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  1. #1
    Join Date
    Aug 2009
    Posts
    23

    Default 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!!!

  2. #2
    Join Date
    Feb 2008
    Location
    Traverse City, MI
    Posts
    2,680

    Default

    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.
    2013 Outback V

  3. #3
    Join Date
    May 2010
    Location
    Muskoka, Ontario
    Posts
    412

    Default

    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.

  4. #4
    Join Date
    Feb 2009
    Posts
    442

    Default

    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.
    2003 Outback, Assault EFI, (6) Polk Audio DB651s, JL Audio M6600 amp, JL Audio M1700 amp, JL Audio 10w6v2 subwoofer

  5. #5
    Join Date
    Sep 2009
    Location
    Copperas Cove, TX
    Posts
    1,761

    Default

    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.

  6. #6
    Join Date
    Jan 2003
    Location
    Minnesota and Wisconsin
    Posts
    1,202

    Default

    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..
    If you believe something to be true, it will be - in it's consequences.

    2009 MasterCraft ProStar 197 - DD - 5.7L - 325HP - Zero Off

  7. #7
    Join Date
    May 2010
    Location
    Canada
    Posts
    200

    Default

    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 !
    06 XLV

  8. #8
    Join Date
    Mar 2003
    Location
    s.e. washington state
    Posts
    3,094

    Default

    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.
    1998 Mobius
    310 HP PCM
    SOLD

  9. #9
    Join Date
    Jan 2008
    Location
    Pensacola, FL
    Posts
    1,585

    Default

    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.
    1997 MasterCraft 205

    2008 Moomba Outback
    1999 MasterCraft Sportstar OB
    1992 MasterCraft 205
    1999 Malibu Response LX
    1987 Marlin Magnum Skier

  10. #10
    Join Date
    Jun 2010
    Location
    Lake Houston
    Posts
    656

    Default

    I personally bought mine used and financed it for 5 years. It doesnt hurt to be a degreed mechanical engineer, 26, and single either.
    2013 LSV
    2005 LSV - SOLD

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