The cost of owning a yacht should be a great concern to potential yacht buyers. The price of a yacht varies greatly, ranging from hundreds of thousands of dollars to millions of dollars, and the cost of a yacht is more than just the price of the yacht, but also the cost of running the yacht, the cost of maintenance, etc.
The price of buying a yacht
Before purchasing a yacht, you should think of the expenses that will be incurred every month, every year and even decades after owning a yacht. The selling price of a yacht is generally based on the size of the yacht, and the larger the size of the yacht, the higher the selling price. Here are the prices of yachts of different sizes
Under 36 feet: $500,000 - $2.5 million
36-60 feet: $2,000,000-$6,000,000
60-100 feet: $6 million- $10 million
Over 100 feet: from $10 million
You can look for cheap or expensive yachts to buy in these price ranges depending on your budget.
Running costs of a yacht
The cost of owning a yacht does not refer to the price of purchasing the yacht, there are other costs as well, such as the running costs of the yacht. The running costs of a yacht are generally as follows.
Fuel
Fuel is an important part of running up a yacht, and different types of yachts consume different amounts of fuel depending on the area and distance they are traveling.
Mooring fees
Yachts need places to moor, and the mooring fees depend on the size of the yacht and the area of the mooring place.
Crew costs
Usually yachts are equipped with a professional crew, if you need one, the crew costs to be paid should be determined according to the size of the crew and the frequency of using the crew.
Extra costs
Includes all costs for communications, meals and other extra activities.
Yacht maintenance and upkeep costs
After owning a yacht, in addition to the running costs, there are yacht maintenance and upkeep costs which include:
Yacht equipment maintenance
e.g. engine, hull, safety equipment, system maintenance, etc.
Yacht cleaning
the cost of cleaning by yourself and hiring a professional is different, you can choose to clean by yourself, but either way, you should plan for the subsequent yacht maintenance costs when you buy the yacht, especially if the yacht still has a long lifespan.
Taxes and insurance for yachts
Both small and luxury yachts need to pay tax at the time of purchase, and also a yacht insurance premium each year after purchase. Yacht insurance can give you greater peace of mind when sailing at sea.
Depreciation costs of a yacht
Owning a yacht is like owning a car, it quickly depreciates in value, with a minimum depreciation of 10% in the first year, which becomes 7% over the next few years, and from the fifth year onwards the depreciation starts to slow down, on the other hand the running costs increase.
How to Reduce the Cost of Yacht Ownership
After owning a yacht, even if you don't use it, you will incur some expenses. To reduce the cost of owning a yacht, you can consider turning your yacht into a money-making tool. For example, you can rent out your yacht. When you don't plan to use your yacht, consider earning income by renting it out. The price of a yacht rental generally depends on the type and size of the yacht, as well as the location where the yacht is rented. Yacht chartering can help you reduce the cost of yacht ownership so that the yacht is no longer a financial burden to you.
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