Anyone interested in purchasing a yacht should consider the operating expenses the luxury item will incur over its lifespan. If you are considering taking the leap into the yachting life, you will need to plan a yearly budget that will account for:
- Fuel: Your yacht will require marine gas oil (MGO) or marine diesel oil (MDO) to power through the seas. The cost of fuel will depend upon the yacht’s design, the fuel efficiency of its engine and the region you are fueling up in.
- Maintenance: Your vessel will require mechanical work, whether due to breakdowns and accidents or just routine wear and tear. Remember to account for mechanical work as well as cosmetic upgrades such as painting
- Crew: How many crewmembers will you need to provide the safe and pleasurable experience you are seeking? Smaller yachts may get by with a captain and a few deckhands, but larger vessels may require a first officer, buson, engineer, steward/ess, chef and other personnel.
- Docking and mooring fees: Are you planning on keeping your yacht in the same location year-round, or will you need to moor it in different locations? This will figure into your price calculations. If you are dry-docking your yacht during the winter, add the costs of transport and storage.
- Insurance: You will want to carefully select insurance policies to protect yourself from in the event of mishaps and liabilities, without wasting money on unnecessary coverage.
- Optional features: Do you want a swimming pool on your yacht? How about a spa, garden, smoking room, underwater lounge or rec center? You will need to add the yearly expenses of these features to arrive at an accurate estimate of your overall twelve-month price tag.
The total yearly operating expenses of a yacht can range from the low six figures to several million dollars, depending upon the size of the vessel and other factors.
Maximize your enjoyment
With careful financial and legal planning during the purchasing stage, you can rest assured that you are getting the most value for your money and that your yachting days will be spent enjoying the luxury purchase rather than regretting unnecessary expenses.