New vs. Used?

[ccarver80]

Whats everyones opinions on buying a boat brand new vs a used one?

I was looking at the financing of a new one in a mall and it was only $200/month which I didn't think was bad until I saw the 180 months part... that's 15 years!

I've been debating this for a while now, if it would be better to buy a 9-10k used boat outright or use that money on a down payment for a brand new boat

 

[firstcatch]

That is easy to me. I have owned a boat for over 20 years and never bought one new. The key to me is to buy a quality hull with newer engines.
If you follow this path, if you go to sell your boat in a few years, you will recoup much of your money.

 

[roffey]

I have owned three boats. The first two were used and I had nothing but problems. I will be the first to admit I did not know enough about used boats and what to look for and what to check. My last boat was brand new and my first payment was my last payment. This boat will likely be my last one or so my wife tells me. I really think it depends on your bank account. You can argue a boat will last many years if taken care of so borrowed money is well invested in memories. A boat is a luxury play toy, should you borrow money for it? You would hate to see a boat sit in the driveway because you don't have the cash for gas. Only you know the answer.

 

[ccarver80]

I like the theory of brand new, and some companies like tracker offer a nice warranty on there boats. Like you said I would hate to buy a used one and be out on a lake and have the engine go up in smoke cuz the guy before me didn't take care of it even though he claimed to have it serviced every three months ! Haha I looked up insurance on a brand new boat and really was suprised! 30-40/month thru progressive! And it included a towing and maintenance package!!

Just need to convince the wife (who's an accountant and monitors the bank account like a hawk) that we need to free up some money somewhere!

Our first son is going to be born in less than 4 weeks so right now things are hectic and crazy... but before he's old enough I vow we will have a brand new boat in the driveway and he's gonna be my little fishing buddy!!!

 

[airshot]

Depreciation is so great that I can afford to replace the entire engine and outdrive and pay to have someone do it for less money on a used boat then the loss I would take on a new boat over the first 5 years. I have only purchased one new boat in my life, learned my lesson and went with used ever after. With that said...
I do know how to look for used boats and not afraid to pay a professional to get their opinion especially when they have a warranty with their inspection. For this same reason, I have not bought a new car in the past 30 yrs. I buy cars with 60-70,000 miles on them at less then half the cost of new and drive them for 5-6 yrs and have never put enough in maintaince and repairs to even come close to what I would have lost in depreciation on a new car!

 

[batman99]

I bought used ($6K). Anything lower price is junk in my woods. Anything higher price was outside my budget limit. Unlike many folks, I wanted to pay cash. No financing.

Afterwards, glad I paid for "used". First week, my one kid dropped some gear and ripped the rear passenger seat surface. My other kid stepped on silicone and got "gum like" stuff all over its rug. Ya. Still exists 5 years later. I accidently bounced it off the dock and boat lift a few times. Got the hull marks to show it. Accidently ran on rock beach a few times. Since then, keel guard is its best friend. And, I forgot to raise its motor before driving up its ramp. Another ouch! Being my first boat, I'm glad I bought used. Making "lesson learned" marks in a brand new boat would have brought tears to my eyes. If wondering, my next boat (inboard 4.3L) will be used as well. Especially since I'm a DIY type person and battle scare usage marks are normal.

ccarver80 I just read your second post - about having a baby soon. Having 3 kids of my own, I can tell you 1st hand that kids don't care if you drive a new or used vehicle. They don't care if you drive a new our used boat either. Buy used and take saved dollars to put into their future education fund. Investing into them (their future education) is much more important than having a shinny new boat (to show off to your buddies). Your future kid would rather have something they don't need to worry about scratching or accidently hooking fish hooks into it. Something to think about....

 

[dingbat]

It all depends on the boat. Like everything, quality and desirability play a big roll in depreciation. A price point, starter boat will depreciate at a much higher rate than a quality boat with a good reputation. Some highly desirable boats will hold their value quite well. I can sell mine today for darn near what I paid for it 20 years ago.

 

[JoshOnt]

It depends I would say, do you know how to check out a boat well, willing to pay for a professional to look it over. Do you want to have the down time for a used one being in the shop likely more often than a new one. Then the biggest if of them all, budget and style of boat. Can you afford a new one outright? If not then maybe buy something you will be happy with for 5 years and save and invest the money you would otherwise spend on the new boat and then take what you have earned after 5 years and put a bigger down payment on the boat or buy it outright.

 

[H20Rat]

never buy a new boat... Unless price is of no concern, let someone else take the depreciation hit.

 

[keninaz]

Owned many boats but the only new ones I ever bought were small and if I took a loan it was short term and I paid it off quickly.
I think you will find that unlike a car boats cost more to finance, period.
Buying used is fine if you know what you are looking at. Motors of course can get really expensive.
I have run into many boats out there with very little use on them that can be bought reasonably in the recent past.
But I would highly recommend that you have the motor/outdrive inspected as required before you purchase any used boat unless you are buying from a dealer than is giving you a good warranty with it.

 

[WIMUSKY]

never buy a new boat... Unless price is of no concern, let someone else take the depreciation hit.

I agree. There are used boats out there that are barely used and look/run like they're new for 1/2 the price....... Financing a boat for 15yrs? No thanks. I would finance a car for that 1st that I use year round. And I still wouldn't do it. Not that they'll let us.....

 

[keninaz]

Keep in mind also that a used boat will have even shorter terms for financing and will not be as good as new boats.
And cash for used boats can be hard to come by depending on your situation.
I am retired and really hated to give up $3500 for a new 20 HP motor for my boat recently. But when you have to have it what the hell! I could not find a reasonably priced late model motor with the options I wanted.

 

[thumpar]

I would go used. Depending on what you are looking at you could lose 20% just by signing the papers. I have never owned a new vehicle for the same reason. Cash outright is best.

 

[ccarver80]

All very good points ! I really like the point batman99 pointed out with kids and the chaos they can create sometimes. .. maybe a used boat is the best way to go!

 

[thumpar]

All very good points ! I really like the point batman99 pointed out with kids and the chaos they can create sometimes. .. maybe a used boat is the best way to go!

And the point about them not caring if it is new or used. All they will remember is that they went boating with dad.

 

[keninaz]

Just remember, once you get out on a big lake or open water having a warranty doesn't mean much if you have a problem anyway.
Over the years I cannot tell you how many people I have towed in for one reason or another. Only been towed once myself, by the CG, for about a mile. The I/O motor blew on me about that far from the dock on a very old boat that I had.

 

[roffey]

I believe here in Canada it is law, if you see a stranded boater you have to tow them in.

 

[thumpar]

I believe here in Canada it is law, if you see a stranded boater you have to tow them in.

I always offer if a boat looks like it is in distress.

 

[bruceb58]

I bought my 1998 boat in 2002 for half of what the original owner paid for it in 1999. He paid $42K...I bought it for close to $20K. Had 75 hours on it and a 5 year warranty.

Do not finance toys!

 

[eddie haskell]

Cash is king......

If you have to finance a boat, unless its a yacht and you have GREAT cash flow that won't end, then you are tossing your money away.
Buy the most boat you can pay cash for. Do your homework, and learn about all its systems BEFORE you buy.
Not only will this knowledge greatly enhance your boating experience, it will also prove to help keep a sound financial household, which should trump ( not the Donald ) any families priorities.....