How do you afford them?

Obviously there are people that can afford to go buy a boat outright, but we have been in the market for a new boat and really beginning to wonder how some people do it. I know that there are alot of people that are way beyond their means, but I am really asking. I thought we made decent money and don't have alot of debt, but there is no way I can come up with 800 or more extra a month for the boat. Are people just financing for 10 years? I know you can, but do you? Even good used boats are running $40,000 and up, and I just can't figure it out. I know this sounds nosey and strange, but I really am curious. On the other hand, I look at it as if I can't have it paid for in 5 years or less I don't need it, but I sure do want it!!!

I actually financed mine for 15 years, but always pay much more. I am 100% commission, so I like to keep my monthly liabilities as low as possible, build up the savings, and send double or triple payments as often as possible.

For us it was easy, 3 of us wanted a boat (Myself, brother and father) so we went 3 ways on it. We have a cottage so its not like we have to split up weekends with the boat since its always in the same spot.

With my previous boat I paid cash outright, but it was only $15,000. There is no way I could buy new or fairly new by myself.

For me I watched the market for a long time to find what I wanted in the price range I could afford, purchased used. I also sold some of my other toys (motorcycle and jetski) to come up with a nice down payment. I borrowed a small amount from the bank, payment was $120 a month, payed off early.

Couple year old Moombas are easy to find in the low-mid 20's with lots of options...maybe not a Z-5 cargo rack or pimped out stereo but most people don't even want/need those. Personally, I work in law enforcement, single, no kids, zero credit card debt, modest/nice 4 bedroom house paid for, and only a truck payment. In the fall of 2008 when the stock market took the dump was the first time I jumped into actual stock trading, then the market took another dump in March of 2009 and I really put a good chunk of my savings into a few stocks. I did good on all with a minimum gain of 5x my investment but my best was 12x my investment. I sold alot of the stock and timed it right. I put half down on my new XLV, financed the remaining for 7yrs but I'll have it paid in probably 2-3yrs and kept the rest of my stock returns back into savings. I consider myself blessed given that my chosen profession is not one that makes six figure income and my girlfriend and I live separately and do not share what little bills we have.

Just bought used in a price range I could afford. In reality - any inboard is step in the right direction . We used the sale of our old outboard runabout as the springboard. We bought that in 1989 and drove it for 11 years and got 50% back on private sale. So at that time we only needed to come up with 16K. That was 2000. I would think used boats would be pretty easy to buy right now as people are scrambling to pay for all of their stupid choices when the economy was more favorable. Maybe look at bank repos? No idea how you would do that however..

Been looking for two years and finally found one in Las Vegas with no motor for $8000.00 ( I live in Canada) found the motor and tranny in California for $4700.00 all I need now is the tower so.. 2006 mobius XLV complete less the tower for $12,700.00 so far. When there's a will there's a way keep looking i'm sure you will come across a good deal. Good Luck !

Sleepy, I've been asking the same question for years. I pay cash for my stuff so forking over $40-50K on a boat doesn't make sense so I buy used and that is why a used Moomba was a much better value than an older MC or Malibu.

I went to a beach today and saw the young kids with some nice boats and I ask myself how many of these boats will be in repo in a couple of years. Unfortunately, many people live for now and deal with the issues and consequences later.

This is my 5th inboard boat. I was able to move up the boat range with each boat, as they tend to hold their value (at least until the last 2 yrs). My first boat was a used boat that cost $6500. Had it 5 yrs. Sold it bought a better boat, sold it and bought a better boat, etc, until my last purchase. I was able to have $18,500 from my last boat sell. I had that boat (paid for) for 7 yrs. During that time, I saved money so that when I bought my new Outback, I paid cash. So, yes I paid cash, but it was a 17 year process.

I personally bought mine used and financed it for 5 years. It doesnt hurt to be a degreed mechanical engineer, 26, and single either. :D

I have a great 2007 Moomba Mobius XLV with 175 hours on it, that I will sell you for $35K.

You should be able to get a 10 year note for about $450 a month pay $600 in the winter and back to $450 in the summer when buying gas. Paid off in about 7 years.

I'm looking to step down in size to under 22' 6" the local river we ride has a 22' 6" limit and I know it;s only time till I have an issue. Plus my dealer has a 2010 LSV Liquid Force that he's pushing.

