YACHT: Do you sometimes spot a dodgy boat before you’ve even stepped on board?
Uwe Gräfer: Actually, that is possible. Of course, you’re only seeing the surface, but the state of maintenance can often be assessed just from the jetty. That doesn’t mean you shouldn’t buy the boat – you just need to look more closely and ask yourself: is this just a cosmetic issue, or are there structural defects that might prove costly or impossible to quantify?
2026 is said to be a good year for buyers of second-hand boats. Are there really that many bargains to be had?
You have to look at it on a case-by-case basis. There are bargains to be had, but this mainly applies to older models – not the buyers, but the boats themselves. Classic boats from the 70s, 80s and 90s can sometimes be had very cheaply, cheaper than they were just a few years ago. Newer boats built from 2005 onwards are also slightly cheaper, but there isn’t that problem sellers face with them – that they can’t shift them. These boats continue to sell well.
I spoke to a major broker in the Netherlands yesterday; I travel abroad a lot and always ask brokers for their views. They confirmed that younger, well-maintained boats are still selling well. However, there are indeed difficulties when it comes to older or problematic second-hand boats.
What is the most common mistake people make when buying a second-hand boat?
The biggest mistake – and this applies regardless of the time of year – is to approach it too emotionally and fall in love with a boat straight away. You can already picture yourself sitting on deck with a sundowner, somewhere in the Mediterranean or on the Baltic Sea, and you start daydreaming about a future with the boat. And then you’re not open to looking at it objectively and recognising the problems as well.
As valuers, we take a dispassionate, analytical approach: the boat has such-and-such advantages and such-and-such disadvantages. And then comes a final assessment, which also takes the price into account. How much more do you need to invest to make your dream a reality? Or should you steer clear of it because it really is a bottomless pit?
So you’re basically the killjoy?
No, our role isn’t to be a killjoy. We want to provide a sober perspective and highlight the risks, so that the prospective buyer knows exactly what to expect. The dream is entirely legitimate and human. A boat is always an emotional affair, and that’s perfectly fine. As surveyors, we provide an objective and realistic perspective on the whole situation: “This and that is what you can expect in the near future. You can buy the boat, but make sure you build up some savings or start looking for a boat builder who can help you with this and that.” We don’t want to shatter dreams, but rather to inject a sense of realism and keep an eye on the financial viability.
How much does an expert report cost with you?
An expert report essentially comprises two factors: the hourly rate for work on board, including sea trials, inspections and measurements, and, in addition, the travel costs. Yesterday I was in the Netherlands; the day before that, in Denmark. Flights or car travel, and possibly accommodation – that all comes on top. But even if I add it all up, for a €100,000 boat I’m looking at around two per cent, so roughly €2,000. And when you consider that you might otherwise end up buying a boat that’s genuinely broken or in a state of disrepair, it always makes sense.
Do you also offer an initial consultation?
Yes, it’s not just about the on-site appointment. We analyse in advance what the customer is looking for, and whether the chosen boat is really the right fit. We might also say: “Have a think about whether you’ll be happy with a fixed keel and a draught of 2.20 metres in the Wadden Sea. Wouldn’t it be better to look for something with a variable draught?”
We take a look at the advert, the estate agent’s brochure and the photos. For properties further afield, we can also arrange remote video viewings before anyone boards a plane only to be disappointed. Of course, estate agent’s brochures only show the property at its best. With the camera on site, I can say: “Open that cupboard, lift up that floorboard, give me a close-up of that spot there in the GRP.” We have many customers who spend thousands of euros on flights and accommodation to chase after all sorts of boats, only to come back with a string of disappointments. That really can be avoided these days.
How much does a video viewing like this cost?
That works out at around 300 euros; so it’s cheaper than any flight. You then gain a deeper insight and can decide: shall we look into this further – or give it a miss altogether?
What does a valuer spot that buyers often overlook?
We have the advantage of being able to recognise patterns. We’re familiar with many different types and have inspected them on numerous occasions. So we know where the weak points lie – in the boat, the engine or the rigging. We can assess the situation: “That’s always the case with that steamer”, or “this one’s a bit of an outlier”. There might also be a previous accident behind it. We can assess this based on our experience. A prospective buyer might have seen two or three boats in a year; we see 50 or 100.
Could you tell us a bit about your day-to-day work as a surveyor?
There are quite a few of them. Sellers are sometimes blind to their boat’s quirks. Love plays a part here too. A mainsail might be 30 years old, but you can still hoist it and sail about with it. The seller describes it as a ‘good sail’. Viewed objectively, however, you can’t really sail close to the wind with it any more.
One amusing anecdote involved a gas installation that hadn’t been touched for 30 years. Not a single hose had been replaced, no pressure regulator – absolutely nothing. When I confronted the owner about it, he said: “Why? Nothing’s ever happened there.” I think that’s quite a bold statement to make about a gas installation.
