The REAL PRICE of Owning a Yacht

Holloway lacks ears a welcome back today we invite you aboard your own luxury private yacht and we'll sail through exactly what you need to start saving to fulfill your ambition of being a captain of your own vessel welcome to a luxe calm the place where future billionaires come to get inspired so grab a hold of the rails and let's go test the waters number one the price of yachts varies Avast Lee an entry-level yacht can cost around $100,000 and the most expensive yacht to date is the Eclipse valued between 700 million and 1.5 billion dollars if you want to be mingling with the high rollers though you'll need to drop at least 20 million dollars on a private yacht like Tiger Woods did when he bought his one hundred and fifty five foot yacht privacy the general rule of thumb is you'll need to put aside ten percent of the cost of the yacht to ensure it's kept running at its optimum each year so in the case of Tiger Woods yacht privacy the additional cost per year would be in the region of two million dollars these costs would vary greatly depending on the purchase price where the yacht is docked how often it's being used the length of the yacht and how old the yacht is as well as what upgrades you've invested in number two registration fees need to be considered these fees can differ depending on the country or state you registering your yacht in international registries will charge the following for a yacht that's 24 meters or 78 feet or less in length in this case a one-off registration fee of five hundred and fifty dollars and then an annual tonnage tax of 750 dollars needs to be paid if the yacht measures more than 24 meters the registration fee is $1500 and the gross tonnage fee of up to 399 tons is seven hundred and fifty dollars four hundred to nine hundred and ninety nine tons is $1,000 and 1012 hundred and fifty dollars and choosing the earth's flag state is a very important decision because that flag state holds the jurisdiction over that specific yacht and in tax obligations privacy regulations liability in international waters and whether the yacht can be used for commercial endeavors number three your yacht needs a place to rest its head where you store your yacht will greatly influence your annual cost if you want people to see you on your pricey yacht then you best choose to berth yours at a desirable location some of the pricier marinas are Marina del Capri in Italy which can only accommodate 10 super yachts at a time but you can expect to pay around 3300 dollars a day to dock your super yacht there if that's out of your budget you could opt for a port to can france which will cost you in the region of 770 dollars a day there are plenty of marina maps available to help you decide the best place to moor your super yacht a less desirable marina would cost roughly $1,200 a month but your additional mooring fees would be incurred when you used your yacht for its intended purposes travelling the globe some marinas fees also consider length and width of your super yacht so expect some fluctuations there as well number four your yacht and your toys will need fuel budgeting your annual fees for fuel can be tricky each yacht is different and the way each yacht is handled is also different if you're cruising at around 8 to 10 knots your fuel usage will be lower than someone going at a faster speed let's assume you have a 60-foot yacht which can hold 1,200 gallons of fuel and the current average price of fuel is roughly two dollars fifty cents a gallon your yacht will cost three thousand dollars to fill out your fuel costs will fluctuate depending on how often you're in the water and also where you're filling up for example the average fuel price in France is roughly four dollars a gallon and in South Africa it's roughly $3 30 cents number five regular wear and tear needs to be factored in like any vehicle purchased regular wear and tear is par for the course to ensure longevity of your yacht regular maintenance is imperative experts estimate that maintenance will be around two percent of the boat's value in the first year and around 7.5% if the yacht is ten years and older your yacht needs to be washed and cleaned every two weeks the bottom of the boat needs to be scrubbed once a month your systems need to be checked regularly every three to six months your yacht should be waxed and every 12 to 24 months you need to repaint the bottom of your boat as the paint layers thin quickly and deteriorate expect to pay around $50 a foot for giving the hull a fresh coat of paint periodic refits are also to be expected you want to look the part all the time so when your yacht is looking a little tired you might want to consider refitting her to the former glory of giving her a much-needed facelift again these expenses can be as high as you're willing to go engines also wear out over time and equipment will need upgrading however there is a way to recoup some of your costs and will tell you how a bit later number six a yacht can't sail all by itself and unless you're able to captain your own ship you'll need a crew on board to do that job for you a 115 foot yacht would need a captain a mate two stewardesses and a chef the salary for each crew member will also fluctuate depending on the size of the yacht the yacht crew salary guide for 2019 recommended the following salaries for yachts measuring between 70 to 100 feet on a yearly basis the captain between sixty-five thousand and one hundred and ten thousand dollars a chef between thirty six thousand two fifty two thousand dollars and a stewardess between thirty to forty eight thousand dollars and if you don't meet your crew full-time you'll need to pay them a daily rate which will be roughly the following on a yacht of the same size the captain between three hundred and three hundred and seventy five dollars a day the chef between 200 to 250 and the stewardess between 175 to 250 dollars a day over and above their salary your crew will need food uniforms transport on board expenses such as linen soap laundry services and so forth if your crew has been with you for a few months you're also liable for their dental and health insurance and full-time crews need four to six weeks of paid holidays each year number seven fine dining is expected on your yacht and these costs can be vastly different if you're hosting parties with canapes and