For many, sailing is a passion that demands significant amounts of time and commitment – travelling across the ocean and experiencing the rewards that come with it is by no means a frivolous hobby. Those with boats are likely aware of the hefty ownership costs involved in not only buying a boat outright, but the constant money required for upkeep as well. Keen sailors looking to explore the yacht market may not be aware of the specific money needs ownership demands, however, and this is where many can run into problems. Like a car, yachts can leave an unprepared individual financially hurting, but unlike cars, unexpected costs can cost hundreds of thousands of dollars. To get you up to speed with yacht ownership, read on to learn more about the costs potentially involved.
The hidden costs of yachts
The cost of a yacht does not stop at the ticket price alone, whether it be brand new or a seasoned vessel familiar with the sea. There are several other costs, some of them regular, that can quickly overwhelm those unaware. To start with, you’ll be required by law to purchase safety equipment to ensure easy management of any hazardous situations should they arise. This can include lifejackets, fire extinguishers, first aid supplies, visual distress signal kits, radio, GPS system, and a host of other important items. Then, you’ll need to consider regular maintenance costs such as engine servicing, cleaning, a fresh coat of anti-fouling paint every few years, new sails if you have a sailboat and regular waxing of the hull. Then there’s storage of the vessel itself to consider, as well as registration and hefty insurance premiums that are associated with such vessels. Many of these costs become significantly more pronounced with superyachts due to sheer increase of scale and the resultant complexity. With all this in mind, even if your yacht is used infrequently, you’ll still be paying for it.
The more cost-effective option: hiring a yacht
Rather than buying, hiring a yacht is often a much more cost-effective solution for more casual sailors. Hiring a yacht or superyacht for a week, rather than forking out millions of dollars up-front, allows sailing enthusiasts the option to experience all of the benefits of yachting without the hefty, unexpected costs and the stressful upkeep of it the vessel. When hiring a yacht, either from a charter broker or an online digital charter platform such as Ahoy Club, a transparent fee is available to make it simple to shop around. Charters from these providers are highly flexible, so it should be simple to find a specific vessel to complement your needs, whether it be 20 metres long or 100.
So, what are you waiting for?
If you’re one of the many who have dreamed about embarking on an unforgettable cruise to exotic locations, hiring a yacht, rather than buying outright, can make your dream quite achievable. Plus, the added benefit of being able to choose a different yacht depending on your needs and location takes a lot of pressure out of planning – do you need a swift, quick yacht to cruise around islands, or a superyacht to relax on for a few weeks? If you choose to hire, you can do both with ease. Now, it’s just up to you to plan your dream trip!