What are your guys thoughts on time sharing of boats?

[Boatshare]

Hey guys,

I'm new to boat ownership (in fact, looking to buy my first) and I've been looking into time sharing of a cabin cruiser in the price range of $200 to $250K but all i can find is for way pricier yachts, which I can't afford. Is time sharing a thing in the boating world at these price ranges? anyone's got some info?

And if not, what do you guys think about this idea?

Thanks,
David

 

[oldjeep]

Probably better off either renting when you want to use one or joining a boat rental club either as an owner or renter - although I can't imaging renting out even my 60K boat even with a massive insurance policy..

 

[roffey]

My biggest problem is up keep, what I consider a must do may not be what you think should be fixed or replaced. Keeping that same thought fixing may be cheaper then replacing but what is better. A little dock rash may not be a problem for some but others (me included) would buff, polish and clean from top to bottom.

 

[muskyfins]

Where did that stain come from?
I left it with a full tank of fuel.
That scratch/chip/dent wasn't there last week.
If you want to pay the marina to replace the sea water impellers (boats this size probably has twins), go ahead, but I think they'll make it another year.
What do you mean you're a little short for the insurance/slip rental/boat payment this month?
Why is the holding tank always full.
etc
etc
etc

 

[muskyfins]

Hey guys,

I'm new to boat ownership (in fact, looking to buy my first) and I've been looking into time sharing of a cabin cruiser in the price range of $200 to $250K but all i can find is for way pricier yachts, which I can't afford. Is time sharing a thing in the boating world at these price ranges? anyone's got some info?

And if not, what do you guys think about this idea?

Thanks,
David

Here's my $.02 I'll make some assumptions based on your post.

It seems like at a 25% share, you're in the $50-60K range. You indicate this is your first boat. So, I'm thinking something in the 24-28 foot range? Pretty big for a first time boat IMO. You would have then a 1/4 share of the cost of ownership. Based on my experience on Lake Michigan, costs on a good condition boat would be something like this:

Slip-$2500
Off season storage-$1500
Winterization-$500
Summerization-$500
Tags/registrations-$250/year
Insurance-$500/year
Misc-$500/year
Total-$6250/year
Your share-$1562/year

This doesn't include the fuel you'd use since you'd be paying for that in either scenario.

So, in a 3 year ownership period, you'd be $14,064 MORE than in a time share situation. ($6250-$1562=$4688 x 3 years = $14,064). If you subtract that from the high end of your range, you come to about $45,000 for boat and taxes. There are some very nice boats in that size and price range. This would give you the opportunity to own the boat yourself, learn if boat ownership is for you, and feel much less pain if a $45,000 hits the dock instead of a $250k boat.

Just my opinion and only worth about double what you paid for it.

 

[Bondo]

Hey guys,

I'm new to boat ownership (in fact, looking to buy my first) and I've been looking into time sharing of a cabin cruiser in the price range of $200 to $250K but all i can find is for way pricier yachts, which I can't afford. Is time sharing a thing in the boating world at these price ranges? anyone's got some info?

And if not, what do you guys think about this idea?

Thanks,
David

Ayuh,.... I'd rather time-share the Wife, than the Boat,........

 

[thumpar]

I don't even let the wife drive the boat. Since it is a first boat you may want to start small. Boating is not something you jump into with the most expensive thing you can find. I have watched the guys that just bought the $150k Mastercraft at the ramp.

 

[redneck joe]

Ayuh,.... I'd rather time-share the Wife, than the Boat,........

I wouldn't do that to a stranger - or a friend....




only one person in this world I would consider that with and he is essentially my brother. Trust him enough to currently carry a $10k car note for him. Anyone else known to me and especially if not - no way. Even the boaters that I know take care of their boats.

 

[tpenfield]

Hey guys,

I'm new to boat ownership (in fact, looking to buy my first) and I've been looking into time sharing of a cabin cruiser in the price range of $200 to $250K but all i can find is for way pricier yachts, which I can't afford. Is time sharing a thing in the boating world at these price ranges? anyone's got some info?

And if not, what do you guys think about this idea?

Thanks,
David

So, David. . . This is a bit unusual first post. Perhaps it would be good to tell us a bit more about yourself and your boating experience, etc. that may help with the responses.

 

[Boatshare]

Hey guys, thanks for the replies so far!

It seems like fractional ownership/time share is a bad idea in your opinions. I only thought of it because this is a thing for vacation homes all over the world. But i guess a boat is much more personal than a vacation home? I don't know here...it would make sense to me...but i know way less than you guys.

as for the example above, i guess i'm being greedy but a $200k boat is nicer than a $45k boat and yeah, if the annual variable costs are only $1.5k after sharing with 3 other people, that sounds like a deal to me! haha

as for info about me...i guess it was weird first post? i just couldn't find any info about boat time share in these "lower" ranges that i wasn't quite sure why it wasn't a thing. I just feel like if i get a decent boat, and i know it's going to sit idle most of the time, why don't i share it with someone else in the same situation? as for my experience, not very beyond being passengers in other people's boats and gone on a few fishing trips. i have no idea how to drive a boat or have any knowledge of the rules of the seas...i figure that i'd just learn those as i go? is this a bad idea? i'm someone who grew up mostly inland and too poor to ever had much access to boats but have also fancied one. now that i've earned some money to be able to make that a reality, i'm looking into it more seriously.

thanks again for all of your help! i'll keep looking. so far, it seems like it's wise to settle for a lower price range...

