Top 10 Yacht Ownership Myths
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 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.
- “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. If you haven’t worked with the right yacht broker, it can be easy to forget all of “the good times.”
- 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.
- 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.
- 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 entire budget is covered by chartering. Still there are many reasons to consider chartering your yacht, and a good charter broker can help explain them to you.
- 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 an ass who couldn’t get chicks before you owned a yacht, you will just be an ass who can’t get chicks with a yacht.
- 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, it all depends on the circumstances of where and how you intend to use your boat.
- It is more expensive to insure an American crew – This is simply false. Insurance rates vary for many reason, but crew nationality is not one of them.
- 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!
- Celebrities, athletes, and oil sheiks are the only people who own yachts – 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 the “captains of industry,” — powerful CEOs of multinational corporations.
- 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 sister company Florida Yacht Management (FYM.) FYM can handle all of your operational needs from crew, to dockage, to refits, and more, while saving you money in the process!
When it comes to shopping for, and ultimately purchasing a motor yacht in the 70-140 Ft. range, the more you can separate “fact from fiction” the easier it will be to match you with the boat of your dreams.
Understanding the myths and misconceptions about motor yacht ownership can be confusing. If you would like to benefit from our expertise in these areas, or if you have any questions or comments about this blog post, do not hesitate to contact our Sales Specialists, or call us at 954-900-9988.