The biggest advantage to buying a pre-owned or existing spec yacht is that after the closing, it’s yours to enjoy. If you are currently in the market for a yacht, but not ready for a new build, Panacea Yacht Group offers a world of experience and expertise.
PRE-OWNED YACHTS VS. SPEC YACHTS
A late model, lightly enjoyed yacht can be an excellent value, delivering a like-new experience for a fraction of the cost of buying new. In fact, many “used” yachts in today’s market are just 2-3 years old, as owners continue to trade up for larger models.
For those seeking a new yacht experience without the new build timeline, shipyards offer completed vessels that appeal to many buyers. When our buyers find a spec yacht still under construction, they often have the chance to personalize it, for a semi-custom build without the wait time required for a fully custom yacht.
FINANCING A YACHT TO PURCHASE
Buying a yacht is similar to buying real estate. If you’re not paying cash, the first step is to get pre-approved by a lender. Most banks require 20 percent down for a standard 20-year term. Once you have financing in place, we can search for yachts in your budget. A 10 percent deposit then goes into escrow once your written offer is accepted.