 

[redneck joe]

make good friends with someone that owns a boat and you're good to go. give gas money, show up on time, cook dinners, clean the boat on the last day, bring booze. Don't hit don't the wife.

 

[ziggy]

as for my experience, not very beyond being passengers in other people's boats and gone on a few fishing trips. i have no idea how to drive a boat or have any knowledge of the rules of the seas...i figure that i'd just learn those as i go?

imho, ya need to get involved with united states power squadron or us coast guard aux. in your area. you wouldn't believe how much there is to learn about boating...
ya want an idea of what there is to learn. get the chapmans piloting and seamanship book (maybe at the library, it's and expensive book). it's only 700-800 pages long. it'll give ya an idea of whats involoved with boat ownership and piloting.

myself, i was taught to boat by grandad (at the lake cabin) when i was knee high. been boating ever since. best thing i ever did was get involved with the usps in my area. man did i learn a lot. worse yet, i still got lots to learn...... boating ain't like driving a car. ya mess up while out at sea. yer on your own. and people don't float either...

 

[muskyfins]

I wouldn't exactly consider $45,000 settling. Actually, if the end game is $200K, that's a reasonable first step. I personally wouldn't split time 4 ways for a 4X more expensive boat. And it may be wise to start a bit smaller.

Another thing i forgot to mention earlier-around here boating season is about 16 weeks +/-. Split 4 ways, that's 4 weeks per year of use. For those of us who have to work, that means 4 weekends and maybe a sick day or two. Factor in the weather and suddenly, it's like $10,000 per day of use. (Dammit-broke the cardinal rule of boating-never break down cost per...... :frusty: )

 

[Grub54891]

Case in point. Had a customer who was in partnership with 3 others. We did the needed repairs,everyone paid their share,except the guy who brought it in. Wanted to take the boat,we would not release it to anyone till the bill was paid. Took him 3 weeks to pay up. Not to the delight of his partners,who actually paid,and wanted to use the boat.

 

[GA_Boater]

http://freedomboatclub.com/ seems like what you're looking for. There are many more, just Google boating clubs.

 

[thumpar]

Take a class and then rent a boat. Your first boat will not be the one you keep. As you use it you will find things that you would like in your next boat. I grew up boat in the ocean with my grandpa. He taught me to get in the slip at the marina and safety. I spent some time on a launch boat also. A boat is nothing like a home timeshare.

 

[tpenfield]

Yea, joint ownership can lead to a lot of problems due to the various personalities and human short comings. You do not hear folks saying how great joint ownership was.

Big question . . . who gets Memorial Day? Who gets 4th of July?

As others have said, get some training through the courses mentioned, and it would be best to start with your own smaller boat. As you gain experience, you an decide on how you trade-up to a bigger boat, be it single or joint ownership.

Are we inland or on coastal waters?

 

[smokeonthewater]

45k settling????? I consider 45k for the first venture into something you don't know anything about to be an indicator of DEEP pockets!!

Soooo ur doin ok and have some extra coin to play with and also need to learn... First step is DON'T buy ANY boat yet... Instead join a marina country club. Shouldn't take more than a weekend of hobnobbing and $100 or so of buying drinks to meet SEVERAL people with nice boats.... ALWAYS (if you enjoy the party crowd) keep a couple cases and a bottle in a cooler in the trunk and don't hesitate to toss in a $50 or $100 bill at the gas dock n you'll find ur phone ringing off the hook every time the sun comes out....

Go learn about boating and get in the circle... THEN shop around.... buy a 5 year old 200k boat for 45k

BINGO!

 

[southkogs]

I'm with Smoke ^^^ you've got the cash available to rent / hire a little bit. Look at clubs and dive in that way.

And he's not kidding about buying a $200k boat for $45k five years later. People buy a boat figuring they can afford the $200k price tag ... and then forget about the $20k annual cost of ownership. Kills 'em inside of a few years and the boat is up for sale for a fraction of the original purchase price.

I love the idea of a bigger cruiser, but I know I won't use it enough to justify the expense at this point in my life.

 

[gm280]

I have to admit there were some interesting replies to this thread... rent the wife? WOW. But even though it is not the exact same thing, before I actually purchased my first boat, I rented boats from the Air Base I lived near. And it never ever failed, I'm have to work on the trailers, boats and wiring just to be street legal every time I rented one. Odd how an Air Base didn't have knowledgeable folks that knew anything about standard trailer wiring. Every one, without fail, had the trailer wiring all screwed up. Left or right turn single would run the running lights. Left side turned right side on and things like that IF there were any bulbs there to start with! So I had to replace burn out bulbs and wire those trailers to the standard trailer setup. Seem people that rented them ahead of me either didn't care about the lights or wired them to suit their screwed up vehicles. And then the boat lights were another fix to fish issue too. So as I fixed each, I would never get the same one the second time. It was gone by the time I would get there... All that stated because like some previous posters stated, your idea of everything working properly and somebody else's ideas of working properly probably are two different worlds... I myself could never enter into such a deal. But that IS just my opinion!