Yachting in an economic downturn can become quite a challenge for boat owners. Even though a yacht offers countless options for freedom and entertainment, owning and maintaining one is a very expensive process. For this reason, every boat owner is looking for additional ways that will help cut back on yachting expenses. This has become extremely crucial with the economic downturn we are currently facing.
In this article, we are going to give you some useful tips that will allow you to continue yachting in a turbulent economy.
Predict Future Expense Needs
Owning a yacht operation comes with a heavy maintenance and upkeep bill. It is inevitable that in the future you will need to do repairs, and the spare and replacement parts can be costly. Nevertheless, you can avoid these surprise expenses by purchasing in advance any spare parts you might need. This way, you can benefit from special offers and sales, and use the part when the need arises. Furthermore, prefer to purchase spare parts online, where you can usually find them at better prices.
Save on Dockage
Another cost that increases the overall expenses of yacht ownership is dockage. However, if you carefully consider and plan in advance, you might be able to save a significant amount of money on this area of expense. Purchasing a space for your vessel typically saves you a substantial amount of money in the long run. Furthermore, renting a slip for the whole year, instead of month to month, can help you save. When you are using the vessel in other locations, many marinas let you sub-lease your slip to another vessel and you can receive some money back.
If you want a dramatic cut of your expenses to keep enjoying your yacht in a turbulent economy, then there is yet another solution – share your yacht with a friend, or a group of others. This way, your budgets can fall to at least half, if not thirds or quarters, as everyone will share the cost of maintenance. You can divide the vessel’s overhead into shares, similar to a business. Keep in mind, when choosing the right partners, your wants, needs, and schedules. It’s better to select individuals who have different agendas so that you don’t step on each other’s toes. For instance, if you live in Florida, and your partner lives in New York, the Florida family will mostly want to use the vessel in the summer, and the New York family will want to travel to Florida and use it in the winter months. Tools like Google Calendar can help with scheduling and blocking off times of the year that the vessel will be in use.
Take Advantage of a Charter Program
A practice that will allow you to keep your yacht in a down economy is to convert your boat into a charter program. With this, you own the boat and a charter company will manage it for a fee. Worth Avenue Yachts in Palm Beach, FL is one of the most renowned charter management teams in the world. With this agreement, you will get a fixed amount of time onboard and when not in use, you can rent the vessel to other individuals. Many owners prefer charter progams, as the boat’s management becomes cheaper and you might also benefit from tax reductions.
If the economy takes a turn for the worse and you can no longer afford the expenses of your current vessel, another option to keep enjoying the water is downsizing. Center consoles are drastically evolving – they are becoming more comfortable, dry, and loaded with amenities like galleys, heads, cabins, SeaKeepers and more. If you still want to enjoy the ocean and all it has to offer, you can do so from the comfort of high-end center console brands like Invincible, Tribute, Yellowfin, Sea Vee, Intrepid, Contender and more. Visit our outboard division, Evolution by MacGregor Yachts for a large selection of new and used center consoles.
An economic downturn can create many problems for boat owners. However, with these practices, you can cut down on expenses and continue enjoying your yacht during a turbulent economy.
Interested in buying or selling a vessel? See our selection of yachts and sportfishing boats and contact us at 561.799.6511 to schedule a conference with one of our experts.