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post #1 of 6 Old 07-14-2012 Thread Starter
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Buying a yacht

I am thinking about buying a Jeanneau 41 through Sunsail in Tortola with their 5 year plan where they will charter it covering all my costs. I would like to know if there is somebody who had that experience.

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post #2 of 6 Old 07-14-2012
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Re: Buying a yacht

"charter it covering all my costs".....third biggest lie in the world.

depending on your cash flow, tax situation and a host of other things, the charter MAY cover 40-60% of the boats expenses...one bad charter or a bad trip for you to Tortola can jinx the whole years profits...

There is no free lunch, Sunsail or any one else.

We chartered our 36CC for two years and pulled out early as the damage to the boat and the expenses to me, to replace "lost" lines that "our best customers" misplaced...$250-300 per set, almost every charter was too much.

Slippage is way more per month, because the charterers have to be two steps to the boat.
Maintenance is MUCH higher, as the boat is used 7-10 years every year (kind of like dog years)
Insurance is VERY high, because you are now a partner in its possible risk
Damage (they call it wear and tear) is many times simply not repairable...think spilled vodka and vomit on your floors and walls left for a long weekend and a few days for the company to discover and clean.

PM or email me if you want more...
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post #3 of 6 Old 07-15-2012
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Re: Buying a yacht

That's not a yacht, it's a boat.......don't do it.

" Some are boat wise and some are other wise"
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post #4 of 6 Old 07-15-2012
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Re: Buying a yacht

Might this get a better response in a different forum category?
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post #5 of 6 Old 07-15-2012
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Re: Buying a yacht

I've never done it, but last I saw the pitch, it included tax savings from taking depreciation deductions on the boat. That is a real rat hole. After several years, your tax basis in your boat approaches zero. If you change your mind and want to sell her, you then have a huge gain on sale, which you will owe that tax on. Gotcha......

Of course, the charter sales folks have you covered. They will offer you a trade into another often larger boat, which doesn't trigger the gain. And away you go.

As they say, you can check in, but you can never leave.


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post #6 of 6 Old 07-16-2012
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Re: Buying a yacht

Quote:
Originally Posted by rgscpat View Post
Might this get a better response in a different forum category?
Agree.

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