Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $30k

[Nobody785]

Hi,

I am trying to figure out if I can afford a boat. I have some money saved up and would like to buy something nice for myself. I have about $30k cash that I'm willing to spend on the boat.

I live in central Texas and we have had drought problems recently, so the lakes have been difficult for recreation; I'm expecting that to change in a few years so I still want a boat. In the meantime there are a few constant level lakes in the area, granted they're more of a drive and a bit more crowded as a result of the others being down.

We had a 21 foot sea ray bow rider when I was kid (purchased new), I loved that boat, spent all my spare time cleaning it and was very disappointed when dad sold the boat (when I was 18). If I could have something like that again, I would love it (30 now).

I like to wakeboard and water ski, although I have done it in years. That would be the primary useage of the boat - aside from just cruising on the lake and finding cool places to swim.

I can probably afford to dedicate $500/month to fuel, shelter, and maintenance on the boat. I would tow it behind my tahoe and leave it in a dry storage area somewhere off the lake. Does this sound manageable? I estimate I would use the boat 30-45 days per year.

Does anyone have a list of brands I should be looking at? Is anything new within my budget, or is looking at something like a used cobalt or sea ray a smart move? Someone is selling a 20ft 1997 WellCraft on craigslist in my area and only asking 9K. The boat looks great in the pictures. Is it worth checking out? Is the inboard/outboard type of drive configuration what I should be looking at in this price range?

Thanks in advance. I don't really know where to start looking or where to begin with my research.

 

[cpenrose]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

You will have absolutely no problem finding a bow rider or something like it for 30k. Almost all small boat manufacturers make bowriders. Here's a list.Bowrider Brands | Discover Boating Grady white and sea hunt make great bowriders with very seaworthy hulls also, but they are a bit pricey.

 

[Thalasso]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

The thing is can you afford the boat after you buy it. Buying it is the cheap part. The maintaining it is what can be costly. Not to be critical but you asked.The old saying is if you have to ask, you can't afford it. Really think about this. How much can you afford in the long run?

 

[cpenrose]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

For example, we bought a 1988 35 foot express a year and a half ago for 12k. We have about 25k into it, just on engine work and some stuff like pumps and lights. If you like them, go for an outboard in my opinion.

 

[Nobody785]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

The thing is can you afford the boat after you buy it. Buying it is the cheap part. The maintaining it is what can be costly. Not to be critical but you asked.The old saying is if you have to ask, you can't afford it. Really think about this. How much can you afford in the long run?

I can afford about $500/mo in total costs including fuel, storage, and maintenance.

 

[bruceb58]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

Since we know nothing about your other finances, can't say if you can afford that amount or not. Do you put 15% of your gross income into retirement? Do you have 6 months of savings after you plunk down the $30K. Do you owe nothing on credit cards?

 

[bajaunderground]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

Nobody,

Welcome to iboats!

I'll give you my insight and you can take from it what you wish?! Others on here will express their opinions, but in the end, that's all they are!?

If you have $30K to spend on a boat, might I suggest spending $10-15K on a nice 10year old bowrider? My thought is that you're gonna make a few mistakes, errors while you're learning the in and outs of boat ownership...beaching, landing, launching, maintenance, just to name a few and it'd be a shame to learn on a nice expensive boat! That amount should get you a nice decent, clean used boat that you won't mind if you get a few scratches on her and learn about proper maintenance and care. Now, there are thousand of post on here where people ask "How To Buy a Boat?" I won't waste yours or other readers time in the how to survey a boat...my only recommendation is to get a survey (worth the money!) and could save you thousands...plus then you'll know what exactly you'll be buying?!

As far as a monthly allowance goes, $500.00 seems pretty high? If you boat 30-45 days/year ($6,000 a year/45days= $133 a day) crunch the numbers, gas, maintenance, rental, insurance, etc...I have no idea what slips/storage fees are in Texas?!

There's a few on here that say things that discourage boaters from purchasing because they are under the impression you have to spend a ton of money without regards to a budget in order to have a boat! Are they costly? Yes! Are they maintenance extensive? Yes! does one have to have unlimited funds to enjoy boating? I hope not?!

When buying:
* Get a survey
* Get a factory Service Manual
* If inboard, buy something that's readily still available for maintenance/service (read: Mercury)
* Find a good marine mechanic and don't scrimp on paying for their services if you're not capable of maintaining the boat yourself

If you buy a sound/safe boat to begin with and keep ahead of the maintenance (religiously) then having a boat is more enjoyable and financial viable...even on a budget!

~Brett

 

[Pez Vela]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

I think you're golden so long as you don't spend the entire $30K on the purchase, and reserve a few thousand for the inevitable surprises which arise when buying used. How much to reserve depends upon your initial assessment of the boat and your expertise (with help) in making that assessment. You may pin down virtually all of the fixed monthly expenses in advance, repairs being the exception. After the internet, the phone becomes your friend ... make some calls. Oh ... and I'd buy a used boat which has already been re-powered with a relatively new outboard motor. You can thank me later.