fine champagne your budget will be substantially larger than someone who's making a family tray lasagna with a few beers and a bucket of ice your crew will also need to eat so their dietary requirements need to be taken care of too on a super yacht it's estimated the food beverages and flowers can cost the owner between one and three million dollars a year and if you like to throw the occasional party remember to factor in a deejay decor extra drinks and staff to keep your guests 100% satisfied number eight insurance is non-negotiable your yacht won't be allowed to sail without it the annual insurance fees will be influenced by a few factors including where you keep the yacht the size of the vessel and of course the amenities on board stacks insurance brokerage have been insuring yachts for years and they estimate that a 60-foot yacht insured in the Northeast will cost between 6,000 and 8,000 dollars a year but some will insure the same yacht in Florida and the rate increases between 10,000 and 12,000 dollars and that's only if the yacht is used for private use if you intend to charter it the costs will rise substantially now that you're getting a good feel for the real price of owning a yacht have a look at our video the top 10 most expensive yachts in the world to get a bigger picture of what these billionaires are paying for their luxury vessels number 9 communication is key when you're out in the open waters you need to ensure your communication systems are functioning perfectly a temporary Authority ship radio station license is $100 and a full term ship radio station license is 200 over and above that most modern yachts have high-tech navigational electronics air conditioning satellite TV Wi-Fi 24 hour video and water purification systems in place these all need to be maintained and many will have monthly fees which like other things will vary depending on location number 10 safety is paramount every yacht must have life jackets on board throwable floatation devices fire extinguishers visual signaling devices and sound signalling devices lifejackets can cost anywhere from $12 right up to 350 dollars plus if you have a yacht that has space for 50 crew members and 30 guests and were opting for the priciest brand of lifejacket that's a total of 28 thousand dollars number 11 pirates are always a safety issue yacht owners have to be constantly thinking of new ways to protect their guests crew and assets and all of these are costly endeavors again this cost can fluctuate and you can either use the services of a company that specializes in yacht protection or you can try and do it yourself there are many options when it comes to anti pirate technology or ATP for starters you could purchase a long range acoustic device this non-lethal device uses pain inducing sound beams to release a sound that is unbearable for humans but it won't come cheap for a basic handheld model you can expect to pay roughly $5,000 and the more expensive models can range from 100,000 to 190,000 dollars number 12 yachting is not complete without some toys we recommend a few jet skis canoes stand-up paddle boards perhaps a small tugboat and possibly even a small submarine the sea Majan submersible is designed to be launched from yachts and ranges from 1 million to 3 million dollars in price don't forget your water skis diving gear a couple of surfboards and body boards all of which are needed to ensure that your yacht is the coveted sea vessel that others aspire to own number 13 is owning a yacht a good investment in short no from the moment your brand-new yacht enters the water it loses value others may argue that anyone owning a yacht no it's not a financial investment but rather an investment in status and respect number-14 try before you buy a piece of sound advice from the experts is to give yachting a try before purchasing your own seek the help of a charter broker and go to look at various yachts available step inside them feel them out and if possible charter them for a few days head to a local Boat Show and ask a variety of people the same questions and make a judgement call from their respective answers after you've done all of your research sleep on it and if you still think it's for you you know you've made the right decision you might also consider sharing the costs with a friend and splitting the use of the yacht a great way to still enjoy your time on the water without all the heavy burden of the cost yourself number fifteen there is a way of recouping some of your financial outlay if you look into chartering your yacht do note though that marine regulations have a limit on how many passengers you can have on board so you can't rent out your yacht and cram it full of travelers to attempt to make a quick buck the limit is between 12 and 36 passengers regardless of how large the yacht is however it's been noted that when the guest list is higher than 12 it's not technically classified as a charter anymore but rather a passenger ship there's also stiff competition when it comes to chartering so you need to make sure your yacht stands out things like a Jacuzzi VSAT connection and water toys are non-negotiable other factors which will affect the amount you can charge include the size and age of the yacht the season the size of the crew and the destination and if this sounds like it's for you the average weekly rate for a motor yacht of over 150 feet is between 150,000 to $500,000 Handel Xers that's a wrap on the real price of owning a yacht but before you go we're curious would you prefer to charter a yacht or make the investment and purchase your own let us know your thoughts in the comments below and of course we're sticking with us until the end here's your bonus Alessandro de Benedetto earned the nickname the crazy Italian for a reason he sailed around the world in a 21-foot boat making it the smallest boat to achieve this feat he pleaded the journey in 268 days and 19 hours thank you for spending some time with us a Luxor's make sure to LIKE and subscribe so you never miss another video we also hand-picked these videos which we recommend you watch next you can talk to us on all social medias or ask a question on our website Alex calm thank you for being an a lexer and we'll see you back tomorrow

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Id: -Oqf8wpMfL8

Length: 13min 30sec (810 seconds)

Published: Fri Mar 20 2020