There are also classic examples when it comes to engines. Changing the coolant in Volvo engines: it contains not only antifreeze but also corrosion inhibitor. You find that the antifreeze is still effective down to minus 30 degrees, but the corrosion inhibitor has long since worn out. Then the heat exchangers start to deteriorate, with costly consequences. We come across stories like this almost every day.
Is there any truth in the myth that old Swedish yachts such as Hallberg-Rassy or Malö are virtually indestructible?
That really is the case – and it’s reflected in the prices of second-hand boats. The fibreglass work is good, and the interior is fantastic. On a 40-year-old Hallberg-Rassy, the interior usually looks as though it was just taken from the shipyard yesterday.
But these boats are not without their faults. Their solid build often leads many owners to be careless. If water seeps through a caulking joint, it leaks into the space behind the berth and is simply mopped up year after year. Eventually, the bulkhead might well rot away. And the teak deck is always a major issue: it’s a wear-and-tear item, even if it lasts 30 or 40 years. It’s hard to imagine a Hallberg-Rassy without a teak deck. With other boats, I’d say: rip it off and fit Kiwi-Grip instead. But on a Hallberg-Rassy, that would be a terrible breach of style. You have to factor that in.
Has the demand for assessors increased?
Yes. That’s also linked to the changing make-up of the sailing community. Thirty years ago, sailors had followed a traditional career path: from a dinghy to a cruiser dinghy, then on to a keelboat. They’d built up decades of experience, often within a sailing club. If I ask an 80-year-old sailor at the jetty in Wedel about a boat, he’ll have a story to tell me.
These days, many people come from a completely different background. They may never have had anything to do with boats before, or they may have chartered one for a few years and now want something of their own. They don’t have that long-standing connection. And that’s why, these days, people simply seek expert advice from outside sources.
Are prices really that low?
No, not drastically. I’d roughly draw the line at cars built in 2000. Anything before that is finding it harder at the moment. In the 80s and 90s in particular, there’s another factor to consider: brands that aren’t well known today.
A novice who comes across a Hanseat priced at between 20,000 and 25,000 euros won’t know what to make of it. They’ve never even heard of the brand. They know Hanse, Bénéteau, Jeanneau – perhaps Hallberg-Rassy. But they’ve never come across a Hanseat or a Bianca. It seems a bit dodgy, much like when buying a second-hand car where the make no longer exists.
That’s not to say they’re bad boats, mind you. What’s more, these boats are conceptually different. The focus is on sailing performance, with low volume, limited comfort and old, single-circuit-cooled diesel engines. That’s why these boats struggle, even though they can certainly be good boats.
Is the coronavirus to blame for the current market situation for second-hand boats?
The pandemic was certainly a factor. There was an incredible surge in demand. Now reality is setting in. Many people didn’t realise that it’s not just about the purchase price. People wanted to get out and about, out on the water, and go on holiday without having to fly. Then they realised: It’s not always as much fun as you’d think – you really do have to put in the effort. The sun doesn’t always shine. Then the sail breaks, you need a new cover, and winter storage. Where am I even supposed to moor? Insurance, boatyards – everything has become more expensive. The follow-on costs simply weren’t taken into account.
If someone came to me today and said, ‘I’m buying a boat for 100,000 euros’, I’d say: ‘That’s not the end of it. There’s the insurance, the mooring, perhaps new navigation equipment and new upholstery. All that comes on top.’
Do demographic factors also play a role?
That’s a significant factor. During the pandemic, many elderly owners said: ‘We’ll keep it for now; we can still potter about on it a bit.’ Now, however, it’s really time to sell. You can tell from the adverts: in some cases, it’s the widows or the heirs who have to sell the boat. We’re seeing that very often at the moment. So anyone who’s happy to buy an older boat – which certainly has its charm – can get in at a really good price.
To finish off, could you tell us what sort of boat you sail yourself?
My family and I have an X-332, which we bought during the Covid-19 pandemic – though not because of Covid-19. We wanted something with a self-contained aft cabin, because my daughter likes to bring her friends along, and as a teenage girl, it’s quite nice to be able to close the door. I knew the X well from my practice, and then we quickly found one in Sweden.
As a surveyor, being able to make decisions with confidence is an advantage. I get into a boat, check the critical points on second-hand boats – it’s done in a flash. I took the ferry to Gothenburg, inspected the boat and met the sellers that afternoon. By 4 pm, the deal was done. It was what a friend of mine calls a ‘speedboat raid’. Not something I’d recommend trying yourself, but it worked out well for us.
The interview was conducted by Timm Kruse.
You can listen to YACHT’s sailing podcast with Uwe Gräfer here
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