We’re looking at “upgrading” still, but I just don’t know if I want to jump into such a payment.
We found a SWEET 214 Mako Express WAC that is an '07 that’s brand new and the price has been cut down to $37k. Original price was $51k.
Spending $37k on a boat seems like an awefully lot of money. And, of course, there’s the mentality of new vs. used.
They ran the numbers with $34k and it was only about $313 a month. However, that’s for 15 years – nearly $50k in the long run…
So, who’s done it? Would you do it again? Or, would you suggest saving up a while?
Thanks for any/all input. [:I]
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'99 Scout 175CC Sportfish
I have not done it and don’t think that I could. I have a 15 year mortgage but could not see myself financing a boat for 15 years. The boat sounds like a pretty good deal and I could see where you would be tempted but, would you keep it for 15 years? I could be way off base, maybe a lot of people have 15 year boat loans but I don’t think I could.
Good luck with whatever you decide!
I did one for 10 years once and will never ever do that again. In fact I’ll never borrow money for a boat again no matter what the terms. Don’t do it man. Take the amortization schedule and look where you’ll be after 60 or 72 months, then figure what it will be worth at that time. It won’t be pretty.
there ain’t no shame in passin’ the rod
If you’re not sure you want to pick up that monthly liability, then don’t!!! You’re on the hook for that loan once you sign and if you change you mind, or [i<i></i>]need to sell this isn’t a great market for that. I’m with the others, in nearly 40 years of boating, I’ve never bought a boat I couldn’t just pay cash for- but that’s just me.
You can look at it this way, the discount you’re getting off MSRP from the manufacturer, you’re giving to the bank over 15 years. Not a horrible deal. If you use the boat once a week you’re paying about $20/trip in interest (plus depreciation, insurance, tax, fuel, repairs). That’s less than your cable TV bill perhaps so if boating gives you joy then go for it!
I would only get into it with the intention of paying it off as soon as possible. I don’t look at monthly payments but one way. If things are bad, can I still pay that minimum payment? When things are normal, can I pay twice that? If things are good, can I put down three times that amount? The main thing is staying ahead of the depreciation. If you only make the minimum payment, you won’t be able to do that.
Bring on the 2-3 chop!
The only way I would finance a boat purchase (or anything for that matter) is if I could put enough money down or if I got such a good deal that if I had to sell it, I could get out from under it…QUICK!
If you have to think about it forget it.Most of the year the boat will sit in your yard.
Stonoman
USMC - When I finance something (which I try not to do very often) I usually go for the longer term loan with the intent of paying it off early. I normally double up on every payment I have, but like to have the minimum payment as low as possible in case of hard times
2008 Sea Fox 197 CC
2008 Suzuki 140
My philosophy is that if I can’t write the check, I can’t afford it. Save your money, use your negotation skills and buy the best boat you can get with what you’ve saved.
PAY CASH. save till you can get what you want.
“You are the offspring of 5 monkeys having But Secs with a retarded fish squirrel………. CONGRADULATIONS”!!!
I say if you are under thirty and love the water then go for it. You can enjoy a boat for 15 years. You would be getting it new and if you take care of it, 15 years won’t be a problem. Sounds like even after 15 years your total payments will still be below retail so that sounds like a good deal. You’ll have 15 years of photos and memories that you wouldn’t have if you waited till you have the cash.
A wise man once told me ‘don’t pay cash for anything’. If you have the cash, borrow and pay the interest rate and invest your cash wisely. After 15 years, you will have the boat paid for and hopefully and nice investment of Exxon stock.
PS If you get tired of the boat after 2 years, get some good insurance from Gotcha and fill it with gas and take a bunch of fishing buddies that smoke to the ledge. Make sure you take an EPIRB and life raft just in case. You never know.
I sell boats and many people finance these high end boats for 15 years. They do this with the intent of paying double and if something happens and they don’t have the cash for a high note then they pay the minimum. i don’t think I could finance a boat that long without knowing I would pay it off quickly and the good part is you get a better rate the longer you go.
From reds to marlin you got it.
2001 210 Sea Fox
2009 Yamaha F150
2010 Skeeter ZX22T
2010 Yamaha VMAX 225
TEAM BOAT
I think it depends on: your source of income, your past history with boats, and what you plan to use it for. Are you going to try and sell it in 2 years?
I personally wouldn’t go 15 years because in that time you will more that likely replace the motor once if not twice. Also depreciation on a new boat in today’s market is still a factor, no matter whether it is a decent deal or not. Not to say don’t finance, just saying in 15 years, my unborn child will be think about his/her first car.
No offense intended, but there are 31 Cuddy contenders out there for less than 40k, and a 21 Mako at 37K doesn’t strike me as a slam dunk deal on a two year old boat. That is if you don’t intend to keep it. If you do, then all of this is moot and it comes down to what are you willing to pay. Might as well buy something you want for a little more than buy something you don’t and try to make it work.
The salesman is baiting you with the low payment. It doesn’t sound like the deal is that great. Mako’s name is not good any longer so don’t expect that boat to hold any value what so ever. Plus, and trust me on this, you will probably get very tired of the WAC, which is probably one reason it has been sitting on the lot that long without selling. A WAC is probably the least saleable boat there is. And I will make a bet with you right now that there is no way at all you would keep that boat 15 years, period. I hope it has Yamaha’s, because you will be replacing any other engines long before your note is paid. So, when you decide to sell that boat in a few years, you will not only be upside down, you will be double upside down because of the note, no wait, triple upside down because lets not forget, if you bought it tomorrow you will be the proud owner of a brand new 3 year old boat (the '10 boats are already out) with a 15 year mortgage. RUN FORREST RUN!!
A 15 year boat loans is a good example of why our economy is in the
shape it is in.Don’t do it.
I paid cash for mine… only way to go, you enjoy fishing alot more with no payments
26’ Twinvee
Suzuki 175’s
www.creeksidemetalworks.com
Thank you everyone for your opinions.
Just as a side note, I would not make minimum payments. I got my $9400 Scout payed off in 18 months, so that’s not too terribly bad.
I’ll probably just hold off on the idea. Sell my boat now (maybe) and stick the cash in the bank and just wait until a GREAT deal comes along that’s already been used for a year or two and has all the electronics, etc. on it.
The 15 year terms appeal to me because of the low payment, yes, however, I would not pay that minimum payment. You never get anywhere that way.
And, Open Bar, you are indeed correct – I’d have a “new” three year old boat. And, FWIW, it’s got an EFI Merc on it.
Thanks again everyone! You’ve kinda talked a little bit of sense into me. Yeah, I knew it all, already, but it helps to have the point reinforced. 
[URL="http://webpages.charter.net/usmcsilver/pictures.htm"]
'99 Scout 175CC Sportfish
You already got the best kind of boat. Why don’t you take the family out, make some good times and enjoy your “paid for” Scout.
Didn’t realize you had a boat. You made a good choice.
quote:
Originally posted by TUNANUT
You already got the best kind of boat. Why don’t you take the family out, make some good times and enjoy your “paid for” Scout.
Yeah, I guess a “paid for” boat really is the best kind of boat…
And, I’m only 31, so I’ve got PLENTY of time (I hope) to get a nice, larger boat in the future.
Rome wasn’t built in a day…
[URL="http://webpages.charter.net/usmcsilver/pictures.htm"]
'99 Scout 175CC Sportfish