noobie here looking for advice

[boatman37]

hello all. looking at possibly buying a boat. kids are just graduating from college and for the last 20+ years we have spent the majority of our time attending kids activities. time for a new hobby. i am somewhat familiar with boats but this is our first. i am very mechanically inclined but i want a boat i can get in and enjoy. i want to do minimal wrenching, if any. so we are in our mid 40's and were thinking about a pontoon but am only interested in a tri-toon. problem is budget. i want to keep it around $10,000 for our first boat then see how that goes. also, i will be financing. i know the deal about how bad it is to finance a boat but i just spent everything i have to help finance my kids college tuitions. i don't want to wait another 5 years or so to save up to pay cash. i think the payment on a $10k boat will be reasonable enough to afford. so the tri-toon seems to be out of the question there. it will likely never be over 6-8 people and i think most of the time we will go out and drop the anchor and hang out. the kids will likely want to tube or something. not concerned with speed but do want to be able to pull a skier. i'm thinking about a 21-27' I/O. i prefer an open bow but not opposed to a CC but i doubt we will ever sleep in it. trailering is not an issue as my truck will easily pull anything that size.

i guess my first question is about financing. where to start? how old of a boat will they finance? etc. that will be a big determining factor for me as to what i get and how much i spend.

thanks in advance

BTW-i am near pittsburgh, PA. most boating will be on the rivers and some lakes

 

[southkogs]

Welcome aboard boatman:

Financing is something I would talk with a local bank about. For a used boat, you might go through a dealer and use their financing but then again you may do better watching the local listings and buying direct from the previous owner in a private sale.

One thing I noticed in your write up: a 21' boat is one thing. A 27' boat is a whole different animal. 6' doesn't seem like a lot of difference, but it really does impact how it tows, pilots and how much you have to feed it 8 people is going to be max capacity on most boats under 22' - and it'll be tough to pull a skier with 7 other adults on board (though it can be done).

Have you seen any boats in ads that you like?

There's some REALLY good stuff HERE to look over regarding buying a boat.

 

[boatman37]

Thanks. i already printed out the checklist. good stuff. as far as 21' to 27' yeah that is big. but if i go 27' it will be a CC. from what i have been looking at, 24' is about the biggest i have seen that interests me but leaving it open to something slightly bigger. not concerned about towing. i have been pulling trailers for many years and many bigger than a 27' er. but feeding it is something i would look hard at.

i have found a 1997 21' Sea Ray 210 Signature with a 5.7 open bow. have actually found a few. ranging from 520 hours to 700 hours and $10,500 (private owner) to $17,000 (dealer). that is the only one i am looking into currently but still looking.

 

[southkogs]

Don't worry about hours - worry about condition. Once a boat has been owned by someone else, the whole equation (often even over who built it) boils down to how well it was cared for comparative to other boats in your price range. $10k would be a pricey 21' for my area ... so, make sure it's in really good shape. Don't know that I could drop $17k on a 21' that old ... it'd have to something exceptional.

 

[JASinIL2006]

Seems like it would be pretty tough to get $10K financing on a '97 boat...that' an 18 year old hull at this point. Is financing even available for a boat that old?

 

[smokeonthewater]

My 28' boat get's 1 mpg no bs

A 27' cuddy (cc typically means center console) might get 2-3 mpg

A 21' bow rider maybe 4 mpg

That's the difference between $75 or $300 in gas for one day on the water. Or $300 vs $2400 in gas for a month of Saturdays...

If you don't plan to sleep on the water (I love doing so) and are stretching dollars making payments I would suggest viewing 22-23' as the max size... I also would consider a much less expensive boat and a much bigger budget for gas.... For me fuel always costs much much more than the boat does.

If you will have that many people on board you IMHO are out of the ski boat range... I suggest either limiting the number of people aboard each trip OR going with your first plan of a toon... $5-10 k will buy a decent one... If you go on the low end of that (and it doesn't need to be fast) then you can also pick up a 16' ski boat for water sports.

Just my .02.... Enjoy

 

[cptrick3]

Check with your local credit union on financing. They are more liberal than banks. Do you have friends with boats? Before you buy something you really should have a better handle on what type of boat will fit your needs. Something like the Sea Ray you mentioned makes a great day boat.

 

[garbageguy]

Have you considered a home equity line of credit?

