Can I afford a yacht?

My answer to Can I afford a yacht?

Answer by Desmond Last:

As the owner and boat broker of Sydney Boat Sales for 12 years I have sold every type of Yacht and Powerboat.

There are two considerations when considering the affordability of a yacht.

The first is the purchase price the second is the on-going cost of ownership.

I will use an entry-level 25 foot sailing yacht as an example.

A 25′ footer wil sleep 2 and accommodate 4. You can weekend and overnight. Provided it is in sea-worthy condition you can sail it across the Atlantic.

A 25 yacht purchased on a budget of $15,000 will be about 20 years old, fiber-glass and with a outboard or inboard motor.

It is safer to have a yacht with an inboard motor for off-shore sailing. An outboard that is fitted to the transom (the rear of the yacht) will on rough days with a big swell over-rev as the propeller leaves the water every-time the yacht pitches.

Having paid $15,000 for your yacht you must now incur the upkeep costs.

Warning. Do not, even if you are told to by Miss Universe acting on the express wishes of President Trump via Sean Spicer and ‘fact-checked’ buy a yacht without a comprehensive in and out of water inspection by a qualified Marine Surveyor.

You will need to moor or berth the Yacht.

You will need insurance.

You will need to clean and paint the hull once or even twice a year if in salt water.

You will need to service the engine once a year – always change the salt-water pump impeller.

You will need to service rigging, ropes, sails and fixtures and fittings.

You will need to renew the yacht registration once a year.

Allow a minimum of $6–5000 a year.

It may work out more cost-effective to buy a larger yacht as some marinas and boat repair charge from 30 feet and above. So a 25′ might cost as much to berth, moor and clean as a 25 footer. 28–30 is the best size to begin with. 25′ can be difficultly to sell unless they are clean tidy and well-presented.

Can I afford a yacht?

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