Owning a luxury motor yacht can be a glorious adventure. However, it could also be a real pain in the pocketbook! The costs of maintenance, insurance, dockage, equipment upgrades, and general operating expenses, can very quickly turn your dream boat into a nightmare!
But, there are ways to reduce the overall cost of owning a yacht so you can get back to enjoying all the things you bought her for in the first place!
Keeping your boat well maintained – Keeping your yacht well maintained is a primary way to reduce expenses. Not only will preventive maintenance help to avoid more costly repairs, but keeping your yacht’s major systems such as her engines running in tip-top shape, will improve efficiency, and reduce fuel costs.
Reducing your fuel costs – Speaking of fuel costs, fuel is probably the largest expense of motor yacht ownership, with an average yearly cost of about $2000-2500 per foot, or about $150,000 for a 70ft yacht! In addition to keeping your engines well maintained, you can reduce your fuel costs in many other ways, read all about them here!
Tax advantages – Corporate ownership or operating your yacht as a business, may entitle you to certain tax advantages, as well as other ways to reduce operating expenses. Savvy yacht buyers know that operating your vessel as a charter yacht is a totally legal way to write off some or all of the purchase price of the boat, as well as deduct a lot of your ownership expenses, such as dockage, insurance, crew and maintenance.
Reduce the cost of dockage – Finding a good safe and secure marina, at a good rate, can be almost impossible in the Miami/Ft. Lauderdale area. Securing such a marina on your own can be very challenging. However, reliable and cost effective dockage, is one of the main advantages of placing your yacht into yacht management.
Putting your boat into a charter fleet – While this list was presented in no particular order, one of the best ways to reduce your cost of luxury yacht ownership is to place your yacht into a charter income program. It is not uncommon for owners who have placed their yachts in our charter fleet to reduce the costs of owning and operating their boats by as much as 30– 70%, through a combination of tax deductions, offsetting expenses, and charter income.
How FYM Can Help Reduce the Costs of Yacht Ownership
There is a sixth way to not only reduce, but take total control of all the costs of yacht ownership, so you can enjoy your yacht more, and worry less – our On Demand Yachting solution!
On Demand has been designed to help make yacht ownership as worry-free as possible. As a subscriber to our On Demand solution you can all but guarantee that all of the above, and more, will be done to reduce your expenses, so you can get the most out of your yachting experience.
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.