Ex marine industry
Active Member
I'm suggesting you need to pay maybe a 10% premium which you probably do when buying a used car, but buyers understandably flinch when applying this logic to a boat. (Just for he sake of debate)
Princess used boat warranty scheme
- Thread starter henryf
- Start date
I'm suggesting you need to pay maybe a 10% premium which you probably do when buying a used car, but buyers understandably flinch when applying this logic to a boat. (Just for he sake of debate)
paultallett
Well-Known Member
Totally understand your point. Like I said, alot would depend on the market at any given time, but some people will feel more comfort paying a SMALL premium to know nothings going to bite them on the bum for their first year of ownership and they have a friendly helping hand at the end of the phone when they need it.
gandacle
New Member
I seem to recall a car warranty firm called warranty holdings going out of business a few years ago so even with a massive market and the data generated by a mature industry to work from it was still possible to get the maths wrong.
Still, good luck to PMYS - they appear a good, solid business (and they're new office at Swanwick wouldn't look out of place on Rodeo Drive!) and it's nice to see some of the motor trade practices being tried / applied. It does seem that they generally have good quality late model boats on their p/ex stock so probably a little easier to 'warrant' (however funded) than if your biz model saw you landed with a load of not so nice trade-ins etc...
Still, good luck to PMYS - they appear a good, solid business (and they're new office at Swanwick wouldn't look out of place on Rodeo Drive!) and it's nice to see some of the motor trade practices being tried / applied. It does seem that they generally have good quality late model boats on their p/ex stock so probably a little easier to 'warrant' (however funded) than if your biz model saw you landed with a load of not so nice trade-ins etc...
captaincook
New Member
Henry,
Its good to read your positive comments about the Princess Approved scheme. It is indeed a 12 month warranty and there is an option to extend the cover should they wish to. We feel it is unique to the industry and the thinking behind it is that it will offer complete peace of mind when buying a used Princess boat from us. a 280 point check, a sea trial before purchase, and a certified independent yacht survey is pretty thorough!
Paul
Its good to read your positive comments about the Princess Approved scheme. It is indeed a 12 month warranty and there is an option to extend the cover should they wish to. We feel it is unique to the industry and the thinking behind it is that it will offer complete peace of mind when buying a used Princess boat from us. a 280 point check, a sea trial before purchase, and a certified independent yacht survey is pretty thorough!
Paul
volvopaul
Well-Known Member
Out of interest how many used boats have you sold with this scheme since it started?
I see you still have the p45 for sale and one under offer.
jfm
Well-Known Member
Paul, is it return to base warranty or does it travel with the boat? I mean, if someone buys the boat, then ships it to the Med straight away, then a fault develops which is covered by the warranty, will you still repair it? Will you (Swanwick) travel to the Med to do the repair or will you use local subbies or the local Med Princess dealer? If it involves a lift out, and the lift+hardstanding in the Med is 5x what it would cost you in Swanwick, will you cover that?
pan
Well-Known Member
Thanks JFM, I was about to ask the same important question, eagerly awaiting the answer.
LionsDen
Well-Known Member
To be politically correct I suggest this thread should be re-named PMYS used boat warranty as they are a underwriting this warranty and not Princess 
Terry
Terry
LionsDen
Well-Known Member
PowerYachtBlog
Well-Known Member
To my knowledge this has been done by big dealer or yards who sell their stock pending boats for quite some time.
In Italy a bigger push to this was started in 2006 as the government made a legal change that any boat sold from a company and which is a stock had to have a one years guarantee.
I sold a boat to Rizzardi a few years ago, and we where handed a very honest survey with what needs to be done, and the buyer added some extra tweaks.
In a week after deposit was payed they prepared the boat to perfection with all was written in the survey, and also signed us a guarantee.
As for the brokers mentioned here, in my understanding standard brokers are just representing owners boats and the upkeep of these is usually something the owner must take care off.
Even PMY or Essex Boats Yard while doing there best to sell an owners boats, would have no control about this.
One last thing there is a premium price when you buy to give an example a Princess from PMY and a guarantee scheme, if someone has not noticed this.
In Italy a bigger push to this was started in 2006 as the government made a legal change that any boat sold from a company and which is a stock had to have a one years guarantee.
I sold a boat to Rizzardi a few years ago, and we where handed a very honest survey with what needs to be done, and the buyer added some extra tweaks.
