A yacht is a recreational boat or a small ship. This differs from other ships because its purpose is mainly for leisure. Most of the Yachts you can find is privately owned that is why it is always associated with luxury. They are also the preferred luxurious vacation transportation of millionaires and billionaires such as celebrities. Yachts are also in the list of the top 10 most expensive asset purchases in the world. Why? Because the initial cost isn’t the biggest price they paid. So much does a Yacht cost?
Average Yacht Cost
Purchasing a yacht can really cost a lot of money. And another thing to keep it mind is that it is not the initial cost that makes it expensive, but the cost to keep it running. There are many factors that can affect the cost to keep a yacht operating and it can run from thousands to millions of dollars.
The main factor that affects the price of a yacht is its size. The bigger the yacht, the bigger the price is. You should expect that the price of a yacht runs from millions of dollars.
However, if you want to use a yacht for a short period of time, you can either rent one or charter one. But what is yacht chartering? Yacht Chartering is the act of renting a yacht and traveling to different coastal and island destinations. There are a lot of companies that offer this kind of services.
So much does it cost to rent a yacht? The cost depends on the yacht and the number of locations you want to travel. For example, at Charter World,they are offering S/Y EROS yacht rental for one week to Bermuda that costs around $42,000 per week. This is a limited promo that will be available only during America’s Cup which is from May 25 up to June 28, 2017. They are also offering a special summer rental rate with M/Y AQUAVITA yacht for only $260,000 per week only during summer. The location includes Bahamas, Cuba, and Mexico.
On the other hand, Carefree Yacht Charters is offering yacht charters. The cost to charter a yacht greatly depends on the type of yacht and the number of guests it can accommodate. Here are some of their rates:
- The cost to charter a yacht that can accommodate up to 8 guests runs around $15,000 up to $20,000 per week.
- A yacht that can accommodate up to 10 guests has a charter cost of around $25,000 per week on the lower end and $35,000 per week on the higher end.
- A yacht that can accommodate up to 12 guests has a charter cost of around $35,000 per week on the lower end and up to $100,000 per week on the higher end.
The given price above is for an all-inclusive crewed charters only. They also offer plus expenses crewed yacht charters that include additional costs such as fuel, food, bar, beverages, dockage, and much more. Here are some of the prices of their plus expenses crewed yacht charters:
- A yacht that can accommodate up to 6 guests can cost around $30,000 per week on the lower end and up to $35,000 per week on the higher end.
- A yacht that can accommodate up to 8 guests can cost around $35,000 per week on the lower end and $50,000 per week on the higher end.
- A yacht that can accommodate up to 10 guests can cost around $50,000 per week on the lower end and up to $100,000 per week on the higher end.
- A yacht that can accommodate up to 12 guests can cost around $100,000 or more per week.
Running Costs
Now that you know how much does it cost to rent a yacht or to charter one, you should also know the cost of running it whenever you want to purchase one. Here are some additional costs you will have to make to continue the operation of your yacht:
- Oil and Gas – This is the first and foremost cost you will have to make to continue running your yacht, especially if your boat relies on an engine rather than sails. The cost of oil and gas depends on the size of your yacht and the engine of your yacht. Usually, an 80-gallon tank of a 27-feet yacht can cost you around $400 to fill. On the other hand, a 350-gallon tank can cost you around $1,750 to fill.
- Registration, Title, and Insurance – Before you can operate your yacht, you will need to register your boat first. The cost greatly depends on your location and the size of your yacht. The title fee for a new boat in Oregon runs around $30 and the registration fee runs around $3 per foot.
- Maintenance – Of course, to increase the lifespan of your boat, you will need to maintain it. You can save money on maintenance if you wash your boat with fresh water every after use. Other maintenance you will have to make includes repainting of the bottom of the boat with a special paint every year. The cost runs around $30 per foot. You should also replace the sails of your yacht every 3 up to 5 years if your boat relies on sails.
- Storage – Since you will not be using your boat during winter, you will have to avail winter storage. This includes hauling your yacht, docking it, wrapping it, and blocking it. The cost depends on the size of your boat. For example, the cost of winter storage for a 38-feet boat cost around $3,000.
- Safety – Safety should be your number one concern since you will be traveling in the middle of the ocean. This should include life jackets which cost around $70 each, fire extinguisher, Freon horn, signal kit, safety gear bag. Expect to spend around $170 for this.
- Additional Entertainment –Your yacht will be boring if you don’t have any entertainment on it such as canoes, floaters, and much more. Expect to spend around $5,000 for this one.