Which manufacturer typically has the lowest depreciation/best bang for the buck?

[Fastaction2853]

Re: Which manufacturer typically has the lowest depreciation/best bang for the buck?

I love all the input thanks everyone!
And yes I am looking at inland lake runabout

One thing has be concerned though. It seems that many people on here are against financing a boat and I am not sure why.

IMHO if you are responsible with your money, still have your rainy day funds and can still contribute to your retirement account while making a boat payment I don't see it as that bad. The world we live in lives on credit, while it stinks it is the reality for middle class american's like myself.

Especially in the economy today where you can get boat loans with interest rates as low as 6-7%

The other reason I don't mind the idea of financing a boat is because for a new boater like myself, I have zero gear, so I would need to purchase everything I need to use the boat safely and effectively. It is much easier to roll that into your loan amount rather than all out of pocket personally.

I am still shopping for used and I am going to every local dealer I can to get a feeling for them and to hear their offers on a new/newer entry level boat as well.

The used market around here so far has not been overly fruitful and th local boat show coming up will see just how good the deals can get.
The way I see it, I have a set amount I can put down and a set monthly number in my head that I can handle and I don't want to exceed, if somebody can meet that then we may just be in business but let me assure you guys that for a dealer to meet those numbers I am fairly confident that it would have to been a very good deal ;-)

 

[jonesg]

Re: Which manufacturer typically has the lowest depreciation/best bang for the buck?

The trouble with many lake boats is they get beat to death by kids skiing etc, they don't get taken care of.
You can make anything look good for the quick sale, visit the resto forum and see the numerous projects going on that the buyer thought was a great boat in good condition. A new plywood floor and rug covers all the rot and another sucker gets taken.

And if you think a dealer will tell you the truth when a transom is shot....
You'll do far far better on craigslist. Cash is king.

 

[Summer Fun]

Re: Which manufacturer typically has the lowest depreciation/best bang for the buck?

I bought my 1987 Sea Ray 4yrs ago for $13k .

I went with State Farm & they insured it for $18k on agreed value .

So that means my tug increased in value by $5k. Right ??.

 

[infideltarget]

Re: Which manufacturer typically has the lowest depreciation/best bang for the buck?

I bought my 1987 Sea Ray 4yrs ago for $13k .

I went with State Farm & they insured it for $18k on agreed value .

So that means my tug increased in value by $5k. Right ??.

Sink it and make some money...then buy it back, for next to nothing from the insurance company, fix it for next to nothing...
I'M KIDDING!!! I AM NOT ENDORSING FRAUD!!!

 

[infideltarget]

Re: Which manufacturer typically has the lowest depreciation/best bang for the buck?

I love all the input thanks everyone!
And yes I am looking at inland lake runabout

One thing has be concerned though. It seems that many people on here are against financing a boat and I am not sure why.

IMHO if you are responsible with your money, still have your rainy day funds and can still contribute to your retirement account while making a boat payment I don't see it as that bad. The world we live in lives on credit, while it stinks it is the reality for middle class american's like myself.

Especially in the economy today where you can get boat loans with interest rates as low as 6-7%

The other reason I don't mind the idea of financing a boat is because for a new boater like myself, I have zero gear, so I would need to purchase everything I need to use the boat safely and effectively. It is much easier to roll that into your loan amount rather than all out of pocket personally.

I am still shopping for used and I am going to every local dealer I can to get a feeling for them and to hear their offers on a new/newer entry level boat as well.

The used market around here so far has not been overly fruitful and th local boat show coming up will see just how good the deals can get.
The way I see it, I have a set amount I can put down and a set monthly number in my head that I can handle and I don't want to exceed, if somebody can meet that then we may just be in business but let me assure you guys that for a dealer to meet those numbers I am fairly confident that it would have to been a very good deal ;-)

The reasons people are against financing a boat has less to do with your ability to pay than it does with how quickly a new boat depreciates. Look at the high dollar boats as an example. A Four Winns 310 bowrider goes for near $100k (or more). I saw a two year old one for sale last week for $39,900. While that may be an extreme example, you get the picture. It will depreciate faster than you can pay it down, and if something DOES go wrong and you become unable to pay for it, you will lose it. And that would suck on many levels. If you must finance one, get a used boat so the original buyer has taken the depreciation, and you can rest easy in knowing you will be able to sell it for much closer to what you owe if need be. Plus, most used boats will come with most of the gear you need, especially if that boat is being sold due to loss of ability to pay for it and is not being replaced by another boat. Their loss, your gain. Sad, but true. You can find some really nice used boats that can be had for probably what you were planning to put as a down payment, then you will have the title in hand, and you can put that payment money to use as gas money instead. $400/month is a lot of trips to the water. One more tidbit...I am speaking to you with recent first hand knowledge. Before I bought the Four Winns I have now, I had an oportunity to take over payments on a friend's 2002 Mastercraft 205v. He bought the boat brand new for his son as a graduation gift, and it has every available option (zero flex tower, JBL sound system, factory ballast, etc...). The son was supposed to assume payments after he started his job. The boat cost $56,900 new, and he financed it for 15 years, with a payment of $400(ish)/ month plus insurance, maintenance etc. Now, it is 2011, the son has no job, never took over payments, and my friend can't retire because he is stuck with this (and other) crap from his son. He still owes over $23,000 on this boat, and cannot sell it for what is owed. I had to back out due to the amount still owed, and the fact that his boy ruined the interior...it needs $2500 worth of upholstery work that he can't afford to repair. Long winded, I know, but this illustrates exactly why they do not want you to finance a new, expensive boat. You never know what can happen, and you will lose to the finance company what you have worked so hard to attain, or it will limit you so severely that you cant afford to even go enjoy that which you are paying for. I ended up buying an older boat that needs a little work, BUT IT IS MINE. I have the title. And I can fix it as I can afford or have time to do so. Just think long before you sign for that pretty new payment. Like I said...$400/month will buy a lot of gas, and you will have just as much fun in that less expensive machine. Maybe more, since you will not have the stress of that payment, and more time to enjoy the water since you arent having to work extra to pay for it.

