Ibiza is not only known for its nightlife and gastronomy. its beaches are very popular for their crystalline blue. Many tourists visit the island in summer thanks to its charm, others buy properties in Ibiza, but there are both tourists and locals who buy boats for the summer. However, the cost and shipping in ports is something that not everybody knows, plus the boat’s maintenance is not cheap. Buying a boat is a dream for many, however, not everyone is aware of the expenses involved in maintaining a boat.
How much does it cost to maintain a boat?
The acquisition of a yacht involves a large financial outlay, hence the exclusive character that is part of the appeal of these boats. Yachts are not a mass product, yet the world fleet is increasing year after year. Suffice it to note that there are currently around 10,000 yachts in the world between 24-60 m in length (superyachts).
Undoubtedly, the size of the boat matters, but we cannot stay only on the surface. The real cost of a yacht is the result of the sum between the purchase price and the outlay that you will have to make each year to keep it in optimal condition and enjoy its full potential.
This figure represents approximately 10% of the price of the boat. A practical example will be much more revealing: if you buy a new yacht of 22 m in length for around 2,600,000 euros, the annual use and maintenance costs will amount to 260,000 euros. Although not all luxury yachts are prohibitive, is essential to make a thorough assessment of the size you can afford.
How are the expenses of a boat distributed?
Mooring:
Unlike a high-end car, a luxury yacht cannot be stored comfortably in the garage at home. The price of the moorings varies depending on the area and the seamanship services offered. In Marbella or Ibiza, the mooring of a 50 m superyacht exceeds 3,000 euros/day. Outside of the most luxurious and coveted docks, the average mooring price for 20-24 m yachts is around 2,000 euros/month, and 15-20 year concessions are around 350,000 euros. However, this is one of the expenses in which you have the most options to adjust the budget.
Insurance:
Insuring a 72 m megayacht has an approximate annual cost of 215,000 euros. The price is significantly reduced depending on the power and length of the boat, the use for which it is intended (inland or unlimited waters) and the groups of guarantees included in the policy (all extensions apart from civil liability insurance). A fairly complete insurance for a new flybridge of up to 24 m can reach 40,000 euros per year. In any case, it is a mandatory and necessary procedure to navigate with all the guarantees.
Maintenance and repairs:
These are the most difficult expenses to quantify because they depend on an infinite number of eventualities. A large motor ship requires complex and operationally expensive overhauls and tune-ups. If we add to this the maintenance/cleaning of the extensive decks, the interior/exterior fabrics, the updating of furniture or services, and the unforeseen, we can conclude that more than 30% of the cost of owning a yacht will be allocated to this item. The cost of maintaining a yacht rises significantly if we take into account that fuel is an essential part of its operation. You will have to guarantee a deposit according to your route before setting sail.
How much does a boat mooring cost?
In the Ibiza marina, prices vary depending on the season yet, moorings are in range of 100,000 to 3,000,000 euros. To carry out the process, the owner of the boat must show the following documentation:
- Ship registration sheet.
- Insurance in force.
- The ID of the owner, captain, or skipper of the boat.
- E-mail and telephone number of the ship’s captain or person in charge.
- Complete list of crew members accompanied by their ID.
- Entry declaration sheet.
Buying a boat is the dream of many, but before acquiring it, the responsibility of taking care of the boat must be kept in mind. They are transports that require a lot of maintenance and money.
