New vs. Used?

[tpenfield]

$200 a month for 15 years is $36,000. so that + whatever you put into it as a down payment is your cost. I assume that the boat price is in the $25-35K range :noidea:

A lot of the judgement depends on your financial situation and personal preferences. But . . . you will find that most people favor buying used rather than new. Predominant reasons are the value (50% of the cost of newer or less if you go older) and the loss of equity that you loose with a new boat.

However, somebody has to buy new boats in order for there to be used boats . . . If you like new and can afford it, then it may be for you.

 

[southkogs]

Compiling all of what the crew has been saying into a short phrase: it's really kinda' up to you and your checking account.

All that I'll add is don't be afraid of used boats: well cared for they can go for a VERY long time.

Welcome aboard.

 

[ccarver80]

AWESOME ADVICE! you guys rock ! :rockon:

Now next question,
IF I do buy used, what boats and motors should I avoid?
Someone was telling me like with tracker there was a certain year they changed there welding techniques and to avoid anything that's older than 2006??

Here's a list of my dream boat: (I'm a walleye fisherman in North Dakota)
Aluminum Deep -v
16' - 18'
Walkthrough windshield,
Side Counsel
75hp -120hp Merc. or Yamaha Preferably 4 stroke (I don't like mixing oil)

any advice on things I should look for or certain years, models, I should avoid due to defects or recalls?

 

[jbcurt00]

You will run into significantly more problems on used boats caused by careless owners neglecting even basic maintenance and not keeping the boat covered, bow high w the plug out when not in use.

I'd rather by an entry level (inexpensive) meticulously cared for boat then a high end (expensive) boat that isnt well cared for.

Buying used, you also have to wonder about all the owners prior to the guy you buy it from.

 

[Illinoid]

15 years is a long time with a new family and a boat you will be upside down on. The boat that is great for toddlers probably wont be right for grade schoolers. There were some nice boats at the marina my grandfather used but I will always cherish the time we spent in his old beat up boat with him on the oars putting me on the right side of a stump to catch the big bass.

 

[fishin98]

And the point about them not caring if it is new or used. All they will remember is that they went boating with dad.

EXACTLY!!!! When purchasing a NEW boat that usually means all new accessories,then you take a hit on depreciation unless you keep the boat 5-10 years. Then comes the 1st scratch, dent, hole. Buying used from a private seller you could end up with all the goodies that go with it. I've had both new and used. I've had MONEY PITS wether new or used.

 

[Scott Danforth]

if buying used, read this http://forums.iboats.com/forum/gene...eeding-help-buying-a-boat-a-buyer-s-checklist

 

[RGrew176]

My current boat is my 10th. Of the 10 5 were purchased new and 5 used. Each has its advantages. For me, the biggest + in buying new is you know what you have from day 1. If you take care of it well it will take care of you. When buying used you have to hope the previous owner(s) have been as diligent as you are when it comes to maintaining the boat.

 

[mtrainTurbo]

The problem with the "always buy used' mantra is it doesn't work for everyone, and every scenario. Additionally, I suspect some of you who say "always buy used" will be bitten in the backside by that in a couple of years when you try to upgrade to a larger cruiser, and you will find the 2008 financial crisis will revisit you in unexpected ways: lack of 2009+ used inventory, lack of choice, and high prices.

For your first boat, I advocate used. You don't know what you want until you are on the water and realize what you don't have. Typically 10 years old or so, and ideally well cared for. The pitfall with that is new boat buyers don't know what to look for, or enter the $5000 end of the market where you stand a much greater chance of getting burned.

For your move up boat, your options open up somewhat. I am an experienced boater and about to buy my third boat - I have looked at both used and new, and I am leaning towards new. I get to tick off all the option boxes I want, and I get the exact boat I want. IT's important to note that for me, this will be a 10 to 15 year boat...I intend on paying it off and keeping it. For that, it makes sense to buy new.

Cruisers are a special case because new, they are ridiculously expensive.

But that said, a lot of car people say they only buy used cars, but they complain when they can't find what they want on the used market. Meanwhile, they could have bought new, the car they want exists on the new market, but because sage financial people told them not to buy new, the car they want collects dust on the lot, gets discontinued, and never returns.

It's even more appropo with boats, because of the smaller market. So my advice to seasoned boaters who keep their boats longer term is this: Buy new, buy right, and hold on to them.

 

[tpenfield]

I am hoping that some day I can buy a Formula 292 Fastec as new . . .

One of the challenges that I find in buying used is that it is hard to find a boat that has everything that you may want. Typically, you end up with 80-90% of what you want.

I see the advantage of buying new is to get everything you want in terms of options, colors, etc.

 

[bruceb58]

So my advice to seasoned boaters who keep their boats longer term is this: Buy new, buy right, and hold on to them.

I buy used, buy right and hold onto them.

My used boats are typically 100 hours or less and usually, no more than a few years old. Take advantage of a huge percent of the depreciation but have a boat that still looks like new. There are a lot of boaters that get into boating and don't realize the cost or how much maintenance these things take and/or are way over their heads.

Again........don't finance toys!

 

[thumpar]

My last boat was purchased with 400+ hours and it was a 1983. I only had to do normal maintenance on it and it lasted me the 7 years I had it. It is still going strong for the new owner.

 

[frantically relaxing]

I just today brought home our new-to-us Regal 2860, our 5th boat-- And by that I mean we have 4 others to go with it! (all 5 are now in my signature) -
We bought it from a broker, and the same broker now has our Chaparral up for sale...

