Buy new or used?

[SDSeville]

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 think americaneagler77 was talking about the "average" guy, who does not have $65k cash or in liquid investments. If you have that kind of money, more power to you. I think he was talking about the guy who has $500 bucks in the bank and finances a $35k boat.

 

[americaneagler77]

Re: Buy new or used?

i would say were in different stages of life....i couldnt even think about spending 65k on a boat. hell i only spent 85 on my house, 11 on my truck, 3 on my sled, 2 on the boat, and 400 on my camper. maybe sometime down the road i could spend that but i just dont see it.

 

[americaneagler77]

Re: Buy new or used?

I think americaneagler77 was talking about the "average" guy, who does not have $65k cash or in liquid investments. If you have that kind of money, more power to you. I think he was talking about the guy who has $500 bucks in the bank and finances a $35k boat.

i was, i should have worded it better, im talking about the paycheck to paycheck dudes with a new crownline...i see it all too much. its a problem in our credit based economy. my grandpa always told me if you aint got it in the bank than you cannot afford it!

 

[solmate]

Re: Buy new or used?

Almost bought a new boat, had 4k for down payment on a 24k boat, looked at financing options (wife was so excited).. Then I pulled the plug at the last minute. Saved up 2k more bought a used boat for 5k & then bought all the extras (pfd's, tube, bimini, new tires, etc.) & now we have a boat that I don't hate when there's 6" of snow on the ground & I'm writing a check for the payment.

 

[haulnazz15]

Re: Buy new or used?

If you've got the cash to buy new and not notice the dent in your bank account go for it, otherwise buy one a few years old and save the cost of the depreciation. The only real advantage I see in buying a new boat is that you can get EXACTLY what you want in terms of options/colors. Otherwise the warranty vs maintenance expenses will be a wash in most cases.

 

[JimS123]

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.

I couldn't have said it better. I don't buy my toys to save money!

It's all about pride of ownership. I won't own something that wasn't good enough for somebody else.

Except when it comes to antiques - they aren't making them today so used is the only way to go.

That said, I DID finance the family boat. The CD came due the week we bought the boat, and it renewed at an interest rate 2% higher than what the boat dealer got me on a loan. Of course, with interest the way it is today, any money in the bank is well spent on a new boat!

 

[saxrulez]

Re: Buy new or used?

I'm probably alone on this, but I plan out my toys years in advance and save up for them. Right now I have a boat fund going that I will cash in on in 5-6 years! I keep the money invested while saving(yesterday hurt!) and in the long run, I earn interest on my money and pay cash for my used toys. I also have a car fund set aside even though we should not need new cars for 7-8 more years.

Works for me and mine! I try and upgrade mine/do little things to it to keep it interesting until I have enough money for my next one. Bimini top incoming.

 

[claydus]

Re: Buy new or used?

I am leaning heavily toward a used boat under 10k and paying cash. I live less than 20 miles away from the south end of Lake Lanier but I am still pondering how many times I will go to the lake and enjoy it.

My fear with a nice new boat that is financed is that I will feel like I am not getting my monies worth in the off season. Meaning no boating in the fall or early spring. If I pay cash and then end up only going to the lake 5 times or less a year then I won't feel as bad. Or if I lose interest or don't find time to use or maintain the boat is another fear. I have not so good buyer remorse.

 

[mnypitboat]

Re: Buy new or used?

I am leaning heavily toward a used boat under 10k and paying cash. I live less than 20 miles away from the south end of Lake Lanier but I am still pondering how many times I will go to the lake and enjoy it.

My fear with a nice new boat that is financed is that I will feel like I am not getting my monies worth in the off season. Meaning no boating in the fall or early spring. If I pay cash and then end up only going to the lake 5 times or less a year then I won't feel as bad. Or if I lose interest or don't find time to use or maintain the boat is another fear. I have not so good buyer remorse.

I can absolutely see this point of view. People like me, that have had many boats, and use it whenever I am physically able, I certainly do not mind making a small payment each month to assure that when I hit that key that it starts every time. I dont mind making that payment to assure the seats are clean and comfortable, or the paint is nice. I am out there 3-5 times a week, and have been going for years. We boat all year round here too.

On your point of view. I have been contemplating buying a grill for the boat for a while now. I got into a conversation with the sales guy and he tried to sell me a $500 grill. It took 30 minutes to convince him that I have never had a grill on the boat, and dont even know if I will use it. I am really looking for an experimental thing here. I bought the $75 stainless grill on clearance. If we find that we are using it a lot, then I might invest in the $500 grill next season. If we dont use it then I am only out $75, I dont have a $500 peice of metal taking up my storage in the boat.

 

[ezmobee]

Re: Buy new or used?

The only thing I've seen depreciate more than a boat is a camper. Man do those things drop like a rock in value the first time you sleep in it! I wouldn't consider buying either new. However, the thought has crossed my mind to buy a brand new E-tec for my boat if my current motor dies.

 

[drrpm]

Re: Buy new or used?

I got my boat used. It was 1 year old and the previous owner decided he wanted a bigger boat. It was in like new condition for a good deal less money.

