Princess used boat warranty scheme

[henryf]

I was chatting to the Princess lot at London and they were talking about an impending warranty scheme on all their used boat stock. Judging by the adverts in Motor Boat and Yachting and pop ups on the internet it would seem things have now gone live.

I've always thought the used boat world was miles behind in terms of what it offered the customer. Have a look round a few scruffy boats, stump up a load of cash to get a sea trial and then a load more for a survey only to find a load of problems which put you back to square one.

When you did eventually find a boat sod's law said it threw a random mechanical glitch a few months down the line which the surveyor managed to side step courtesy of some well chosen words in the survey. Brokers were merely passing on someone else's boat and in most cases offered about as much useful input as a needle in a condom factory. Many can't even take a photo and aren't prepared to invest a grand in a decent camera. Punters pay more than that on aborted trips to see boats !

Finally someone has the courage to put their money where their mouth is. My understanding is that all used stock will be prepared properly, surveyed and guaranteed after purchase. Having bought 2 boats from Princess I can only say their after care is superb. If they show the same diligence to their used inventory they deserve every success.

As with all these things the proof is in the eating but on the face of it I suspect a lot of sellers are going to have to draw up some similar schemes pretty sharpish and then find the infrastructure and integrity to back them up.

I stand to be corrected but from what I gathered at London this scheme will save buyers all the usual costs associated with finding a boat, other than the small matter of settling the purchase invoice of course Not only that but you have peace of mind once you leave the security of the sales pontoon.

Well done. One for the customer.

Henry

 

[Hurricane]

The scheme seems to have been announced in a PMYS advert

Actually, (and I'm sure you will also appreciate) the guys at PMYS always go over the top with their support.
If you were to buy a used boat from them, I'd be very surprised if they didn't look after you anyway.
Its their ethos - you know it - I know it - and there are many others who have bought from PMYS that think so as well.

All they are doing is "firming up" and formalising what they already do.

 

[jfm]

This is all good stuff but I don't see anything new. It's what the big used boat sellers (PMYS and Essex Boatyards in particular) have been doing for years isn't it? And what the brokerage market with cheap cameras has not been doing and will continue not to do.

I think relying on a pre-prepared survey done by the vendor is intrinsically a dumb thing to do btw, but that's no big deal and all buyers are free to have their own so no criticism of PYMS on that score

 

[henryf]

From what I gather Princess are trying to formalise their preparation of used boats. I'm not sure if it's possible to introduce a brokerage boat into their scheme or not. If it is you would need to be a committed vendor as there would be up front fees.

My understanding was that the surveys were independent, ok you might argue regular business fogs the boundary but I got the impression it would genuinely be a third party survey as per one you would commission yourself. I think the length of warranty was also improved and formalised.

As you say Princess are well renowned for their after sales service amongst people in the know. This markets it a bit to folks who may not have been aware. I must confess as to not remembering the full details of what was being proposed but I do remember thinking it was a huge step in the right direction.

Princess have traditionally been a bit hesitant to blow their own trumpet. I chuckled to myself a couple of years ago at Southampton when they took the stand right on the water front. They were pretty much centre stage that year and a little bit like bunnies caught in the headlights

Anyway let's see how things pan out but a refreshing move and a chance for people on lower budgets (than brand new) to enjoy some hand holding.

Henry

 

[henryf]

I think relying on a pre-prepared survey done by the vendor is intrinsically a dumb thing to do btw, but that's no big deal and all buyers are free to have their own so no criticism of PYMS on that score

If nothing else it will save a load of money on wasted surveys only to find there are significant defects. I can't imagine their survey is going to miss a high ticket item and if there is hand holding and a warranty during your initial ownership you get any bits fixed anyway.

H

 

[rubberduck]

This is all good stuff but I don't see anything new. It's what the big used boat sellers (PMYS and Essex Boatyards in particular) have been doing for years isn't it? And what the brokerage market with cheap cameras has not been doing and will continue not to do.

I think relying on a pre-prepared survey done by the vendor is intrinsically a dumb thing to do btw, but that's no big deal and all buyers are free to have their own so no criticism of PYMS on that score

If its something they are doing anyway, it seems to make good sense to advertise the fact & add it to contracts to give the few potential buyers left out there confidence to go through the buying process. The survey thing could be a way of preventing bad boats from entering princess & eby stock, which I think Nick & James may well agree with. If a customer wants peace of mind the he can have his own done independently as well.

 

[Portofino]

Sunseeker have been doing this kind of thing for years.
"approved" scheme.To shift P-ex stock
Even hauling back tp Poole new anything that's easy to replace eg carpets, headlining, curtains,crockery , then fenders, warps, covers, polish+ anodes etc etc
Followed by a 3 month mech warranty -

 

[henryf]

I think the Princess scheme is a bit more than that.

For one thing it's a 12 month warranty not a 3 month one. I believe you also have the option to extend beyond 12 months.

