How Much Are Luxury Yachts? (Buying & Owning 2023)
Luxury yacht options can range from smaller luxury vessels to massive superyachts that boast numerous amenities and state-of-the-art technology. When you're planning to purchase one, be prepared for a significant investment, as these majestic boats can cost hundreds of millions. For instance, Amazon tycoon Jeff Bezos paid upwards of $498 million for his superyacht.
A small luxury yacht costs $1 million to purchase and $142,000 annually to maintain. A medium-sized luxury yacht has a $10 million purchase price and $498,000 in annual maintenance expenditures. A large, luxurious yacht costs $50 million to purchase and $2,140,000 to maintain each year.
High-quality materials and craftsmanship, advanced and cutting-edge technology, and a wide range of spaces and unique features are what make luxury yachts expensive. Let's find out more about the full spectrum of costs associated with buying and owning a yacht.
Summary
- You can buy small, used luxury yachts for as little as $50,000, medium ones for $1 million, and large used ones for $10 million.
- You may negotiate with dealers of luxury yachts like Burgess Yachts and Fraser Yachts to get the best price for your budget.
- Maintenance and repairs of luxury yachts can cost from $100,000 to $13 million or more per year.
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Luxury Yachts Cost
As you begin your journey into the world of luxury yachts, you need to consider several factors when deciding on the initial purchase. In this section, we'll focus on two key aspects: New Versus Used Yachts and Dealer Prices.
| Initial Purchase Cost | New Luxury Yachts | Used Luxury Yachts |
|---|---|---|
| Small yachts (less than 80 feet) | $1 million to $10 million USD | $50,000 to $1 million USD |
| Medium yachts (80 to 150 feet) | $10 million to $50 million USD | $1 million to $10 million USD |
| Large yachts (over 150 feet) | $50 million to $500 million USD or more | $10 million to $50 million USD or more |
These are just general estimates, and the actual cost of a new or used luxury yacht can vary widely depending on a variety of factors, including the shipyard that built it, the materials used, the level of customization, and the age and condition of the vessel.
New luxury yachts
Purchasing a new yacht allows you to customize it according to your own taste and requirements. You will benefit from the latest technology, design, and features. However, this option also comes with a higher initial cost, and you may experience depreciation in the first few years.
How much does it cost to buy and own a 50-foot yacht? Here's our detailed article on it.
Used luxury yachts
Buying a used yacht can be a more budget-friendly option. You can find a high-quality vessel at a lower price, especially if it is well-maintained and has low usage. The downside, however, may involve additional costs for refurbishments, upgrades, or repairs that a new yacht wouldn't need.
Dealership prices of yachts
You might notice that prices can vary significantly between dealerships and even between different yachts of similar sizes and features. Below are some of the top yacht dealerships in the world. You can contact them directly for more information on their current inventory and pricing.
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Burgess Yachts: Burgess is one of the world's leading yacht brokerage firms, with offices in London, Monaco, New York, and other locations. They offer a wide range of luxury yachts for sale, including new and used vessels in various sizes and styles.
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Fraser Yachts: Fraser is another leading yacht brokerage firm, with offices in Monaco, London, and other locations. They specialize in the sale and purchase of luxury yachts, as well as yacht management and charter services.
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Northrop & Johnson: Northrop & Johnson is a global yacht brokerage firm with offices in the US, Europe, and Asia. They offer a wide range of luxury yachts for sale, as well as charter and management services.
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Camper & Nicholsons: Camper & Nicholsons is one of the oldest and most respected yacht brokerage firms in the world, with offices in Europe, the US, and Asia. They specialize in the sale and purchase of luxury yachts, as well as yacht management and charter services.
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Ocean Independence: Ocean Independence is a global yacht brokerage firm with offices in Europe, the US, and Asia. They offer a wide range of luxury yachts for sale, as well as charter and management services.
