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Considering a new boat - M4000
#198784
06/27/2019 07:47 PM
06/27/2019 07:47 PM
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Joined: Mar 2012
Posts: 811 Redmond, WA
MrEZgoin
OP
Traveler
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OP
Traveler
Joined: Mar 2012
Posts: 811
Redmond, WA
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Hi All, we have been boat-less since Irma and are considering getting back into a Moorings ownership program with a new Moorings 4000 owner's version. Previously had a Sunsail 36i in charter with Sunsail for 6 years and another 2 with Conch.
We're pretty set on a small 3-cabin cat, often will be sailing just the two of us.
I would be interested in advice, regrets, feedback on the boat and the program from anyone who has done this recently. Thanks!
M4000 "Lio Kai"
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Re: Considering a new boat - M4000
[Re: MrEZgoin]
#198791
06/27/2019 09:25 PM
06/27/2019 09:25 PM
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Joined: Mar 2012
Posts: 811 Redmond, WA
MrEZgoin
OP
Traveler
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OP
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Joined: Mar 2012
Posts: 811
Redmond, WA
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Thanks George, I have the choice of the 9% program or their "Advantage Income" program, which entails more owner risk, participation and may limit reciprocal use. I'm still researching, but am leaning toward the Guaranteed Income program. I don't think I will have sufficient tax advantage to make the added risk and complexity of the other program worthwhile.
I have not tried to negotiate the selling price... doesn't appear to me that I have much leverage in the circumstances. I did try to negotiate a somewhat longer program than the 56 months, but was denied.
I was not aware that negotiating a guaranteed trade was an option and would love to hear details.
M4000 "Lio Kai"
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Re: Considering a new boat - M4000
[Re: MrEZgoin]
#198797
06/28/2019 07:14 AM
06/28/2019 07:14 AM
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Joined: Oct 2004
Posts: 1,951 St. John, USVI
RickG
Traveler
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Traveler
Joined: Oct 2004
Posts: 1,951
St. John, USVI
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For a boat you will keep after phase out, a 3-cabin boat is perfect. But, have they offered any numbers with regard to utilization of a 3-cabin vs. 4-cabin boat? I am hearing that revenue per cabin per week is key and that 3-cabin boats book fewer weeks. That is a factor if you want to take the Advantage Income approach and use accelerated depreciation. If you are on guaranteed income, then you know what you will get.
Cheers, RickG
S/V Echoes, 2003 Beneteau 423 Grenada
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Re: Considering a new boat - M4000
[Re: MrEZgoin]
#198818
06/28/2019 12:13 PM
06/28/2019 12:13 PM
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Joined: Dec 2000
Posts: 283 Miami, FL
Michel_Benarrosh
Traveler
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Traveler
Joined: Dec 2000
Posts: 283
Miami, FL
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FWIW. If you are not taking advantage of the tax benefits (like Section 179 etc.), then go for the guaranteed income. Although, it is not a simple as it sounds. Here is why: On the Advantage, typically, 3-cabin cats will get less charter income than 4-cabin boats that are more in demand by charterers. So you will get less income, but also less wear and tear.
On the other hand, 3-cabin boats usually have a higher resale value (about 15 to 20% more) and sell faster, simply because there are less of them on the market, due to the fact that the number of 4-cabin cats manufactured is much larger than 3-cabins.
So a lot of your decision will depend on personal financial calculations, AND if you intend to keep the boat at the end of program.
Michel Benarrosh sailonline.com
Last edited by Michel_Benarrosh; 06/28/2019 12:16 PM.
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Re: Considering a new boat - M4000
[Re: MrEZgoin]
#198820
06/28/2019 12:24 PM
06/28/2019 12:24 PM
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Joined: Mar 2012
Posts: 811 Redmond, WA
MrEZgoin
OP
Traveler
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OP
Traveler
Joined: Mar 2012
Posts: 811
Redmond, WA
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Thanks Michel - I don't know if you remember but you advised me when I bought my previous charter boat ( 36i ) about ten years ago.
From what you wrote, if I take the GI 9% option I benefit from both the potential lower use (and higher availability?) and the increased resale without a penalty.
I don't think we would consider a 4-cabin version for ownership even if we were planning to sell afterwards. We expect to be mostly sailing as a single couple.
Last edited by MrEZgoin; 06/28/2019 12:26 PM.
M4000 "Lio Kai"
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Re: Considering a new boat - M4000
[Re: GeorgeC1]
#198824
06/28/2019 01:07 PM
06/28/2019 01:07 PM
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Joined: Feb 2009
Posts: 28 Waldwick, NJ
boom2it
Traveler
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Traveler
Joined: Feb 2009
Posts: 28
Waldwick, NJ
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Unless you are set on a cat I would also consider the Beneteau 46.1. It has a great owners cabin and will be offered with a generator and air. G Was just looking (dreaming) about this boat......looks like the perfect size for a mono, not to big not to small. With the trend leaning towards more cat's and pc's on the water, which I find unfortunate but understand the business side, is there a significant drop in mono charters with less incentives to purchase a mono and put it in the fleet?
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Re: Considering a new boat - M4000
[Re: MrEZgoin]
#198841
06/28/2019 05:11 PM
06/28/2019 05:11 PM
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Joined: Dec 2000
Posts: 283 Miami, FL
Michel_Benarrosh
Traveler
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Traveler
Joined: Dec 2000
Posts: 283
Miami, FL
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Thanks Michel - I don't know if you remember but you advised me when I bought my previous charter boat ( 36i ) about ten years ago.
From what you wrote, if I take the GI 9% option I benefit from both the potential lower use (and higher availability?) and the increased resale without a penalty.
I don't think we would consider a 4-cabin version for ownership even if we were planning to sell afterwards. We expect to be mostly sailing as a single couple. Although I was advising quite a lot of boat buyers at the time, I will probably remember your "real" name - but not Mr.EzGoin...;-) I think the bonus for you is that Moorings is offering you - apparently - the same % of income as for a 4-cabin. That is a significant benefit. If you are going sailing at the end of the contract, I would definitely advise the owner's version, with the way you are planning to sail. Not a question in my mind.
Last edited by Michel_Benarrosh; 06/28/2019 05:12 PM.
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