Costs of owning a yacht?

Question

I've got friends looking at a ~70 foot ocean-going yacht. They would like to berth it someplace like Mertyl Beach. Anyone have any idea on the dock charges for something like that per month? And what about insurance? Any ideas?

Thanks!

I should have pointed out. This is a group of people looking at a well used, 20 year old, well maintained yacht. They are upper-middle class individuals but certainly not rich by conventional standards.

Answer 1

I agree with the other two answers on the issue of if you can afford it why ask but to give you a better answer you are most likely looking at a montly cost of approximately $2000 per month on the slip rental, more if you get a covered rental. Insurance is going to depend on 1) condition of the boat and year/make , Number of years the owners have boated before, etc. Boat insurance in the past 10 years has really shot up for those who have never owned a boat. If the boat is say $150,000 the insurance will be about $4500 per year.

Of course the most expensive thing is going to be the operation of the boat. Something like that you are looking at having to refuel the boat after about every 48 hours of running time if it is a true ocean vessel. That refuel cost is going to run about $3000 - $4000 each fill up.

Answer 2

As the prior owner of a measly 28' 'yacht' (it was a sloop), I can tell you that at the end of the day, its expensive. A 70' yacht, power or sail, will be expensive to insure and moor, especially because the size limits the moorings.
Additionally, when you get to that size, anything that breaks will be horrendously expensive (from my perspective, at least).
If you want to get an idea - look up some of the parts on westmarine.com, and you will get an idea!

Answer 3

My brother has a Yacht, guess that what it called. 70 foot, Canadian navy vessel converted to a live aboard. It has twin Cummings Diesels. It really not expensive after buying, regular maintenance like oil change (A lot of oil) and filters. Replace the Water Pump Impellers and clean filters. The boat is docked at Corpus Cristi, Texas now. $360 a month. When we moved from Florida to Galveston straight as a crow flies across the gulf, it took about $3,200 in fuel, that was at $2.69 a gallon at the time. But, one night my buddy and me were driving and did make a few circles around the Oil Rigs drinking Vodka. My brother looked at the GPS and Map the next day, asking where we went. I think we were looking for Mexico and a few "Senoritas". :-p

Answer 4

A yacht that size is a money pit so better have a lot. The survey will tell you how much ins you have to have.Dockage is per foot per month + ele & water.an about that size is limited to slips.If your all experanced crew and 1 captain and are seasoned on this size yacht have fun.If not than rent one an see if your up to the task.I have a 48' sportfish so i know about exspences i maintain the boat myself.The thought of 70'
scares me an i'm fearless.

Answer 5

Have you ever heard the expression "Pipe Dream"? Are they drinking while discussing this fantasy? When I was a very small child my dad had a 90' Yacht. It was a Gamage. He divorced my Mom over that boat. He just couldn't afford her any more. The older the boat=the more maintenance. These are a HUGE money-pit! Rent a boat. It's cheaper in the long run for most people.

Answer 6

Hi ,
Everybody must see this website before buying a new yacht or a motorboat.
http://www.yachtsfromturkey.com . There is a Turkish yacht manufacturer who has the lowest prices and the great advantages for customers.
And they have an agent in UK as well.
http://www.cj-marine.co.uk (only for UK customers) .
see you...

Answer 7

If they have to worry about the price of such trvial stuff, they don't need and can't afford a Yacht.

Answer 8

If your rich enough to buy a yacht then your rich enough to run one. :)