To ensure that you find the best deal, take the following steps:
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Negotiate: Don't be afraid to negotiate with dealerships to get the best price possible. You can leverage your research to make well-informed offers.
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Consider additional costs: Remember to factor in other fees associated with purchasing a yacht, such as taxes, documentation, and registration. Always calculate the total cost of ownership, including ongoing expenses like fuel, dockage, insurance, maintenance, and crew salaries.
If you want to buy and own a small yacht, here's how much it costs.
Ongoing Ownership Costs of a Luxury Yacht
In this section, we'll cover four significant ongoing ownership costs: Maintenance and Repairs, Berthing and Storage, Crew Costs, and Insurance.
Maintenance and repairs of luxury yachts
| Maintenance and Repairs | Small yachts (less than 80 feet) | Medium yachts (80 to 150 feet) | Large yachts (over 150 feet) |
|---|---|---|---|
| Cleaning | $500 to $2,000 per month | $2,000 to $10,000 per month | $10,000 to $50,000 per month |
| Annual haul-outs | $5,000 to $20,000 | $20,000 to $100,000 | $100,000 to $1,000,000 |
| Painting | $5,000 to $20,000 | $20,000 to $100,000 | $100,000 to $1,000,000 |
| Engine maintenance | $5,000 to $20,000 per year | $20,000 to $100,000 per year | $100,000 to $500,000 per year |
Typical expenses include cleaning, annual haul-outs, painting, and engine maintenance. According to United Yacht Sales, the cost of ownership for a 60-foot, $1 million yacht is roughly 10% of its value, or $100,000 per year if it's over ten years old. This figure can vary depending on the age and model of your yacht.
Berthing and storage of your yacht
| Berthing and Storage | Mediterranean | Caribbean | United States |
|---|---|---|---|
| Berthing costs | €100 to €500 ($118 to $590) per night | $2 to $10 per foot per night | $2 to $10 per foot per night |
| Storage costs | €1,000 to €10,000 ($1,180 to $11,800) per month | $1,000 to $10,000 per month | $1,000 to $10,000 per month |
Berthing costs depend on factors such as the size of your boat and the location of the marina. Prime marinas in popular areas can be more expensive. 26 North Yachts suggests that you can minimize these expenses by refueling away from popular marinas and cruising at recommended speeds.
Crew costs when owning a luxury yacht
| Crew Costs | Small Yachts (less than 80 feet) | Medium Yachts (80 to 150 feet) | Large Yachts (over 150 feet) |
|---|---|---|---|
| Crew salaries | $50,000 to $100,000 per year | $100,000 to $250,000 per year | $250,000 to $1,000,000 per year |
| Benefits | $5,000 to $15,000 per year | $10,000 to $30,000 per year | $25,000 to $100,000 per year |
| Training | $5,000 to $15,000 per year | $10,000 to $30,000 per year | $25,000 to $100,000 per year |
Crew salaries, benefits, and training can add up quickly. Factors influencing crew costs include the size of your yacht and the number of crew members required for its operation. It's essential to budget for these expenses to ensure a pleasant and safe yachting experience for you and your guests.
Insurance for your yacht
| Insurance | Annual Insurance Cost |
|---|---|
| Small Yachts (less than 80 feet) | $1,000 to $10,000 |
| Medium yachts (80 to 150 feet) | $10,000 to $50,000 |
| Large yachts (over 150 feet) | $50,000 to $500,000 or more |
Premiums vary widely depending on factors such as the yacht's value, construction materials, intended use, and cruising areas. Always consult with a reputable marine insurer to determine the appropriate coverage for your particular yacht and usage pattern.
If you want to get a feel of a yacht before buying, you may want to charter first. Here's how much it costs to rent a yacht.
