Forums39
Topics38,594
Posts311,764
Members26,557
|
Most Online2,218 Jan 21st, 2020
|
|
29 registered members (DRich, faithvough, jazzgal, Kennys, hokiesailor, anet_scot, PML, Compskier, Harleyk, timnboston, Theakston, SXMScubaman, KirkB, MKGrey, CaribbeanCanadians, pandpfromcanada, Time Will Tell, richard4th, Todd_Melinda_K, JandIrene, 9 invisible),
864
guests, and 66
spiders. |
Key:
Admin,
Global Mod,
Mod
|
|
|
Re: moorings ownership program
[Re: TIMRIM]
#53804
05/10/2015 08:08 AM
05/10/2015 08:08 AM
|
Joined: Jan 2015
Posts: 124 Georgia
cruzdoc
Traveler
|
Traveler
Joined: Jan 2015
Posts: 124
Georgia
|
|
|
|
Re: moorings ownership program
[Re: cruzdoc]
#53805
05/10/2015 08:39 AM
05/10/2015 08:39 AM
|
Joined: Apr 2002
Posts: 7,032 GA/NC
GeorgeC1
Traveler
|
Traveler
Joined: Apr 2002
Posts: 7,032
GA/NC
|
|
|
|
Re: moorings ownership program
[Re: GeorgeC1]
#53806
05/10/2015 08:56 AM
05/10/2015 08:56 AM
|
Joined: Sep 2010
Posts: 5,720 Massachusetts
maytrix
Traveler
|
Traveler
Joined: Sep 2010
Posts: 5,720
Massachusetts
|
I own a Moorings 43.3 - We're very happy with the program. I'll send you a PM as well.
Matt
|
|
|
Re: moorings ownership program
[Re: sail2wind]
#53809
05/12/2015 12:09 PM
05/12/2015 12:09 PM
|
Joined: Sep 2010
Posts: 5,720 Massachusetts
maytrix
Traveler
|
Traveler
Joined: Sep 2010
Posts: 5,720
Massachusetts
|
As Evan said - you own the boat fully. Moorings charters it out and gives you some of the revenue.
Matt
|
|
|
Re: moorings ownership program
[Re: TIMRIM]
#53811
05/13/2015 11:50 AM
05/13/2015 11:50 AM
|
Joined: Dec 2004
Posts: 2,390 Ill, USA
Will_L
Traveler
|
Traveler
Joined: Dec 2004
Posts: 2,390
Ill, USA
|
The two big questions, and what determines whether it makes sense or not.
1) how many weeks a year, can/will you use the boat. For it to make financial sense the answer should be at least "quite a few"
2) the value of the boat at the end of charter service unless you are dead set on keeping for private use. Though impossible to know market conditions 4-5 years later, I would use less than 50% of purchase price as a starting point for evaluating the wisdom of it.
Moorings and Sunsail take care of all maintenance and insurance dockage etc. they do limit the amount of time you can use the boat and how much in high season. I believe their monthly payments to you are about equal to the mortgage payment if you put down 20 or 25% and financed the balance over 15-20 years. It varies some with specials on certain vessels. Unless you put more than that down on purchase or pay more than the income on the loan monthly while in charter, you will likely come out upside down on the loan...more balance than boat is worth. There is a conflict of interests on phaseout of charter. They want you gone and to fix as little as possible. You are stateside. You are at a disadvantage.
Other option is the operations like TMM and others that charge for maintenance dockage insurance etc.but you get 75% of income and can use the boat as much as you like anytime you want. If you have a popular boat that doesn't have a major problem, it is often much better. On the other hand if the boat has say a genset go..you are on the hook. If your boat has a lot of similar boats available and a newer model has come on the scene ...staying on the dock gets expensive.
Go into it with your eyes wide open and thinking 5 years down the road. It worked out pretty well for us except the last few years we were not able to use the boat much. We decided it was too expensive to keep the charter boat privately with all its systems and storage..and got a day boat to use, good luck .
|
|
|
Re: moorings ownership program
[Re: letsgosailing]
#53812
05/13/2015 11:54 AM
05/13/2015 11:54 AM
|
Joined: Oct 2004
Posts: 1,951 St. John, USVI
RickG
Traveler
|
Traveler
Joined: Oct 2004
Posts: 1,951
St. John, USVI
|
Moorings boats go through a phase out refit. We bought a 2009 Oceanis 40 in 2014, the seller had purchased the boat on phase out from Moorings one year before for a family sabbatical. Moorings addressed all of their survey issues. Looking at their year-old survey and the survey we did one year later, it looked like Moorings had done a good job on phase out.
A year later, I'm happy with our boat. We've had to do the kind of maintenance and upgrades you expect on a six year old Beneteau.
