Another Take on Boat Share - Sail Magazine

Another Take on Boat Share

Given the current state of the economy, it’s no wonder new boat sales are suffering. Buying a new sailboat is a considerable financial commitment that can be difficult to justify, but when you see the boat you really want, it’s hard to deny yourself!
Author:
Publish date:
Boat-Share

Given the current state of the economy, it’s no wonder new boat sales are suffering. Buying a new sailboat is a considerable financial commitment that can be difficult to justify, but when you see the boat you really want, it’s hard to deny yourself! My wife, Carmela, and I had long been interested in buying a new catamaran, but money was the stumbling block.

The idea of sharing a boat had not really entered our minds until our friend Kurt Jerman, who owns West Coast Multihulls and is the importer of the Seawind line of catamarans, planted a seed. He brought us together with three other sailors who were in the same position as ourselves. After an exploratory meeting on a beautiful evening, sharing wine while discussing our mutual desire to own a Seawind 1160, we started work on the financial arrangements that ultimately allowed us to purchase Razzle Dazzle.

boatshare2

Three of us agreed to put down 20 percent each of our share and finance the remaining balance. The fourth partner chose to not participate in the financing and put full equity into the partnership instead. This meant we had to finance around 75 percent of the overall purchase price of the boat. We have recently refinanced the boat at 4 percent, which saves us about $7,000 per year. 

We had a marine attorney draw up a legal agreement, and I took on the chores of opening a bank account, managing the overall finances and arranging insurance. Three of us have our monthly finance payments and all four of us chip in for the maintenance costs—around $2,100 a month, including slip fees. As boat manager, I try to anticipate unplanned expenses that will not be covered by the maintenance money. When this occurs, all of us understand and we have an additional assessment.

We set up a schedule giving each of us approximately one week a month to sail Razzle Dazzle. We’re also in daily contact via phone and e-mail, which allows us to be flexible about the schedule. We’ve become good friends and often sail together.

Everythree months we meet to review finances, talk over any issues about the boat, and so on. I provide full documentation of all expenses with bank statements, and keep minutes of our meetings. We have some good food and wine and enjoy ourselves as we celebrate how fortunate we are to have responsible boating friends with similar interests! 

Photos courtesy of Terry Wepsic

Related

daviscards

Davis Instruments: Quick Reference Cards

CHECK THESEIf you’re sailing with new crew this summer or your kids have suddenly and inexplicably started to look up from their phones and take an interest in the finer points of cruising, these Quick Reference Cards from Davis are a great way to further their boating education. ...read more

01-rbir18-596

Another Epic Round Britain Race

There are basically two kinds of offshore sailboat races out there: those that take place annually, like the Fastnet and Chicago-to-Mackinac races; and those that take place every other year, like the Transpac and Newport-Bermuda race, in part so the competitors have sufficient ...read more

01b_WALKING-KEDGE-OUT-cmykpromo

Getting More Use From Kedge Anchors

If you are cruising, you need at least two anchors on board for the simple reason that you must have a backup. Imagine having to slip your anchor on a stormy night with other boats dragging down on yours, or having your rope rode severed by some unseen underwater obstacle, ...read more

SailAwayCharter

How-to: Navigating on a Bareboat Charter

So you graduated from navigation class where you practiced dead reckoning, doubling the angle on the bow and maybe even celestial nav, and you now feel well prepared for your first charter trip. Well, you won’t be doing any of that on vacation—not past the first day, anyway.Most ...read more

04-Turtle-rescue

Turtle Rescue in the Vic-Maui

Strange and often wonderful things can happen in the course of an offshore sailboat race, and one of the strangest and most wonderful things we’ve heard of recently took place during the 2,300-mile 2018 Vic-Maui race, from Victoria, British Columbia, to Lahaina, Hawaii.It ...read more

dorcap-open-blue

ATN Inc: Dorcap

COOL SLEEPYou’re fast asleep in a snug anchorage, forehatch open to catch the breeze, when you’re rudely awakened by a sneaky rain squall. Now you’re not only awake and wet, you’re sweltering with the hatch closed. Sucks, right? That’s why ATN came up with the Dorcap, an ...read more

HIGH-RES-29312-Tahiti-GSP

Ask Sail: Who has the right-of-way

WHO HAS RIGHT-OF-WAY?Q: I sail in Narragansett Bay, which is a relatively narrow body of water that has upwind boats generally going south and downwind boats generally going north. When sailboats are racing, the starboard tack boat has the right-of-way over the port tack boat, so ...read more