Dubai International Boat Show and the Monaco Yacht Show, although there are many more to enjoy.
Currency exchanges can result in significant savings
Naturally, cost efficiency is a driving force when it comes to overseas boat purchases, and with careful observation of the market, you could enjoy vast savings. The key is recognising when to make your all-important currency transfer, which means either taking it upon yourself to conduct some market research or placing your faith in a broker.
By watching exchange rates carefully, you can make an educated decision as to when to make your transfer if you’ve found a suitable vessel, but don’t forget that this will fluctuate if you are entering into a repayment scheme. A one-off payment can garner very impressive savings, but instalments could fall prey to variable exchange rates.
You could buy a model not available in your country
Choice is an all-encompassing and vital element for any consumer looking to make a luxury purchase. The notion of ‘buyer’s remorse’ should never creep into the mind of someone committing to a large investment, which is why accessing enough options, before making the final decision, is essential. The problem with boat choices is that your home country might not specialise in what you’re looking for and availability could be significantly reduced.
By looking abroad for a boat purchase, there are virtually no limitations as to the models you could find. From racing vessels to cats and luxury yachts, everything is available and, if you play the market sensibly, potentially at a price that is far less than you might be expected to pay at home.
Using an MYBA registered broker will make the process simple
Buying abroad doesn’t need to be fraught with confusion or concern, thanks to a contingent of expert brokers who are registered with the MYBA: The Worldwide Yachting Association. Based in Europe but with representatives throughout the world, the MYBA offers a level of security that makes boat sales abroad much more straightforward, thanks to its use of sale contracts and memorandums that have been recognised as outstanding for decades.
For anyone concerned about the ethics at play during an overseas transaction, registered brokers are held accountable to certain standards of operation, alongside governed practices that are designed to protect clients to the fullest.
Using major ports will reduce logistical issues
Depending on where you buy your new boat, there will be significant logistical issues to contend with. Crossing any large expanse of water requires experience, planning and a lot of confidence in the vessel itself, which is why so many investors look to have their new purchase transported to them. This doesn’t need to be the headache that it might appear to be and certainly shouldn’t put you off buying a boat abroad.
Although shipping a boat will never be inexpensive, it can be simplified if you choose to utilise major ports along the route and a transportation team that has demonstrable experience of traversing the exact same route.
Buying a boat is no small feat and deciding to do so overseas adds a number of new concerns to the roster, but they can all be effectively managed in order to enjoy the potential benefits, such as significantly reduced costs.