Taken from their advert in this month's mag:

http://www.princessapproved.co.uk/

It sounds like decent hand holding and subject to finding out what a "Certified independent yacht survey" is a one stop shop.

How many times have we had people come on here talking about a potential purchase only for it to collapse at the survey stage. In the marine world that not only costs you time but as a buyer you stump up all the costs and if things are run correctly a 10% deposit. You then have a row with the seller, he says a big hole in the bottom is nothing, "they all do that", you beg to differ and so the argument drags on.

This seems a very clean way of doing business and as a buyer you know if you like the look of a boat there will be no nasty surprises. If something random comes along there's a safety net for at least 12 months.


Henry

 

[Bandit]

Can anyone provide a link to the scheme details?

Simultaneously submitted by Henry!

 

[oldgit]

Would anyone not have an independant pre purchase survey because the seller,no matter who they are,has promised the boat is 100%. ?

 

[mjf]

Agreed - what they are aiming for, if I read between the lines, is to offer the same 'new boat' service they offer to their used stock of PEx and other 'owned by PMYS' craft.

I had a email last week announcing Princess Direct I think it was called - as HenryF says now PMYS is owned by a motor group some of their systems are coming down the hill.

The scheme seems to have been announced in a PMYS advert

Actually, (and I'm sure you will also appreciate) the guys at PMYS always go over the top with their support.
If you were to buy a used boat from them, I'd be very surprised if they didn't look after you anyway.
Its their ethos - you know it - I know it - and there are many others who have bought from PMYS that think so as well.

All they are doing is "firming up" and formalising what they already do.

 

[volvopaul]

Princess are owned by the same group that own Bentley , mclaren dealers, I went to there open day last may at swanwick, free food, drinks, and sat in all the cars, very nice too.

As for the used sales I can see it from two views, they are having to do this to get rid of stock that's simply just not selling in this climate, there falling behind with sales against fairline as eby have been taking part exchanges for years.
When I've spoken to princess about px they just offer it to the trade buyers like burton waters, (who are now princess sub dealers) maybe they have decided that the new approach will attract buyers, I'm in swanwick and see what's going off , they do seem busy which I'm pleased for them, new offices as well which really smarten up the image.

They have a very nice 45 on as a part ex but the price is staggering!! And no doubt they would want to give 70pence in the pound for the trade in .

 

[Whitelighter]

Fairline have been doing a factory/dealer approved used scheme for a couple of years, with long warranties and a standard of prep as well as training etc.

 

[Ex marine industry]

Hi, I worked for a boat dealership where we offered a warranty. It is probably the way forward, but not without it's problems. Most used boat are sold for the first time at 5+ years old when many parts are becoming due for replacement. The cost of offering a warranty is therefore considerable and the boat has to achieve a premium price to allow for this. In the current market this is bound to present problems, it always seemed to me the car dealerships found it easier to deal with the issue.

 

[rafiki_]

Most used car warranties are covered by insurance, so the dealers liability is limited. It would be interesting to know if the marine sector does the same, but my gut instinct is that it is not yet that mature.

 

[Ex marine industry]

We were approach by a few car warranty companies, it always seemed to end in tears, I guess they just hadn't quoted enough for the costs they incurred. Often they would refuse to pay saying the fault was caused by corrosion therefore not covered etc. As you can imagine a simple seized sea-cock by the time the boat had been lifted etc. was more than they wanted to pay. From our perspective we paid the insurance co. then had to pay for the repair anyway.

 

[LionsDen]

Interesting article guys - cheers

 

[paultallett]

I think the whole warrantee is a great idea. If in the future I was to be looking for a princess (which one day I will) I would seriously consider one on the scheme.

I totally understand that it would come at a premium but would give me the security over a brokerage that maybe the deal maker.

Obviously I'm talking in the future and it would be subject to what's on offer at the time, but I think it could be a major step forward that the marine industry really needs if its to attract newbies in to the hobby.

 

[halcyon]

I was chatting to the Princess lot at London and they were talking about an impending warranty scheme on all their used boat stock. Judging by the adverts in Motor Boat and Yachting and pop ups on the internet it would seem things have now gone live.

Sealine introduced that back in the early 90's, when they took over all sales, new or secondhand.

All trade in boats went back to Kidderminster during the winter when the factory was quiet, any repairs done, faulty equipment replaced, cleaned and valeted. It used to be funny seeing Fairlines, Princesses sitting on the production line.

Brian

 

[Bandit]

I have not specificaly found the basis of their "warranty" it says give us a call.

Nordwest took trade ins and put them through the factory before selling them on and I understand consumer laws are very strict in sweden.

Essentialy it comes down to how good a price do you get when you trade in and if you buy second hand from Princess how much of a premium do you for the "Warranty" ?

If you buy secondhand expect to have to service and get the boat up to scratch and allow in your budget fror upgrades in the future.

I was always told there is no such thing as a free lunch, you pay one way or the other.