Join Date: Feb 2010
Location: Narragansett Bay
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I thought Footloose was their second run inventory, but could be wrong. Moorings themselves seem to be <3yr old boats. When the contract is up with the owner, you must either take over the payments, sell it, trade it in or put it in a second run charter program.
I understand that the new boat programs are guaranteed break even and you get use of the boat for some number of weeks, as you describe. I suspect they are less willing to guarantee the older boats. The catch is the downpayment. That is money that will be permanently out of your pocket and you have the risk of having to take ownership at the end of the contract. If you are realistically only going to use the boat yourself for a few weeks a year, you are probably better off just renting. While few are really able to use their full allotment, if you can, you might be ahead of the game. That is their business model. Offer a programs that technically works, but very few ever really fully use. It is somewhat like buying into a timeshare.
I know someone who works at Mooring in BVI who says that the boats get their best TLC maintenance right before its owner is coming to use it. After all, when your contract is up, you will be approached to trade her in and start over and they want your experience to be pleasant. You will be pursued to upgrade.
Personally speaking, I would not invest in anything that large that I could only use for a few weeks per year. If you don't have your own boat at home, I would start there, not in a charter business. If you are thinking of bringing her home when done with the contract, I dare say that the premature maintenance from its harsh usage will increase the cost, at least in the first several years she is back with you full time.
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.