A yacht is not given to everyone, as it is currently only within the reach of 200,000 people in the world. Being a living proof of luxury, owners often worry about the cost of their maintenance, which is often very expensive.
How to calculate the cost of maintenance?
The maintenance of a yacht is done at least once a year and this is a great concern for those who own this beautiful boat. However, there is no magic formula to obtain the exact amount of its annual maintenance. In principle, expenses can vary depending on the use of the boat and its size. But to get an idea of the expenses it will incur you can ask for the help of an expert. The expert in question here does not have to be a company, but an experienced person who owns a yacht with similar characteristics to yours. Some can assure you that the cost of maintenance will only represent 10% of the price of the boat, while others will be more optimistic and assure you that the expenses involved will not exceed 6% of the total value of your yacht.
What to consider?
The cost of maintaining a yacht depends on a number of factors. As mentioned above, in general, the cost of maintaining the yacht is 10% of the price. As an illustration, if you buy a yacht for $500 million, the cost of maintenance will be around $50 million per year. Then, the annual consumption of diesel fuel must also be taken into consideration. For a 70-metre mega yacht the fuel consumption is around 500 litres per hour. This makes a total of 400,000 dollars for its maintenance.
What else needs to be taken into account?
The annual mooring of a mega yacht is also a criterion to be taken into account when maintaining it. On average, jet-seller ports ask you for around $350,000. As the crew does not work for free, you should allow around 1.4 million dollars for overhaul, painting and mechanical interventions. Of course, you have to insure your yacht. The cost of the insurance will be around $240,000 per year. At this price, the insurance must compensate for material damage caused to a third party or to another boat, accidents that have caused death or injury to third parties, economic losses and legal costs in case of disputes. Although these rates may seem exorbitant, they are necessary for the proper maintenance of your boat.