Buy new or used?

[claydus]

Let's here your story. Why did you guys buy new or used?

Was the financing attractive for buying new? Or does paying cash for used work out better?

 

[Home Cookin']

Re: Buy new or used?

It's all about the price for me. I can get a $25,000 boat for $15,000. Or, for the same $15,000, I can get another 6 feet of boat!

PLus the used boats often come with hundreds of dollars of equipment and stuff.

The trailers are discounted to almost nothing (if I bought a new boat I would definitely buy a used trailer).

Used boats have problems. New boats have problems. A new boat is a used boat next year, anyway, so I just start out where I end up, but with money in the bank.

I'll add this--I am an experienced boater so I can better evaluate the used boat. An inexperienced boater may need to pay extra for the dealer's help in that regard. And in some cases, buying new permits you to get exactly the rig you want; I bought a typical boat so that was not a factor.

 

[yourkiddin]

Re: Buy new or used?

I pondered that question for a long time. I was gonna Finance but the rate jumped and they didn't want to go for many years on a used boat. This was right when the economy fell apart. So I took my tax check in may and got on Craigslist. They was wanting 7800 and I offered 4000. Before I left I went to 4500. They still wouldn't bite. I went home and had 5 or 6 folks call them and offer them way less.4 days later I got it for 5000. It's been a good one. Just have them take you out in it. Look at their house ,car and yard. If they take care of those things they probably took good care of boat. Good luck.

 

[dingbat]

Re: Buy new or used?

In my case, the financing was the same for either case so that was not a factor. Can?t remember the last time I paid cash for anything except maybe an ice cream cone.

 

[AZBoatDreamer]

Re: Buy new or used?

Paid Cash and not Financing a Single Dime for my used boat. The Stinken bank is not going to own my floating toy.

 

[emilsr]

Re: Buy new or used?

I'm sure I'll be the odd man out here, but I've bought my last 3 boats new. Cash sales so financing isn't a concern.

Yes, I take more of a depreciation hit, but I have a new boat with a warranty and so no repair costs to speak of for a couple of years. I also have something that nobody else has been using (or abusing) so I know how it's been treated. That gives me some peace of mind, and in my experience (30+ years of boat ownership) I either pay now (depreciation) or I pay later (repair/maintenance). In the end I probably pay more, but again the piece of mind is worth something. My boating time is limited so I want to spend that time on the water and not in the shop. My past experiences with used boats weren't exactly bad, but given the choice between boating and wrenching I'll take boating every time.

I do this with my vehicles as well; buy new, pay cash, drive the wheels off of them. I don't trade cars (or boats) very often. If I did I might see it differently.

 

[AZBoatDreamer]

Re: Buy new or used?

If I could afford to Pay cash for new I would jump at it but for now Im happy with my used boat.

 

[MelodyBay]

Re: Buy new or used?

I bought mine used. I went into the dealer looking to buy a new boat but they showed me the exact same boat used with only 5 hours on it because the owner opted to bite the bullet and trade up to the next larger model (obviously they had money to burn). I ended up with a sweet deal at a discount because it was now "used" and it came with all the upgrades and then some. Plus an extended warranty to boot!

Cheers.

 

[SDSeville]

Re: Buy new or used?

Bought new in 2005 with payments. Sold it a few years later when the economy went to crap and my income went down. Bought an old boat for cash. I am very happy with my decision.

 

[mnypitboat]

Re: Buy new or used?

I have never bought a new boat before. Usually I bought something cheap that needed some work. This time around we went looking for new. After looking at what was out there, and the prices, we bought a 2 year old boat and financed it. There was no differance between financing a new or a used boat. As long as its 08 or newer. We bought a boat that cost $44000 new for $25000 2 years old. Somebody else took the big hit on a new boat, and it is just like brand new with a lot of options we would have not gotten had we bought it brand new.

But, hey, somebody has to buy them new. That way there is a plentiful supply of 1 or 2 year old used ones for us to buy.

 

[hog88]

Re: Buy new or used?

Just purchased a new 2011 Monterey 264, was looking for a used or hold over 2008/2009 but with the economy the way it is I got one heck of a deal. Spent about 2 to 3 grand more for this boat than the same size older ones we were looking at, even had a deal ready to go on a 2008 Hurricane 260 I/O.

In todays market if you look around you can find some really good deals on new boats and you don't have to worry about someone elses mistakes.

