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

b_arrington said:
His question is really hard to answer by anyone but himself.

I interpreted the question as this:
  • Option 1: should I buy a boat that may be too small for my likely needs because I can pay cash;
  • or Option 2: buy a bigger boat that would be better suited to my boating goals, but have to finance it for $XX.

If you're in the "I only pay cash" camp, the likely answer is option 1. But that begs the question if one should purchase a sub-optimal product.

Option 2 seems better from a functional POV, but only the OP can answer if that cost fits his budget.

Directly to the OP's question, this is my boat buying experience.
  • Boat 1: 22 ft sailboat. My dad and I had sailed it together and he it gave it to me. My wife hated sailing...at least on that boat.
  • Boat 2: 14 year old Larson Hampton 22. Bought from a relative. Paid cash. Got a bit small for a newborn.
  • Boat 3: 2006 Sea Ray 270 Amberjack. Bought new. Financed. Paid off early. Got small with a teen/preteen.
  • Boat 4: 2018 Back Cove 34. Bought new. Financed. Sold. Wanted something bigger.
  • Boat 4: 2019 Back Cove 37. Bought used. Financed. Picking it up soon!
Click to expand...

Option 3: Wait till you have the cash to get what you want and that fits your needs.
I may catch a bit of hell for this but no one needs a boat today if its just for recreational purposes.

"Buy your second boat first", I believe is the saying So I would throw option 1 right out the door if the only reason that option is on the table is because you can pay cash for it. Don't buy a 'sub optimal' boat. In a couple years (if not sooner) you will be rethinking it.

Can the OP handle a financial hiccup in his life? If so, yep financing could be the way to go.
 
I was 19 years old and a new enlisted member of the USAF when I arrived at my first base. We had to go through training about managing our finances during in processing. I can still see and hear the old Master Sergeant yelling at me “NEVER FINANCE YOUR TOYS!” :D
With that mantra in place, our first boat was a 19’ Galaxy Tri-Hull ski. We lost it in a 2003 wildfire and moved up to a 21’ Ebbtide. Yes some of our friends financed the big Eliminator, Fountain etc “muscle boats” even running up their credit cards to pay for fuel for the twin big blocks. I think we had just as much fun at a fraction of the cost and never had an issue if the boat sat unused. It was also nice to be called into service to tow the aforementioned “muscle boat” back to the marina when it broke down. :)
 
northshore said:
Option 3: Wait till you have the cash to get what you want and that fits your needs.
I may catch a bit of hell for this but no one needs a boat today if its just for recreational purposes.

"Buy your second boat first", I believe is the saying So I would throw option 1 right out the door if the only reason that option is on the table is because you can pay cash for it. Don't buy a 'sub optimal' boat. In a couple years (if not sooner) you will be rethinking it.

Can the OP handle a financial hiccup in his life? If so, yep financing could be the way to go.
Click to expand...

I can say with zero hesitation that my wife and kids would not enjoy boating nearly as much as they do on a boat I could have paid cash for :). We're on it every single weekend, May-October, as a family with electronics (mostly) turned off. This year will be our seventh season doing it as a family. My youngest was six months old when we setup our first pack-n-play in the walkway of our 340 Sundancer! Our boat neighbors thought we were crazy.

My kids will quickly be old enough where it isn't so "cool" to be hanging out with the parents every weekend. I would have DEEP regrets had I waited to get the bigger boat until I could pay for it in full. As it is, these are the best summers of our lives. I regularly thank my very friendly loan officer at the credit union for making it all happen :)
 
RutgersAl said:
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.
Click to expand...
Just buy what you want... you will never buy your second boat first...if you think you did your 3rd boat will be your second. We bought a new boat before a house and kids and had a boat in our life ever since. You will always make more money as you grow older so don’t worry about it...just enjoy life
 
<sarcasm>

Life will always be sunshine, rainbows and puppies!
So go out and get a boat that puts you right on the verge of bankruptcy if something goes wrong in your life!
But that will never happen because:
Layoffs don't happen.
Market corrections don't happen.
Global pandemics don't happen.
Companies never get bought out.
Kids don't get sick.
Parents don't get sick
Spouses dont get hurt at work and lose their jobs.

Bad things just don't happen.

