- A yacht costs a lot more than the price its owner bought it for.
- There are additional expenses, like yacht crew, dockage, fuel, and maintenance, that many people don't think about.
- Even many yacht crew wouldn't own a superyacht if they could afford it because they're so much money and work.
If there's one thing I took away from spending three years writing for the yachting industry and attending the Monaco Yacht Show, it's that buying a superyacht is the absolute pinnacle of indulgence for the 1%.
You see, these behemoths of the sea cost a lot more than the price tag they come with thanks to the upkeep they require — it's a series of neverending expenses. There's what I like to call the Big Four that will easily wear down an owner's black AmEx: yacht crew, dockage, fuel, and maintenance, among a host of other eye-popping costs.
Just ask the crew who work on yachts.
I once spent a day running up and down the docks at the Fort Lauderdale International Boat Show asking crew one question: Would you buy a boat if you were rich? The answer, overwhelmingly, was no. Those that said yes were new to the industry — my guess is that they just didn't know better yet.
Because, really, yachts are just floating money.
Here's how much it really costs to own a superyacht, which is generally defined as a boat at least 80 feet in length.
Generally, yachts over 100 feet cost $1 million per 3.3 feet — and that's not counting costs for upkeep.
Source: Forbes
Some older yacht models around 80 feet may sell for six figures, but a superyacht will most likely set you back by at least a few million. An 84-foot yacht can cost $1.74 million, while a 295-foot yacht can cost $45 million.
Source: Fraser Yachts, Burgess
But that's just the beginning — owners can expect to spend about 10% of the purchase price annually on operating and maintaining a yacht. That's $1 million a year for a $10 million superyacht, although it varies.
Source:Business Insider
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