 

[americaneagler77]

Re: Buy new or used?

there are more important things in life than financing a toy. a house or a vehicle, things mandatory to live is one thing. but if you need to finiance a toy to own it then you really TECHNICIALLY cant afford it in my opinion. buy used pay cash.....or buy new with intrest and pay for it twice

 

[mnypitboat]

Re: Buy new or used?

there are more important things in life than financing a toy. a house or a vehicle, things mandatory to live is one thing. but if you need to finiance a toy to own it then you really TECHNICIALLY cant afford it in my opinion. buy used pay cash.....or buy new with intrest and pay for it twice

Until you add up what you have put into that bargain boat you paid cash for, and realize you can buy an almost new boat or a new boat and have extra money to go out to eat on the water twice a week. Then you go finance a boat. I would rather own the things I have to have, those mandatory things, and finance toys. That way, God forbid, if you cant make payments, you dont lose your house or your means of transportation to and from work. I have yet to be in this position, but have seen it a ton of times. People losing their homes due to a medical setback or a layoff. I would rather keep my house and lose my toys.

 

[2000chap]

Re: Buy new or used?

I've owned small aluminum boats for years all used. We started looking for a family boat and made a good buy on a used chaparral. I didn't want to put a lot into a boat and the wife and family not like the lake. We've been on the water every weekend this year!

 

[BTMCB]

Re: Buy new or used?

+ 1 (thought I wrote it !!)

I'm sure I'll be the odd man out here, but I've bought my last 3 boats new. Cash sales so financing isn't a concern.

Yes, I take more of a depreciation hit, but I have a new boat with a warranty and so no repair costs to speak of for a couple of years. I also have something that nobody else has been using (or abusing) so I know how it's been treated. That gives me some peace of mind, and in my experience (30+ years of boat ownership) I either pay now (depreciation) or I pay later (repair/maintenance). In the end I probably pay more, but again the piece of mind is worth something. My boating time is limited so I want to spend that time on the water and not in the shop. My past experiences with used boats weren't exactly bad, but given the choice between boating and wrenching I'll take boating every time.

I do this with my vehicles as well; buy new, pay cash, drive the wheels off of them. I don't trade cars (or boats) very often. If I did I might see it differently.

 

[americaneagler77]

Re: Buy new or used?

i agree with that but at 25 cant pay cash for a house. and i refuse to blow money renting. as for my 2k bargain boat, i spent 100 on a prop, 70 on a battery and about 80 bucks in tune up parts. she runs like new and looks like new!

 

[dingbat]

Re: Buy new or used?

but if you need to finiance a toy to own it then you really TECHNICIALLY cant afford it in my opinion.

Just because you finance doesn't mean you can?t afford to pay cash.

I paid 1.9% on a $65K loan. Paid it off in less than 4 years. That same money invested brought me a 14% return in that same time period. How much did you make with the cash you have tied up in your boat?

 

[mnypitboat]

Re: Buy new or used?

i agree with that but at 25 cant pay cash for a house. and i refuse to blow money renting. as for my 2k bargain boat, i spent 100 on a prop, 70 on a battery and about 80 bucks in tune up parts. she runs like new and looks like new!

Well the wife has a lot to say in the baot we have. So a 21ft boat that has upholstery and an engine that runs around here costs a lot more than $2k. Or you can do like I did on the last one and buy a fixer upper for $2100 and spend 2 weeks working on it to take it out for a weekend, every time. Not to mention the parts costs. Then you realize for the same investment you can have a new or almost new boat and have cash left over, and more time on the water instead of working on it. That is when you bite the bullet and finance it.

My house is not paid off, but it is a payment that either my wife or myself can afford it by ourselves. Our primary transportation is paid off. As of now the only toy payment we have is the boat. So in the interest of my sanity, I financed a boat. Now if I could just convince the wife to let me buy that 32ft Sportfisher for $4k, then we would be all good. I wouldnt mind working on that because even with financing, I couldnt, in good consience, finance a $150k boat. So if I ever want one, I will have to fix one up.

 

[mnypitboat]

Re: Buy new or used?

Just because you finance doesn't mean you can?t afford to pay cash.

I paid 1.9% on a $65K loan. Paid it off in less than 4 years. That same money invested brought me a 14% return in that same time period. How much did you make with the cash you have tied up in your boat?

Yep, and there is that. I would rather finance my toys, and keep my cash.

 

[americaneagler77]

Re: Buy new or used?

Just because you finance doesn't mean you can?t afford to pay cash.

I paid 1.9% on a $65K loan. Paid it off in less than 4 years. That same money invested brought me a 14% return in that same time period. How much did you make with the cash you have tied up in your boat?

i cant put a price on the amount of joy and great times she has brought me! id say i made at least a million in the 2400 i have tied up! (lol)