scorecardI spent 3 years writing about yachts, and owning one takes way more money than you think
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I spent 3 years writing about yachts, and owning one takes way more money than you think

Generally, yachts over 100 feet cost $1 million per 3.3 feet — and that's not counting costs for upkeep.

I spent 3 years writing about yachts, and owning one takes way more money than you think

Some older yacht models around 80 feet may sell for six figures, but a superyacht will most likely set you back by at least a few million. An 84-foot yacht can cost $1.74 million, while a 295-foot yacht can cost $45 million.

Some older yacht models around 80 feet may sell for six figures, but a superyacht will most likely set you back by at least a few million. An 84-foot yacht can cost $1.74 million, while a 295-foot yacht can cost $45 million.

But that's just the beginning — owners can expect to spend about 10% of the purchase price annually on operating and maintaining a yacht. That's $1 million a year for a $10 million superyacht, although it varies.

But that

The bigger the boat, the more crew — and salaries — you need. A 130-foot boat with five crew members can cost $32,500 a month. Deckhands earn an average of $3,083 to $3,574 a month, depending on the boat size. Captains get paid more, earning an average of $7,750 to $19,961 a month.

The bigger the boat, the more crew — and salaries — you need. A 130-foot boat with five crew members can cost $32,500 a month. Deckhands earn an average of $3,083 to $3,574 a month, depending on the boat size. Captains get paid more, earning an average of $7,750 to $19,961 a month.

Yachts in Florida's Broward County, a hub for for yachting, account for $3 billion yearly in wages and earnings, reported Kate Lardy of the Sun Sentinel, citing a survey by the Marine Industries Association of South Florida. That's not counting yachts based internationally.

Yachts in Florida

And don't forget payment for dayworkers, who are hired temporarily for onboard services. A captain of a 178-foot yacht told Lardy he spent $14,255 on dayworkers during the yacht's two-month visit in Fort Lauderdale.

And don

There are also other crew costs, like medical and liability insurance, training, and uniforms, the latter of which the captain told Lardy he spent $11,190 on over two months.

There are also other crew costs, like medical and liability insurance, training, and uniforms, the latter of which the captain told Lardy he spent $11,190 on over two months.

In the two-month span, the captain also spent $50,000 on provisioning for the upcoming charter season, including bounty for the yacht's wine cellar.

In the two-month span, the captain also spent $50,000 on provisioning for the upcoming charter season, including bounty for the yacht

When owners aren't busy yachting in the Maldives or cruising to the Seychelles, they need a place to dock the boat — and fuel to get there. The captain also told Lardy he spent more than $100,000 on fuel and dockage during the two-month visit.

When owners aren

Fuel and docking can get even more expensive during an event like the Monaco Grand Prix.

Fuel and docking can get even more expensive during an event like the Monaco Grand Prix.

Fuel can cost roughly $400,000 a year — and that's not just for the boat, but the toys that go along with it, like Jet Skis.

Fuel can cost roughly $400,000 a year — and that

Dockage varies on how big the boat is and how desirable the marina is. An 80-foot boat can run $1,200 a month, while a bigger boat in a more coveted slip can cost as much as $6,000 monthly. A superyacht owner can expect to spend $350,000 on dockage a year.

Dockage varies on how big the boat is and how desirable the marina is. An 80-foot boat can run $1,200 a month, while a bigger boat in a more coveted slip can cost as much as $6,000 monthly. A superyacht owner can expect to spend $350,000 on dockage a year.

Like many things, yachts get wear and tear — they require regular maintenance and repairs. Routine maintenance can cost roughly 2% of the boat value after the yacht's first year, and around 7.5% of the boat's value when the yacht is 10 years old.

Like many things, yachts get wear and tear — they require regular maintenance and repairs. Routine maintenance can cost roughly 2% of the boat value after the yacht

The captain of the 178-foot yacht takes the yacht to Fort Lauderdale twice a year, where it always gets work done. In the two-month period, he spent $142,746 on repair and maintenance, which he told Lardy is "typical."

The captain of the 178-foot yacht takes the yacht to Fort Lauderdale twice a year, where it always gets work done. In the two-month period, he spent $142,746 on repair and maintenance, which he told Lardy is "typical."

And regular maintenance doesn't include the cost for periodic refits. One owner told Superyacht News he refitted his 98-foot yacht for more than $1.1 million.

And regular maintenance doesn

There's also insurance, which can cost roughly $240,000 a year, according to a report by Towergate Insurance.

There

And don't forget miscellaneous expenses, such as communications (like navigation and Satellite TV) and administration (mail and office supplies, to name a few). The captain told Lardy he spent more than $6,000 on admin costs during the two-month stay.

And don

Overall, he spent $643,164 during his stay in Florida. That's nothing compared to the $1.5 million he anticipated to spend for the yacht's next stay in Fort Lauderdale, during which the yacht would undergo a condition inspection.

Overall, he spent $643,164 during his stay in Florida. That

All of this doesn't count the cost of fun — superyacht owners love to throw soirees, especially during events and boat shows. During the Cannes Film Festival, Paul Allen traditionally throws a party on his yacht, Octopus, complete with guests like Kate Moss and Jake Gyllenhaal.

All of this doesn

With superyacht parties, you can usually count on costs for food (or hiring a celebrity chef), alcohol, a DJ, and décor.

With superyacht parties, you can usually count on costs for food (or hiring a celebrity chef), alcohol, a DJ, and décor.

Owners can recoup some of these expenses by chartering their yacht. A 205-foot yacht with a $3.5 million annual operating budget can charge $425,000 a week. The price can vary on season and yacht size and includes costs for food and drink, fuel, harbor fees and dockage, and delivery fees.

Owners can recoup some of these expenses by chartering their yacht. A 205-foot yacht with a $3.5 million annual operating budget can charge $425,000 a week. The price can vary on season and yacht size and includes costs for food and drink, fuel, harbor fees and dockage, and delivery fees.
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