Does short term boat ownership make sense?

[cshrimpt]

All,

I'd like to do an ICW trip and possible loop. I have a sailboat that could do the trip, but since the trip is 99% motoring I was thinking a trawler would make better sense for a variety of reasons (draft, height, dog, etc.).

I don't want to sell the sailboat, but owning both a trawler and sailboat long-term is not feasible. However, I could swing it for a year or two.

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.

I would put the sailboat on the hard and do the trip in the trawler and sell the trawler afterwards, maybe 12 - 18 months later.

The questions that I have are:

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?

Thanks,

Shrimp

[rwidman]

Many people travel the AICW and even the Great Loop in a sailboat. Yes, you will be motoring much of the way and you'll have to remove the mast for the Erie Canal part of the loop, but I believe it makes more sense to use what you have rather than buy and eventually sell a boat just for that trip.

[Cheechako]

I think short term ownership makes little sense. First off, there is no short term, it can take 1-2 years just to sell a boat sometimes. Second, you know how boats are, they are all a project, usually the unknown ones more so. Use the boat you know and that you have got into good shape. If staying in the ICW you could remove the rig I suppose.

[Tetepare]

Can you imagine the heartache of motoring through the Great Lakes? Take the sailboat.

[belizesailor]

Niether short term, nor long term ownership of a boat makes any financial sense...its a subjective valuation...is it worth the cost to you?

That said, I think you will have fewer logitics issues and likely less cost to go with the boat you already know and own.

[Jim Cate]

Long odds, but perhaps a boat swap could be arranged... they get to sail your boat around your location while you motor their boat through the loop. A lot of trust would be involved, plus some good insurance and careful vetting on both sides. like i said, long odds...

Jim

[a64pilot]

You can sell it quickly, how quick depends on how much you mind losing.
I had to laugh at the 20 yr old boat that needs minimal refitting.
Maybe they do exist, just were out of my price range I guess.

I think there are many short time owner ships, I believe most of the time my PO had the boat, he was trying to sell it. Finally when he decided to take a big loss, it sold.

[rwidman]

Originally Posted by Tetepare

Can you imagine the heartache of motoring through the Great Lakes? Take the sailboat.

"heartache of motoring through the Great Lakes?" Seriously? People motor through the Great Lakes all the time.

[rwidman]

Originally Posted by a64pilot

......... I had to laugh at the 20 yr old boat that needs minimal refitting.... .

My boat is nearing 18 years old and I could take off on the loop in the time it takes to stock it with clothes, food and spare parts like filters, oil and belts.

The difference is, is the boat being used and maintained or is it sitting, collecting barnacles?

[SV Bacchus]

Originally Posted by rwidman

The difference is, is the boat being used and maintained or is it sitting, collecting barnacles?

Is your boat for sale? See, this is where I have to agree with A64.

The nice 18 to 20 year old boats are not for sale because the owner takes pride and uses the boat. The dock queens, ehh, not so nice and do need refits.

The exceptions are the nice ones belonging to the guy who thinks "everything is for sale, for the right price". THOSE are the ones that are expensive, worth it for sure but expensive!

At least that is my thought, YMMV

[Sailmonkey]

Originally Posted by rwidman

"heartache of motoring through the Great Lakes?" Seriously? People motor through the Great Lakes all the time.

Seriously. Give me an open body of water with room to tack and gybe and I'd prefer to sail.

Sail boat owners that truly enjoy sailing are wired differently than power boat owners.

So yes....heartache.

[4arch]

The Mainship 34s went through two different generations – one in the late 70s through mid 80s and then revived in an updated format around 2005. The newer models sell in the 150k price range while the originals can be had for around $40k in good condition.

The original production run has held its value well as it’s a quality boat that presents an attractive value proposition for those interested in a capable trawler without a 6-figure price tag. My parents had one in the 80s and sold in in 1989 for about the same they are going for today.

Whichever your choice, I assume your goal would be to sell for about what you paid. In that case, your cost of “renting” the boat is:

• The price reduction you’ll have to offer for the added engine hours (no matter how much you baby the engine, it’s going to have about 1,000 more hours on it after you complete the loop)
• 10% broker’s commission at resale
• Costs to prep the boat for resale (complete detailing, new batteries/consumables, minor engine overhaul, replacement of anything that broke or wore out)
• Costs of storing the boat while up for sale - I would count on 6-12 months to sell and then be pleasantly surprised if it sells faster.

For the older models it might be worth it. You might get away for $10K for all of the above. Maybe less if you can privately sell it to another aspiring looper and skip the brokers. But for the newer model, you might be looking at $20-30K for all of the above. Only you can decide if it’s worth that.

[a64pilot]

Originally Posted by rwidman

My boat is nearing 18 years old and I could take off on the loop in the time it takes to stock it with clothes, food and spare parts like filters, oil and belts.



The difference is, is the boat being used and maintained or is it sitting, collecting barnacles?

Mine is 30 and I believe after the same it could leave for a circumnav.
But neither of ours is for sale.
Seemingly most boats for sale, the owner has sort of fallen out of love and stops putting as much time money and effort into it for a couple of years prior to deciding to sell, then of course it make take a couple of years to sell, where I assume they aren't working as hard keeping it up either.
Just when I was boat shopping it seemed that most boats for sale were not well kept and only a very few were well kept and actually cleaned and staged like you would a house, most looked like the owner left it, liquor bottles scattered about etc.
Maybe it was the boats I looked at, I was not looking at half million dollar boats, I had set my limit at $100K unless it was a gem, I'd go higher for one of those.

I had a tendency to stay away from boats that were priced considerably higher than average then their sister boats, I looked at one or two and came away surprised, usually except for asking price there was no difference. I don't know why they were priced so high, surely they don't sell overpriced? Sometimes I think people think I paid 90 and since then I have paid 50 to different mechanics fixing things, it should be worth 140 now right?. I mean I'm just trying to get my money out, I should be able to do that right?
I think some believe a boat should appreciate, like a house often does

I'm just saying if you are trying to buy an old boat, expect to have to spend significant time and money making it like you want it.
However for a short term ownership, maybe you don't need to do that.
Once we decided to keep this one, I set about trying to make it like I wanted so that if we like it, we can stay in it for as long as we are able.

[rwidman]

Originally Posted by SV Bacchus

Is your boat for sale? See, this is where I have to agree with A64.

The nice 18 to 20 year old boats are not for sale because the owner takes pride and uses the boat. The dock queens, ehh, not so nice and do need refits.

The exceptions are the nice ones belonging to the guy who thinks "everything is for sale, for the right price". THOSE are the ones that are expensive, worth it for sure but expensive!

At least that is my thought, YMMV

Sometimes circumstances force a sale. Death or serious illness of the owner or partner probably being the top reason. Other reasons might be divorce or transfer (of job) away from the water to to the other coast.

Many boat owners decide to give up boating as they age. Sometimes they buy an RV, sometimes not.

[rwidman]

Originally Posted by Sailmonkey

Seriously. Give me an open body of water with room to tack and gybe and I'd prefer to sail.

Sail boat owners that truly enjoy sailing are wired differently than power boat owners.

So yes....heartache.

OK, you would rather sail but "heartache" seems a bit much.