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Joined: Mar 2012
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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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The 4000 is a nice boat. You did not provide any details of what they offered you. If it’s a 9% program on a 3 cabin that’s a decent deal. Make sure you sell two weeks a year and apply it against the note. It goes without saying try and keep the purchase price low and negotiate the best guaranteed trade you can. Try and get the longest possible program time. The Moorings maintenance is overall about average but you have a fully paid overhual that can be surveyor supervised. Here is the best part of the Moorings program. They start paying you the day you close on the boat. If you were on a shared revenue program you get nothing until the boat is in charter but still have to make the payments. That can be 3 to 6 months before the boat is delivered or in charter.. If your boat is damaged or out of service you continue to get paid. The Moorings had virtually every boat in their fleet damaged or destroyed. Not one owner missed a check and the owners with destroyed boats received very generous insurance settlements. Owners in shared revenue programs were not as fortunate. The damage boats have been repaired to a very high standard directly supervised by the factory. Repaired boats are showing little to no loss of resale value. The bad news is the Moorings program is a leaseback and that limits tax advantages. There are some aggressive tax strategies out there on shared revenue boats. G
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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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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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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 11:16 AM.
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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 11:26 AM.
M4000 "Lio Kai"
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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
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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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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 04:12 PM.
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