A yacht’s build year is easy to compare. Its true value is not. Here’s why age alone tells only a small part of the story.
Picture this: You’re in the market for a yacht. You’ve narrowed your choices to two options: one, a sleek, brand-new 45-meter build with the latest features and a multi-year delivery timeline; the other, a 12-year-old Benetti with pedigree that just underwent a meticulous multi-million-euro refit. The older yacht is immediately available, boasts upgraded systems, and costs significantly less…
Yet your instinct is to lean toward the new build.
This reaction is more common than you think. Buyers often equate age with depreciation, outdated technology, and higher maintenance costs. But is this assumption justified?
In this article, we’ll challenge the notion that a yacht’s age alone defines its worth, examine what determines long-term value, and explore why age should not be the defining metric.
Why Buyers Hesitate: The Fears of Buying an Older Yacht
When speaking with clients, I often sense a strong bias against yachts older than 10 years. Buyers often associate them with higher maintenance costs, outdated technology, and lower resale value. This perception, however, is often misplaced and leads to missed opportunities.
Here are three common concerns from clients:
1) Technology & Design Perceptions – “It won’t have the latest technology or design trends.“
Many buyers assume that older yachts lack modern automation, seamless connectivity, and contemporary styling. In reality, a well-executed refit often includes significant upgrades, such as integrated ship monitoring systems, updated navigation equipment, redesigned interiors, and enhanced stabilization. There are many ways to bring older yachts into line with modern expectations.
2) Maintenance & Reliability Concerns – “Older yachts require more maintenance and could be unreliable.“
Maintenance history matters more than age itself. A well-serviced, continuously crewed yacht from a reputable shipyard is often more mechanically reliable than a lightly used, newer vessel that has yet to pass its warranty period.
3) Resale Value Assumptions – “Resale value will keep dropping, and I will end up with a worthless vessel.“
The steepest depreciation happens in the first five to seven years, after which values stabilize. A 10–15-year-old yacht from a respected builder with a comprehensive refit is often a safer investment than a brand-new production yacht, which will depreciate rapidly in its early years. Market trends increasingly favor refitted yachts due to rising build costs and long delivery times for new construction.
The Reality: It’s About Condition, Not Age
The fear of buying an older yacht isn’t irrational—but it’s often misguided.
Rather than focusing on the build year, buyers should evaluate the yacht’s maintenance record, refit history, and overall condition. These factors have a far greater impact on value and longevity than age alone.
Buyers often don’t really want a “new yacht”—they want a modern, reliable, and desirable yacht.
That’s precisely what a well-executed refit provides.
Depreciation: Understanding the True Lifecycle of a Yacht
By definition, yachts are a depreciating asset. However, understanding how this depreciation cycle works is crucial for making informed investment decisions. Depreciation rates can vary based on factors like build quality, maintenance, market demand, and refit history. Generally, we can break the depreciation of a yacht into three phases:
1) Initial Years (0-5 Years): Rapid Depreciation: Yachts often experience significant depreciation during the initial years. According to YachtWorld, new vessels generally lose around 40-50% of their initial cost over the first 8-10 years, with approximately half of that depreciation occurring in the first five years. (source: yachtworld.co.uk)
Contributing Factors: The introduction of newer models and the initial wear contribute to this early decline in value.
2) Mid-Life (6-10 Years): Stabilization: Depreciation rates tend to slow between the sixth and tenth years. Reports from The Superyacht Group and other industry media outlets indicate that refits are becoming increasingly popular, as they offer a cost-effective way to personalize and modernize a yacht, potentially stabilizing its value. (source: https://www.thesuperyachtgroup.com/)
Contributing Factors: Well-maintained yachts with updated features remain appealing, leading to a more gradual depreciation curve.
3) Beyond 10 Years: Condition-Dependent Depreciation: After a decade, a yacht’s depreciation is heavily influenced by its condition, maintenance history, and any refits undertaken. Yachts that have undergone significant refits can see their depreciation plateau or even reverse as modernizations and improvements add to their value.
Contributing Factors: Comprehensive refits that update navigation systems, interior design, and mechanical components can make an older yacht competitive with newer models.
The Impact of Refits on Depreciation:
Investing in a substantial refit can significantly alter a yacht’s depreciation trajectory. High-quality refits modernize the vessel and enhance its market appeal, potentially stabilizing its value or even leading to appreciation. This is particularly true for yachts from reputable builders, where the combination of solid construction and modern amenities makes them highly sought after in the pre-owned market.
