How Much Does a Yacht Cost?
Living in luxury can be rather expensive, and if you want to learn more about purchasing a Yacht, or maybe you just are curious on what the prices are, there are many things to learn about them in general. Just like many other transportation methods out there such as a car, boat, bike, etc, there are going to be many factors that are going to vary that will influence its price tag.
How much does a yacht cost?
- Your typical 20 foot yacht prices are going to vary anywhere from $35,000 to around 75,000.
- A midsized yacht that is around 30 feet can cost as much as $250,000.
- Your larger boats that are around the 50 foot range can easily reach the 1,000,000 mark.
- Those that are rare that are more than 100 feet can be in the excess of $5,000,000.
- For example, a 150-footer can cost as much as $35 million.
- According to Forbes, some of the most expensive Yachts cost more than 103 million dollars.
- Used cabin cruisers can cost $15,000 to $45,000.
Factors that influence the price:
- Style: Like a car, the more amenities you get, the more the price can go up. The average yacht price in the United States today sells for less than $50,000.
- Age: The older the yacht is, the lower the price may likely be.
- Condition: Like the age, the condition is a major factor, too.
- Length: As mentioned above, the larger the yacht is, the higher the price usually is.
What is going to be included?
- Like a car, your yacht is going to greatly vary with features. You will almost want to treat it like a home. Everything down to the outlet covers can be customized.
- Most are going to come included with furniture, kitchens, as well as other options such as beds, flooring and more.
What are the extra costs?
- Luxuries such as upgradable kitchens (stainless steel, etc) may cost extra.
- If you want to upgrade the interior when purchasing used, you may want to treat it like a home.
- When traveling across the waters, gasoline can add up fairly quick. Yachts can have tanks as big as 5,000 gallons+
- Factor in other expenses such as upkeep, or if it breaks down. If the Yacht breaks down, mechanic bills can easily surpass the thousand dollar mark. As for maintenance costs, plan on spending at least 8 to 15 percent of the initial price for annual upkeep. If the boat set you back $200,000, it’s best to budget at least $20,000 per year for upkeep.
- Boats will require licenses, registration, and insurance. This will vary depending on the state that you’re going to be registering in. Boating insurance will widely vary on the value of the boat. On average, plan on budgeting at least $500 for a policy at the minimum.
- Marina and ramp fees can easily cost hundreds of dollars per month. Since you will have to store it, the costs will greatly depend on the size of your yacht.
- If the yacht has to be towed from one marina to another, shipping fees can reach well into the thousands of dollars.
- Due to the complexity of these boats, an engineer and captain is highly recommended for trips out on sea. Plan on spending at least $800 to $1,000 per foot of boat for a trip. Mechanics can command higher prices.
Tips to know:
- Yachts are going to be very expensive. Before you even start the shopping process, you’re going to want to know what your budget is going to be. If you’re having a hard time finding a yacht that fits within your budget, you may want to meet with a specialized broker that can assist you with the entire process.
- The next thing that you’re going to want to look at are your goals. Do you want to travel the world in this yacht? Are you just looking for an afternoon boat? Whatever it may be, each yacht can cater to different types of activities.
- If considering used, be sure to note the age. Like a home, things within the boat will start to go such as appliances, carpet and more. The exterior of the boat as well is something to consider as well as the exterior will need close attention such as routine cleanings,l etc.
How can I save money?
- Consider purchasing used. Websites such as YachtWorld.com have many to choose from.
- If you can’t afford one, consider joining a club where you can either rent one, or split it with other members.