 

[sasto]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

I can afford about $500/mo in total costs including fuel, storage, and maintenance.

This is the hard part. 500 a month? We wish. Depends......Is she going to be like a household dog or a toy?

 

[dan02gt]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

With that kind of budget I would look at new or lightly used. No need to buy someone else's problems. It sounds like you are looking a bow rider and there are a lot of 19'-20' class boats in the $30k range. Chaparral, Glastron, Four Winns, Stingray, and Searay just to name a few all have good offerings in your budget.

 

[chriscraft254]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

This is a open ended question in my eyes.

The type, year, hours on motor, maintenance from previous owner (condition) of boat is going to adjust your budget quite a bit. Most of us could only wish to have 30K sitting around to spend as we wish. Condition is everything and the type of boat is everything imo when looking to purchase. If your looking for the "top of the line, mine looks better than yours" boat, you could spend 4 times what your budget is. If your happy with a 18 to 25 foot little older model boat then you will have plenty of budget to work with.

Outboard, I/O or inboard is completely a buyers preference. Outboards are great, but so are I/O boats that are maintained correctly. I would recommend you look around for a while and maybe even go to a couple boat shows before purchasing anything. Educate yourself on what your true wants and needs are in a vessel before trying to find the right one for you. Figure out what type of boat best suits you and your family and go from there.

Definitely when looking at older used boats keep in mind you should always look at everything before purchase and sea trail for a very good long time before handing over any funds. If you list the boats your interested in here, we can try and help you with the best decision on what to look for on each one.

Imo, look for a boat that is self bailing and has been meticulously kept. Low hour motor and maintenance records for everything. Remember that electronics if you want them will cost thousands of dollars for a good set-up.

It is better to buy an older boat that has been meticulously maintained than to buy a boat a few years old that has been abused. Spend your money wisely and get the right boat and your yearly budget will be very little.

 

[airshot]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

Lets look at this another way... you will probably spend 100-150 each weekend you use the boat, for gas, food, beer, minor repairs and upkeep (always something needs fixed on a boat) plus what ever your storage, insurance, and cost of gas in tow vehicle. With the 500 you have will this be enough use to satisfy you? Probably looking at a couple weekends a month. A lot of good used out there if you do your homework, buy nothing without a professional survey. You will get a major depreciation on the first two years with a new one...like about half the value.

 

[Nobody785]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

Since we know nothing about your other finances, can't say if you can afford that amount or not. Do you put 15% of your gross income into retirement? Do you have 6 months of savings after you plunk down the $30K. Do you owe nothing on credit cards?

I put 17% of my annual gross pay into a roth 401K and my employer matches 5%. I make a little over $100,000 per year. I spend $12,000 per year on my apartment and about $5,000 year on bills, $20,000 goes to taxes and the rest goes to groceries/hobbies/vacations/savings. I currently have about $600,000 saved, but $150,000 of that is allocated for retirement. The saved money is mostly in stocks (index funds, some individual companies, some bonds, some commodities, some international index, etc etc etc).

Thanks for all the advice. I will definitely have the boat surveyed before I purchase.

As far as being a household dog or a toy, it would definitely be a toy. I could see myself taking it out 2 weekends per month during the warm months and maybe once every month or two in the cool ones. I have no problem putting on a wetsuit and skiing in October or November in Texas.

 

[Nobody785]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

Nobody,

Welcome to iboats!

I'll give you my insight and you can take from it what you wish?! Others on here will express their opinions, but in the end, that's all they are!?

If you have $30K to spend on a boat, might I suggest spending $10-15K on a nice 10year old bowrider? My thought is that you're gonna make a few mistakes, errors while you're learning the in and outs of boat ownership...beaching, landing, launching, maintenance, just to name a few and it'd be a shame to learn on a nice expensive boat! That amount should get you a nice decent, clean used boat that you won't mind if you get a few scratches on her and learn about proper maintenance and care. Now, there are thousand of post on here where people ask "How To Buy a Boat?" I won't waste yours or other readers time in the how to survey a boat...my only recommendation is to get a survey (worth the money!) and could save you thousands...plus then you'll know what exactly you'll be buying?!

As far as a monthly allowance goes, $500.00 seems pretty high? If you boat 30-45 days/year ($6,000 a year/45days= $133 a day) crunch the numbers, gas, maintenance, rental, insurance, etc...I have no idea what slips/storage fees are in Texas?!

There's a few on here that say things that discourage boaters from purchasing because they are under the impression you have to spend a ton of money without regards to a budget in order to have a boat! Are they costly? Yes! Are they maintenance extensive? Yes! does one have to have unlimited funds to enjoy boating? I hope not?!

When buying:
* Get a survey
* Get a factory Service Manual
* If inboard, buy something that's readily still available for maintenance/service (read: Mercury)
* Find a good marine mechanic and don't scrimp on paying for their services if you're not capable of maintaining the boat yourself

If you buy a sound/safe boat to begin with and keep ahead of the maintenance (religiously) then having a boat is more enjoyable and financial viable...even on a budget!

