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

[sasto]

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

Yes, You can afford a boat, you are probably in better shape than 80% of the people on this web site. Unless there is a major problem with the boat you will not spend anywhere near $500 a Month on usage or maintenance.

I've been boating for 53 years and owned 19 different boats and your in great shape... go for it.

I can see your point (as usual) about usage, storage, and maintenance costs. I can burn almost that much in fuel each month in an inboard 318. Some may burn this in a year. Nobody?.......I can see you getting the "bug". If your the private kind of guy, or the outgoing type, you can have either or both. Good luck in your choice. You just may one day be as passionate about your boating as we are. We have a wide diverse of community here.

 

[crabby captain john]

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

For $30K you may be able to find a 4 or 5 year old EdgeWater bow rider ~~ 205 ~~. Make sure it has the 200 or 250 Yamaha as the 150 will not make you happy with the wakeboard. Not sure what your slip fees will be but added to fuel, insurance, maintenance, and etc will chew that amount up quickly. I own a dry slip and the HOA fees are only $120 per month paid quarterly. It is not unusual for my gas alone to come close to $500 some months and when the quarterly HOA dues OR any service hits in the month $800 - $1100 is not unusual. This month I have about $350 in fuel, $300 detailing, and $360 HOA fees or just over $1000. I have no boat payment and the indoor dryslip is paid for too (eliminates the need for ugly bottom paint every few years).

 

[gtochris]

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

Do your research on dual prop vs single prop. While the dual prop offers greater performance (hole shot, staying on plain at lower speeds, no stern walking in reverse, better dock side manners, and a bunch more) they do not have prop hubs so any impact will be transferred to the internals of the outdrive and the motor. Also prop replacement for dual props are $900-1200, where the single prop drives cost about $120 to replace with aluminium.

Also 265HP is pretty good. My 21 foot stingray had a 220HP V6 in it and I could still hit low 50s no problem and pull people out of the water on skies and tubes no issue but yes more is better and 265 won't have you complaning at all.

My thoughts exactly with the Dual Prop. Especially since they need 2 Stainless props- The Aluminum prop on an Alpha 1 is softer so it will likely fracture before any internal damage is done.

Those Sea Rays are nice, Your in the same position I am in (grew up on boats, family opted out, turned 25ish and wanted my own)
I'm personally looking for an upgrade in the 20-21ft big bowrider category. You should be able to find what you want with money to spare.
Good luck!

 

[bruceb58]

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

I would never buy another stern drive boat without dual props. Agallant80, of all the people that should be glad they got them it would be you. I remember back when you were looking at buying your boat you were considering not getting them and I am sure you are glad you got them now right?

 

[moosehead]

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

Nobody, FWIW the only time I would like an inboard is when I strap on a slalom ski. Our IO is fine for freeskiing slalom, though a bit intimidating when really moving across the larger wakes at top speed. Otherwise it is fine for freeskiing, and great for wakeboarding with a tower. It otherwise excells at all around cruiser in chop, recreational watersports, family fun, and swimming boat. I second the importance of an extended swim platform, and am a fan of the duoprops. Get a 5.7L.

Enjoy, your budget is plenty for a well cared for, top of the line, well equipped, low hours boat.

 

[jkust]

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

I'm with some of the above and suggest a lightly used boat from someone who is in over their head and needs to offload it or just didn't use it as much as they had anticipated. Both those scenarios are very common here in MN where we all have a boat in the garage. Sounds like you are on the right track financially. 30k becomes a rounding error when your quarterly taxes are 200k four times a year and you start to despise lawmakers for the tax code. Every quarter, all I see is the large boat worth of money that is being taken from me and my family. I say jump in and buy the biggest/newest but used boat you can.

 

[Brian 26]

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

If I were you I'd get a slightly used, single owner well cared for 19-23' boat with a 5.7L engine. I would love to have duoprops but would walk away from the right boat that didn't have it.

Also posting the threads here for other to comment on (as you've been doing) is an excellent idea.

 

[agallant80]

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

I would never buy another stern drive boat without dual props. Agallant80, of all the people that should be glad they got them it would be you. I remember back when you were looking at buying your boat you were considering not getting them and I am sure you are glad you got them now right?

