New build vs brokerage.
Commission a new boat or buy on the secondary market. The four questions that decide which path.
Time
Brokerage: 90–180 days from offer to delivery. New build: 30–48 months from contract to launch, plus 6 months sea trials and shakedown. If you want to charter next season, brokerage is the only option.
Cost
A 50m motor yacht new from a top yard costs €30–€50M. The same hull on the brokerage market at five years old: €18–€28M. At fifteen years: €8–€14M. New build commands a 30–50% premium for "first owner" status; secondary depreciates ~5–8% per year.
Customisation
New build gives you everything: layout, GA, interior designer, exterior naval architect, every cabinet, every appliance. Brokerage gives you a refit window (typically 6–10 weeks for €1–€3M) where you can do interior, engineering refresh, paint — but not move bulkheads.
Depreciation
New build: front-loaded depreciation, especially the first 3 years (~10% per year). Brokerage: flatter curve. The desk's observation: the sweet spot for purchase is a 5–8 year old yacht with one previous owner and a fresh refit — you get 80% of new-build feel at 50% of cost.