The Regal is the 12th boat I've owned. Only 2 of the 12 were bought new, both 17' bowriders, a '79 Galaxy, and our '07 Bayliner. Both were cheap enough from the get-go that the payments kept up with the depreciation. But bigger boats are a different story. With me, I buy most everything used. Doing so has allowed me and my family a wonderful recreational life, with money left over to eat & buy clothes!

The Chap is a good example of why I buy used. We've had it 5 years, in that time I've replaced a starter solenoid (<$20), a battery isolator ($40), and 2 batteries ($150). It looks and runs as good as the day we bought it. My asking price is only $3400 less than I paid for it, and I'll get it. I bought it from the original owner, he took a 49% discount from what he paid for it after 8 years, I'm taking a 9.1% bite after 5 years. And my payments were a lot less, for a lot less time too.

And now the Regal, I paid only $1000 more than my price for the Chap, and it's literally in the condition of a 1-2 year old boat- like my Chap. I just happened across the ad for it around the same time the owner dropped the price 13 large in hopes of selling it during the winter. For a change, I got lucky...

Some years ago one of my kid's friends asked me what I did for a living, since we had a motorhome, 3 ATV's, a Sportster, a Goldwing, a Mustang GT convertible and a Turbo Buick all in the driveway. I told him to take the Buick out of the equation (which I bought new), and everything else in total cost less than the $44,000 pickup truck he showed up in.

Guess who was-- and still is-- having more fun!

I'd love to buy all new stuff, but used works just fine for me!

 

[drrpm]

Buying a lightly used boat will save a lot of money and you won't feel as bad when the inevitable dings and wear and tear happen.

 

[airshot]

[QUOTE=Frantically Relaxing;

Some years ago one of my kid's friends asked me what I did for a living, since we had a motorhome, 3 ATV's, a Sportster, a Goldwing, a Mustang GT convertible and a Turbo Buick all in the driveway. I told him to take the Buick out of the equation (which I bought new), and everything else in total cost less than the $44,000 pickup truck he showed up in.

Guess who was-- and still is-- having more fun!

I'd love to buy all new stuff, but used works just fine for me!



Your story hit the nail on the head !! I had a neighbor ask me the same thing last summer and yep...I gave him your same answer!! Gotta love it !!!

 

[tlombard]

You should have seen the look on some people's faces at work when I told them that I dropped $8500 on my new girl a couple of weeks before Christmas. They always assumed that because I use public transportation to get to and from work that I am broke.

In St. Louis, that is how way too many people think. They believe that public transportation is for poor people only and can't fathom the fact that I actually enjoy taking the bus and train so that I can sit back and read while somebody else deals with traffic, plus it is cheaper and allows me to stack more money away to buy things like the boat and my land at the lake.

 

[bruceb58]

You should have seen the look on some people's faces at work when I told them that I dropped $8500 on my new girl a couple of weeks before Christmas.

Maybe because $8500 seems to be a lot for a 2004 Caravelle 187BR!

 

[tlombard]

Oh, they have no idea what it should cost. Maybe I overpaid. Maybe I didn't. I honestly have no idea and don't care! I do get that you were just messing with me though.

As I've said before, my definition of a good deal is one where the buyer and seller are both happy and who cares what anybody else thinks because it wasn't their cash and it wasn't their stuff they were selling.

Seriously though, the NADA value for the boat and trailer optioned out as mine is well over what I paid and the same boat in other areas were going for the same or more without all I got. The only one I saw listed for less at the time needed a motor. The motor only has 14.6 hours on it, the interior is brand new, all fiberglass construction so there's no wood to worry about and the guy included a spare prop, bumpers, anchor, 9 PFDs, tube, another large raft, pump, all safety equipment, the stereo is completely upgraded including 2 amps and a sub along with transom controls and Bluetooth, the bimini top is brand new, wakeboard tower... and I could keep going on. The guy seriously left me with nothing left to buy, fix or upgrade this winter which is a bit disappointing. For me, it was 125% of what I had on my wish list which is why I abandoned my plan to spend $5-6k in the spring. After following CL ads for the last few years, I couldn't pass this one up because I don't think I'd come across another for awhile. If the exact same thing was suddenly available for $1k all over the place tomorrow, I'd still be thrilled with my deal.

 

[batman99]

brand new + kids + fishing = dings & dangs = tears to one's eyes.
Used + kids + fishing = dings & dangs = laughs at campfire times.

For me (and my kids), "used" works best. Especially for 6-8 outings per year outings.

 

[southkogs]

Now next question,
IF I do buy used, what boats and motors should I avoid?
Someone was telling me like with tracker there was a certain year they changed there welding techniques and to avoid anything that's older than 2006??

Here's a list of my dream boat: (I'm a walleye fisherman in North Dakota)
Aluminum Deep -v
16' - 18'
Walkthrough windshield,
Side Console
75hp -120hp Merc. or Yamaha Preferably 4 stroke (I don't like mixing oil)

any advice on things I should look for or certain years, models, I should avoid due to defects or recalls?

:focus:

Carver asked about what to avoid and look for. There are a few favorite brands in tin boats ... but really condition is the big key. I would watch out for a few outboards (old Electric Shift OMC outboards, Force, Chrysler) but only in that they require an understanding of what you're getting into. Buncha' guys keep all of those running for a long time.

Seeing anything intriguing on the web? Post the links and the gang will give you more opinions than you might want. (I'd start a new topic for that though)