$3000 cost, per trip out to the lake....STUPID!

[Mr_Shamrock]

Re: $3000 cost, per trip out to the lake....STUPID!

Well, I am another who bought new for a few reasons. I wanted a new boat was the main one, but 3 1/2 years later I have no regrets. We use it every weekend during the 5 month boating season and 3 1/2 years later still look forward to my weekend cruise just as much now as when it was brand new. Some weekends we are out Sat. & Sun. The boat has it's own "house" that although not fully enclosed keeps the boat looking new - as a matter of fact I had a lady a few weeks ago ask me if it was a new one. Pretty good for our 4th boating season I think. Yeah, I have a monthly payment, but figuring the interest rate I got buying new vs. buying a couple year old boat and saving say $5,000 I bet my payment wouldn't be much less and I wouldn't know everything about the history of the used one. This is my 3rd boat (2nd new one) and I did my research and rented a few before buying this one. So, bottom line, if I had to do it over again I would be down at the same dealer buying the same new boat I have now. Is it Saturday yet?!?!?!?!!?!?

 

[Beefer]

Re: $3000 cost, per trip out to the lake....STUPID!

... But, that is why you don't finance toys and only buy them when you can pay with disposable cash.

Hear, hear! One of the smartest comments on iBoats.

As to why first time boat owners go new, my guess would be warranty, perceived value, one less thing to guess at (history), prestige, and the easiest to finance. I also think that they get caught up in the 'dream' of boat ownership, and take it to the max. But you'd have to ask them to be sure.

 

[Mr_Shamrock]

Re: $3000 cost, per trip out to the lake....STUPID!

Everybody has there financial opinions and everyone's situation is different. Personally I wanted a new boat, I am not a first timer, or a second timer. My last boat I bought new and financed it as well. With the business I am in my money makes me money and to tie up $30,000 would be unwise on my part. I can write a check and pay for the boat at any time, but it would take away a huge amount of my working funds. All my vehicles (3) are paid in full, my motorcycle is paid in full, I have no credit card debt, and my house is a few years from being mine & the tax mans (it's never 100% yours). So while yes, it is usually the right thing to pay with disposable cash it is not set in stone and doesn't work for everyone's situation. Dave Ramsey might not agree with my situation 100%, but it works for me. When this boat gets paid for I will be down at the dealer financing another one, but I know for a fact as long as I am able I will be on the water as often as I possibly can. I am not the average "got caught up in the boat owning hype" guy although, being in the powersports business, I see motorcycles and boats that were bought by those kind of people everyday.

 

[hubbard53]

Re: $3000 cost, per trip out to the lake....STUPID!

.. . my money makes me money and to tie up $30,000 would be unwise on my part. I can write a check and pay for the boat at any time, but it would take away a huge amount of my working funds.

this is what many of the self-righteous here on iboats don't always understand. they think new boat buys are in it for the 'prestige' or are too inexperienced to buy used.

I buy new everything and finance it if it makes more sense to use someone else's money for x amount of time. Additioanally, "time is money" and I don't want to waste my time f'n around with someone else's junk that I bought for a few $$ less than new... I'd rather be on teh lake taking advantage of the leisure time I have "budgeted"

 

[Navy Jr.]

Re: $3000 cost, per trip out to the lake....STUPID!

I agree that it isnt a bad idea to purchase new...when you use it or have the cash etc....but...for your 1rst boat? not knowing if you even really like boating? etc....then ...unless its a small aluminum rowboat etc.....I still say its a dumb idea to buy new for 1rst time boaters....

Vegasphotoman, perhaps you should attempt to get more information about my overall experience with boats and boating before announcing to this entire forum that I'm dumb for buying a new boat, and even dumber for buying it as my first boat. In a previous post I said this was my first powerboat. I used to own a sailboat.

And when you went on to say exactly what kind of boat I should have gotten, well, it made me think of something my late father would say if he were still with us: "Now there's a guy who thinks very highly of himself!"

