Re: Another newbie thread...
Definitely don't get a new boat biggest waste of money that you will never see again. you don't need to have a boat right away give it a while maybe even a year. until you find one thats perfect. Get the exact used boat you want. but you have to give it some time for the right boat to pop up.
That could be a very niave and nearsighted approach to boat ownership. Finding that "perfect" boat is a myth. Sure, there are "deals" to be found, but they are few and far between. And when you do find them, often times the previous owner forgot to admit all the things wrong with it.
If you have only a few bucks to spend, then second hand may be your only choice. But, if you are willing to invest enough money to get something decent that will last a few years, CU loans on new boats are always more favorable vs. used stuff.
With a used boat, you can be sure that right off the bat you'll need to double your investment to get it into running condition, maybe not even pristine, and chances are the deck and stringers will need to be replaced as well. You'll have equipment like depth finders that you won't like, holes in the dashboard from old parts that were taken off, and you'll need to invest even more capital for canvas, covers and acesssories that you didn't get.
A new boat can be customized to your needs. Don't have the capital? Wait and add things as you can. YOU can drill the holes to suit your boating style. You'll get a warranty and you'll know exactly when it was serviced and how.
If you do your homework and actually know what you need and want, you'll make the right decision in the first place. There is no such thing as depreciation when it comes to toys that are not necessities. What people call "depreciation" is really the extra cost you pay for a brand new, unmolested boat. The personal "Value" is priceless! If you truly are a boater and bought the right one in the first place, and keep the boat for a long time, the cost of the depreciation will be amortized over so many years that the cost will be insignificant!
Now. many of us like challenges and seek out old boats for restoration. That's a personal pride thing in itself. But if you're only in it for the weekend boatride, that may not be your cup of tea either.
I've only owned new boats as my "daily cruiser", and I ended up selling them for more than I paid after owning them for 15+ years. The "antique" I currently own was restored and it has appreciated more by comparison, but that's not everybody's boat either because its a labor of love not your everyday fishing boat.
My current family boat was bought brand new and it is now 27 years old. Just this year I had to have it appraised again for my insurance company so I have a good idea of its current value. It has been well maintained and needs nothing. Good maintenance and taking good care of it has attributed to its longevity, and the fact that no major repairs have ever been needed. If I bought a new one today, the replacement cost would be in the neighborhood of $33000. If I sold mine at the appraised value, my annual cost of ownership (not including gas, spark plugs, tune ups, etc) would be only about $250 per year. Knot too shabby for a new boat, huh?
I do appreciate your input Jim, I'm still on the fence, just going to be patient and see whats available when the weather breaks as with new boats, there's only 8 manufacturers with cuddy's in my size range, although I do like the "peace of mind" that I would be the only owner and I'd know what happens to it. Seems like they just keep making them bigger and heavier lol