Refits play a crucial role in extending a yacht’s marketability. The market offers multiple examples of how a €2-3 million refit can bring a decade-old yacht up to 2024 standards, aligning it with modern expectations in luxury, efficiency, and technology—at a fraction of the cost of a new build.
Key Takeaway:
While new yachts experience rapid initial depreciation, well-maintained vessels, especially those that have undergone thoughtful and comprehensive refits, can maintain or even increase their value over time. Prospective buyers should focus on a yacht’s condition, maintenance history, and refit status rather than age when assessing value.
Numbers Don’t Lie – The Refit Sector is Growing
The refit sector continues to grow, rivaling new-build projects in revenue and complexity. In 2024, over €2.8 billion was spent on refitting yachts over 30 meters, reflecting a 15% increase from the previous year. This growth highlights the critical role of refits in extending yacht lifespans and ensuring high standards of luxury and safety. (Source: https://www.worthavenueyachts.com/12-13-2024/yacht-refit-report-2024/)
This upward trend underscores the critical role of refits in extending yacht lifespans and maintaining high standards of luxury and safety.
The expansion of the global superyacht fleet has intensified demand for refit services, placing unprecedented pressure on refit yards to scale up their capabilities. This surge necessitates more skilled talent and advanced facilities to meet yacht owners’ complex expectations. (source: www.superyachtnews.com)
Additionally, the refit sector is shifting towards sustainability. Owners are increasingly incorporating eco-friendly technologies during refits to comply with environmental regulations. This focus on sustainability aligns with global ecological trends and enhances the market appeal of refitted yachts.
These developments highlight the refit sector’s dynamic growth and pivotal role in the evolving superyacht market.
What Actually Determines a Yacht’s Value?
When evaluating a yacht, age is the wrong metric—what truly matters is:
Build Quality & Pedigree
- A 12-year-old Feadship, Benetti, or Lürssen will typically hold its value far better than a younger production yacht from a low-cost builder.
Refit History & Investment
- Modernized interiors, navigation systems, entertainment upgrades, and new soft goods can make a yacht feel brand new.
- Engine and generator overhauls significantly extend reliability.
- Upgrades performed at reputable shipyards carry greater weight in resale value.
Maintenance Records & Surveys
- A meticulously maintained yacht with a full-service history, class certifications, and recent surveys can be as good and reliable as a new vessel.
Technology & Efficiency Upgrades
- New stabilizers, upgraded A/V systems, Starlink connectivity, advanced ship-monitoring systems, and other state-of-the-art features future-proof the vessel and enhance usability and appeal.
- Some refits focus on eco-efficiency, such as LED lighting and optimized HVAC systems, which enhance comfort and running costs.
Market Demand & Trends
- As refits become more common, demand for modernized yachts has surged—especially for buyers who don’t want to wait 3+ years for a new build.
The Bottom Line: Should You Consider an Older Yacht?
If your goal is to own a yacht that delivers luxury, reliability, and modern amenities—without the elevated price tag and wait time of a new build—then it makes sense to consider a recently refitted vessel.
Many buyers focus too much on the build year when they should be asking:
- Who built it? A well-constructed yacht from a pedigree shipyard retains long-term value.
- How has it been maintained? A strong service history speaks volumes about future reliability.
- What upgrades have been made? Modern navigation, stabilization, and interior refinements can make a yacht feel as contemporary as a new build.
- How does it compare to the market? With demand for refitted yachts growing, well-maintained vessels are increasingly recognized as competitive alternatives to new builds.
A yacht is more than the year stamped on its hull. A well-chosen, well-maintained yacht—brand new or 10+ years old—can deliver the same luxury and performance. For buyers willing to look beyond age, the opportunities are significant.
What’s Next?
In the next article, we’ll explore this idea further, examining why a recently refitted yacht might not just be an alternative to a new build but, in many cases, a smarter investment.
Stay tuned as we break down cost comparisons, availability advantages, and real-world examples of refitted yachts outperforming their newly built counterparts.
Final Call to Action
Have you ever considered buying a refitted yacht but hesitated due to age concerns? Did I miss anything or do you have any pointers on the topic? Let’s talk.
Disclaimer: This article reflects my insights and understanding of industry trends based on my experience and available market data. It does not promote or endorse any specific yacht, brand, or brokerage. Given the dynamic nature of the yacht market, I encourage buyers to conduct their own due diligence and seek professional advice before making any purchase decisions.