Let’s demystify the costs of a yacht after purchase.
Let’s talk about a subject that can often be discussed with boaters.
Of course, the acquisition price is the first big hurdle you have to clear, but boaters often overlook the costs that will follow afterward such as:
– Dockage (a big difference between Montreal, Florida or Europe)
– Insurance (always relative to the location)
– Upkeep and maintenance
– Fuel
– And sometimes crew (starting with a captain)
Here is an overview (approximate) of the costs according to the size of the yacht and per year:
From 60 to 90 ft: from $200,000 CAD to $325,000 CAD
From 120 to 150 ft: from $2.4 million CAD to $4.8 million CAD
From 200 to 260 ft: from $9.6 million CAD to $13 million CAD
From 300 ft and up: from $16 million CAD to $24 million CAD
You can also more simply apply the rule of a minimum of 5% of the acquisition cost for a boat that remains here in Quebec, but you quickly have to increase that to 10% and more if it is in Florida or even more if it is in the Caribbean.
MONTREAL:
Hence the importance of having a very good evaluation of the boat or yacht that interests you. I am talking here about a complete and in-depth Survey by industry professionals, whether the boat or yacht is new or used.
EVALUATION OF COSTS AFTER ACQUISITION.
Of course, these evaluations depend greatly on the location of the boat. A dockage in Montreal is almost free compared to South Florida or the Bahamas.
FLORIDA:
In Florida for a 60 ft, it is common to be charged from $5000 to $8000 USD per month for a dockage. After that, you have to think about cleaning (washing and de-scaling), waxing, and this at least once a month (minimum).
And in Europe it is even more expensive for all these services.
MONACO:
In Florida, it is almost essential to have the services of a yacht manager to supervise all work to be done and also to detect it before and after each movement of the boat such as a Florida/Caribbean trip.
CARAIBES:
In short, your broker must inform you about this. They must accompany you in setting your criteria, your cruising areas, the number of people who will be on board, what the duration of stays on board will be, in short many items to validate and understand their importance.
Therefore, the purchase price of your acquisition must take this into account. This does not mean choosing the least expensive boat, but all the elements must be considered.
In summary, there must be a certain form of balance between the acquisition price and the operating budget.
The larger the boat, the more you also have to think about a potential crew, this changes the lifestyle on board for the owners.
Often the crew cabin is inadequate, which will make recruitment more difficult. Often, new owners want a couple, but it is difficult to find a crew cabin with a double bed.
Also, you will not be alone on board with the crew (depending on the size of the boat). You have to see if the crew can remain less visible with a yacht configuration that allows it.
CREW CABIN:
In short, an experienced broker can make all the difference. They will present you with all the possible choices always based on your criteria. You have to avoid love at first sight that sometimes turns out to be a bad choice.
The brokers or rather the advisors at Ita Yachts Canada and its ProprioBateau division are at your disposal before, during and after your acquisition.
DISCLAIMER
The article presented on this page is for information purposes only. This information is provided as editorial (i.e. opinion). The information presented in this article is presented in good faith and, while believed to be correct, is not guaranteed. Ita Yachts Canada does not warrant or assume any legal liability or responsibility for the accuracy, completeness or usefulness of the information and/or images displayed, as they do not suggest anything in relation to this article, indeed no association can be made with respect to the images and the article. All information in this article is subject to change without notice and is without warranty. It is the reader’s responsibility to verify the descriptions and statements contained in this article. The brokers at Ita Yachts Canada assume no responsibility for any conclusions the reader may draw. The purpose of this article is to promote boating in all its forms. It gives one point of view among many. Any reproduction of this article is prohibited.
