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Yacht Buying Guide
What is Considered a Yacht?
A yacht usually refers to vessels that are 79ft and above; although some would say that vessels around 40 – 78ft and up would qualify as a small yacht. Yachts are usually luxury vessels that can be both motor yachts or sailing yachts with every other type of boat in between, with newer models coming with the latest technology and luxurious designs. We’ll explore luxury yachts for sale in our yacht buying guide below.
Working with an experienced broker is the best way to explore your options when considering becoming a yacht owner and buying a boat. Search for experienced yacht brokers near you with YATCO.
How Much Does a Yacht Cost?
When searching for the perfect yacht for you, you’ll find a wide range of options, styles, and therefore, budgets. The cost of a yacht will depend on a few factors:
- Type of yacht – is it a sailing yacht, catamaran, sportfish yacht, or motor yacht?
- Condition – Is it a new yacht or a previously owned yacht for sale? If purchasing a yacht brand new, has it completed successful sea trials or is it still in build?
- Size – Are you purchasing a yacht of 50ft or a larger 150ft superyacht for sale?
Potential yacht owners will want to decide which elements are most important for their perfect yacht when reviewing luxury yachts for sale on the market. You could be looking at budgets of either $50,000 at the smaller end, to the tens of millions of dollars for a superyacht for sale. It’s important to bear in mind maintenance costs as well before blowing the budget on a yacht you can’t afford to run.
How Much is a Small Yacht?
If we know that the cost of a yacht depends on the style and condition of the boat, boat owners will be able to discern that a small yacht will cost less than the larger mega yachts in this category, however, they will require a larger budget than when buying a boat. Small yachts might start around $200,000 with the price creeping into the $2 million or more price range if looking at larger, newer yachts for sale. Small yachts will also have maintenance costs to consider, although they won’t be as sizeable as those on larger luxury yachts for sale.
How Much is a Mega Yacht?
A mega yacht is usually on par with a superyacht in terms of size and price. The terms superyacht and mega yacht are often used interchangeably to refer to yachts over 79ft (24m). Depending on the age, length and condition of your mega yacht, entry-level mega yacht prices could be around $2 million, with prices way over and above $100 million. At this size, you’ll need to also consider the maintenance costs of your yacht, which is usually around 10-20% of the purchase price of the yacht annually to go towards maintenance costs, yacht management, and crew wages.
How Much is a Superyacht?
If mega yachts and superyachts are similar in size and budget, you’ll have a wide range of superyachts for sale to choose from in a range of budgets. However, you should expect to spend at a minimum of $2 million to become a super yacht owner. Similar to the above, you need to factor in the annual running costs, or maintenance cost of running your yacht as a new boat owner.
How Much Does it Cost to Charter a Yacht?
Chartering a yacht is a great way to get the feel of owning a luxury yacht. The cost to charter a yacht will depend on a few factors:
- Type of yacht or type of boat,
- Time of year,
- Size of yacht,
- Length of yacht charter.
When looking for a yacht charter, you’ll see a base price listed which is the cost to rent the yacht for the week. On top of this, you’ll want to factor in around 50-55% of that rate to work out what it will cost you in total. These extras include your food and provisioning allowance (APA), fuel, local taxes, and crew gratuity. You’ll find many yacht owners buying a boat after a fantastic charter experience since they not only understand the value of buying a boat and the crew onboard, but also what goes into yacht management.
How Much Do Yacht Crew Make?
Yacht crews are paid a salary on top of any crew gratuities charter guests give them. The exact salary will depend on the role the crew is in, their years of experience and the size of the yacht. The captain will always earn the most, with the captain of a 150ft yacht making around €18,000 a month, while a junior deckhand might make closer to €3,000 a month.
How Many Yachts Are There in the World?
There are currently an estimated 10,000 luxury yachts in the world. For a detailed breakdown, read our yacht buying guide on how many yachts there are in the world here. With so many options, your experienced broker will help you to find your perfect yacht out of the thousands of luxury yachts for sale.
Do You Have a Yacht Budget?
When purchasing a yacht, setting up your budget is ideal. You will receive fewer results, but the ones that are most suitable for you. With access to thousands of luxury yachts for sale, we recommend you set limits when you begin your boat search. The more filters you select, the more precise your results will be, and the easier it will become to make your choice.
Working with an experienced broker will also help as they can guide you on the best type of yachts and type of boats in your budget. Whether you’re looking at sportfish yachts, sailing yachts, or you see yourself as a mega yacht owner, they’ll help you find your perfect yacht and set up a sea trial to test out your new boat.
Are You a First-Time Yacht Buyer?
Consider these questions before your first search:
- What is your preferred hull material?
- Where do you plan on using your boat?
- Are you willing to wait for a delivery, or do you want to get the boat immediately?
- How do you want to use your boat?
- How many people would you like to have onboard?
- Where will you store it?
- What maintenance costs are involved?
- Will you need a yacht management company if you plan to charter the yacht?
These and other boat-related questions will facilitate your search by narrowing it down to your needs. A lot goes into buying a yacht, but if you are passionate about yachting like us and focus on a precise search, you will soon find the perfect yacht of your dreams.
YATCO has a number of other yacht buying guides available to help you make an educated decision on perusing and selecting your next luxury yacht for sale.