Owning a boat is a commitment, owning a yacht is a lifestyle choice, and owning a super yacht is a major investment. The cost of owning a yacht can be better understood when we separate each cost into a specific category. How often you use it, as well as the size of it, both play a significant role in determining the cost of owning a yacht.
Monthly yacht maintenance is a must. We like to think of yacht maintenance much the same as dental maintenance. It’s a necessary evil, and the more you keep up with maintenance the bigger your smile – literally and metaphorically.
You can deal with maintenance costs in one of two ways: you can take care of issues when they arise, or you can sign up for a monthly yacht maintenance services.
For the most part, the cost of owning a yacht can include a yearly maintenance cost equal to 10 percent of the initial purchase price.
Though this is a respectable number, it can also set unrealistic expectations. If you have monthly maintenance, your costs will probably decrease per year because your yacht will be regularly washed, and the bottom will be regularly cleaned.
Maintenance costs can range anywhere between 5-10 percent of initial purchase costs per year.
Operational costs can also vary, depending on the size of your yacht and how often you use it. Diesel fuel can add up quickly. Yacht owners with fuels tanks over 1,000 U.S. gallons can expect fuel costs to make a dent in their budget.
Insurance is another important operating cost to add into the equation. You can use online yacht insurance calculators to determine exact prices. Though boat insurance is not required in Florida, our home state, it’s still a good idea to purchase liability insurance to remain protected in case of hurricanes.
Yacht crew management is an industry unto itself. Owning a superyacht requires all different kinds of crew management costs. Yacht management has created crew management software for this very reason.
Temporary yacht crew for vacations, concierges, and trip planning are a cost-effective solution to full time staff, so finding a crew management company is a must. This is again where the size of your yacht influences the cost of owning a yacht.
Prices vary from place to place, and Superyachts.com has created a great marina map that details on the pricing you can expect. You can expect to pay $4,000 a day in some high prices Marinas in Miami Beach, but the price can drop significantly just a few miles north in Hollywood, FL.
You can also refer to the yacht cost calculator from Sailo that helps to provide a great estimate of the cost of owning a yacht.