Yacht Price
Author: admin
Can an income of $500,000 afford a $200,000-300,000 dollar yacht?
If the average annual income is $500,000, will someone with that kind of money be able to afford a 200K-300K yacht? If not, what is the price range that they are able to afford?
Thanks.
Dear Michael,
The answer is a resounding NO!
Now, here’s why:
Let’s assume you are talking about a cash purchase. Fine. Now…
Let’s assume you have all the expenses of marine insurance, painting & maintenance, engine rebuilds, moorage, rope replacement, communications repairs, fuel costs, (not to mention outfitting the Boat with fishing tackle, booze, food, sundries etc) etc – taken into account.
The answer is, on $500K, you could probably afford the boat, but not afford to Sail it. Why?…
500K
- minus income taxes – probably leaves you about 300K net/year, so, what do you plan to live on?
Are you considering long term financing on this yacht? Fine, but the cost of interest is going to eat you alive.
You would be far better to save your money, let compound interest do its miraculous work (go to www.moneychimp.com ) for a neat little compound interest calculator, and discover that if you can put aside 100K for 15 yrs at 5%, you will have $207,892.82 and can buy your boat for cash. If you buy a smaller yacht, take the total acquisition-insurance and running costs, and subtract that grand total from the number above, that will tell you how much you will have left in 15 years, toward your dream boat.
Wait longer, and you will have an easier time of it.
Best of luck
AbsoluteOptimist
MARQUIS 65 Motor Yacht
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