Can an average person afford a yacht?

Starling · 01-05-2011, 08:45 PM

You know the stereotype that says only rich people can afford and maintain a yacht? Is it true? A yacht is a bit too big for my taste, but I still love looking at them out on the shore. Of course, the only people I see on 'said yachts are the wealthy types. Aren't there any cheap hand-me-down yachts that the average consumer can afford?

Yogi · 01-05-2011, 09:13 PM

Maybe if you decided to not have a mortgage and you found a "fixer upper" yacht that you could live on you could do it! I say go for it!

Hayley · 01-06-2011, 01:43 AM

In a single word, no. Yachts are very expensive. A lot of middle class own motorboats of some type, but to get to the yacht level, you have to have some cash at your disposal.

dinosaur · 01-06-2011, 08:06 AM

There's an old saying about yachts: "If you have to ask, you can't afford it.". But that is true of all watercraft. There's a definition for it: Boat - a hole in the water that you pour money into.

Last, but definitely not least, is that saying about the two happiest days in a boatowners life - the day you buy it and the day you sell it.

ChadTower · 01-06-2011, 08:11 AM

Quote:

Originally Posted by dinosaur

There's an old saying about yachts: "If you have to ask, you can't afford it.".

Yep. The average cost of maintenance, crew, mooring, fuel, and everything else for even a small yacht would stagger the average person's imagination.

Jade · 01-07-2011, 07:59 AM

Boats are like owning horses: it costs a lot more than you think it does, and it's not for the average person.

ChadTower listed off the reasons why.

steves · 01-07-2011, 09:28 AM

I was hob knobing with the owners of some HUGE yachts in the Bahamas ( I was just a poor tourist they took a liking to) and was told just keeping them running and docked costs well over a million a year!!

ChadTower · 01-07-2011, 09:30 AM

Keep in mind they usually aren't owned by individuals. They are owned by corporations or holding companies that have entirely different tax structures. They can be often written off as business assets/expenses. That's an entirely different economic structure than how an individual owner would manage owning a boat.

Hayley · 01-07-2011, 10:18 AM

You all are so right about the upkeep of a boat, any boat. A lot of friendships have ended over co-ownership deals, too. People think it's all about sailing, but there is a lot more to it.

Bambi · 01-07-2011, 09:23 PM

I say go for the houseboat instead. Maintenance yes, but no grass to cut, no snow to shovel, very few furnishings required. It could be good!

01-05-2011, 08:45 PM	#1
Starling Member Join Date: Dec 2010 Posts: 48	Can an average person afford a yacht? You know the stereotype that says only rich people can afford and maintain a yacht? Is it true? A yacht is a bit too big for my taste, but I still love looking at them out on the shore. Of course, the only people I see on 'said yachts are the wealthy types. Aren't there any cheap hand-me-down yachts that the average consumer can afford?

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01-05-2011, 09:13 PM	#2
Yogi Member Join Date: Dec 2010 Posts: 50	Maybe if you decided to not have a mortgage and you found a "fixer upper" yacht that you could live on you could do it! I say go for it!

01-06-2011, 01:43 AM	#3
Hayley Member Join Date: Dec 2010 Posts: 62	In a single word, no. Yachts are very expensive. A lot of middle class own motorboats of some type, but to get to the yacht level, you have to have some cash at your disposal.

01-06-2011, 08:06 AM	#4
dinosaur Senior Member Join Date: Sep 2010 Location: Indiana Posts: 736 Blog Entries: 1	There's an old saying about yachts: "If you have to ask, you can't afford it.". But that is true of all watercraft. There's a definition for it: Boat - a hole in the water that you pour money into. Last, but definitely not least, is that saying about the two happiest days in a boatowners life - the day you buy it and the day you sell it.

01-07-2011, 07:59 AM	#6
Jade Senior Member Join Date: Nov 2010 Posts: 101	Boats are like owning horses: it costs a lot more than you think it does, and it's not for the average person. ChadTower listed off the reasons why.

01-07-2011, 09:28 AM	#7
steves Senior Member Join Date: Nov 2010 Location: southern ma. Posts: 112	I was hob knobing with the owners of some HUGE yachts in the Bahamas ( I was just a poor tourist they took a liking to) and was told just keeping them running and docked costs well over a million a year!!

01-07-2011, 09:30 AM	#8
ChadTower Senior Member Join Date: Dec 2010 Location: Massachusetts Posts: 315	Keep in mind they usually aren't owned by individuals. They are owned by corporations or holding companies that have entirely different tax structures. They can be often written off as business assets/expenses. That's an entirely different economic structure than how an individual owner would manage owning a boat.

01-07-2011, 10:18 AM	#9
Hayley Member Join Date: Dec 2010 Posts: 62	You all are so right about the upkeep of a boat, any boat. A lot of friendships have ended over co-ownership deals, too. People think it's all about sailing, but there is a lot more to it.

01-07-2011, 09:23 PM	#10
Bambi Member Join Date: Dec 2010 Posts: 50	I say go for the houseboat instead. Maintenance yes, but no grass to cut, no snow to shovel, very few furnishings required. It could be good!