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.

 

“and beer” The most important additive. Without it everything else is useless.

 

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

 

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).

 

the 25-28’ is similar to the 21’ example, in which I can pay cash. Also considering that size.

 

@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.

 

@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!

 

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 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

 

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.

 

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.

 

10k boat
<$200 month payment
$600 gas
$1600 storage
$350 insurance
$1500 maintenance
Ya, I’ll be floating when a lot are cryin why that boat ain’t sellin for $500k
‘with age comes wisdom’

 

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.

 

I like buying older boat that I can pay cash for. I never wanted to be in the situation saying "we have to use the boat because we are still paying for it." With cash it sits there available when I want it and there is not ongoing expense other than slips/storage, fuel, and a little maintenance.

 

OMG Golf, so agree. As I said up thread, we know our limitation, if we don’t want go out, no prob, I love our boat, it’s really nice, but it’s cheap enough that if it’s hot as fk in early august and I’d rather sit in cold bar with cold beer I don’t feel guilty. It’s a toy not an obligation. And that prospective is what makes it fun.

 

Hell, I have more fun on a weekday morn in the zodiac on the river with the herons, peaceful and best memories.

 

Last august, going down river in zodiac early weekday morn just after sunrise, floating deer head, just the head, with fishing line and bobbers wrapped around antlers. Pulled up next to it WTF! Strange, ghostly, still can’t explain it, but memorable.

 

So back to original question, first boat was a nice authentic Canadian Indian canoe, sold my daughter to an Iroquois chief. The wife to a Huron warrior. And some beads. Hey! Don’t judge me, times were tough.

 

Irrespective of the financial consideration, world of difference between those choices.

I agree with others about examine what you want to do with a boat then start working the finances for your situation.

 

You may well have asked, which is better, an Orange or a pair of pliers. Start by deciding how you intend to use the boat. Then decide how big that boat needs to be to provide for that usage. Only then, start looking at the financial side of things.

Personally, I'm one of those "cash or I don't need it" guys, at least when it comes to recreational expenditures.

 

Personally, I'm one of those "cash or I don't need it" guys, at least when it comes to recreational expenditures.

What he said.
I have a hard time mentally with going in to debt for toys.

 

It's just so random, the financing discussions. I personally think it comes off as a bit disingenuous to say "I only pay cash for my toys", even if/when you chose to do so. I generally default to interpreting those posts as meaning 1.) you want to make it quite clear that you have more money than I and 2.) You would also like me to know that you're better at managing your money than I. Neither of which is substantiated within these fun posts

Financing "the things you want" and fiscal acuity are not mutually exclusive.

 

This is a fair interpretation.

The best-managed businesses in the world borrow money for investments AND operations all the time. They make an evaluation on the cost of money, ROI, and sales. I'd say most capital investments are NOT cash purchases. Individuals can do the same.

 

Sorry, fellas, I was speaking more in general. I wasn't trying to ruffle feathers. The topic of financing seems to come up about once a quarter. Not just this thread, for sure.

My first post lamenting the impending yachtsmen "cash only" comment was based on my prior experience that 100% of the posts addressing financing are accompanied by one or more members suggesting cash is the only way to pay for toys. Nailed it!

And hey, for fear of being called a hypocrite I would like the record to show I did pay cash for a boat a few years back. She was a brand new, still smelled of the showroom floor, Zodiak Cadet 310. And a matching 3.5hp Tohatsu to really up the wow factor.

 

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!”
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.

 

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

 

I'll punch out with a final critique of your stellar post.

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.

Ok, so the analogy behind buying your second boat first is lost on you (shocked face). Kinda amazing considering how long you've been on this board.

You will always make more money as you grow older so don’t worry about it...just enjoy life

Just love this. Power dumb.

Peace out - and remember to find someone to help you put the plug in when you launch!

 

<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.

 

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

 

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.

 

I hope you're right. Trying to find a decent boat in this market sucks. My cheapness doesn't help.

 

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

 

Its not weird....its a fairy land...or reality... you get to pick