In a week after deposit was payed they prepared the boat to perfection with all was written in the survey, and also signed us a guarantee.
As for the brokers mentioned here, in my understanding standard brokers are just representing owners boats and the upkeep of these is usually something the owner must take care off.
Even PMY or Essex Boats Yard while doing there best to sell an owners boats, would have no control about this.
One last thing there is a premium price when you buy to give an example a Princess from PMY and a guarantee scheme, if someone has not noticed this.
volvopaul
Well-Known Member
Paul put in your usual offer less 35% and you may bag a bargain
Terry, the boat is actually a really nice one, its the one a forum member was going to buy but it only had a 279 point check as they missed the fact the port engine was knacerrred when I did the mechanical survey on it.
I'm afraid it won't pass my test even after the engine rebuild.
captaincook
New Member
Princess Approved stats
The Approved scheme has been a huge success so far. Since it started a year ago we have sold 1/3rd of our pre-owned boats via this scheme. The benefits are clear, 12 month guarantee with option to extend after first year, independent survey inclusive. Approved turnkey boats, refurbished and presented in showroom condition, giving the owner complete peace of mind and hassle free boating. As the appetite for this approved package increases, we should also start to see an increase in retention values.
Re: the P45, we’ve had lots of interest in both P45 boats, and the one still for sale has had many offers. This Approved scheme is still industry new, a concept that is only just starting to filter through the open market, so consumer confidence in this package will grow more and more as people start to see and feel the benefits. But for now, the stats speaks for themselves.
The Approved scheme has been a huge success so far. Since it started a year ago we have sold 1/3rd of our pre-owned boats via this scheme. The benefits are clear, 12 month guarantee with option to extend after first year, independent survey inclusive. Approved turnkey boats, refurbished and presented in showroom condition, giving the owner complete peace of mind and hassle free boating. As the appetite for this approved package increases, we should also start to see an increase in retention values.
Re: the P45, we’ve had lots of interest in both P45 boats, and the one still for sale has had many offers. This Approved scheme is still industry new, a concept that is only just starting to filter through the open market, so consumer confidence in this package will grow more and more as people start to see and feel the benefits. But for now, the stats speaks for themselves.
captaincook
New Member
jfm
On all new boats YES the warranty does travel with the boat. Wherever the boat is shipped worldwide we will uphold the Warranty. We have offices and locations around the Med as this is where most of our clients are using their vessels and therefore we have a network of hard core PMYS operatives local to these areas. Depending on the urgency and scale of the issue, we always look to resolve quickly and locally, however if assistance is required from Swanwick or direct from the factory we will not hesitate to fly an engineer to the boat's destination. Repair costs are irrelevant, as the warranty covers any problem regardless. We always look to repair boats internally first and only in rare and exceptional circumstances will we outsource work, every job is monitored and vetted to ensure first class service. You must also consider that the engines, air conditioning and hydraulics warranties are covered by our manufacturing partners. So for instance if thre was a warranty issue with your engine, we would send out a local and direct Volvo engineer to deal with the issue. All bases are covered. When you buy Princess you buy into our family. No matter where the boat is used we will give full support to our client, it’s an important part of the Princess process and gives added value to our boats. in fact, we have sold and continue to support vessels as far away as China and USA.
Paul
On all new boats YES the warranty does travel with the boat. Wherever the boat is shipped worldwide we will uphold the Warranty. We have offices and locations around the Med as this is where most of our clients are using their vessels and therefore we have a network of hard core PMYS operatives local to these areas. Depending on the urgency and scale of the issue, we always look to resolve quickly and locally, however if assistance is required from Swanwick or direct from the factory we will not hesitate to fly an engineer to the boat's destination. Repair costs are irrelevant, as the warranty covers any problem regardless. We always look to repair boats internally first and only in rare and exceptional circumstances will we outsource work, every job is monitored and vetted to ensure first class service. You must also consider that the engines, air conditioning and hydraulics warranties are covered by our manufacturing partners. So for instance if thre was a warranty issue with your engine, we would send out a local and direct Volvo engineer to deal with the issue. All bases are covered. When you buy Princess you buy into our family. No matter where the boat is used we will give full support to our client, it’s an important part of the Princess process and gives added value to our boats. in fact, we have sold and continue to support vessels as far away as China and USA.
