In the wake of its vote to leave the European Union, Britain's political leadership is in tatters and its currency is sinking.
That latter part is good news for some. The immediate post-Brexit era has created a boon of sorts for people outside of the U.K.—especially tourists and luxury goods buyers.
The British pound's swoon to 31-year lows against the U.S. dollar has created bargain basement prices for luxury seafaring vessels, according to YachtWorld. The broker of new and used boats notes that a 2014 Princess 98 Fly, a 98-foot boat that can accommodate anywhere between 6 and 10 guests, listed for 7.5 million pounds on June 23rd.
Fast forward two weeks, and Sterling's tumble effectively shaved more than $1 million from the price for an American buyer, YachtWorld notes. The currency's slide gives U.S. buyers an opportunity to pick up a yacht on the (relative) cheap.
The potential savings on a luxury yacht could be in the hundreds of thousands or even millions, YachtWorld pointed out, and even extends to lower price boats. A used 2004 Sun Odyssey, which the site listed at 199,950 pounds ($296,000) in June, dropped down to $258,000 last week, YachtWorld said.
Yet given how quickly exchange rates can change—Bank of International Settlements data shows that the pound/U.S. dollar exchange rate is one of the most liquid and highly traded in the $5.3 trillion foreign exchange market—potential yacht buyers might want to move equally as fast.