 

[tejastoolman]

Re: Buy new or used?

for years I always went out on my friends boats, at the time all were used so I came along to help fix things when on the water instead of jet ski towin them to the dock at 2am lol with in time all the bugs were worked out.... years later they decided to be wanna be wake-boarders, being single guys an all here in the big city, and both bought new malibu's with the works....

lol fun to be on and get the looks and hooks ups...

not my thing being the married guy but the wife likes to see me sweat bullets I think

economy tolled their careers in the mtg biz, during that time I bought a used boat paid cash.... so I let my buddys wait on the shore/dock quite a few times as my boat was smaller during this time of their boatlessness hehe

yea it was used, sat out for 6 years in tx weather but it was dirt cheap... down to the last repairs this week/month, seals, bearings, u joints, shift cable, larger alt. wires, few new stringers & floor, 2nd battery, starter rebuild.... should be bug free soon other then rippin off that ghetto blue window tint with some fresh, black 40%


my next one will be significantly newer for sure!

 

[Knightrider2]

Re: Buy new or used?

I went with a used boat but I was able to buy it from a friend that was moving to California and could not take it with him. I would probably be more hesitant if I did not know the previous owner and how it was maintained.

 

[sublauxation]

Re: Buy new or used?

I bought a used boat for a couple hundred bucks, maybe have a grand into it. What made a used boat work for me was that I don't consider the time I have into it as work, it was, and continues to be an enjoyable project. It also probably helped that it was an aluminum boat and not glass. I did buy a new motor but if you really shop around you can find new outboards for at most a couple grand more than a decent used one. I'm sure I'm in mine for 10K less than comparable new.

 

[2ndtry]

Re: Buy new or used?

Five years ago I bought new and I do not regret it. Being a new boater I wanted something dependable and ready to go, so I thought maybe a few years old. I looked for several six months and no joy, EVERY boat was trashed and only a few thousand less than new. By the Fall (November) the new boats had fallen to the price of the used beaters I was looking at all summer so I pulled the trigger. Still use the boat every weekend, and love it.

Funny thing, now I am starting to look for a used (very used and very cheap) inboard to restore and use for wake surfing. I watch craiglist and I see 5 year old boats with asking prices as high as I paid new 5 years ago. That huge depreciation hit you supposedly take isn't always there if you are careful in your new purchase. That being said, my next boat will be used, but I will be keeping my 5 y/o "new" boat for the family.

 

[pwpns]

Re: Buy new or used?

I always bought used. Dont mind doing the work on the boat plus I can pay cash for it. Where I live you only get around 3 months to use it. Don't want to be paying the other 9 months when I dont get to use it. My boat new was 22,000 and I got between 6-7K in it now (some of that is performance mods) and it runs like a new one. Unless I hit the lottery I dont see myself buying a new one. Plus I beleive once the warrenty goes out your in the same boat as the rest of us. I don't personally know anyone who can buy a new one every 3 years or so.

 

[mnypitboat]

Re: Buy new or used?

I always bought used. Dont mind doing the work on the boat plus I can pay cash for it. Where I live you only get around 3 months to use it. Don't want to be paying the other 9 months when I dont get to use it. My boat new was 22,000 and I got between 6-7K in it now (some of that is performance mods) and it runs like a new one. Unless I hit the lottery I dont see myself buying a new one. Plus I beleive once the warrenty goes out your in the same boat as the rest of us. I don't personally know anyone who can buy a new one every 3 years or so.

Unless you get a miraculous deal on a boat, and they are out there for sure, you will have to still pay good money for a used boat. And you are getting someone else's junk a lot of times. If I buy new or nearly new, I know what has been done from the beginning, and know iit has been meticulously taken care of. I still wont buy a new one, but a year or 2 old one that is a good deal is what I got this time around. Would I do it again? Well I hope to not have to anytime soon, and the next boat will hopefully be a livaboard and will have to be well used.

 

[ulo]

Re: Buy new or used?

I bought my new (first boat). I bought my first new vehicle ever last year. I liked that no one before me owned my jeep. All of the maintenance is accounted for. I wanted to the same thing for the boat.

I'm not worried about depreciation. I plan on keeping this boat for awhile. Only chance I'd sell is if I move to bigger house and get more room to store a bigger boat

 

[sevillity]

Re: Buy new or used?

25 year old used bowrider, freshly rebuilt engine, new carpet, ready to go= $2300
Various extra crap required by coast guard=$170
Boat/trailer registration=$100
Driving a modest boat that doesn't look like a million bucks but drives like a dream, 45MPH accross my favorite lake every weekend= PRICELESS!!!!

Sure its old, but I own it, and it get me out there! Used all the way!

 

[45Auto]

Re: Buy new or used?

It's all about pride of ownership. I won't own something that wasn't good enough for somebody else.

LMAO! Good one Jim!

There's never been a vehicle made that was good enough for me to pay the new price. You'll find that any vehicle you just bought new isn't good enough for ANYONE to pay you what you just spent on it.

You can prove it for yourself. After you bought it, try to sell it before you even touch it or pull it off the lot. You'll find that it's not good enough for anyone to give you anywhere near what you just spent.