Spend an afternoon at a busy marina, and it’s clear that yachting is having something of a heyday. Whether you’ve previously sailed with a crew and are looking to next compete in your own vessel, or you are simply attracted to the lifestyle of leisurely weekends along the coast, owning a yacht is a dream for many. But what does owning a yacht involve, and how much will it all set you back? Our guide will help you understand the realities of yacht purchase and ownership.
Just like cars, yachts come in all shapes and sizes, ranging from about 20ft to over 100ft in length. They tend to be propelled by either sails or a motor, often have living quarters below deck, and are used for both casual cruising and competitive racing.
As the name suggests, sailing yachts are any watercraft principally propelled by their sails. Sailing yachts can be categorised by three main characteristics:
Hull shapes:
Keel types:
Rig types:
Motor yachts do not tend to have sails and are propelled by various kinds of motors. As they are designed for cruising, they are generally aimed at the leisure market.
Also known as luxury yachts, large yachts or mega yachts, superyachts tend to be especially large (about 80ft and up), expensive and typically have a crew on board.
For less than £50,000, you can buy a recently-built 30-35ft yacht, or a 40ft yacht that is a little older. If you have your sights set on an expedition yacht that is bigger still, you won’t get much for less than £1 million.
Yachts vary enormously in price, depending on the boat's size and age. On top of the asking price, new yacht owners will also have to consider the costs of fuel, maintenance and mooring.
New sailing yachts typically cost upwards of £10,000. For family outings and casual sailing with friends, a boat length between 25-30ft is plenty, with many models featuring cabin space for sleeping, washing and cooking.
Yachts of this size generally cost between £25,000 and £50,000, while roomier, more performant sailing yachts can upwards of £100,000.
Besides all the typical mooring, fuel and other certifications, new yacht buyers will encounter some potential hidden charges:
While you may not be able to customise the boat exactly as you wish, there are often fewer hidden costs to buying a used yacht. Nonetheless, you’ll want to account for:
A 300ft superyacht, with a top speed of 25 Knots and the capacity for 50 crew costs around £200 million, according to research from Towergate Insurance. Fuelling a superyacht can cost upwards of £300,000 a year, with maintenance amounting to around £775,000 a year.
Superyachts vary in price though: Venus, which belongs to the family of Steve Jobs, was bought for $129 million, while Roman Abramovich’s 500ft Eclipse cost a cool $500 million.
Regular maintenance will keep your craft safe, minimise the chances of you getting stranded, and help you to get the best price when you come to sell it on.
While most marinas are secure, you still want to know your investment is safe when you leave it out of sight for periods at a time. Some simple security steps can give you peace of mind.
Buying your first yacht is one of the most exciting investments you can make, be it for sport, leisure – or a mix of the two. Ensuring you get the best deal for your yacht, and then giving it a long life through regular maintenance will, therefore, pay dividends for years to come.
At Towergate, we provide yacht owners with protection so they can feel confident their investment is safe and sound. Contact us today to learn more.
Adam Summersby is a respected leader with 11 years’ varied experience in niche personal and commercial lines insurance, including caravan, site operators and excess reimbursement, with proficiency in leadership, sales and account management.
Date: September 13, 2017
Category: Boat