</sarcasm>

Remember all the people crying "Predatory Lending!" back in the late 2000's?
Yes, those same ones that willingly signed mortgage papers that effectively consumed 80% of their income.
If you plan on taking on debt for a toy, be honest with yourself about what you can afford and have a grip on reality before you do.
 
northshore said:
<sarcasm>

Life will always be sunshine, rainbows and puppies!
So go out and get a boat that puts you right on the verge of bankruptcy if something goes wrong in your life!
But that will never happen because:
Layoffs don't happen.
Market corrections don't happen.
Global pandemics don't happen.
Companies never get bought out.
Kids don't get sick.
Parents don't get sick
Spouses dont get hurt at work and lose their jobs.

Bad things just don't happen.

</sarcasm>

Remember all the people crying "Predatory Lending!" back in the late 2000's?
Yes, those same ones that willingly signed mortgage papers that effectively consumed 80% of their income.
If you plan on taking on debt for a toy, be honest with yourself about what you can afford and have a grip on reality before you do.
Click to expand...
Why do I feel like crying in despair and looking for a hole to crawl into ?
and you left out cancer...never leave out cancer
 
Blueone said:
Why do I feel like crying in despair and looking for a hole to crawl into ?
and you left out cancer...never leave out cancer
Click to expand...

My bad - but you should be happy! As a resident of fantasy land you don't have to worry about it!
That possibility is just for the rest of us that are stuck in reality.
 
northshore said:
<sarcasm>

Life will always be sunshine, rainbows and puppies!
So go out and get a boat that puts you right on the verge of bankruptcy if something goes wrong in your life!
But that will never happen because:
Layoffs don't happen.
Market corrections don't happen.
Global pandemics don't happen.
Companies never get bought out.
Kids don't get sick.
Parents don't get sick
Spouses dont get hurt at work and lose their jobs.

Bad things just don't happen.

</sarcasm>

Remember all the people crying "Predatory Lending!" back in the late 2000's?
Yes, those same ones that willingly signed mortgage papers that effectively consumed 80% of their income.
If you plan on taking on debt for a toy, be honest with yourself about what you can afford and have a grip on reality before you do.
Click to expand...

God invented banks so I could have more fun in my life at a low low interest rate of 2.75%. I'm keeping bankers employed, thank you very much. They need us...now more than ever.
 
I have financed every boat I've owned... paid the last two off early.
 
I don't give a crap how others spend money, or how they do it.

Every boat I've owned I paid cash for, but hey, if others wish to finance, that's their prerogative.

There's going to be a buyers market coming up shortly. I've already watched four boats sold last summer make their way back to the sales dock recently, and there they sit. I guarantee by summer the sales docks will have excess inventory.
 
Tell me how big a boat I should buy...should I pay cash or borrow?....if I pay cash it won't be costing me anything....if I pay cash I won't be forced to actually use it but if I borrow I must....don't be upside down, don't be upside down....if I pay cash then I won't feel guilty....

There's some weird stuff in this thread:rolleyes:
 
Woody said:
Tell me how big a boat I should buy...should I pay cash or borrow?....if I pay cash it won't be costing me anything....if I pay cash I won't be forced to actually use it but if I borrow I must....don't be upside down, don't be upside down....if I pay cash then I won't feel guilty....

There's some weird stuff in this thread:rolleyes:
Click to expand...
Its not weird....its a fairy land...or reality... you get to pick
 
Blueone said:
Its not weird....its a fairy land...or reality... you get to pick
Click to expand...
Ya but....if I live in the south boating year around and put on 100hrs vs living in the north putting on 100hrs in 4 months. Wouldn't I feel guiltier in the south for only using my boat 100hrs even though I paid cash?
 
Woody said:
Ya but....if I live in the south boating year around and put on 100hrs vs living in the north putting on 100hrs in 4 months. Wouldn't I feel guiltier in the south for only using my boat 100hrs even though I paid cash?
Click to expand...
Well its not that simple...were you run over by a forklift at work?....or were you flying around on your private jet ?.. if you were mangled by a forklift you should have paid cash for the boat... If jet setting always finance... reality 101... guilt never in the equation
 
My first boat...bought it brand new in 88..financed the crap out of it, living with my current wife in a expensive rental apartment. Bought a brand new Jimmy to pull it....had the time of our lives
saw the boat up in the Muskoka's in Canada a few years ago....couldn't believe it

Above shoot_0345.JPG
 
Here is mine. Its a Cadorette. It was one of the companies that merged when Cadorette and Thundercraft were bought by Doral. It was a great little cuddy cabin. Had a lot of fun with it when the two kids were very young.

I bought it in 1997 for $8,900 cash and sold it in 2004 for $8,900. I am in the camp of "Don't finance your toys". Every boat I have owned I have paid cash for and always will. That said, there is no way for interest to be deductible on boats (or homes) in Canada.
PICTS2 (56).JPG
 
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