A recent contact reminded me of this thread in which I said I would keep a track of the whole thing, financial and otherwise, so why not ?
By way of a recap, I signed up for a Lagoon 380
, based in Dubrovnik, in the DYC "Dream Easy' program. We inked the deal in December 2017 for a Lagoon
that had been launched in April 2017 and had already done 1 season of its 6 year term, so I was signing up for the remaining 5 years. Our boat comes out of the program in November 2022, at which point I intend to use it ourselves.
The guts of this deal is I pay 60% of the cost of the 'new' price in total, in 2 instalments - 35% up front , which I have obv already paid, and 25% in Nov 2022 when it becomes ours. In the meantime I don’t get any income
, just owners weeks use up to 6 weeks per year, but I don't get any bills either. For context the initial payment was about 92k euros. My expectation is that at the end of the program it will be worth very roughly the 60% of new that we are paying for it but if it is worth something less that won’t invalidate the model.
So after a year or so in, how's it going? Pretty well really.
So far I have done two owner use charters . The first was on our 'own' yacht out of Dubrovnik , for 6 weeks in July and August 2018, and we sailed it down to Greece (as far as Kephalonia) and back. Was it awesome? Yes it bloody was. I was also really stoked with the boat, and the condition it was in, (remembering it was around 1.3 seasons old at this time). I have no complaints about the way it was being looked after, up until the time I last saw it anyway. I wrote a bit of a blog on this trip , from an owners point of view, on a website set up by a fellow DYC owner Nils, at
For the record
, when I left the boat it had done about 1.5 seasons out of 6, there were about 1100 hours on the engines. The sails
were like new, although I think this might be peculiar to Croatia
– there doesn’t seem to be much wind
there , at least in summer. Overall it still presented like new, although there was minor cosmetic damage inside, eg some cuts on the benchtops, some chips to cabinetry, but not worse than I expected, and if I get away with 4 times the existing knocks by the end of it I will be quite happy.
The '6 week in a row all in high season' trip is not in the standard conditions at all - that was special deal agreed on before signing up, when I had some leverage, (I was only going to sign up if this trip was part of the deal)! To do that they allowed me to pull forward some weeks from future years, but I am ok with that as it’s from years when my son will be in his final years of high school
anyway. In future years I also will be restricted to the standard contract terms, which do make it harder to utilise.
For each charter
, DYC produce the same charter contract as they would for any other punter, stating the cost of the charter including any early booking or long term charter discounts , before then discounting it to nil for ‘owner use’ . The contract value of this trip before zeroing it for owner use was 33668 euros.
Even after this trip, I still had my 2 weeks ‘short notice’ weeks to use up, and I managed to squeeze in a 9 day charter on a Lagoon 400
in December 2018 just before I lost
them. The weather
on this trip was perhaps a little short of what it should be in December (it was in 'high season'), but was still well worth doing. The charter invoice value of this trip was 9900 euros.
For this year , I have my 2 weeks high season booked on a Lagoon 380
out of Athens in July (8772 euros) , and am juggling a few ideas for the short notice and low season weeks. Thinking about Thailand
next month. Thinking about taking pot luck on a short notice week or two somewhere in Greece in June. To be honest I am finding it a challenge using up all of my allowances, especially if you live in Perth where it is a minimum of 2 flights to get to any DYC base. And your family
have other work
commitments that restrict their time available. However it’s not a challenge I mind having. I’ll give it a good crack and if I don’t use all the weeks up so be it.
Others have said on here that it might work
out if only you would have chartered for 6 weeks a year anyway, but I tend to disagree. Would I have chartered for 6 weeks a year for 5 years in a row if I hadn’t signed up for this? No I wouldn’t have, because my budget
for sailing holidays doesn’t run to that much money. The result of having the 6 weeks a year on a ‘use it or lose it’ basis is actually that it will force me to go on more sailing holidays to more places than I otherwise would have, for a lot less money.
Would I have chartered for 6 weeks in Greece in 2018? Maybe, that was what started this whole thing off, but that would have been a one off.
Would I have paid 9900 euros for 9 days on a Lagoon 400
in Thailand with only my 15 yr old son and one of his mates on board? Not on your life! But for free and I’ll take it, and that’s a trip with my son I wouldn’t otherwise have had, that we’ll both remember.
I probably won’t end up using the full 6 weeks every year, but the success or otherwise of this for me doesn’t rely on using up every available week.
Since I intended to keep a financial record
of the whole thing as well as the charters, total charter value of all charters booked to date ; 52340 euros.
In summary, so far this thing works for me. It might not for other circumstances, but it does for mine. And now excuse me but I’ve got to get back to planning the next trip….