Can you afford a yacht?

Posted at 03/26/14 7:20 PM

MANILA – Having to enjoy life always comes with a price tag, and for boat owners, their brand of fun comes with a very expensive price tag.

One boat owner, Angelo Olondriz, said owning boat doesn’t necessarily mean being able to cut costs on transportation because he still purchases plane tickets to go around.

He said the reward of having a boat comes in a different form.

“You will still pay for an airline ticket to get somewhere, so it’s the same thing, but this way you can be out of touch with everybody. It’s a part of enjoying life more than a necessity, really. I mean you take on a boat if you want to enjoy a little, and sadly, enjoying anything has a price,” Olondriz said on ANC’s “On The Money.”

A 50-foot yacht may cost up to P30 million when bought second-hand, with maintenance costs amounting to around 10% of the boat’s value per annum.

Maintenance costs should cover mooring, insurance, crew, and upkeep of vessel. Fuel is the variable depending on how often you use and where you take the boat.

The engines, generator and air-conditioning units should be serviced at least once a year.

The cost of crew, meanwhile, varies from P10,000 up to P50,000 a month.

“It’s an investment on lifestyle, pleasure, and enjoyment of the waters. At the end of the day, you can’t take your money with you so you might as well enjoy your life,” said Robin Wyatt, managing director of Europa Yachts.

A 50-foot yacht usually has four cabins, each with its own bathroom. It can take you to Hong Kong in 3 days.


A locally-made 25-foot motorboat, on the other hand, may cost around P2 million to P2.5 million depending on the horsepower and accessories.

Geronimo Begre, product development head of Trevally Boats, said a 25-foot motorboat can reach Palawan from Batangas in 6.5 to 7 hours.

He noted that only hulls are locally made while accessories are still imported.

“You have to love it before you pour your money into it. We have some clients who don’t even tell their wives that they bought boats, or they don’t tell them the true amount,” he said.

Running costs for boats can be higher than for a luxury car and oftentimes even for a home, but Wyatt said if maintained well, boats can be a good investment.

“If the boat is used well, maintained properly, it actually holds its value very well and is relatively easy to sell…A boat can last forever,” said Wyatt.