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

SouthernOcean

The 50th Anniversary of the Golden Globe

Here we go! The 50th anniversary of the Golden Globe, the first singlehanded nonstop round-the-world race, is upon us. On July 1 one tribute event, the Golden Globe Race 2018, will start out of Les Sables d’Olonne, France, with a fleet of 19 amateur skippers setting out in ...read more

180621-X01-Landing-Page

Volvo Ocean Race Cliffhanger

After racing over 44,000 miles round the world and battling their way past the world’s great capes, including the Cape of Good Hope and Cape Horn, it’s all come down to the final 700-mile leg from Gothenburg, Sweden, to the Hague. Brunel, Mapfre, Dongfeng: going into the ...read more

Stearns Photo

Racing the Solo Mac for a Cause

There are plenty of reasons to do a Chicago-Mac race, and Rich Stearns, who has done literally dozens of ‘em should know. This year, though, he’s doing the Solo-Mac for an especially important reason: to help those with prostate cancer.“Two years ago, I was diagnosed with ...read more

TOTW_PromoSite

SAIL's Tip of the Week

Presented by Vetus-Maxwell.Got a tip? Send it to sailmail@sailmagazine.comRafting dangerOne unseen danger when sailing yachts lie alongside one another for a convivial night is that if they happen roll to a wash or begin to move in an unexpected sea, the spreaders can clash ...read more

180615-01 Lead

A Dramatic Comeback in the Volvo

After winning three of the last four legs in the Volvo Ocean Race (and coming in second in the fourth), Dutch-flagged Brunel is now tied for first overall with Spanish-flagged Mapfre and Chinese-flagged Dongfeng following the completion of Leg 10 from Cardiff, Wales, to ...read more

MFS-5-2018-Propan-SP02

Tohatsu LPG-powered 5hp Propane Motor

Gassing it UpTired of ethanol-induced fuel issues? Say goodbye to gasoline. Japanese outboard maker Tohatsu has introduced an LPG-powered 5hp kicker that hooks up to a propane tank for hours of stress-free running. Available in short-, long- or ultra-long-shaft versions, the ...read more