~Brett

Thanks for this advice, I really appreciate all this information. I feel like I've lived a pretty frugal life so far and just want to do something fun for a change. I feel extremely guilty anytime I buy something, but I think a boat would improve my quality of life in a worthwhile way since I don't really have any other cool hobbies that I spend a lot of time on, and I'm single.

The only two brands I am really familiar with from decades ago are Cobalt and Sea-Ray. I would definitely have to buy used if I got one of those two, but used is probably the way to go. Whoever said I will make a few mistakes at first is probably right...luckily the lakes around here don't have stumps or too many other underwater obstacles, so hopefully I won't have too many. The hardest thing will probably be remembering how to back up a truck with a trailer attached.

 

[djpeters]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

Get what you want, stick to your budget, and you'll be just fine. You obviously know how to manage your $$$. Start conservative, you can always trade up.

My .02.

 

[bajaunderground]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

Get what you want, stick to your budget, and you'll be just fine. You obviously know how to manage your $$$. Start conservative, you can always trade up.

My .02.

I 100% agree with dj...you obviously live well withing you means and are set up well at such a young age! You've saved and spent on what's needed, don't feel guilty about splurging on things for yourself (you're better off than 95% of the people I've helped buy homes over the past 12 years!) Since you rent, might I also suggest purchasing a home? Rates are still historically low (4.35%-4.38% for 30 year) Boat depreciate and home (typically) appreciate...depending on your market?! Also, based on your income, you most likely need all the tax breaks you can...mortgage interest is tax deductible (as are kiddos, but that's not as easy ;0))! just my $.02...Good luck and keep this updated with what you get?

Other brands to consider (of which I've owned none, except my new project Chris Craft)...
Checkmate (go fast boats, still hand made)
Caravelle
Sea Ray (expensive, but known as a well made boat...hold value better than most if well taken care of)
Cobalt (considered the Cadillac of power boats...again, hold value if well taken care of)
Chris Craft (their newest boats are high-end and very unique looking)
Four Winns
Stingray
Formula (high-end, go fast)
Bayliner (the ford of boats, not to offend anyone, but they are sold to meet a price point)
Tahoe (do research, they look good from a far, but far from good... the reputation is one of inferior construction and poor service)

SKI/Wakeboard Boats: Malibu, Tige, Mastercraft, Mobius...most are true inboards and are pricey but most of the one built in the past 10-15 years have build-in racks, bladders, perfect pass (cruise control), skier cameras, high end stereos...if you're a boarder, these are the cream of the crop for wake and wake skating...

~Brett

 

[southkogs]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

If you've honestly got $30k cash ready to go, and it's really free and clear for boating ... you're in good shape for the next 5 years. Spend $10k(ish) on your first boat. You can find something nice and usable (especially for skiing) in that range. That leaves you another $15k or $20k to handle operating costs (storage will likely be your biggest from your description), repairs and even fuel. It'll also give you a fund to fuel each month for the next year or five ... Do your best to add that $500/mo to the fund. In a few/several years when you inevitably will want a bigger boat, you'll hopefully already have a good fund to go get it with. You'll also be able to figure out storage and maintenance with a smaller boat first.

The learning curve for a newbie on a bigger boat (let's say bigger than a 22') is rather significant (oddly). So, starting out with a 18' or 20' can be a little easier.

As you start combing ads, post 'em here. We'll help you spend your money

Also, you might look at renting a coupla' times. You can try out a few different boats and see what you do and don't like about 'em first. Might help you in your search.

Welcome aboard.

 

[sickwilly]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

Hell yeah you can! Find a 2-3 year old boat some guy bought and never used. I got my 2004 Stingray in 2007 with 14 hours on it, for just over half your budgeted amount. The guy had already bought every thing I needed to get boating again, and sold it with the boat.

If I had your budget though, I would try to find a 20-21 foot with a V-8.

I might also target a Mastercraft 205. Hell of a water sports boat and you should be able to find one 16-18K. Don't be scared of it being a little older if it was taken care of. Also, with that budget you will have enough if by chance something goes wrong, and that could happen to even a new boat.

Happy boating!

 

[Nobody785]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

This one is for sale near me, and looks about like what I want:

Used 2007 Sea Ray 210 Select, China Spring, Tx - 76633 - BoatTrader.com

265 HP seems a little underpowered for a 21 foot boat, but I don't know.

This is the wellcraft I was looking at:
http://austin.craigslist.org/boa/4088679583.html

They're asking $9,000. I don't know if the sea ray is 3x better...granted it is 10 years newer than this one.

 

[smokeonthewater]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater watersports, $3

how the heck does someone with over half a million in savings have to ask if they can afford a boat???????? you can get a really nice bowrider for 10k this winter and if you don't like it in the spring sell it for 12-14k then.