Something to keep in mind is that the boats that moorings orders from the manufacturers may not be equipped the same as those sold by dealers. If you want to end up owning a standard production boat you need to go a different route.
Cheers, RickG
S/V Echoes, 2003 Beneteau 423 Grenada
|
|
|
Re: moorings ownership program
[Re: letsgosailing]
#53813
05/13/2015 11:57 AM
05/13/2015 11:57 AM
|
Joined: May 2004
Posts: 896
SeaSeaRider
Traveler
|
Traveler
Joined: May 2004
Posts: 896
|
letsgosailing said: After 5 or 6 years, you take posession of the boat, and can do what you want with it.... assuming it is still in working order. The rental boats have a hard life, with inexperienced skippers, and so on. As long as youa re comfortable with "Charter wear and tear" then it is a great program. After 5 years, the boats are typically due for refit. IMHO. Moorings and Sunsail do a "phase-out" after the boat's charter life where they ensure that everything will be in working order and they fix or replace it if it's not. Obviously they can't make the boat new again, but if you monitor their work closely (especially with a surveyor), you can get a good result. They won't fix "wear & tear" issues like some idiot's scratching the chart desk's top with divider points or the cleaning ladies spilling bleach on the head's wooden floor panel, but they will fix everything else. The boats definitely should not need a "refit" after the phase-out. Many people buy these phased out boats and move them directly into a smaller charter company's fleet (where more wear and tear happens). We did that and have been happy with the results. Timrim, we looked at buying with Sunsail (similar to buying with Moorings) about 5 years ago. Two big factors in the decision are what you plan to do with the boat after 5 years and how much vacation time you have to go sailing. If you can't do sailing vacations at least 3 weeks a year (preferably more, actually), then you're better off just chartering each time you sail instead of buying. Then, if you want a boat in 5 years, buy one out of the Moorings that is selling for 50% of it's original cost. (Yes, I know, that's a gross over-simplification of the decision, but I felt that was what it boiled down to.)
Rob
|
|
|
Re: moorings ownership program
[Re: letsgosailing]
#53814
05/13/2015 12:09 PM
05/13/2015 12:09 PM
|
Joined: Sep 2010
Posts: 5,720 Massachusetts
maytrix
Traveler
|
Traveler
Joined: Sep 2010
Posts: 5,720
Massachusetts
|
letsgosailing said: After 5 or 6 years, you take posession of the boat, and can do what you want with it.... assuming it is still in working order. The rental boats have a hard life, with inexperienced skippers, and so on. As long as youa re comfortable with "Charter wear and tear" then it is a great program. After 5 years, the boats are typically due for refit. IMHO. I think that's a bit of an exaggeration. The boats do get a lot of use. But they also go through a phase out at the end where any outstanding issues are dealt with. At this point, its all up to the owner to ensure any issues they have are dealt with. We haven't reached phase out ourselves yet, but I've spoken to a number of owners post phase out and the majority were very happy.
Matt
|
|
|
Re: moorings ownership program
[Re: adunayer]
#53817
05/14/2015 12:55 PM
05/14/2015 12:55 PM
|
Joined: Jan 2012
Posts: 482
706jim
Traveler
|
Traveler
Joined: Jan 2012
Posts: 482
|
adunayer said: I am on my second Moorings boat - my first boat (474PC) we sold last year through Moorings Brokerage. The buyer of the boat basically took over the phase out process and Moorings worked with the buyer and the buyers survey report. It was a 4 page detail list of items - some major - some minor. Moorings fixed every item on the list and the buyer closed on schedule with a boat in the condition they exepected. I am sure people have varied experiences here - but Moorings understands that their repeat customers are their best customers - so the phase out process is as important as any other part of the program. Just wondering the name of your old boat. We chartered Sea Renity a couple of years ago
|
|
|
Re: moorings ownership program
[Re: Twanger]
#53819
05/14/2015 02:19 PM
05/14/2015 02:19 PM
|
Joined: Sep 2010
Posts: 5,720 Massachusetts
maytrix
Traveler
|
Traveler
Joined: Sep 2010
Posts: 5,720
Massachusetts
|
I think a lot of people over look the fact that if you book short notice, you can use other boats for a small fee above your normal owners fee. That's pretty much all we do - Most of our trips are on catamaran's yet we own a monohull.
We've been on a 4600 a couple of times just my wife and I. Talk about having plenty of space!
Matt
|
|
|
Re: moorings ownership program
[Re: Boatboy]
#53821
05/14/2015 03:47 PM
05/14/2015 03:47 PM
|
Joined: Sep 2010
Posts: 5,720 Massachusetts
maytrix
Traveler
|
Traveler
Joined: Sep 2010
Posts: 5,720
Massachusetts
|
And the right time of year, you don't even have to be able to travel last minute. We tend to book our summer and fall trips ahead of time and just secure the boat last minute.
Matt
|
|
|
|