📊 Beyond the Purchase: Estimating Yacht Maintenance Cost

Deciding to buy a yacht requires understanding the true costs of ownership. Dan Henry, a self-made millionaire, bought a yacht and quickly realized how the bills pile up. This calculator breaks down the real expenses of crew, maintenance, and fuel. See how chartering can help offset the massive costs so you don't bleed money.

According to his captain, the golden rule of maintenance is that it costs 10% of the yacht's original purchase price every year. As Dan Henry puts it, you take the brand new cost of the whatever the cost, not the cost of of the used price if you buy it used, but the cost of it being new, and you say it's at least going to be 10 of that cost yearly.

This covers constant breakages and upkeep, like a $12,000 polish or a $2,500 joystick repair. If you have a one million dollar yacht, it's probably going to be about 100 000 a year to maintain it.

Beyond pure maintenance, you have to pay the crew, cover dockage fees, and buy fuel. Fuel gets expensive quickly. He dropped $8,000 just bombing around the Bahamas for two weeks, and dockage runs $3,000 a month in St. Pete.

As Dan Henry notes, out of a 30 000 bill per month, you have maybe 10 000 for the crew, 10 to 15 000 in maintenance, and the other 5 000 to ten thousand in things like fuel and in little little small things.

Very few people just buy a boat like this and let it sit. Even with an eight-figure business, Dan Henry puts his boat to work with consulting and private charters to get back into the profit zone or at least break even.

As Dan Henry advises, always add another zero when it comes to boats, especially boats this size. That's an old saying. Always add another zero because it's gonna cost more than you think.

Based on content by Dan Henry on Dan Henry (YouTube).

Original: The Real Cost of Owning a Yacht 🛥 | Dan Henry