 

[Beefer]

Re: $3000 cost, per trip out to the lake....STUPID!

For the record - I don't think anybody is dumb for buying new. It's a choice. Sometimes personal, sometimes financial. I am also not saying that all new boat owners buy new for the prestige. There are a multitude of reasons to buy new or used, and each buyer has their own reasons. Those are just some that I thought of at the moment. As for buying someone else's junk, I agree that is a very valid reason, and my post reflects that two-fold (warranty and knowing the history). I would buy new if my finances allowed it (and the Admiral), and one day I will. I also know that when I get to that point, my cost per use will be way down, because much like Navy Jr., I will be retired, and on the boat almost everyday.

I don't think ANYONE who buys a boat is dumb for doing so, boating is a smart way of life! It's once they're on the water that the intelligence levels can fluctuate.

P.S. - Let's try and keep things civil.... jeez

 

[jkust]

Re: $3000 cost, per trip out to the lake....STUPID!

this is what many of the self-righteous here on iboats don't always understand. they think new boat buys are in it for the 'prestige' or are too inexperienced to buy used.

I buy new everything and finance it if it makes more sense to use someone else's money for x amount of time. Additioanally, "time is money" and I don't want to waste my time f'n around with someone else's junk that I bought for a few $$ less than new... I'd rather be on teh lake taking advantage of the leisure time I have "budgeted"

Interesting take almost completely opposite of me but same motivator. I buy everything used but has to be near new condition. A single scratch or ding and it's off the list. So in essence, literally like new but much cheaper. Finding this condition a few years old is more of a challenge but I always manage. The beauty of doing this with boats is that manufacturers tend to make the same model with few changes for several years so a 5 year old xyz brand 20 footer is still the same boat as the latest model. I would never finance any vehicle or toy/recreational equipment, even at 0 percent. Vehicle purchases are so small in the grand scheme, it makes sense to me just to pay for them with idle cash. I do agree with not dealing with someone elses problems. The season ends in a blink of an eye here and you don't have time in the season to be without the boat, snowmobiles or whatever.

 

[Beefer]

Re: $3000 cost, per trip out to the lake....STUPID!

The season ends in a blink of an eye here and you don't have time in the season to be without the boat, snowmobiles or whatever.

Move to Florida (pronounced Flori-Duh). Our season is 365 days!

 

[hubbard53]

Re: $3000 cost, per trip out to the lake....STUPID!

Move to Florida (pronounced Flori-Duh). Our season is 365 days!

my wife and i have our eyes on teh carolinas... still trying to figure out how to make her move. guess i need to move her family first. However, if i did that, I'd just stay in Ohio

 

[jkust]

Re: $3000 cost, per trip out to the lake....STUPID!

Move to Florida (pronounced Flori-Duh). Our season is 365 days!

Sounds nice but I like our winters and snowmobiling too much. Living here my whole life, I can't imagine a Christmas season without snow. Plus what would I do with all the extra money I saved from not paying state sales tax in Florida? My folks did move to Hawaii last year to live on the beach and it seems 62 winters was their breaking point. They didn't even come back for the summer to their lake home. I am sure at a certain point, I'll be itching for a move south.

 

[Home Cookin']

Re: $3000 cost, per trip out to the lake....STUPID!

Buying a new boat is a sound option for someone with no time/experience to fix stuff, who wants dependability ( and thus no down time for getting things fixed), the peace of mind that comes with reliability and warranty, and is willing to pay for these intangibles.
The down side is that in 5 years he has a used boat with no warranty, and typical boat stuff going on. This can be partially covered if he will spend the time, or money, on maintenance. More likely the latter.
I was recently advising relatives on their first major boat purchase and unlike my usual advice to buy used, I recommended new for them. They ended up buying a used boat from a good dealership; the previous owner was one of the dealership's principals and the boat was always kept there when not in use. So far, so good.
Except the plug rule, boating's rules are all relative.

 

[DaNinja]

Re: $3000 cost, per trip out to the lake....STUPID!

this is what many of the self-righteous here on iboats don't always understand. they think new boat buys are in it for the 'prestige' or are too inexperienced to buy used.