Agree that 6-8 people and skiing, simultaneously, won't happen at $10k

 

[ssobol]

Be sure to consider maintenance costs, taxes, insurance rates, etc. If you can't store it on your property (no room, HOA rules, city laws, etc.) you'll have to pay to store it somewhere.

If you are stretched just making the payments, you may not be able to afford the ongoing costs of ownership. Plenty of boats get bought and then sit around because the owner can't afford to operate it or maybe fix it after something breaks.

 

[boatman37]

that fuel cost is a huge difference. thanks for that info. here is a link to the one for $16,500...http://www.foxchapelmarine.com/Page.../view/Details/1997-Sea-Ray-210-Signature.aspx

i agree it is overpriced. i haven't seen the other on for $10,500 in person but the pics look very good. i doubt we will have 6-8 on it often. likely 75% of the time it will just be the 2 of us. and not sure if anyone will ski but tubing for sure.

there is currently nobody in my family with a boat but i was around boats growing up. we had a couple when i was younger up until about 18 years old. storage isn't an issue. and the dealer said i could get a loan for the 1997. i may go look at the other one tomorrow.

 

[smokeonthewater]

to clarify, when I said limit the number of people I meant by extension limit the size of the boat... A smaller boat works for skiing n such... a 25' boat is just a royal PITA to do water sports with...

BTW those fuel estimates are for constantly cruising at moderate speed on plane IE 25-35ish mph starting and stopping multiple times and running above or below your best cruise speed can make them drastically worse...

I can blow through $50 in fuel in just a few minutes of tubing... I pretty much just say no if someone wants to tube behind my 28'er... if they persist I tell em to put the fuel in... $10/minute with a 10 minute minimum... lol no takers so far!

to understand it, at full throttle I can burn over 50 gallons per hour... a single big block 30-35 gph... single small block 20-30 gph ..... the smaller the boat, the less throttle or fuel is required to get on plane each time the tuber falls off or gets tired etc. so even with the same engine if you have a 3500 lb boat and pull a tube at 1/3 throttle verses an 8000lb boat pulling the tube at the same speed 2/3 throttle... the fuel usage is likely to be 3-4 times as much

 

[boatman37]

good info. my cruising speeds will likely be much lower than that unless pulling a tuber. but still the lower the fuel expense the better

 

[boatman37]

went and looked at a few boats today. that 21' sea ray is looking even better...lol. the only thing i saw decent was a 2007 19' Q4s Tahoe 4.3 I/O for $16,500. they also had a 2013 Sweetwater SW2286FC 22ft with 60 hp motor for $18,800, which i think is quite high.

going to look at the other 1997 Sea Ray 210 Tuesday after work. he wants $10,500. original owner and had the lower end re-done last year with new bellows. i'm not certain what all that entails but it has about 550 hours on it.
http://pittsburgh.craigslist.org/boa/4968457233.html

 

[airdvr1227]

That 21 footer with the 5.7 will be fun.

 

[sub2010ss]

I know you said you didn't want to do any work but there can be some huge savings finding a boat in great condition that has a bad motor that's what I did. They wanted $8000 for my boat. Engine was cracked from bad winterization. Picked it up for $2000 and put 4500 into it getting it perfect.

 

[boatman37]

i can appreciate that but i don't have time to do that much work. i used to race cars and built my own engines but i don't even change my own oil anymore. i already have too many projects going on...lol. i am going to look at the 2nd '97 Sea Ray Tuesday after work. if all looks good and the financing works out reasonably well i will likely go that route

 

[boatman37]

called my credit union today. 48 months is just under 10%, 60 months is about 11% and 72 months is about 13%. i didn't even ask anything else...lol. and i have good credit. i will not pay that high of a rate. any suggestions on any of these online lenders? are they reputable? decent rates?

 

[boatman37]

went and looked at the 2nd sea ray tonight. nice boat. not as nice as the first one for $16,500 but still nice. has a few scuffs here and there and the trailer brakes do not work. he even changed the coupler on the trailer to put a regular non-brake coupler on it. engine compartment is spotless. he offered to take us out on the water if we are serious. he wants $10,500. the mooring cover has a hole in it also right along the edge. not an issue now but if it gets worse then it will expose the interior

 

[sub2010ss]

That's the problem with financing. Rates are ridiculous for toys unless its brand new.

 

[thumpar]

I got 4% on my 1996 Crownline. Find a different bank. Also my 20' is rated for 12 people.