Thanks for the information. I know that we will be in the used market, but it does give me a little better feeling that I am not the only one that needs to finance longer and pay off early. I jsut can not see coming up with 800-$1000 extra a month for a boat, but I know somw people can. Inboards seem to hold value after they get 2 or so years old. In fact i am looking to add to a 92 Supra comp that is actually my dad's but I now live 4 hours away and only steal it for a month or so. We bought it in 92 with 33 hours for about $13,000 and they are still $10,000 or so all day long, so that is not too bad for all the fun it has provided. Infact I kinda feel bad looking for a newer boat with all the blood and sweat that I have put into that boat keeping it up, but it runs like a top and is a great boat, and that is what I am looking at for us, a boat I can keep 15 years and not think twice about it. It just seems crazy to me all the 60-70k boats out there for sale, and I guess someone is buying them, just not me! heck it took me 3 houses before i spent that much! Now finding the right one....

patrick, sounds great, except i think i am going to be in the same boat with the size restrictions. I can't get an XLV in my garage, and right now I think I want to be able to get it out of the weather at least when it is put up for the winter. I do have a buddy that may be interested though, i will let him know. he bought an I/O about 3 years ago and kicks himself all the time, he went wakesurfing last summer and wants in inboard now bad! Thanks

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Originally Posted by sleepyluke

patrick, sounds great, except i think i am going to be in the same boat with the size restrictions. I can't get an XLV in my garage, and right now I think I want to be able to get it out of the weather at least when it is put up for the winter. I do have a buddy that may be interested though, i will let him know. he bought an I/O about 3 years ago and kicks himself all the time, he went wakesurfing last summer and wants in inboard now bad! Thanks

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Have your buddy email me [email protected] and I can send him pictures and the specs.

Also if I get and LSV I can put it in the garage also, not just the warehouse at the office.

I also worked up to the current one by paying cash for the first one, using it for 2 years, trading up by selling and adding some cash, then doing it again. Had a loan on the Outback but paid it off before buying the LSV. I work at home and don't have a car payment otherwise I couldn't do it.

You just gotta work hard or finance with a low yearly expense!

Take out a 15-30 year loan. I’ve read this same question on the FB groups and there are people commenting they took a 30 year loan. That’s wild. But the banks are lending it. Seems like a bubble will form and burst eventually.

My wife is a saver and not a spender. I told her we needed a new boat, she said no, but i won in the end. she saved the money and ended up getting ours paying cash. Hard to write a check that big but its the only way she lets me buy toys. But it helps she is good at saving.

Refinanced the house with cash back to pay off the boat. That was when you could write off the interest on taxes.

I think a lot of people just have a lot of debt. Me, I like to pay cash for things. My 98 Mobius was rough when I bought it last year for $3k. I'm putting money into it and will sell it in a few years for a profit and buy a nicer boat.

I see it all the time and just shake my head. I live just off a highway going into the mountains. I see folks with a $60k diesel truck pulling a $60k trailer. Some may have paid cash for their toys, but I bet a lot of people are in debt up to their eyeballs. I'm not one to judge, but that is not the way for me.

I'd like to see their retirement account balances. I am pretty comfortable with my 401k balance. My only debt is my mortgage. The goal is to retire in my late 50's, maybe 60, with $2 Mil in the bank/retirement account. Both my wife and I work.

Way to bring back a 9 year old thread, lol

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Originally Posted by KnoxMojo

Way to bring back a 9 year old thread, lol

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Bringing threads back from the dead and Halloween is over.

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Originally Posted by MJHSupra

Bringing threads back from the dead

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apparently this thread was not dead, just sleeping.... for many years.... :) :)

30 more years til this thread is paid off [emoji2957]


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Originally Posted by mgswake

Take out a 15-30 year loan. I’ve read this same question on the FB groups and there are people commenting they took a 30 year loan. That’s wild. But the banks are lending it. Seems like a bubble will form and burst eventually.

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How will it burst? These are fixed-rate loans.


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Originally Posted by 1967Goat

I think a lot of people just have a lot of debt. Me, I like to pay cash for things. My 98 Mobius was rough when I bought it last year for $3k. I'm putting money into it and will sell it in a few years for a profit and buy a nicer boat.

I see it all the time and just shake my head. I live just off a highway going into the mountains. I see folks with a $60k diesel truck pulling a $60k trailer. Some may have paid cash for their toys, but I bet a lot of people are in debt up to their eyeballs. I'm not one to judge, but that is not the way for me.

I'd like to see their retirement account balances. I am pretty comfortable with my 401k balance. My only debt is my mortgage. The goal is to retire in my late 50's, maybe 60, with $2 Mil in the bank/retirement account. Both my wife and I work.

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Good thing, none of us have any idea what's going on in someone else's finances. Debt isn't a bad thing if you can afford it, especially currently when money is virtually free.

I subscribe to the 'cash is king' mentality, but I keep the cash in the bank. So when I can mortgage a house at 3%, get a car loan for 0%, or a boat loan for 5%...I do it, that interest rate is the small price to pay for the service...and it's what allows me to keep a large chunk in the bank. Earning interest (above the rates I pay) and as a 'just in case' fund.

I'd much rather have the cash if something bad happens. IDK what that would be since we own a company that's been around since the 1930s but who knows. Owning assets is great, until you have to unload them to sell for unforeseen medical expenses, job hardship, etc.

