Cruising the seas on a yacht is the ultimate in luxury, as those folks with their very own super yachts berthed at Sentosa Cove’s marina would know.
Owning a boat is obviously not cheap the way a shopping spree at Daiso would be, but it does not have to cost millions either.
How much is a boat in Singapore?
Boats come in all shapes and sizes, and the prices can vary wildly. As with cars, a second hand boat costs significantly less than a brand new one.
Generally, prices cost from about $50,000 onwards for a second hand boat. On the other end of the scale, some of the biggest, fanciest yachts with spacious onboard living space can cost over a million bucks.
How much does it cost to berth your boat per month?
Wet berthing costs are generally in the $480 to $1,500 per month range, depending on location and the size of your boat. If you are getting a club membership in order to berth your boat, you might also receive other perks like use of the club’s gym.
Here are the available Marinas in Singapore:
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Marina @ Keppel Bay
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Marina Country Club
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One Degree 15
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Raffles Marina
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Republic of Singapore Yacht Club
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SAF Yacht Club Changi
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SAF Yacht Club Sembawang
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Changi Sailing Club
How to buy a boat in Singapore?
The easiest way is to approach a boat dealer. Dealers usually have a mixture of brand new and second hand boats for sale.
If you are not paying the full cost in cash, some boat dealers will offer their own loans if you are buying one of their boats. Alternatively, you can seek financing by taking out a personal loan.
Maintenance and repairs per month
Your maintenance costs will obviously depend on how frequently and intensively you use your boat. If you use your boat every weekend, you should budget at least $500 to $1,500 per month. This cost includes the cost of fuel and any repairs or replacements that must be made.
Other than mechanical checkups and maintenance, you should also take into account costs such as marina memberships fees, cleaning services and the price of getting your boating license if you do not already have one.
Insurance for a boat
Your boat insurance premiums will depend on factors such as boat model and size, as well as what your boat is being insured for. Most insurers will offer hull coverage, which protects the hull as well as the items attached to or kept and used on the boat, such as marine electronics.
Other features that might or might not be included are cleanup coverage in case of fuel spills, and removal of wrecks. You should also check the limits of the territory in which your boat is insured.
Be prepared to pay at least $1,200 a year for the most basic insurance plans.