My wife and I have considered buying a catamaran and putting it into a bareboat program. This seems like an economical way to make sure that I have a boat available to me (paid off) when I retire in 5 years.
What would you recommend?
Sincerely Yours, J. Mitchell (Mitch) Patridge, Jr.
Hi Mitch: I have no direct experience with these charter-to-own programs. However, I’ve talked with several folks who said that at the end of the program it cost so much money to get their boat into cruisable condition that the economics did not work out for them.
On the other hand, a lot of people are doing this, so there may be something more to the equation.
Before going into one of these programs I’d do a couple of things. First, talk to eight or ten owners who had been through the complete cycle to the point where they’d gotten their boats back, and see what their experience has been.
Second, look carefully at the used charter boat program and check on the net selling (not asking) prices and condition.
Let us know what you find. Regards–Steve