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Yachts are a lot like cars. The first owner who buys it new takes a hit in price, the folks who buy it afterwards can pay less than they can later sell it for. I've always sold my yachts for a lot more than I paid for them, but they were small ones and not the really big really fancy ones.
Yachts are a lot like cars. The first owner who buys it new takes a hit in price, the folks who buy it afterwards can pay less than they can later sell it for. I've always sold my yachts for a lot more than I paid for them, but they were small ones and not the really big really fancy ones.
I've had boat yard bills that were 50% of what I paid for the boat. That "your engine needs to be rebuilt" email wasn't cheap, for example. My current boat is at the broker for a few thousand more than I paid for it but I had three of those large yard bills in the 9 years I've owned her.
I've had boat yard bills that were 50% of what I paid for the boat. That "your engine needs to be rebuilt" email wasn't cheap, for example. My current boat is at the broker for a few thousand more than I paid for it but I had three of those large yard bills in the 9 years I've owned her.
Yep, can confirm here. Mine's not a yacht, just a small cabin cruiser (30ft). My biggest single bill was about 40% of the purchase cost. After 4 years of ownership, maintenance has reached about 75% of my original purchase amount. The boat's actual worth hasn't changed much, as I bought it after most of the depreciation had happened (it was 15 years old, and cost about 20% as much as the same model new).
How about "bonus" depreciation as recognized by the IRS? It is a very attractive tax incentive for high-income buyers of yachts. It's possible to write off the entire purchase price in the year of purchase as long as certain conditions are met.
Oh yea! The only yachts I know of that can increase in value are some of the more sought after custom sportfishers that may have a build time of several years once contracted out. They get finished, fished for a season and then sold to someone who doesn't want to wait. But that season may have cost 500,000 or so just for upkeep and maintenance. So factoring that in, it'll still be a loss.
A general rule is to take a wad of 100 dollar bills and just toss them, one by one, into the wake. As the boat moves faster, toss them out quicker. If that bothers you the slightest bit, you don't want one.
Other then being poor, that is why I just crew on those types of boats and have my own small center console which I run back bay fishing trips on!
Of course. Yachts are to boats as mobile homes are to cars, why would they not?
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