Like any other financial commitment like owning a house or investing in a new business, buying a yacht is a decision that can’t be made lightly. Even for high-net-worth individuals, owning a yacht rather than renting it can be an expensive endeavor.
It is estimated that the yearly cost of any boat can reach up to 10% of the initial value of the vessel. Fuel cost, maintenance, docking fee, insurance premiums, and crew salary add up to make it a far more expensive investment in the long run. Considering that, chartering a yacht charter in the Bahamas or any other location becomes a lucrative alternative. Continue reading to learn the difference between the two and decide which option you should prefer.
The time you would spend on Yacht
How often would you use the yacht? Will it be a once or twice a year endeavor? Or more frequent than that? This is the most important factor that you should consider before making a decision. Depending on the answer, you can decide if yacht rental in the Bahamas the added expense along with the actual cost of the boat is worth bearing.
Depreciation on the asset
A boat is worse in keeping value compared to a car or any other investment. A car can become a collectable, but it is rare for a boat to become one. With ever-changing technological advancements in material and propulsion systems, people are more likely to look for newer models than older ones. It is safe to consider that the value of a yacht will depreciate by 20% in the first year and 5-10% every year after that. On the other hand, if you go with a boat charter in the Bahamas, you won’t have to worry about any additional expenses on the yacht.
Why Renting a yacht more beneficial?
First and foremost, the depreciation expenses won’t concern you if you are chartering a yacht. Not to mention, you are just renting it for a duration and therefore paying only the amount you are actually using it. You don’t have to bother about the docking fee, maintenance, insurance or anything a yacht owner would have to pay for a once in a year vacation. That being said, if you are someone who would actually use your yacht more frequently, ownership could be a fair option too.
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You can customize your option
Yacht manufacturers go to a great lengths to customize their boats according to the buyer’s needs and budget. However, it’s not easy on the pocket or in practice to alter it further after it’s been made. As a boat owner, you are more or less stuck with the initial design of the boat you have been delivered.
Meanwhile, if you are in the market for a private boat charter in the Bahamas, you can easily look for an option that suits your budget and required amenities. There will be numerous boats that you can explore to decide which one suits you best.
You will get a professional crew with charter
Another big advantage of renting a boat is that it comes with a crew. You won’t have to hire a crew and pay their salaries even if you aren’t using your yacht. You may simply select and choose extra crew services since luxury yacht charter firms can utilize existing ties with specialized crew members. If scuba diving is part of your holiday plans, for example, a charter broker may add a certified diving instructor or divemaster to your crew list, providing you rapid access to the skills and knowledge you’ll need to make the most of your diving experience.
Having an experienced crew also helps those who are new to boating and yachts. For those who are new to boating, relying on a trustworthy yacht charter broker is one of the optimum solutions. Rather than studying different types of boats and designing a unique itinerary, you may have your whole holiday organized by a team of highly qualified boat specialists who know where the greatest spots are and when the ideal time to visit them is.
Charter vs. Buying: Your call
Ultimately it all boils down to your needs and budget. If you think you can afford the expense that comes with ownership and are okay with handling the crew and other associated responsibilities then you are good to go with the buying option. But if you don’t want to bother with any of that and are more interested in exploring the options according to your requirements, chartering a yacht is best for you. Moreover, if you are looking for boat rental in the Bahamas for the best experience then, look no further than Yacht Charters Nassau. From Sunset cruises, romantic outings, fun cruises to extended-stay charters, we offer a range of facilities to ensure you make the best out of your holidays. Browse the website to learn more!
You can also read: Book A Exumas Yacht Rental To Celebrate Your Father’s Retirement