There’s an old joke that goes like this: “how do you make $100,000 with a yacht? You sell the one you paid $200,000 for!” It’s funny to laugh at a joke like this, but for many yacht owners, it’s a sad reality that they have to face long after they’ve made the initial purchase of their yacht.
For most boat owners, it comes down to a problem with maintaining their yacht—they either fail to keep it up to snuff with compliance designations or find that staying on the level with repairs and maintenance is just too costly and time consuming. The result is the same: they sell their yacht in the end.
But, this is where the cycle becomes vicious: after selling a yacht that they feel is outdated or in need of too many improvements to keep it going, they’ll often invest in a whole new yacht, thus starting the cycle all over again!
So what’s a yacht owner to do? How can you enjoy your boat for the long haul and not find yourself sinking money into one new boat after another in order to keep your pastime of sailing afloat? It all comes down to a matter of yacht repair in Fort Lauderdale, FL.
Repairs versus sales
It’s tempting to look only at dollars and cents when you’re faced with the daunting prospect of repairing or selling your boat. If you do take only one perspective on this situation, you’re likely going to opt to sell and here’s why: your repairs might amount to you shelling out $30,000 to bring your boat back to a smoothly functioning capacity, but, you could instead sell it for $100,000, putting that money back in your pocket or towards a new boat.
While anyone is gladly going to take the $100,000 over paying $30,000, this isn’t actually an accurate description of the problem at hand. Let’s look at it a different way:
You bought your boat for $200,000 (for the sake of this example). Adding another $30,000 on for yacht repair in Fort Lauderdale, FL means the true cost to you is actually $230,000 when all is said and done. Now, selling your boat for $100,000 means recouping half of its value, but at the end of the day, you’re still in the hole $100,000 for something you no longer have or enjoy! And, if you decide to put that $100,000 into an identically new yacht, you’re now down $300,000!
As you can see, it’s much simpler to repair something that you already have, rather than scrap it and go for something new or nonexistent because, at the end of the day, your initial investment is the one you’re looking to keep lowest. While it may seem like you’re paying for more than you might be receiving with yacht repair in Fort Lauderdale, FL, you’re actually reducing your overall costs by taking this route!
Every boat owner needs to realize the astounding cost-saving benefits that yacht repair in Fort Lauderdale, FL can have on their boat and the long-term value of repairing versus replacing. Keeping up with urgent repair needs or consistent maintenance items means putting more dollars in your boat, but it also means saving you from taking an unnecessary financial hit that’s going to hurt a lot more in the long run.