Every hobby or industry has its share of myths and misconceptions. Boating in general, and motor yacht ownership specifically is no exception. How these myths get started is part of the mystery, but like “urban legends,” they get passed around so much they become ingrained in the culture, and generally accepted as truth. The problem is that believing in “what you heard about yacht ownership” could be preventing you from achieving the dream of a lifetime and becoming the owner of a luxury motor yacht.
Here, in no particular order, are the “Top Ten” myths and misconceptions about yacht ownership I have heard over my years in the business.
1. “The best two days are the day you buy your boat, and the day you sell it.” I hear this one all of the time, and it stems from the frustrations many feel over the boat buying and owning process. But, the truth is, the best two days, or any days, are the days you spend enjoying yourself on your yacht with family and friends.
2. I don’t need a crew – Many people wonder why they need a captain or crew for their yacht. Many times they are moving up to a luxury yacht after owning and captaining smaller boats just fine on their own. But, I explain to them that a good skipper can help you enjoy all the things you bought your boat for in the first place. He will know the best places to go, probably has contacts if you are interested in chartering your boat, and most importantly, with someone else at the helm, you can enjoy the time on your boat with your friends and family.
3. Finding dockage for a large boat is near impossible -You may have heard that marina space, particularly in and around Ft. Lauderdale, is very hard to come by. But if you are persistent, and you work with a professional management company, you will be able to find dockage at a marina. In fact we have new dock spaces available in Marina Bay and Harbor Beach!
4. Chartering your yacht can cover all of your operating expenses – Chartering your yacht is a great opportunity to offset expenses, to showcase your boat if you are planning on selling it, and to generate some income. But the reality is that very few boats will have their entire budget covered by chartering. Still there are many reasons to consider chartering your yacht, and a good charter income program could significantly reduce the cost of yacht ownership.
5. It will make you a “chick magnet” – No, not really. Girls prancing around the deck in skimpy bikinis look great in boating ads, but the truth is if you were a jerk who couldn’t get chicks before you owned a yacht, you will just be a jerk who can’t get chicks with a yacht.
6. The flag flown makes a difference – There is a common misconception that one country’s flag flown is better than another. There is no one flag that is “better” than any other. Choosing your ship’s flag state will all depends on the circumstances of where and how you intend to use your boat.
7. It is more expensive to insure an American crew – This is simply false. Insurance rates vary for many reasons, but crew nationality is not one of them.
8. The best boat is your friend’s boat – I hear this jibe almost as often as the “best two days are…” Again, as with that one, this myth stems from those who have been frustrated by some of the “downsides” of owning a boat. But think about this, your “friend” has that boat because he enjoys the pride of ownership and sense of achievement that comes with owning a boat and traveling the world with it!
9. Most Yachts are owned by celebrities and athletes – Think those large upscale luxury yachts you see along the New River and Biscayne Bay are all owned by celebrities and athletes? Think again! Believe it or not, most celebrities do not have the buying power to purchase a superyacht, they are mostly owned by families of long-standing wealth, or powerful CEOs of multinational corporations.
10. Maintenance and upkeep is way too expensive – Operations and maintenance of a large motoryacht can be expensive – if you try to do it all on your own. That is why we offer complete yacht management through our unique On Demand Yachting solution. On Demand can handle all of your operational needs from crew, to dockage, to refits, and more, while saving you money in the process!
Operating a motor yacht can be costly. You can reduce your expenses, and avoid costly repairs by keeping her well maintained. On Demand yachting from FYM can help. If you would like to learn more, or if you have any questions or comments about this blog post, do not hesitate to contact our Yacht Management specialists, or call us at (954) 900-9968.