At the time of writing, inflation seems to have reached its peak, with new-build prices rising by almost 30% over the past two years - the first time this has happened since the 1980s. At the same time, rising interest rates, which have hit the real estate market worldwide, could well dampen the spirits of some buyers. In fact, for over a year now, demand for new multihulls seems to have been declining somewhat, and uncertainties over inflation are making the shipyards cautious about their prices. However, delivery times are still measured in years rather than months...
In this context, second-hand catamarans and trimarans seem to be the ideal refuge. In fact, the pre-owned market is the adjustment variable for the overall market, and not a competitor for new boats, as some manufacturers sometimes fear. Used boats are therefore the indirect beneficiaries of new boats. The dynamism of the new multihull market is therefore reflected in a high level of de mand for pre-owned boats - which could ease in the months to come. It’s a complex situation, and one that merits a closer look.
The post-Covid big bang
Back in 2020, after the shock of the global pandemic and production stoppages, order books for new multihulls were holding up well and remain full now. At the Cannes Yachting Festival 2021, the first major post-lockdown show, demand exploded. However, it is very rare to find a boat with less than eighteen months’ lead time. For certain niche builders, or for some of the most prominent models from «industrialized» shipyards, purchase orders are signed for delivery in three or four years, often with a price review clause. Of course, blue water cruising projects are prepared well in advance, but what do you do when you want to set off next year, or in two years’ time, knowing that you need a good year’s preparation before casting off? And not everyone wants to sail around the world. Having your own multihull also gives you the chance to experience unique getaways, for a weekend just a few miles from your homeport. You can also enjoy a dream summer with the whole family or luxuriate in Caribbean or Floridian warmth in the middle of a northern hemisphere winter.
So if the urge is there, why wait? Why not go for a second- hand multihull? Let’s make a quick estimate: Lagoon claims to have produced 6,000 units since 1984, Fountaine Pajot over 4,000, Leopard 2,600. These three manufacturers account for 80% of the market in volume terms, resulting in an estimated 16,000 multihulls in circulation. In a fleet of thousands, there has to be a model to match your ideal project, right? Yes, because as far as we know, with rare exceptions (shipwrecks, hurricanes...), the life expectancy of our modern multihulls is very high - several decades, which is almost a lifetime on the scale of our everyday consumer products. And that’s great news as we become increasingly aware of our impact on the environment.
Last year’s Route du Rhum featured the aptly named Use It Again, an Ultim trimaran built in 2003 for Dame Ellen MacArthur. In the same category, Arthur Le Vaillant entered the trimaran Mieux, built from parts of Olivier de Kersauson’s Géronimo and winner of the Jules Verne Trophy in 2004. It was rebuilt by Team Sodebo in 2013 and enabled Thomas Coville to beat the solo round-the- world sailing record in 2016, then the North Atlantic record in 2017. Don’t get us wrong, we’re not encouraging you to start rebuilding iconic former ocean racing yachts. No, these two examples simply serve to highlight the fact that while our sport is a magnificent pursuit, it can sometimes be unreasonably polluting, as a number of well-known skippers humbly and conscientiously admit. In a recent article published by the recently formed «La Vague» collective, they affirm their desire to promote reuse. Because, if you think about it, as architect Marc Lombard stated forcefully a few months ago, until our multihulls are made of 100% flax fiber and biosourced resin, “The only eco-friendly boat is the one you buy second-hand!“
30,000 second-hand boats
Boats Group, owner of the YachtWorld website dedicated to professional brokers, has produced a highly instructive report on the multihull market in 2022. Conducted in partnership with the organizer of the International Multihull Show in La Grande Motte, the study confirms, with figures to back it up, that given the situation on the newbuild market, the number of second-hand boats is becoming increasingly scarce, and prices are rising, sometimes unreasonably. At the end of 2022, there were just under 30,000 used boats for sale, both power and sailboats combined. That’s 17% fewer than a year earlier. At the same time, the number of multihulls available fell by 23%, from 2,168 units to just 1,650. This may seem a small number, but it’s in line with the history of a relatively young market. The history of the modern multihull didn’t really get underway until the mid-80s, became truly industrialized at the start of the 21st century, and only surpassed the sales of sailing monohulls in 2019. While sailing catamarans unsurprisingly take the lion’s share of the market with 65% of online ads, power catamarans seem somewhat over-represented with 29% of ads, while sailing trimarans round out the remaining 6%. With a few years’ lag, the second-hand market confirms its role as a perfect mirror of ship-yard production. In fact, more than two-thirds (71%) of the multihulls for sale are to be found in Europe, confirming that the Old Continent has indeed been a pioneer in the adoption of this new cruising mode. Models from the two French catamaran pioneers, Lagoon and Fountaine Pajot, account for 35% of multihull listings.
When you consider that the Lagoon 450 (1,011 boats produced) is the best-seller of the former of the two companies, that it will soon be overtaken by the Lagoon 42 (1,000 boats built, and still in production), and that they have both dethroned the venerable Lagoon 380 (900 examples), it comes as no surprise that 47% of the multihulls on offer are between 36 and 43 feet (11 and 13m). But sales prices confirm that not all multihulls are accessible to everyone, with the majority (71%) priced at over 250,000 euros.
A word of clarification on the Bali: although they are very present on the new-build market, with no fewer than 400 units produced in the last 12 months, these catamarans, of which 1,000 have been built since 2008, cannot yet compete with the major “historic“ builders on the second-hand market. The state of the pre-owned market is thus summed up by forty years of ever-increasing production.
