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THE COST OF YACHT OWNERSHIP There is a stigma attached to yachting making it appear as a very expensive and exclusive activity. While it is fun to keep this stigma alive (and in extreme cases, yachting can be one of mankind’s most costly endeavors) the truth is that most yachting in North America is very moderate in expenditure. The restrictions to moorage, haul out, and over-ground shipping, can make small yachts more of a necessity than a concession. In breaking down the cost of ownership, we first start with the vessel cost. Since most moorage in North America is suited to boats in the 26’-30’ range, we will consider this as an average yacht size. This size is also one that can, in a pinch, be reasonably transported and even stored on an individual’s property, if one owns a specialized trailer. A quick tour of classified or yacht-broker sites will show that sailing yachts in this size range are anywhere from around $5000US to $30000US. These will be used vessels several years old, as only a few manufacturers currently build sailing yachts in this size range today (most are building much larger vessels catering to chartering). The next largest expenditure is moorage, and this can be a large percentage of the yacht's total cost paid annually! (a good point for attempting to store yachts ‘on the hard’ for part of the year). It is not a function of yachting, but of real-estate, and most of the world’s waterfront areas are presently under heavy development for prime housing and resort use. The yearly costs for a 30’ slip average about $2000US-$3000US. If one were renting an apartment in North America, or paying an average 30-year mortgage, these moorage costs would add about 25% to that. Insurance is the next yearly expenditure, however due to the relatively low incidence of claims with respect to yachts, the premiums are much lower than one would expect from automobile or home insurance. Yearly rates of $400US are not unheard of for a sailing yacht in this size range. The ‘annual haul-out’ is something that can factor in as costlier than moorage, if done carelessly. Even the reference to being ‘annual’ shows the typical attitude most boat owners put into their hull upkeep. It is not as simple as a haul out, pressure wash, and return without painting (which would be around $200US). In fact, careless pressure washing can wear away, and immediately render useless, the ship’s underwater antifouling paint (the real key to a clean hull). This would require an immediate and premature re-application of said paint. Painting requires days out 'on the hard' and many product/supplies details, and that is where the real haul-out costs lay. Depending on the quality of products used, re-painting an underwater hull with antifouling paint can add $200-$2000 to whatever 'lift' costs have been negotiated. This is why it is crucial to take care of the existing paint (which will slowly loose it's toxicity to marine life over 2-3 years if still intact), and try to extend the haul-out period beyond yearly by any means possible (as well as avoiding short-cut cleaning attempts like pressure washing). If painstakingly applied to a perfect, clean hull, and carefully maintained with quarterly snorkel-dive scrubbings (carefully removing every barnacle base and avoiding scratches or excessive scrubbing), even entry-level bottom coatings can last up to 3 years before a haul-out and re-coat is required. This makes quite a difference in the overall costs of ownership of the yacht, so it is entirely up to the owner if he is willing to ‘get wet’. Although extremely unpleasant, the costs of scrubbing your hull underwater are, at most, the price of a S.C.U.B.A. air fill, assuming one is an active diver. Readily mass-produced snorkeling gear, and cheap water-sport wetsuits, can equip non-divers relatively cheaply (also opening up an entirely new sport) and brush handle extensions can be used from a surface position. The final cost detail to yacht ownership is maintenance of everything else once the hull is accounted for. Most yacht gear is destroyed by the intense exposure to some of the of nature’s toughest elements, so the distinction between ‘maintenance’ and ‘upgrading/replacing’ is somewhat blurred. Fortunately, this work is quite pleasant and even fun, and the purchasing of gear comes with a great deal of interest, just as the purchase of any ‘high-tech’ personal item. Much of this gear can be removed from the yacht prior to selling, possibly mitigating the costs, so it is up to the owner if he/she desires new equipment to become part of the vessel’s permanent gear. Generally, it is advisable not to attempt to increase a yacht’s value, as in resale scenarios most of these improvements may not be acknowledged or valued by the new owner. As for numbers, a careful yacht purchase can ensure that zero replacement gear will be needed for several years (as a function of superior design, installation, placement, etc.). At the other end of the extreme, there is almost no limit to how much money one can spend on one’s yacht’s equipment, or how quickly it can be destroyed, so it is very important to exercise both constraint and practicality. Adding up a typical cost scenario for a 30’ average sailing yacht, we could use the following example (worst case) for a 4 year ownership with an emergency sale at the end of the fourth year.
=$15,500US total 4 years This would represent $3875US per summer for the four years of ownership, in a worst-case scenario (provided that careful purchase, maintenance, and care of the yacht was observed). Financing of yachts is second only to real estate (due to consistent resale value) so financing the vessel is also possible, although interest charges have not been factored into here. As we have seen, the yearly cost of owning a yacht can be similar to the cost of one major overseas vacation for a family once per year. Since most yacht ownership costs can be greatly reduced/eliminated by knowledge and technique, it pays to prepare oneself ahead of the purchase of your first yacht, and seek ongoing education during ownership. The costs of lessons, yacht purchase survey, and ongoing education, will be offset many times over by avoiding what many describe as “A hole in the water where you throw your money”.
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