What was your first boat and how did you pay for it?

RutgersAl

Member
Jun 16, 2020
65
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Boatless
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Do you think it’s better to pay $20K cash and get a used 10 year old 19-21 footer or is it better to get a 10 year old 30-34 footer cruiser and putting 20K down, but having a note of about $100K with a payment of at least $650 a month, depending on interest rate? Then there are slip fees and general maintenance to worry about. Would appreciate any feedback.
 
there is a big difference in a 20' boat vs a 30-34 boat. i think you need to ask yourself
how you are going to use it.
 
there is a big difference in a 20' boat vs a 30-34 boat. i think you need to ask yourself
how you are going to use it.

I’ve rented 19-21 footers a number of times, but felt like I was piloting a bathtub, and would prefer bigger. But I’m also trying to determine what my purse can comfortably absorb.

I would probably make more use of the 30-34’ footer due to its increased utility. More use entertaining friends and perhaps spending a weekend night onboard.
 
then no doubt buy the bigger boat if your budget can handle payments and boat owner
expenses.
 
I probably wouldn't recommend taking financial advice from an online forum. Before I bought my first "big boat" I built up a couple budget scenarios to see how comfortable I was with the investment while also still being able to live life outside of boating. My budget included not only the boat payment but marina fees (summer and winter), fuel, insurance, maintenance (which can vary wildly) and beer.

I don't necessarily think bigger boats are subtantially more costly to maintain, especially for DIYers. But parking and storing bigger boats...well that is definitely more expensive the bigger you go.
 
Ohh and how you pay for it - well I am probably an anomaly around here. I've financed every boat I've ever owned. The prototypical yachtsmen, however, will likely tell you that you have no business getting into boating unless you're paying 100% cash for everything :)
 
I probably wouldn't recommend taking financial advice from an online forum. Before I bought my first "big boat" I built up a couple budget scenarios to see how comfortable I was with the investment while also still being able to live life outside of boating. My budget included not only the boat payment but marina fees (summer and winter), fuel, insurance, maintenance (which can vary wildly) and beer.

I don't necessarily think bigger boats are subtantially more costly to maintain, especially for DIYers. But parking and storing bigger boats...well that is definitely more expensive the bigger you go.
“and beer” The most important additive. Without it everything else is useless.
 
Al, why you jumping from 21 to 30+. Right over the most popular range 25 - 28? Big enough for family of 4, reasonably cheap, lots of used choices, economical (relatively).
 
@Stee6043 im with you. I’ve financed both of our boats, the 290 about 50% and the 410 about 60%. I am diligent in budgeting, account for every expense with overages and unknowns, and ensure as much as possible that we’ll never be underwater on the loan.

I have to bite my tongue on Facebook all the time when people say “if you can’t pay cash you just can’t afford it”. While maybe that’s the case for some, it couldn’t be less true for us.

to the OP - look at LightStream financial if you have good credit. It’s an unsecured loan with aggressive rates and allows you to function as a cash buyer.
 
We financed via HELOC, but are paying it off in seven years (about 2 to go!). I would feel comfortable with a 10 year schedule, but your 100k at 650$ month is a 20 year. @Stee6043, do you always do 20 year, or something less, like 10?
Expenses for 2020 on our 2007 320:
6500$/year storage
4400$/year gas
1400$/year insurance
800$/year visits to other marinas
1800 misc, 900 Bimini shade, 100 BoatUS tow, 200 new steering wheel, etc
6000$ maint/repairs (includes 1k annual + hose repair, 1k compound/polish/wax/detail entire boat, 1k new fridge, 240 Gen repair, 800 fiberglass repair, 700 new hatch lifts, 139 toilet maintenance duckbills, pump, ball kit, etc)

Stuff adds up quick...
 
Just my opinion.

The boating market last year was robust. Brokers were selling left and right.

Don’t look for that much longer. Fuel prices are rapidly increasing, insurance is climbing. Basically the outlook is for a declining economy.

Most of those boats purchased last year, the allure will wain quickly. The market is about to be flooded with boats as people start dumping them. People will soon find out they will not get out of their new boats what they paid, nowhere close. Many will be upside down.

If you still want to buy, be patient. But also don’t get in to a boat with more than you’re willing to lose.
 
@Stee6043 im with you. I’ve financed both of our boats, the 290 about 50% and the 410 about 60%. I am diligent in budgeting, account for every expense with overages and unknowns, and ensure as much as possible that we’ll never be underwater on the loan.

I have to bite my tongue on Facebook all the time when people say “if you can’t pay cash you just can’t afford it”. While maybe that’s the case for some, it couldn’t be less true for us.

to the OP - look at LightStream financial if you have good credit. It’s an unsecured loan with aggressive rates and allows you to function as a cash buyer.
2nd the motion on Lightstream!
 
Just my opinion.

The boating market last year was robust. Brokers were selling left and right.

Don’t look for that much longer. Fuel prices are rapidly increasing, insurance is climbing. Basically the outlook is for a declining economy.

Most of those boats purchased last year, the allure will wain quickly. The market is about to be flooded with boats as people start dumping them. People will soon find out they will not get out of their new boats what they paid, nowhere close. Many will be upside down.

If you still want to buy, be patient. But also don’t get in to a boat with more than you’re willing to lose.
OH HELL YES! Right on point.
 
Play now pay later can get you in trouble if you all of a sudden can not pay. With the world as it is now how secure is your source of income for the next 10 years. Selling your boat for what you paid for it is probably not going to happen especially if a lot of others are selling at the same time.
 
We financed via HELOC, but are paying it off in seven years (about 2 to go!). I would feel comfortable with a 10 year schedule, but your 100k at 650$ month is a 20 year. @Stee6043, do you always do 20 year, or something less, like 10?
Expenses for 2020 on our 2007 320:
6500$/year storage
4400$/year gas
1400$/year insurance
800$/year visits to other marinas
1800 misc, 900 Bimini shade, 100 BoatUS tow, 200 new steering wheel, etc
6000$ maint/repairs (includes 1k annual + hose repair, 1k compound/polish/wax/detail entire boat, 1k new fridge, 240 Gen repair, 800 fiberglass repair, 700 new hatch lifts, 139 toilet maintenance duckbills, pump, ball kit, etc)

Stuff adds up quick...

we did a 7 year on the 410
 
Captain Ron, loved that movie! Notice how the eye patch moves from eye to eye thru the movie?

In my previous career everyone kept calling me Capt Ron because of my position, and my first name in fact being Ron.

And yes, the movie was excellent.
 
Just my opinion.

The boating market last year was robust. Brokers were selling left and right.

Don’t look for that much longer. Fuel prices are rapidly increasing, insurance is climbing. Basically the outlook is for a declining economy.

Most of those boats purchased last year, the allure will wain quickly. The market is about to be flooded with boats as people start dumping them. People will soon find out they will not get out of their new boats what they paid, nowhere close. Many will be upside down.

If you still want to buy, be patient. But also don’t get in to a boat with more than you’re willing to lose.
As someone who has been looking for a while, I hope you're right. It's ridiculous these days.
 

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