Apart from sport catamarans and trimarans, which are usually transportable and have minimal budgets for both purchase and use, the range of “live aboard” multihulls can be divided into four segments:
Atypical and pioneering
This is the realm of those with smaller budgets, those who know how to tinker with their boat, and/or those who prefer to sail whatever the medium, rather than pursue an unattainable dream outside the pages of a glossy magazine or luxury brokerage websites. Anglo-Saxon pioneers (Snowgoose, Prout...), former small racing trimarans, of which our colleague Philippe Echelle (Multicoques Consulting) is a specialist, folding trimarans from Corsair and Farrier, or amateur designs sufficiently enlightened to have withstood the ravages of time, and not forgetting the eternal Gemini, are all models that are as seductive as they are accessible. From € 20,000 to € 80,000, this is the most affordable entry point into the world of multihulls. Forget modern comforts... but do we go out on the water to live «like at home»?
No, here it’s all about simplicity and the pleasure of sailing horizontally, while enjoying a living space - at least on catamarans - that’s unheard of on a monohull
The first multihulls for everyone
The 1980s may well have marked the true birth of the modern multihull as we know it today. After Fountaine Pajot, who launched the Louisiane in 1982, and Seawind, which was created in Australia in 1983, a number of shipyards emerged, almost all of which are still active today.
Lagoon, then part of the Jeanneau family, began operations in Nantes in western France, at JTA in 1984. Gérard Danson launched Atelier Outremer in La Grande Motte, at the same time as Catana was created. Only Edel Strat, which launched its Edel Cat 26 that same year, disappeared. But the race was on, and in 1985, Bénéteau launched the Blue 2, a Philippe Briand design. Philippe Jeantot, fresh from his first victory in the BOC Challenge (solo round-the-world race with stopovers), founded Jeantot Marine in Les Sables d’Olonne, France, in 1986, now known as Privilège. Robertson & Caine, builder of the Leopard since 1991 in South Africa, followed closely, as did Nautitech in 1994. Today, units produced during this period can be found on the market for between € 80,000 and € 170,000.
These catamarans include Fountaine Pajot’s Maldives or Antigua, Lagoon 37s or 42s - most of these smaller models were built by TPI in the USA - Outremer 40s with large Hobie Cat hulls and characteristic small coachroofs, and its competitor at the time, the Catana 40. More expensive, but as attractive as ever, are a number of larger models, such as the voluminous Casamance 45, the Privilège 12M, and the stylish Lagoon 57.
Baby boomers
From the mid-90s onwards, catamarans entered a virtuous circle. Driven by charter demand, which was encouraging yachtsmen who were increasingly tempted to acquire their own multihulls, shipyards were innovating and seducing. The first powercats came onto the market. Sections of the yachting market, which is by nature very conservative, were horrified at the sight of the vertical windows of the Lagoon 410 and 380. But despite the critics, the spaciousness of the interior, the panoramic views and the reduced greenhouse effect in the nacelle proved to be a winning combination. Nautitech, with its highly successful 395, 435 and 475, rode the charter wave. Fountaine Pajot had a big hit with its Athena 38, Lavezzi 40 and Bahia 46. For a budget of between € 120,000 and € 300,000, depending on age, size and equipment, these models can stand up to more recent catamarans, apart from their ergonomics and slightly less ease of movement towards the sugarscoops and from the cockpit to the interior, where level access is not always the order of the day. Even within the interior layout, door sills seem to be an issue, but that’s a minor inconvenience for a well-built, seaworthy multihull whose weight specifications remain reasonable.
More recent second-hand boats
Ten years is an extremely young age for a modern multihull. Of course, the budget will tend to soar, but the fundamental changes since 2010 or so have been marginal. Perfect mastery of the construction process, whatever the materials or operating methods, is a guarantee of consistency in both the quality of the structure and the level of the finish. Comfort is already at its optimum, with enlarged hull volumes that also enhance safety. Ease of movement, maneuvering centered around the helm station, state-of-the-art equipment - everything is in place for trouble-free cruising, however long it lasts. As far as maintenance is concerned, there’s not much risk of having to get out the toolbox. What’s more, many multihulls sold in Europe are financed by leasing, which can be financially attractive. The part of the lease not yet paid is in fact transferable to the new purchaser if he or she is eligible for this advantageous form of financing. And this same leasing balance is also tax-free if the purchaser lives outside the European Union.
While supply is primarily European, the strongest demand is on the other side of the Atlantic - the New Continent alone accounts for 50% of all demand. In North America, a multihull is now selling 2.5 times faster than in 2019.
But the acceleration also applies worldwide. The average selling time has fallen from 94 to 44 weeks in 4 years (a 38% decrease). As a result, sellers and potential buyers have revised their budgets upwards, targeting the € 250-500,000 bracket. There is the same pressure on the powerboat market, where units are finding buyers 1.5 times faster today than before the pandemic. The growing importance of this sector is undoubtedly contributing to budget inflation, with 27% of multi-powers having a price tag in excess of € 1 million. These figures are confirmed by superyacht broker Fraser: after a record year in 2021, it sold fewer units in the first half of 2022 (down 23%). But the cumulative value remained stable, representing a 37% increase in the average price.
Like the market as a whole, the number of pre-owned multihulls offered for sale has fallen sharply over the past two years. As demand continues unabated, and is even heightened by the increasingly long lead times for acquiring a new unit, asking prices have inevitably risen. Some brokers set up waiting lists for the most sought-after models, which are sometimes sold out before they even come on line. The inflationary phenomenon is accentuated by the increase in the average size sought and by a highly demanding American market, although in Europe, France, Germany and
the UK remain multihull strongholds.
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