what would you boaters do?

[gregs]

If you was given a 15 ft 88 glasstream. And afer alot of hours of hard work it runs half way decent.Still breaks down from time to time and still needs alot of work. Believe me I've got boating fever. I live 15 miles from 26,000 acre lake. Problem is I have friends that have nice bass boats. This makes me want to go and get one also. What would you do? I dont feel right asking them what they pay a month. But I've seen an add for a 96 ranger 361 xt 19 ft for $9995.00 or 110 a month. But it dont say how many months. Im guessing 120 months. Has anyone out there went this route. Is it just stupid to finance a boat this long?

 

[4poco]

Re: what would you boaters do?

Had an old boat that always left me broke in the middle of lake.Not Good, bought a new boat financed for 10 years. That doesnt mean it will take that long to pay off tho. Dont regret,family fun is priceless ! A new boat, well thats your decision and money.........................

 

[Holdimhook]

Re: what would you boaters do?

If the decision is right for you, then it doesn't matter what anyone else thinks. If you're not taking the essentials away from your family to make the payments and you feel as though you can afford the boat, then the decision is yours and yours alone to make. Like 4poco said,"Family fun is priceless." Good luck.

 

[jtexas]

Re: what would you boaters do?

$9995 at 5.75% is $110/month for 120 months. You're going to be making payments on a boat thats 10 yrs old now, 20 yrs old when its paid for...during that time it'll need livewell & bilge pumps replaced, trolling motor repaired, new fish finders, maybe you'll be lucky & the transom's good, maybe the motor won't need too many hundred dollars worth of repairs, maybe the trailer will hold up good for you. My boat's 25 yrs old, I keep it maintained so it don't break down on me, but I hear you...ever time I go fishing on somebody elses boat I get the itch for a newer bigger faster boat, too. My opinion, 10 yrs is okay on a new boat, but I wouldn't commit for that long if its already that old. For what it's worth, based on my own looking around, $10k for a '96 ranger seems on the high side. For that price should have good carpet & upholstery, everthing oughta work, no leaks, decent compression on the motor, etc. I wouldn't want a 19ft'er with less than 175hp, maybe 150 if its in tip-top condition...just my 2¢ - good luck & keep us posted.

 

[Belchy]

Re: what would you boaters do?

Personally, you gotta do what your gut is telling ya. Even an old boat can be worlds of fun, I am kinda in the same situation you are right now. The way I see it, if the used on runs good, and services your needs, then go for it..... <br /><br />Belchy

 

[Bondo]

Re: what would you boaters do?

I can easily afford a New boat,..............<br />But,......<br />I'd rather pull up to the dock, or launch with a boat that I put together with My Hands,.................<br />To Me,.... That ,+ the Fun had in the boat is Priceless..................... <br /><br />And,...... I Agree,... That sounds like Alot of money for a 10yr. old boat,.....Especially this late in the season...........

 

[KRS]

Re: what would you boaters do?

I have a 1987 boat.... and I have put $$$ into it. But anything is better than making payments! My payment money goes for gas, which means I can go boating, and a little scratch at the dock doesn't get me raving mad and ruin my day.<br /><br />And yes... I've been towed in by another boat so I know what it feels like.

 

[ZmOz]

Re: what would you boaters do?

If someone gave me $30,000 and said I could only spend it on a boat it would be something from the 70s with $25,000 put into it making it new. Until that happens I'm perfectly happy with a <$5k boat from the 70s...

 

[Wimperdink]

Re: what would you boaters do?

Personally If I was me... I'd string myself thin for a lil while and spend the money to get the one your in running good... then your back to normal on finances.... as opposed to stringing yourself thin for the next 10 years not knowing what the future holds with job and finances. I look at it like unless your secure in how much your going to be making in the next 5 to 10 years, payments are not an option on a non neccesity. Sucks to try and sell something thats not worth what you owe on it when you need the money more than the boat.<br /><br />Only you know what you can afford and what is want and necessity.<br />(and what is an affordable want)

 

[kywildcat]

Re: what would you boaters do?

The best kind of boat to own is the kind thats paid for! Good Luck

 

[Ron G]

Re: what would you boaters do?

I also know what your saying,i would wait until winter wnen the boats go on sell,i bought my boat from a guy getting a divorce,theres bargains out htere you just have to have patience,10,000 for a 10 year old boat is a little high,ranger or not.

 

[sergioy]

Re: what would you boaters do?

Actually 10k for that boat is about right, but this time of the year is the time to get something better. I have been keeping my eyes open and cant believe how much the pricess are dropping. Not only that but you are in Ohio, you are looking at buying a boat to store for the winter. I'm with everyone here about not financing a boat. I have slowly been moving up the ladder. First boat $600, my boat now $3400. Five boats (2 years)later and aside from maintenece and gas, I have just bought a boat so I could make it better and make some profit to get a better one. Even when I got burned with one that had a rotten transome, I was able to part it out for a huge profit.<br />I have thouroughly enjoyed each boat and the work I have put into it. So be patient and keep your eye out for a real deal. Even if you get something with some issues, these guys here are like gold. They will help you fix just about anything. And better yet they can help you avoid getting something you'll need to fix.