 

[superpop]

Re: Which manufacturer typically has the lowest depreciation/best bang for the buck?

No offense to your friend but what kind of moron goes out and spends 57k on a ski boat for his son for a graduation present and assumes a kid out of college or worse yet high school is going to assume the payment on this very expensive boat. The kid trashes it, probably because he could care less as it is not his money, and now the guy can't retire. Not to go off on a rant here but that in a nutshell is why this country is going to hell financially. Boo fricken hoo, he needs to work until it is payed off and he can afford to retire, sounds like a valuable lesson. Good for you for going out and buying what you can afford, I would never finance a toy, especially a boat, the monthly payment is just the beginning, you still have storage, insurance, gas, incidentals, along with maintenance and upkeep. My boat was 2 years old when I purchased it and I paid half of what the seller paid for it 2 years and 35 hours of use earlier.

 

[Hiya Bayaya]

Re: Which manufacturer typically has the lowest depreciation/best bang for the buck?

I bought my boat new, it's a 2008 but bought in 2009, the boat still being in the lot depreciated and I was able for a decent buck and included all the gear needed and trailer with surge brakes, I was thinking of buying used, but 3 friends with boats discouraged me from doing so. I had seen and been on these boats and ranged from 5 to 10 years old and all came with problems. The worst was rotting and only 9 years old, the others had mechanical problems, that cant be fore seen, they put in money and money and realized that buying new would have been better, cause all they wanted to do is take the family out and enjoy the day. Not everyone can do this, but its one less headache when all you want to do is enjoy the water on a hot day and not be sweating over work needed. I keep the boat at a marina and see many 10 year old boats, which is not that old, in such bad shape. I dont consider my self rich cause I bought new, I did wait for the right time and saved my butt off, but my advise would be to shop dealers that have boats which have been sitting in their lots still new and need to sell, an offer is what they are looking for these days, dont insult them with some ridiculous offer, be reasonable.
Financing a boat is OK, if you can do it and enjoy it, everything we buy depreciates as soon as we pay for it, life is short so enjoy the summer.
Good Luck

 

[infideltarget]

Re: Which manufacturer typically has the lowest depreciation/best bang for the buck?

No offense to your friend but what kind of moron goes out and spends 57k on a ski boat for his son for a graduation present and assumes a kid out of college or worse yet high school is going to assume the payment on this very expensive boat. The kid trashes it, probably because he could care less as it is not his money, and now the guy can't retire. Not to go off on a rant here but that in a nutshell is why this country is going to hell financially. Boo fricken hoo, he needs to work until it is payed off and he can afford to retire, sounds like a valuable lesson. Good for you for going out and buying what you can afford, I would never finance a toy, especially a boat, the monthly payment is just the beginning, you still have storage, insurance, gas, incidentals, along with maintenance and upkeep. My boat was 2 years old when I purchased it and I paid half of what the seller paid for it 2 years and 35 hours of use earlier.

Agree 100% It's actually my best friend of 33 years' dad that did this. Bought it for my best bud's little brother. Yep, it was stupid. Yep, the kid's a loser. Yep, I passed on the deal. And glad I did. Hate it for him, but he got himself into it. and for the record, I didnt pass on it because of lack of affording it...I could buy new, just choose not to. Just sayin.

 

[cribber]

Re: Which manufacturer typically has the lowest depreciation/best bang for the buck?

Whether you finance it or pay cash... determine the amount you're will to part company with and stick to that dollar figure. Next figure how how much boat you want and what you'll use it for the most. Then you can compare manufactures listed throughout your post. I happened to buy my boat brand new and still factory wrapped. I got to watch the guys at Holiday Marine rig it up and then we took it out for her 1st sea trial. I picked up a sweet 2008 Glastron GT-185 with the 3.0L Volvo Penta for $21K out the door with an aluminum trailer, bimini top, customer covers, carpeting, and full CG pack for 4passengers. Shop around and compare prices...

 

[Hiya Bayaya]

Re: Which manufacturer typically has the lowest depreciation/best bang for the buck?

Forgot to mention that I paid $ 18.000 for a 2008 Glastron GT 185, 4.3 190 HP with mooring covers, 4 bumpers, 4 life jackets, 1 fire exting., 1 anchor, 4 mooring ropes , tow rope, safety bucket, bimini top and a painted blue trailor with surge brakes. Shop around.

 

[cribber]

Re: Which manufacturer typically has the lowest depreciation/best bang for the buck?

Yep that was the ballpark price on the other one I looked at with a painted trailer. I got the low profile blacked out wrap around glass. Useless for a windshield but really looks cool sitting at the dock where we go out for lunch. We've had a wonderful 3 years of fun so far!!!
http://i179.photobucket.com/albums/w310/Cheep_photos/GT185.jpg