I buy new everything and finance it if it makes more sense to use someone else's money for x amount of time. Additioanally, "time is money" and I don't want to waste my time f'n around with someone else's junk that I bought for a few $$ less than new... I'd rather be on teh lake taking advantage of the leisure time I have "budgeted"

I must have missed the "self righteous" ones. I'll go back and read again later.
I have no problem with someone buying new. I think it's an unnecessary loss, but have at it.

I do know that we will no longer finance toys. The risk is not acceptable to us.

Extreme example...a friend just took out a mortgage on a 44' Carver. What happens if he gets hurt and can't work. (Cue the duck)

Financing a boat, especially a new one, probably means that you are immediately upside down if you need to unload it.

Full disclosure... the lake house that I am typing from has a mortgage.
...and I would write the check tomorrow if I could convince the wife.

Had we just paid cash for this toy, I probably wouldn't be as concerned when our job situations changed.

 

[hubbard53]

Re: $3000 cost, per trip out to the lake....STUPID!

I probably wouldn't be as concerned when our job situations changed.

that probably has a lot to do with many decisions in these times when many are unsure about their employment and financial situations.

me for instance, I am very secure in my position and industry. If i get hurt I have 85% short term disability and 100% long term disability. Plus I've got 18 months of reserves in the bank and even more in investments.

not everyone is in the same situation so I can understand why buying new isnt a good option for them. They shouldn't, however, degrade others for doing so.

 

[vegasphotoman]

Re: $3000 cost, per trip out to the lake....STUPID!

from VEGASPHOTOMAN

Hi Ken

I agree that it isnt a bad idea to purchase new...when you use it or have the cash etc....

THIS PART IS ABOUT NON BOATERS not YOU Kenny ..IN PARTICULAR
but...for your 1rst boat? not knowing if you even really like boating? etc....then ...unless its a small aluminum rowboat etc.....I still say its a dumb idea to buy new for 1rst time boaters....

quote NAVY JR And when you went on to say exactly what kind of boat I should have gotten

then I posted a pontoon as an example not the only boat to purchase...again my opinion...they are easy to handle...lots of room, you can do about everything but skiing behind one....and they have good resale values...

and great.......if you own a cabin on a lake and want a good boat for low price...nice new pontoon or $15k or less ski boat / aluminum boat etc...great...but to burn 42thousand on your FIRST BOAT and your name is THE BOT....well Im sorry Ive seen the many mistakes this brother in law of mine has made and YES I still think he is DUMB

Vegasphotoman, perhaps you should attempt to get more information about my overall experience with boats and boating before announcing to this entire forum that I'm dumb for buying a new boat, and even dumber for buying it as my first boat. In a previous post I said this was my first powerboat. I used to own a sailboat.

And when you went on to say exactly what kind of boat I should have gotten, well, it made me think of something my late father would say if he were still with us: "Now there's a guy who thinks very highly of himself!"

Not calling YOU dumb...and this is all just MY OPINION and my thread....that being said IM A CHEAPIE as of lately because of the economy as I stated in a previous post on this thread....and I also stated that if I won megabucks etc I would gladly buy a new boat prob for 42k plus!

or mebbe I wouldn't buy new.....and would buy a used 41ft Sonic offshore racer for $19k off CL and yes Ive seen em here with triple trailer for that price......not quit eini this shape but could be fixed into this
and put another 25k into and have a $125k-200,000 dollar boat! as they book out at no problem all day long A MUCH BETTER way to spend 42k IN MY OPINION.....as instant equity!.(they are 350k new).........hmmm....either way..... I dont feel as if I'm not picking on YOU ...so please dont take this baloney so personal please.....

and yes I do think highly of myself....and one should.....to think low of ones opinion makes for a meek dull person .....I am not a know it all but was raised by a very opinionated Dad...so it's my personality. and NO Im not always right ...and I dont want to run anyones life! but I got an opinion....so does EVERYONE ELSE

heres a 34 footer....the one I could have bought was 41 foot!

