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WHY OWN A BOAT OR A YACHT?
A LETTER FROM PETER SCHMIDT
This is going to be a little different take on what owning, and eventually selling, a boat is all about. My name is Peter Schmidt, life-long boater, 40+ years in the boating business, yacht brokerage and sales (35+ years). I have personally owned more than 20 boats. I can't even remember them all. I have personally brokered close to 1,000 transactions, from smaller boats to mega yachts. I founded United Yacht Sales in 2002 and have since overseen 7,000+ more transactions. I've pretty much seen it all!
So, why own a boat or yacht in the first place? Let's start by defining the term Yacht. I define a Yacht as a boat built for pleasure, not commercial uses. Simple as that. Some people attempt to qualify a yacht as being of a certain size or value. I believe that no matter the size, if you use a boat for pleasure, then it's your Yacht. Owning a Yacht is a good thing, one of the joys of life. Don't let anyone tell you otherwise. There are people that say owning a yacht is a frivolous, excessive expenditure of money that could be spend on other more worthwhile endeavors. That couldn't be further from the truth! A yacht allows you to make memories you never dreamed possible. You cannot place a value on the look on your kid's face when he reels in his biggest fish or the uninterrupted time spent with your family outside of cell phone range, those moments are priceless.
Aside from the fact that yachts provide owners and their families and friends great enjoyment, yachts are perhaps the best economic stimulus ever invented. There are many things that people can spend their money on, but very few that can stimulate an economy and benefit so many people in so many ways. In a sense, yachts are the perfect vehicle to re-distribute wealth. How so, you ask?
- Yachts need to be built, employing tens of thousands of workers worldwide. These workers are generally skilled and receive good wages.
- Yachts are built with materials from all over the world, stimulating many parts of the worldwide economy.
- Yachts need to be transported to their eventual destinations via ships (not yachts) or trucks, stimulating another aspect of the economy.
- Yachts need to be sold to an eventual owner, employing thousands of yacht sales people.
- Once a yacht is delivered, it must be commissioned by more skilled labor to make ready for the eventual owner.
- Once a yacht is delivered, it must be stored at a marine facility, which must be built by specialty contractors and skilled labor. The marine facility must be operated and maintained by skilled personnel.
- A yacht must be insured, stimulating the insurance market and employing insurance sales people.
- Once the yacht is in use by its proud owner, it must be maintained be skilled technicians. Big or small, all yachts need constant maintenance; otherwise the value of the asset diminishes rapidly. Sooner or later, all yachts need maintenance which employs another whole group of people and creates a demand for a large array of aftermarket products that have a specific use.
Yachts are expensive, but the enjoyment and pride of ownership far out way the cost. Not everyone can afford a yacht, but no one should feel guilty about owning one. In fact, yacht owners should feel proud they have the deposable income to live the yachting lifestyle and that they are using their wealth to improve the lives of the many that depend on yachts for their livelihoods. There is no better way to enjoy one's economic good fortunes than by owning a yacht.
Periodically the yacht owner decides to change yachts, either buying another new yacht or an older yacht. This creates a whole new series of events and opportunities.
If you're really considering purchasing a yacht at this point in your life, I recommend continuing reading Advice On Buying & Selling for more insight in to what to expect during the purchase process.