Why Luxury Yachts Are Expensive
Highest quality materials and craftsmanship
The exterior is made from premium materials like lightweight but strong aluminum, carbon fiber, or high-grade steel. The interior usually features luxurious woods, rare marbles, plush fabrics, and bespoke furniture pieces, creating an elegant and comfortable atmosphere for you and your guests. Furthermore, the construction process involves advanced engineering and skilled professionals, ensuring your yacht meets the highest safety and performance standards.
State-of-the-art technology onboard
As the owner, you can expect advanced navigation and communication systems, as well as cutting-edge entertainment options. Your yacht may be equipped with high-end audio and video systems, satellite TV, Wi-Fi, and even underwater lighting for nighttime enjoyment. Additionally, the engine and propulsion technologies are designed for maximum efficiency and reliability. These advanced features come at a cost, but they significantly enhance your yachting experience.
Wide range of spaces and amenities
Depending on the size of your yacht, you may have multiple decks, spacious staterooms, a gourmet kitchen, and a variety of indoor and outdoor social spaces. Many yachts offer unique features like a cinema, gym, spa, or even a helicopter landing pad. The level of customization and attention to detail when designing and outfitting these spaces contributes to the overall cost of the yacht.
Types of Luxury Yachts
When it comes to luxury yachts, there are mainly two categories to consider for your ultimate yachting experience in 2023. In this section, we'll explore two types of luxury yachts: Motor Yachts and Sailing Yachts.
Motor yachts
Motor yachts are the epitome of luxury, offering a perfect balance of style, comfort, and performance. These yachts come in various sizes, ranging from 24m (79ft) to more than 180m (590ft). Their spacious interiors provide ample room for relaxation, entertainment, and accommodation, making them ideal for extended cruises or even as a floating home.
Motor yachts are equipped with state-of-the-art technology, allowing for smooth navigation and automated systems to ensure your complete comfort while on board. Some of the features you can expect to find in a motor yacht include:
- Luxurious living spaces with high-end furnishings
- Spacious decks for sunbathing and al fresco dining
- Gourmet kitchens with professional appliances
- Fitness centers, spas, and even swimming pools on larger yachts
- A wide array of water toys, such as jet skis, paddleboards, and tenders.
Sailing yachts
For those who have a passion for the open seas and seek a more authentic sailing experience, sailing yachts offer the perfect blend of luxury and adventure. While these yachts can range in size and design, they typically emphasize elegance and craftsmanship, featuring beautiful woodwork and traditional rigging.
Sailing yachts may require more hands-on involvement from their owners compared to their motorized counterparts, but this can be a rewarding experience for true sailing enthusiasts. You'll feel the thrill and excitement of harnessing the wind to propel your vessel, exploring new destinations, and reconnecting with nature. Some key features of sailing yachts include:
- Expansive outdoor areas for relaxing and enjoying the view
- Stylish and comfortable cabins
- Functional entertainment and dining areas
- A variety of sail configurations and rigging systems
- Environmentally-friendly design, relying on wind power for propulsion.
If you want to gain experience firsthand, you may charter a superyacht for a reasonable price.
Important Considerations Before Buying
First, determine the type and size of motor yacht that best meets your needs. Consider factors such as amenities, living space, and performance. Narrow down a size range and think about the type of experiences you're looking for.
Budget is another crucial aspect to plan for. Owning a luxury yacht can be expensive, as the cost of ownership can be up to 10% of its value annually. Set a budget, and stick to it to avoid any financial difficulties in the future. Be sure to consider maintenance, crew salaries, and fuel expenses.
Before buying your dream yacht, it's essential to try before you buy. Conduct a charter or a sea trial to get a feel for the yacht and ensure you're happy with the performance and amenities. This hands-on experience is invaluable in the buying process.
Working with a trusted dealer or broker is key. They should understand your needs and preferences, guiding you through the buying process.
Finally, prioritize safety. Before setting sail on your luxury yacht, take a boating safety course, and ensure that all necessary safety gear is on board. A well-maintained, safe yacht will provide you with peace of mind and allow you to fully enjoy your time spent on the water.
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