Buying in Greece

[Guest]

We are thinking of the option of buying a 34 foot Bavaria which the company use for charter over a five year period. We get a month a year charter and the full ownership after five years.
This slots in nicely with retirement plans.
Anyone doing/done this and comments welcome?
It is all too easy to just see blue seas and miss the pitfalls.

 

[billmacfarlane]

Even though a charter boat has had above average maintenance , it doesn't prevent things wearing out. Items such as the engine , sails , rigging , upholstery might need replacing as they will have had the equivalent of about 20 years normal usage. What price does a 5 year old charter boat fetch on the open market compared to a 5 year old private boat ? Add to that the price of the above replacements and you'll see if it's financially viable.

 

[dk]

Just charter one out for a week and take a look at how the others are treated - then you might well change your mind!

 

[robp]

Whilst the charter fleets obviously show that people try this scheme, I have not actually met a yachstman that advocates it. I think it unlikely that you will want to keep the yacht that becomes yours in five years. Add to that, the fact that it will probably be worth around 70% of the going price of a privately owned equivalent, you might not have gained much.

The only way I can look at the high investment I made, is to realise that I will get a large chunk, if not all, back when (if) I sell it. (Apart from the absolute pleasure of it).

Good luck with your decision.

 

[Guest]

Hi,

Say you bought a new Bavari for, say, £70k. The interest you would receive if you put the money in a building society would be around £3.5k pa and the depreciation would probably work out at 30% over 5 years.

So, over a 5 year period you have spent/lost 17,500 in interest and 21000 in depreciation. Seems to me that for 38,500 you could get a lot of sailing without buying a yacht and have a fair bit of change. Maybe a yacht share would be a better option or buy an elderly boat to make your mistakes with and then go out and buy a decent second hand cruiser.

Regards


Fred

 

[stevecoleman]

Has any body got anything positive to say about buying a new charter boat. We are thinking of doing the same and it would be good to see both sides of the discussion.

 

[zefender]

I've considered the 5 year deals in the past and opted for buying myself instead. But I should say that I've also spoken to 'happy customers' of the 5 year deals. The things I would consider are:

On the positive side:
1,VAT - you may be able to shave quite a lot of the boat price if you were to buy it yourself.
2, Many of the charter companies you heavy spec kit (i.e. winches) to cope with the (mis)use they will encounter.
3, You get a holiday once a year. Add up the equivalent of, say a two week charter in Greece every year and multiply this by 5.
4, The price you pay for the 5 year 'delay' is normally half the cost of the new boat if bought just for your own use. You need to get some real examples from the company of recent selling prices to get a fix on depreciation rates.
5, The boat is insured and maintained for you throughout the period.

Against going this route:

1, Charter boats get a hell of a battering. There is often nothing fundamentally wrong with them after a few years but they look very, very tired and weary. In the 34' class, they may be even more bashed since this size is frequently used by villa/flotilla/learn to sail novices.
2, Especially in Greece, many flotilla boats are not very well maintained at all. They work on less than 24 hours turnaround and so accumulate a long list of sometimes minor, sometimes major faults. You need to bear in mind that in Greece, they will have used their engine a great deal. It might even need replacing if the maintanance has been poor.
3, You'll never have the feeling that you really 'own' a boat, until after the 5 years. The chances of being allocated it for your trips are remote.

I think I would be inclined to look at these deals with a very objective accounting head and work out what you are (all considered) actually saving in the long run. The danger is that the heart tends to dominate.

Best of luck - but it's your decision, based on your own particular circumstances.

 

[Guest]

I'm afraid I can't match z's balanced posting.

We've just (yesterday) come back from the Ionian, where (perhaps?) the boat will be based.

1) I rescued two boats from grounding up the beach. Not massive peril, but it was in the same afternoon.

2) the boat will be "swept" of gear, leaving only the necassary. Forget absolutley any idea of twiddling or adding personal touches or leaving your own stuff on board, tho you wil be able to store extra gear in a storage place.

3) five years is a long timebefore you finally take possesion of what will then be quite an old boat. Were your plans the same five years ago? Take a look at some of the "lead" boats of sunsail - they are five years old.

4) you will end up with a boat, but not a gleaming one. I was horrified at the number of empty Cif (jif) containers at a charter base, and the stuff simply cleans by grinding off the shiny gelcoat.

 

[billskip]

I know its a bit late to answer..but hope you are still looking at this posting..

I bought my boat in greece and can answer most of your questions..many people buy the way you are considering ..and I meet them when they are trying to sell..My thoughts are to buy a 5yr old ex charter in greece and keep it there .iI pay 600pstg per yr In and out and storage for a 47ft loa ..you can contact me by e-mail ... billskip@hotmail.com