not for everyone...but thats what I would have done...had I the cash!

here's a used 42footer

 

[vegasphotoman]

Re: $3000 cost, per trip out to the lake....STUPID!

and yes financing is prob not the best idea in a volatile economy........heck even in a stable one...who knows what a persons life will be like in 2 years...5 years...20 years....

a person who buys thier 1rst boat....new....uses it a few times...stores it for 6 years...still not gonna use it anytime soon...FOR a REAL INSTANCE = (as they own a franchise business that keeps em busy 120 hours a week...THE BOT....because they are control freak).....yes Ill say it again THEY ARE DUMB

 

[kaffinito]

Re: $3000 cost, per trip out to the lake....STUPID!

and yes financing is prob not the best idea in a volatile economy........heck even in a stable one...who knows what a persons life will be like in 2 years...5 years...20 years....

a person who buys thier 1rst boat....new....uses it a few times...stores it for 6 years...still not gonna use it anytime soon...FOR a REAL INSTANCE = (as they own a franchise business that keeps em busy 120 hours a week...THE BOT....because they are control freak).....yes Ill say it again THEY ARE DUMB

I kind of agree with you. My brother and my SIL have 6 cars between the 2 of them, and own a house that they are barely paying for. On a land contract no less. The next payment is due soon (since my bro can't get a mortgage) and they're trying to tap me for money to pay off the note. That to me is really dumb.

We own a little house that's paid for, two vehicles that are paid for, a cottage and a boat that's paid for. The only thing we're paying off right now is my student loans.

Nothing fancy, nothing like my bro's corvette and her hummer, just basic no frills stuff. Dad used to call it "living within your means" Guess little bro wasn't listening.

Point of all this is that now that we have a little boat (cost me $650) and a little cottage, they're out looking for a lake house and a fancy speed boat. And no, I'm not loaning him any money....

 

[DaNinja]

Re: $3000 cost, per trip out to the lake....STUPID!

Looks like 5 o'clock arrived early in Vegas.

 

[vegasphotoman]

Re: $3000 cost, per trip out to the lake....STUPID!

Kaffanite...... good call on your behalf and if all you have is student loans and paid off all your stuff already...you are pretty young and very smart!

Ninja...yes 5pmcame a bit early for us about a year and a half early! but I get enough work to get by......

 

[RobbyA]

Re: $3000 cost, per trip out to the lake....STUPID!

I can't agree with you more Vegas, but there has to be dumb ones out there to buy and take the initial hit on the boat. The bot is a perfect candidate for someone looking to buy a fixer upper for a really good price. If it wasn't for the dumb ones, there wouldn't be any boats in the future to restore. I look at new boats today I like and make a mental note that in 10-20 years that will be a good project.
I drive my used vehicle pulling my used boat and I have no worries. If something happens to either one of them and it looks like it is going to be too much to fix, I have no problem leaving it on side of the road, taking a taxi, and going home. I go to the bank the next day get some cash out of savings go buy something else used and never look back.
I guess that makes me a tightwad, but I know one thing if I lost my job tomorrow, in 6 months I would have everything I do today because I own it.
I am a math nerd and I look at numbers very much like you did and think, THAT IS DUMB!!!!!

 

[slowjeep]

Re: $3000 cost, per trip out to the lake....STUPID!

I paid $300 for my boat, been out probably 30 times in 2 seasons. Shoes and flipflops are ok, bait and fish guts are ok, slipped beer is ok, scratching the paint is ok, pretty much anything reasonable is ok... Granted, its not the prettiest boat out there, BY FAR. Its not going to win any speed races. But it is big enough to be very stable, it only takes a small sandy beach to launch, and it fits in my tiny garage. I could afford WAY WAY WAY more, but how much of a boat does someone really need?

Oh yeah, I live in Grand Rapids MI. If anyone in the area wants to go fishing, just let me know. New friends are always welcome.