It’s a common misconception that yacht ownership is a one-and-done transaction. The initial purchase price is often what most people think about when it comes to the cost of owning a yacht or a super yacht, but that’s just the tip of the iceberg. There are a number of operational and maintenance costs that incur to run your vessel properly. It is important to be well-informed about these associated costs before taking the plunge so as to avoid any financial surprises down the road. In this article, we will break down the total cost of owning a yacht and offer tips on avoiding unnecessary expenses!
Yacht purchase price
This is likely the biggest cost of owning a yacht. The yacht’s price varies depending on the vessel’s size, age, and features. Of course, luxury super yachts will come with a heftier price tag than more basic models. But regardless of which type of yacht you purchase, you should be prepared to spend a significant amount of money.
Fuel costs
One of the highest ongoing costs for running a yacht is fuel. Just like any other type of vessel, yachts need fuel to run. Due to their large size and weight, they require a lot of power. The cost of fuel will vary depending on the size and power of your yacht, as well as the current price of fuel.
Crew salaries
If you don’t plan on operating your yacht yourself, you’ll need to factor in the cost of hiring crew members such as a captain and deckhand. Their salaries will depend on the size of your yacht and the experience level of your crew members.
Insurance costs
It is essential to insure your yacht against damage or accidents. The insurance cost varies depending on the size and value of the vessel, as well as the location where it is moored. Generally speaking, the price of insurance premiums will be higher for larger superyachts, those with a higher value, and those moored in areas with a greater risk of theft or damage (such as hurricane-prone regions). In addition, the type of coverage you purchase will also affect the cost of your premium. For example, comprehensive coverage will typically be more expensive than basic liability coverage.
Docking fees
If you plan on keeping your yacht in a dock when not in use, you'll need to factor in docking and mooring fees. These charges are levied by marinas and other waterfront facilities for the use of their facilities. The fees are typically based on the vessel’s length, and can vary depending on the season and the location. In addition to these basic costs, many marinas also charge additional fees for utilities like water and electricity.
Onboard supplies
If you are buying a new yacht, chances are the vessel still needs to be fully stocked. Onboard equipment such as furniture, medical supplies, various tools, and entertainment facilities will need to be installed and perhaps regularly updated, contributing to the total cost of owning and operating a yacht.
Maintenance costs
To keep your yacht in good condition, you will need to have it serviced by a professional regularly. Scheduled maintenance costs for yachts include everything from oil changing and engine tune-ups to hull cleanings to waxing and polishing the vessel’s exterior. While these fees may add up to a significant amount, they are necessary to ensure that your yacht is safe and reliable.
Repair costs
In addition to regular maintenance, your yacht may require occasional repairs, and parts will eventually wear out and need to be replaced. These can be minor repairs, such as fixing a leaking faucet, or major repairs, such as overhauling the engine. Repair costs can range from a few hundred dollars to tens of thousands of dollars, depending on the severity of the repair.
How to lower the cost of running a yacht
One of the best ways to keep fuel costs under control is to plan your trips carefully and to make sure that you are using the most efficient route possible. When possible, avoid routes requiring excessive idling or travel at high speeds. You should also be aware of the current fuel prices in your area and top up accordingly.
Additionally, properly caring for your yacht and ensuring that it’s well-maintained is also key to keeping your running costs at a minimum in the long run, as you will dodge hefty fees on repair and renovation. That said, running routine check-ups, cleaning, and conducting proper maintenance work is a complicated and arduous process. And that’s where hiring a trusted full-service marine care company like Marine Service Asia can come in handy.
With a team of seasoned marine professionals, engineers, and trained technicians, Marine Service Asia provides a range of prescribed, periodic, and preventive maintenance packages. We aim to ensure the utmost safety on the water, prolong the life of your yacht, and help you save significantly on high maintenance costs. MSA also provides tailored packages to suit your needs and budget, making it a cost-efficient choice for all-around yacht care. Get in touch with Marine Service Asia today to learn more!