Paul
jfm
Well-Known Member
Good stuff, and highly commendable. Thanks for the explanation.
I'd just make one observation, and I'm not knocking your program or your efforts here but just reporting some real life stuff. You said "You must also consider that the engines, air conditioning and hydraulics warranties are covered by our manufacturing partners. So for instance if thre was a warranty issue with your engine, we would send out a local and direct Volvo engineer to deal with the issue". That probably sounds good to you sitting there in Swanwick, but to those in the Med hotspots eg Cote D'Azur it makes us shudder a bit. These boating places are so full of boats and demand for boat services is so high, often from slightly clueless boat owners, that any Tom Dick Harry can set up say an airco service firm, get a Cruiseair or Dometic or whatever franchise, and be you local partner and make a great living burgering up people's boats. But if you care about your boat you don't want these dolts touching it.
I have an airco issue right now, a failure inside a Dometic component, covered by warranty, and Essexboatyards agree with me about this (they have worked it out for themselves; I don't need to tell them). They are therefore flying trusted and good airco fixers from the UK down to my boat to fix it, specifically because we all believe the local Dometic guys are a few bottles of rose short of a lunch.
Just sayin, FYI really, and not criticising your program at all. But it is this real life customer service that customers want, so be careful not to get to wrapped up in the razzmatazz/publicity/wrapper around your program and be careful to concentrate on the meat inside, because customers spending 6 and 7 figure sums on your stuff are far too smart to care about the wrapper. In fact, being a bit honest with you, a perfect plausible reaction to your launch of this used boat 280 point whatever thing is "What, so you weren't doing that already?"
I'm just saying, keep your feet on the ground, leave the razzmatazz to the larketing department, and fix the boats well, that's all. Best wishes
capsco
Well-Known Member
I thought that the question from JFM was referring to the used boat scheme, your reply discusses "new"
jfm
Well-Known Member
Erk good spot Capsco. I was indeed talking about the used boat scheme that Henry is talking about in this thread, but it looks like captaincook is talking about NEW boats. Confused here...!
And actually now I'm more concerned about princess than I was at the start. So if I buy a new princess, and there is an airco fault, they will just toss me into the hands of the local franchised agent of the OEM supplier of the airco. Niiiiiice. Not. This is not what Essexboatyards do if you buy a new Fairline, thank heavens.
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pan
Well-Known Member
Come on Captaincook, it's in your interests to be clear, the boating world is small and your used warranty scheme is of interest to a lot of forum members.
D
Deleted User YDKXO
Guest
Correct. I have just been offered a used boat by a dealer in Italy and much to my surprise, it comes with what looks like a comprehensive 12 months warranty which, according to the dealer, would be honoured even if the boat was moved to another country. Of course, it's all pie in the sky until the day something goes bang and you ask them to fix it but I must admit I was pleasantly surprised to see that Italy was so consumer friendly
volvopaul
Well-Known Member
The discussion is about the used boat scheme Princess have introduced where it is financed by an insurance policy I'm told.
When a forum member was to buy the p45 I surveyed he showed me the report which I read over morning coffee on my boat with him.
No doubt If JFM cast his eyes over it I'm sure thee would be some text to add to it.
New boats should carry warranty from Princess themselves as per any new boat supplied from any manufacturer or dealer backed by the manufacturer of let's say a certain component like the engine builder.
All I would add is the fact that it must add vastly to the price and once the warranty has expired so will the boats residual value, I cannot see how stated by captaincook why a used boat that's over 10 years old be worth anymore in 5 years time than the same boat that's had no warranty scheme attached to it for whatever period of its life.
When a forum member was to buy the p45 I surveyed he showed me the report which I read over morning coffee on my boat with him.
No doubt If JFM cast his eyes over it I'm sure thee would be some text to add to it.
New boats should carry warranty from Princess themselves as per any new boat supplied from any manufacturer or dealer backed by the manufacturer of let's say a certain component like the engine builder.
All I would add is the fact that it must add vastly to the price and once the warranty has expired so will the boats residual value, I cannot see how stated by captaincook why a used boat that's over 10 years old be worth anymore in 5 years time than the same boat that's had no warranty scheme attached to it for whatever period of its life.
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ari
Well-Known Member
I may be being thick, but where does he state that?