Does short term boat ownership make sense?

[nautical62]

Some people think nothing of spending 5-10K for a single week vacation. A friend of mine buys a new car every 6 months. I think that's nuts, but to him it's worth it.

Chartering a boat for the great loop is probably not feasible, so it's really a matter of whether the cost of buying, maintaining and reselling is worth it to you or not. Personally, I'd consider a trailerable trawler that won't have the marina expenses prior to and afterwards, and is inexpensive enough that even if I only get half back, it was worth it.

Another way to keep expenses low is to buy an older sailboat that can be outboard powered for not much money. There are some of those on the market for not much money at all. Just accept you'll have to replace the outboard.

[Classicsailboat]

Would you consider doing the loop in say a trailerable bay liner/sea ray inboard/outboard where you can do 30+ mph at times to get past the boring places?

[MartinF]

What taxes are charged in your state/Florida when a boat changes hands? You have to add these times two to your cost of ownership.

Many people recommend a sailboat for the Great Loop, because the fuel costs are a fraction of those for a trawler. You could leave your mast at home if you're not bothered about sailing. Could get a bimini with side curtains to ameliorate the lack of space.

[1Sunseeker]

Well...........how rich r u? How do you end up with a small fortune in the boat ownership? Start out with a large fortune and buy a fixer.


"It's not what you look at that matters, it's what you see." Henry David Thoreau

[Mithril Bham]

I would look at a long term charter or lease. I have seen good boats, well priced, sit for a couple of years. By the time you figure the cost of mooring and maintenance you will, most likely, be money ahead.

[Bay Breeze]

We recently purchased a small powerboat to do something similar - from North Florida down the west coast, across the Lake and up the Atlantic ICW to NYC or maybe Boston. We thought about doing it in our sailboat, but given the time and 6kt speed, extra 5-10 days each way for us to get around the Keys since we have too much air draft for the 49 ft RR bridge, opted to Invest in another older boat. We plan to make a small fortune out of a large one when we sell it in a couple years. If we had the timeframe for more months away we would do it in our sailboat. Given a 24 kt cruise speed, we think it's our best match for time to make this trip. Good luck - either way, enjoy the cruise and maybe we will see you out there!

[Larry T.]

I forget who made the comment about boat owning vs. chartering just a few days ago but the person said, "buy small and rent big". That has got to be one of the wisest thing I have ever read on the forum. For what my buddy and I pay for moorage a year we could charter for a week or two and when done, hand the keys back and walk away. But then, there's always that pride of ownership thingy!! HAH!!

[Bay Breeze]

Originally Posted by 1Sunseeker

Well...........how rich r u? How do you end up with a small fortune in the boat ownership? Start out with a large fortune and buy a fixer.


"It's not what you look at that matters, it's what you see." Henry David Thoreau

You got it - Investing in any boat for profit is likely a losing proposition. Even if you could charter a boat for a few months, the loss from temporary ownership will be less. But still a loss. Buying something that has fully depreciated to settle out to a predicable price range means the loss in selling (repairs, brokerage and price) is the expense for the trip. Making a small fortune presumes starting out with a larger one!

[Mithril Bham]

Originally Posted by Larry T.

I forget who made the comment about boat owning vs. chartering just a few days ago but the person said, "buy small and rent big". That has got to be one of the wisest thing I have ever read on the forum. For what my buddy and I pay for moorage a year we could charter for a week or two and when done, hand the keys back and walk away. But then, there's always that pride of ownership thingy!! HAH!!

More than moorage. Upkeep and the time it takes to check on the boat. Pride of ownership in boats is an expensive habit.

[Mithril Bham]

Leasing or chartering long term may not be an easy thing to arrange but I have done it and it is possible. Requires some legwork. Lots of boats sitting in marinas that are barely used. Hardest part is selling the owner on your responsibility and may require a substantial deposit.
Something to consider.
This is a trip I have dreamed of for a long time. Although an avid sailor I think I would prefer power for this one.
Good luck

[Ken Z]

put the money into what you love, buying boats is easy, selling is a crap shoot, unless you have something tricked out... whats that purpose, A 20 yr. boat wow refit for a year, and who owned her before you?????? money ......

[ranger58sb]

Originally Posted by cshrimpt

I was thinking of going to FL and purchasing something like a Mainship 34 that's no older than 20 years and requires minimal refit for the trip. All the other assorted cruising gear would come from the sailboat.

1. Is this common way for people to do short-term sabbaticals?
2. How long would it take to sell the boat after I'm done with it?

I know #2 is like asking how long is a piece of string, but let's assume the boat is less than 20 years old, in good condition and market priced.

Would it, on average, take 6 months, a year, or 2 years to sell something like a Mainship 34?

1. I suspect not.
2. How long is your string?

If you mean the original Mainship 34 (34/Mk II, Mk III) then those were last produced circa 1988. IOW, the newest ones of that series would be approx 30 years old now. In the mid-'90s we had an '87 Mk III, good boat. The various models are often inexpensive now, and if priced right they seem to sell easily enough.

The newer Mainship 34s are from circa 2005-ish and newer, more expensive. They too seems to sell easily enough if priced right.

I think the key is that "priced right" thing.

-Chris

[cshrimpt]

Thanks for all the great comments. I guess what I'm looking for is a way to simulate a long-term charter which doesn't seem to exist.

I can certainly do the trip in my sailboat and it's usually best to go with what you have. Even if I found an older boat that was well cared for, it would probably take all summer to get her ready and I'd probably lose 10 grand on the deal once I sold her.

With my current sailboat, all I need is food, water and fuel. She's got pretty much everything I need. (Except AC).

Thanks,

Shrimp

[SeaSon]

There are Loopers every year that buy, loop, then sell. The Mainship for Loopers is common as butter, though they are usually the 40'. A newer boat, say under 150k would sell quick if in good shape. Most Loopers aren't boat fixers, but more boat drivers. Avoid brokers to buy and sell. I just sold my loop boat to a fellow that emailed me a week after we finished. Join the Loopers group and monitor forum people that post they have "crossed thier wake". You just might find a deal.