Boats - of any size - are expensive and require a lot of maintenance. And quite frankly until you actually own a boat you can never really grasp how much we are talking about, just ask any boat owner. Here is a short list of just some of the expenses boat owners inevitably face:

  • Moorage ($3000-7000 /yr depending on length)
  • Insurance ($700-2000 /yr)
  • General Maintenance (average $1500-2000)
  • Fuel
  • Vessel Depreciation (about 30% a year)

There is also the unavoidable repair and restorative work which is above and beyond general maintenance costs - I say unavoidable because salt water is one of the most corrosive elements on the planet. That and the fact all mariners will at some point hit, rub, ground, bump or abuse (intentional or not) their vessel - it's not a matter of if, just when. Count on putting away a minimum 10-15% of the value of your vessel every year for repair and restorative work.

Occasionally people comment that chartering a vessel seems pricey, at least compared to renting a condo, hotel or car for a week. Boat costs are part of the reason. If on average you expect to get out on a boat 3-4 weeks a year and an occasional weekend - chartering a vessel is still a far less expensive option. For example - on average a boat owner and his family may get out on their boat 3-4 weeks of the year (consider a 2 week vacation in the summer and a few weekends). To charter a small yacht similar to the Kraken for that time would cost much less than the annual maintenance, repair and general costs of owning a vessel. Not too mention you are not paying for the depreciation of a vessel nor are you mandated into committing the time and energy required to keeping a vessel up.

My intention is not to discourage anyone from purchasing a boat - just be realistic about what you are getting into. Consider chartering a vessel first - and specifically booking our ShipMasters Excursion - we will give you a comprehensive introduction to every aspect of not only owning and maintaining a large pleasure craft or small yacht, but how to run one competently as well.

Captain Bill