Im not saying that I regret getting the Bravo3, I love it. I am not sure if you need one on a 21 foot ski boat. My stingray was 21 feet with an Alpha and it did just fine with the single prop. The 4 props I damaged the first season out was a learning lesson though(this was on the single prop boat) Its just another thing to consider. If you find the perfect boat and it has a single prop it may not be a bad thing. First time boat owners need to trash a few props before they learn what is a good idea and what is a bad idea. If you want to boat on the cheep then I would say get a single prop outdrive, if you are not worried or can afford to trash a $900 prop set and perhaps trash a drive that costs $6,000 to replace then go for the bravo. I would not want to trash my outdrive or props but its not going to kill the season if I do.

Also, OP, do yourself a favor and insure with Boat US. I have State Farm right now and they do not understand boating. It is just another item for them to insure and take payments on.

 

[marekli]

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater water sport

Re: Can I afford a boat? Looking for a 18-25 foot boat for freshwater water sport

when I look at expenses I look somewhat at the upfront cost but more so at what the hobby is going to cost me down the road. This is especially true for boats, they tend to look like glitzy women that end up costing you a fortune...in your case since you appear to have few financial commitments you should be able to handle this well. I would say however, that before you buy a boat you should look at some real estate as someone else commented here...or maybe you can do both...the boat is really a toy unless you are totally in love with the water and boating...maybe that's what you are...I spend about the same fraction of time on the water as you plan to and that does not sound like you are a fish but more a recreational user like most boaters...in that case for me the house comes first...

 

[bruceb58]

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

Im not saying that I regret getting the Bravo3, I love it. I am not sure if you need one on a 21 foot ski boat.

I totally disagree. I had a 21' cuddy cabin boat and would have loved to have had a duo prop on that. Boating on Lake Powell loaded down with gear, it would have made a huge difference.

 

[sickwilly]

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

I have seen that color Sea Ray on the water. It looks great! Also, the walk through on the side of the sun deck will save your vinyl some wear and tear issues I am having. That boat is a beauty!

 

[agallant80]

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

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.

Sense you seam financially in touch I will offer this advice. If you get a boat get one with an enclosed head. Once you add a grill you have a bathroom, cooking area and you can sleep on the front section of the boat, which meet the IRS requirements to write off any interest. That is of course if you take a loan out on it.

 

[bruceb58]

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

Sense you seam financially in touch I will offer this advice.....That is of course if you take a loan out on it.

Since he is financially in touch, he will never take a loan out on a boat.

 

[jkust]

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

Since he is financially in touch, he will never take a loan out on a boat.

He's got a bit of cash saved up...I'm thinking 30k is a lot for a first boat especially when used.

 

[Nobody785]

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

I am going to have a professional survey done on the brown/tan '06 sea ray 200 select next week. I'm looking forward to hearing the results.

 

[bruceb58]

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

I am going to have a professional survey done on the brown/tan '06 sea ray 200 select next week. I'm looking forward to hearing the results.

Looks like a great boat. good luck!

Hopefully, you can get it for less than asking price. Seems to be a little on the high side to me.

 

[gtochris]

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

Also, OP, do yourself a favor and insure with Boat US. I have State Farm right now and they do not understand boating. It is just another item for them to insure and take payments on.

I'm just wondering what makes you say this? I know they are specializing in the boat industry but I'm actually on the fence with leaving Boat U.S. My rates were comparable and after Hurricane Sandy came through the NE my rate went up 50%! It's a 15yo boat and I had it out of the water when the storm hit... no claim filed ever...

 

[agallant80]

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

Some of us need write offs. Two paid off houses and 200K + income and you will be looking for write offs.

 

[bruceb58]

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

Some of us need write offs. Two paid off houses and 200K + income and you will be looking for write offs.

If you are in a 40% tax bracket(including state) spending $1 to save $0.40 does not sound like a good financial plan to me. Won't even talk about the depreciating asset part.

 

[jkust]

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

If you are in a 40% tax bracket(including state) spending $1 to save $0.40 does not sound like a good financial plan to me. Won't even talk about the depreciating asset part.

In MN, state and federal and we are now over 50%. In addition your exemptions and deductions are now subject to a formula that reduces them more than before...add to that the new 3.9% ocare cap gains tax, the .9% new ocare medicaid tax, the brand new top tier tax bracket in MN, the brand new income surcharge in MN, the newly increased federal top marginal tax bracket. You would be shocked and floored at how little we actually get to keep. Most of the new taxes are set up so only a relative handful even know they exist.