How much money luxury yachts cost is probably way more than you think

Really, yachts are just floating money.R_Pilguj/Shutterstock

• A yacht costs a lot more than the price its owner bought it for.
• There are additional expenses, like yacht crew, dockage, fuel, and maintenance, that many people don’t think about.
• Even many yacht crew wouldn’t own a superyacht if they could afford it because they’re so much money and work.

If there’s one thing I took away from spending three years writing for the yachting industry and attending the Monaco Yacht Show, it’s that buying a superyacht is the absolute pinnacle of indulgence for the 1%.

You see, these behemoths of the sea cost a lot more than the price tag they come with thanks to the upkeep they require — it’s a series of neverending expenses. There’s what I like to call the Big Four that will easily wear down an owner’s black AmEx: yacht crew, dockage, fuel, and maintenance, among a host of other eye-popping costs.

Just ask the crew who work on yachts.

I once spent a day running up and down the docks at the Fort Lauderdale International Boat Show asking crew one question: Would you buy a boat if you were rich? The answer, overwhelmingly, was no. Those that said yes were new to the industry — my guess is that they just didn’t know better yet.

Because, really, yachts are just floating money.

Here’s how much it really costs to own a superyacht, which is generally defined as a boat at least 80 feet in length.

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.

Jeff J Mitchell/Getty Images

Source:  Freedom Yacht Services