Well I'm going on 62 years old. I believe my new boat buying days are over and I don't have to pay those prices. I still ski and wakeboard but my runs are shorter and few less. I have been happy with what I have. I'm semi-retired (work when I want to) and plan on keeping it this way.

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Originally Posted by Matt0520

How will it burst? These are fixed-rate loans.


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I like your comment after mine. I really don’t know others finances. I just assume some people make enough to pay for these boats outright, others are like you mentioned and finance because they can use the cash in other investments, and those who put a little down and finance for 15-30 years. My assumption is a lot of those who are financing that long probably shouldn’t and if we have another recession, many of those people may not be able to afford their payments. So I guess not really a bubble, just a lot of risk. But I don’t have any firm data to back that up just threads I’ve read on here and the fb groups. But to each their own. It’s not my business or place to judge. Just an observation. It’s good for Wakeboat
manufacturers sales, and allows individuals to get on the water.

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Originally Posted by mgswake

I like your comment after mine. I really don’t know others finances. I just assume some people make enough to pay for these boats outright, others are like you mentioned and finance because they can use the cash in other investments, and those who put a little down and finance for 15-30 years. My assumption is a lot of those who are financing that long probably shouldn’t and if we have another recession, many of those people may not be able to afford their payments. So I guess not really a bubble, just a lot of risk. But I don’t have any firm data to back that up just threads I’ve read on here and the fb groups. But to each their own. It’s not my business or place to judge. Just an observation. It’s good for Wakeboat
manufacturers sales, and allows individuals to get on the water.

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Oh ok now I get what you mean! Right if they don’t have savings and secure employment you’re right.

From my experience in my area it seems like wakeboat owners are much more buttoned down in terms of careers and finances than other boat owners. But that’s just a guess.


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I think there are some other factors to consider as well. To me it seems many younger couples are establishing themselves in their careers and waiting to have kids until they are a little older, late 20's. So 2 working adults with lower expenses have more disposable income and not as much at risk. On the other side of that are families like mine, I'm 48. My wife and I have been in our current jobs for 15 years and are both fairly successful. We pay our mortgage, max out retirement, save extra, contribute to 3 college 529's, etc. etc. We put down a larger downpayment and plan to pay off early. We also cancelled a few creature comforts so instead of increasing monthly expense with a large boat payment we are increasing monthly expenses but a smaller amount overall. If at any time you wonder if this is the right decision because there is concern about making payments if something goes wrong with your financial security then you would probably be better to not buy the boat. Good luck with what ever you decide.

I just wanted a boat, no matter how it looked. I therefore bought one that was affordable for me and when I started to earn more money, I sold my first boat and bought a better one.

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Originally Posted by Matt0520

it seems like wakeboat owners are much more buttoned down in terms finances than other boat owners.

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in wisconsin on the ramps I ever used a wakeboat would typically be at the top end of net values of the boats being launched on any given day. the ramp at mead, a Craz would be closer to the midpoint of boat values..
the lineup at the last gas station prior to entering the lake mead rec area was not uncommon to see several 25-40ft cig boats lined up and having to resest the pump multiple times to get a $450 fillup for a short afternoon.

I was actually thinking the same thing, people here are giving their boats pictures and others are commenting but no one asks this that hey! how did you manage to buy that?. It is very surprising that people are giving away their all to buy a boat. I also love boat but I think this is very risky to give away everything.

So you you love that boat more than your jet ski ?. I think I would never be able to do that. To be honest buying a boat is very expensive and people are really giving away their all to make it happen. Some are paying for 15 years just own a boat. I have a question, do you really feel that you need this more than anything ?.

This is exactly what I am talking about, when you have so many other stuffs to pay for, how can you spend like 40 to 50k for a boat ?. I really want to buy one too, but I do not think I would ever be able to do that with all the other payments that I am responsible for.

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Originally Posted by mariah1902

This is exactly what I am talking about, when you have so many other stuffs to pay for, how can you spend like 40 to 50k for a boat ?. I really want to buy one too, but I do not think I would ever be able to do that with all the other payments that I am responsible for.

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Maybe you need enough disposable income to afford toys like wakeboats.


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Originally Posted by larry_arizona

Maybe you need enough disposable income to afford toys like wakeboats.


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Well said LA!

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Originally Posted by mariah1902

This is exactly what I am talking about, when you have so many other stuffs to pay for, how can you spend like 40 to 50k for a boat ?. I really want to buy one too, but I do not think I would ever be able to do that with all the other payments that I am responsible for.

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I think if it were between the boat and feeding, clothing, and housing my family the boat would go. Luckily for me, I can easily afford to do all of that. Everyone's situation is different.

I think most people understand if they can afford a wakeboat or not.

There are so many things that come before a boat or toy of any kind.






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