How Much Is a 60 ft Yacht to Buy and Maintain?

Owning a 60-foot yacht represents a considerable financial undertaking, extending far beyond the initial purchase price. The total expenditure is influenced by the yacht’s age, features, how it is used, and where it is kept. Understanding these costs is essential for anyone considering such an acquisition.

Yacht Purchase Price

The initial cost of acquiring a 60-foot yacht varies widely based on whether the vessel is new or pre-owned, along with its specific characteristics. The market offers a broad spectrum of prices, reflecting differences in build quality, luxury appointments, and technological sophistication.

For a new 60-foot yacht, the price can range significantly. Factors such as the builder’s reputation, materials used in construction (e.g., fiberglass, aluminum), the level of customization, engine specifications, and advanced navigation and entertainment technology play a role. High-end luxury features and bespoke interior finishes can elevate the price substantially. A new 60-foot yacht starts at $2,000,000 and can exceed $10,000,000 to $20,000,000 depending on the builder and amenities.

Pre-owned 60-foot yachts present a diverse pricing landscape, with values determined by age, overall condition, and maintenance history. Engine hours are a significant consideration, as are any previous refits or upgrades. Prices range from approximately $299,000 for older models to over $11,992,500 for more recent or well-maintained vessels. For instance, a 2005 Marquis 65 MY might be listed around $1,049,000, while a 2021 Palm Beach Motor Yachts PB65 could be priced at $3,975,000.

Recurring Ownership Expenses

Beyond the purchase, maintaining a 60-foot yacht involves ongoing expenditures. These expenses are estimated around 10% of the yacht’s value annually, approximately $100,000 to $150,000 per year for a $1 million yacht.

Dockage or mooring fees are a significant recurring cost, calculated per foot of the vessel’s length. These fees depend on the marina’s location, amenities, and seasonality. Prices for a 60-foot yacht range from $20 to $22 per foot monthly in standard marinas, totaling $14,400 to $15,840 annually. Prestigious locations can command much higher rates, exceeding $5,000 per month.

Fuel costs fluctuate based on the yacht’s engine type, cruising speed, and frequency of use, with marine diesel prices varying by location. A 60-foot motor yacht can consume between 100 to 400 liters per hour at cruising speeds. For example, a 50-foot yacht cruising eight hours a day at 20 knots might use 800 to 1,200 liters daily. Fuel can account for up to 10% of a superyacht’s annual value.

Maintenance and repairs include routine upkeep and unforeseen issues. Annual preventative maintenance for a 60-foot yacht with average usage (150-200 hours per year) can be around $60,000, covering hull cleaning ($3-$10 per foot), oil changes ($200-$1,500), and system checks. Anti-fouling paint, applied every two to three years, costs between $5,000 and $20,000. Older yachts, over ten years old, may experience maintenance costs rising to 7.5% of the vessel’s value. Emergency repairs, such as a turbocharger replacement, can exceed $30,000.

Yacht insurance premiums are influenced by the yacht’s value, its navigation area, and the owner’s experience. Premiums range from 1% to 5% of the yacht’s value annually. For a 60-foot yacht in the Northeast, insurance is $6,000 to $8,000 per year. In Florida, the same boat costs $10,000 to $12,000 annually for private use. If the yacht is placed into a charter program, insurance costs can increase, reaching $14,000 per year in Florida. Higher value vessels may see rates at the lower end of the percentage range (0.75% to 2.5%).

Employing crew adds considerably to the operating budget, though not always necessary for a 60-foot yacht. A captain for a 60-80 foot yacht earns $60,000 to $100,000 per year. First mates earn between $40,000 and $80,000, depending on vessel size.

For yachts in colder climates, winterization and storage are seasonal. Winterization costs vary, with professional services for smaller boats starting around $150 and larger vessels up to $600. Marinas may charge around $500 for winterization. Storage options, whether in-water, indoor, or outdoor, range from $50 to $400 per month, with climate-controlled storage costing $10,000 or more annually.

Day-to-day operations incur costs for supplies and provisions, such as cleaning products and onboard consumables. These expenses contribute to the annual budget.

One-Time Acquisition Costs

Several one-time costs are incurred at the time of acquisition or shortly thereafter. These expenses are separate from the initial purchase price and ongoing operational costs.

Sales tax, or a use tax, is due at the point of sale or registration, with rates varying by jurisdiction. Some states, such as Delaware and Rhode Island, do not impose sales tax on boats. Other states apply a percentage of the purchase price, with some caps. For example, Florida’s sales tax is 6% but capped at $18,000, while North Carolina’s 3% sales tax is capped at $1,500. New York applies sales tax only to the first $230,000 of a boat’s purchase price. Use tax may be triggered if the boat is brought into a state where sales tax was not paid, or if it remains in a state for a certain period.

The cost of delivery or transportation arises if the yacht needs to be moved from its purchase location to its home port. This can involve transporting the vessel by sea, requiring a delivery crew, or by land via specialized trucking. Delivery fees for a captain range from $400 to $800 per day, with additional crew members costing $200 to $300 per day. Travel expenses, provisions, fuel, and dockage during transit are extra.

Before finalizing a purchase, professional marine surveys and sea trials are recommended. A pre-purchase marine survey assesses the yacht’s structural integrity and systems, while an engine survey evaluates the propulsion system. The cost for these surveys depends on the yacht’s size and complexity.

Registration or documentation fees are required to register the yacht with relevant authorities. For instance, Delaware yacht registration for a 60-foot vessel involves state fees around $100 for a one-year registration. Federal documentation may also be required for larger vessels.

Closing costs and broker fees are part of the acquisition process. While broker commissions are often covered by the seller, legal and administrative fees associated with the transaction, such as title transfers and lien searches, are borne by the buyer.

Initial customization or upgrades represent a one-time expense immediately following the purchase. Many new owners personalize their yacht with updated electronics, interior décor changes, or the acquisition of a tender. These modifications add to the initial outlay.