 

[monoshock]

Re: what would you boaters do?

 

[tomatolord]

Re: what would you boaters do?

well - you just nailed the point of everyday life...However, keeping up with the jones will surely put you in the poor house.<br /><br />Do you buy new? without most of the hassles OR buy used with with most of the hassles.<br /><br />Me it depends on what that item actually is<br /><br />Since I am handy with motors and electrical then I am ok buying used.<br /><br />IMHO - since it is the end of the season I would spend the winter working on the boat but I would seperate the boat into 2 parts<br /><br />1 boat itself<br /><br />2 motor (people are VERY VERY leary of buying "rebuilt" engines<br /><br />Then when spring comes either<br /><br />1 - sell your boat and use the money for a new one<br />2 - buy the new engine<br /><br /><br />However, I would also sit down with a price list of the repair parts and I would not spend more than 2 years worth of payments on a new boat.<br /><br />IMHO if you spend more then 2 years of payments, that takes you 2 years out into the used boat, which in all likely hood will continue to break down which causes you to spend more money...

 

[monkeyboi]

Re: what would you boaters do?

would it not be cheaper to keep what you've got running and save money on the side for a better boat. if you do this, when you save enough money for the better boat, you should be able to get about as much for the boat you have now as you will be able to then, whereas the 10 year old ranger (20 year-old at end of payments) will have depreciated sustantially and you'll be in the same position you are now.<br /><br />no payments-payments bad<br />borrower slave to the lender

 

[pine island fred]

Re: what would you boaters do?

Keep the old boat. Hang a new motor on it and enjoy. Fred

 

[MFG197]

Re: what would you boaters do?

i wouldnt go so far as to say stupid but financially unwise yes. you have a used boat, no warranty, if you make the monthly payment for 10 years you will end up paying 1.5x the price for a by then worthless (in terms of investment) boat. plug the numbers into a simple loan calc at any banks website to see you may pay like 15000 for that 10000 boat

 

[txswinner]

Re: what would you boaters do?

Quality and Care!!!! I have a Ranger boat that is 1991 model and it is like new. Garaged and covered. Only thing to change is electronics and that is because I just want to. I would not sell the Ranger rig for $10,000 so I say go for it. If kept well it will not loose its value.

 

[craze1cars]

Re: what would you boaters do?

Originally posted by jtexas:<br /> $9995 at 5.75% is $110/month for 120 months. You're going to be making payments on a boat thats 10 yrs old now, 20 yrs old when its paid for

This is a good point, and is 100% accurate. To this fact I'll add a little personal finance class. <br /><br />Under this scenario you'll be paying a total of $13,200 for a $9,995 boat. If you were to turn that around and buy things like Grandpa always did (save until you can afford to pay cash), you would take your $110/month and put in a savings account (CD's for instance) earning a modest 3% interest. Your $110/month will become $9,995 in exactly 82 months or 6.8 years, and it will cost you only $9,015.00 to get there. You get the same stuff, for less money, with your payment time reduced by 3.2 years.<br /><br />Do you want to pay $13,200 for a boat, or $9,015 for the same boat? If you feel it is worth $4,185 more for this boat than you need to pay, finance it and you can have it today. If you want to get ahead in the future and have a WHOLE lot more spendable money at your disposal without being buried in payments for the rest of you life, start making payments to yourself instead of to the finance companies, and buy a boat later.<br /><br />Consider 2 people working at the same job, both make $40K per year. One pays cash for cars and boats, the other finances cars and boats. 5 years later? The first guy is living the lifestyle of someone who earns $55K per year, the second lives a lifestyle of someone who makes $30K per year. 10 years later, the gap continues to widen. Which lifestyle would you want?<br /><br />The fact of the matter is this. Financing ANY depreciating asset (boats, cars, furniture, TV's, etc) is the #2 worst financial move any person can make, just behind # 1, which is flushing thousands of dollars cash down the toilet just to see which way the water spins.<br /><br />So you have to decide for yourself if that's worth a used bass boat. Small sacrifices today lead to big rewards tomorrow. End speech.<br /><br />Whatever you do, enjoy life....that's more important than money anyway!

 

[briannh1234]

Re: what would you boaters do?

For the most part I aggree with craze1cars. I have been resonably dept free for a while now and when I do use dept I pay it off aggresively.<br /><br />The only twist is that while your saving for the 9995 dollar boat (6 years), inflation will occur. Now if this was some cheap Wal-mart item made in china I wouldn't worry about it. But for a boat - you can figure around 3% price increase per year. That would make the boat over 10,000 when you have finished saving your pennies but I don't think it will be a full 13,200, so craze1cars plan still leaves you ahead of the game.<br /><br />Overall it's the same with a car. Spend the money to fix it or buy a new one. Fixing almost allways win's.