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Random Quote: Keeping a boat nice is not difficult, just don't plan on doing anything else.
If I had to buy a new boat tomorrow, I do not know if I would buy the new Inv or stay in the used market. I love the shine of a new boat, but love the value of the used boat. I guess that you have to look at your own situation and decide where your business/industry/finances are, and where you see them going and decide where you want to park the money.
That is the way I would like at and was thinking the entire time I was reading this thread.
As much as I love a brand new boat I also have a hard time dropping the money but I also have another child that will be hitting college in 3 yrs and that is the biggest thing that keeps me in my re-powered 99 but then again it does what I need and do 95% of the time.
I think anyone that is self employed and held on knows the ups and downs of any business and sees a lot of friends and competitors go through hard times because of spending and buying "because they deserve it" and makes us all too cautious some times.
You know your finances and long term out look for you line of work and if it fits and you KNOW you can afford it then I would but in my gut if I had a feeling it was not right I would not.
I also am a big proponent of used boats for the value and in this market you can find pretty much anything you want for a great value and if you have cash and not looking at a boat loan you are in the DRIVERS SEAT
__________________ 210 CC Sea Pro
Yamaha 200 4 Stroke
Dodge Ram 1500 4x4 HEMI
There is nothing rational about owning a boat but if you whole life is based on logic and you don't have any fun doing what you love to do then you have waisted your life while living for others.
If you can't afford it then you do what you can. Smaller boats are great too !
Life's just too damn short to stay on shore.......
It sounds like your first boat, which to me means you may not know exactly what you want or would enjoy, although a 31-33' CC is pretty vanilla. Is that $150k more than 50% of what you have in the bank (not counting 401k's, college funds, etc)? If so, then, imo, at your age, which is not too much younger than me, I wouldn't pull the trigger either; but I might consider something I could afford more easily - maybe a similar used 27-29' boat for $70-80k.
I am all for balance - work, money, security, pleasure - and I wouldn't (and haven't) saved every dollar for retirement, but I wouldn't go out on a limb for a boat, car or really anything else that depreciates like a stone falling off a cliff.
plus.....you are parking $150k, not spending it. you will get 70-80% back when you sell her. so think of it like a bad investment, but not as bad as the stock market!
The boater in me goes along with the prevailing opinion here. None of us can justify the cost of a decent boat in terms of dollars spent per hour on the water. But if you get to the end of your life and look back at a lifetime of missed opportunities and have a pile of cash, what do you have?
The finance guy in me would temper the above with a bit of prudence about how much you are committing to this, and how much risk you are putting on your finances. Here are my criteria:
Downside protection: Maintain at least enough liquid funds to sustain you through a year's worth of no income
Cash flow: Your family budget including the all-in costs of the boat should show a savings rate of at least 15% of gross income
Income Security: How much control do you have over your income stream - how much does it vary, and what is the risk of a catastrophic drop off in value?
If the latter is all at risk, then you may want to increase the first two thresholds a bit.
Every dollar you spend on the boat is a dollar you don't have to spend on other items, like housing, cars, education, other recreation, convenience like eating out, or your retirement track. If you are passionate about boating, most of these items should be lower on the priority list.
If you can look at your realistic worst case scenario and be confident that you can retrench without being in financial distress, then take the plunge.
Buy the boat that you want now, because you will take a hit if you trade up later, and you are buying at a low in the market. I have run the numbers, and it is cheaper in the long run to "buy and hold" the boat than to flip it four times to get there in steps. Much of the cost of having the boat are costs not related to the purchase price of the boat, and don't increase exponentially with an increase in size, so the additional overall cost to your budget is not that great if you buy a 150k boat vs a 80k boat.
In December 2007, I traded up from a boat we had for eight years to a boat that will cost me five times more to own, and despite the downturn in the economy, have absolutely no regrets. As I was waxing her a few weekends ago, I came to the realization that there is no place else I would rather be than lounging, fishing, sleeping, entertaining, or doing maintenance on the boat. You can't put a price on that.
A different perspective. I have 08 leftover Everglades that I will sell for less than I have in them just to get them to go away. I'm not the only dealer/manufacturer in this position. My Florida Regulator dealer friend says the same thing.There has never been a better time to buy a boat.
Location: SE Pennsylvania / Pirates Cove-Manteo, NC
Posts: 3,000
Since I can't fathom a boat (or the cost of) in the range you're looking at it's hard for me to say but I'll go against the grain of everyone else - a little...
If the voice inside you is holding you back, there may be a reason why. Listen to that voice very closely and make the best decision YOU can with the input that ONLY YOU have. Good luck.
__________________ 2009 Key West 186 BayReef - Yamaha F115
FOR SALE - 2001 Scout 175 Sportfish - Yamaha 115
----------------------------------------------- Send lawyers, guns and money, the "crap" has hit the fan.
A man only has so many weekends in his life. Give the weekdays to the job and family but use your days wisely. Buy that boat. Once you do you will immediately know it was the right decision.
leverage it with other people's money(bank financing) and pay the $1000/month or whatever it costs. Dont pay cash if you are worried about the economy.....put the cash away somewhere safe. The slip and insurance are also big costs, but it sounds like you got the slip covered. If things get rough again just get rid of it.
Regarding your back, im a doctor who specializes in herniated disks and if you get some seashocks you will help yourself alot. You also need good strong core muscles to absorb the pounding instead of your back absorbing it. Stay in on really bad days or go slower. The pain will make you not want to go out.
I kinda agree but we are still under Bush tax laws, so in 2 years Obama laws hit, and you wont want to pay yourself as much then. Pay yourself now and save it or use it.
You can get a new Seahunter 35 for about 150K depending on what engines you want. Similar to Invincible but less money new. Or go used and get a steal.
Let me chime in on the comment about Mr. Obama and his ilk... You (and me) are his prime targets... Self employed, worked like a dog and lived like a church mouse... Now we have disposable income and the SOB starts using words like 'rich' to justify his grabbing our money and handing to people - who don't work, and won't work - to buy votes.. aaarghhhh..
Anyway, let me be another one to suggest, the used, under $100K, under 30 feet, as the starter boat...
A quick scan of the ads, say a 28' World Cat available as low as $34K, or as much as $170K...
Or here is a Glacier bay 26', low hours, 2004, for $74K...
You will find the $50K to $75K the sweet spot... Lots of good, used, boats in that price range...
I tend to look at the cats, but there are lots of folks on here to tell me I'm wrong...
As another one commented, listen to your gut... Your gut thinks 150 is a bit much in this economy...
Let me chime in on the comment about Mr. Obama and his ilk... You (and me) are his prime targets... Self employed, worked like a dog and lived like a church mouse... Now we have disposable income and the SOB starts using words like 'rich' to justify his grabbing our money and handing to people - who don't work, and won't work - to buy votes.. aaarghhhh..
Anyway, let me be another one to suggest, the used, under $100K, under 30 feet, as the starter boat...
A quick scan of the ads, say a 28' World Cat available as low as $34K, or as much as $170K...
Or here is a Glacier bay 26', low hours, 2004, for $74K...
You will find the $50K to $75K the sweet spot... Lots of good, used, boats in that price range...
I tend to look at the cats, but there are lots of folks on here to tell me I'm wrong...
As another one commented, listen to your gut... Your gut thinks 150 is a bit much in this economy...
cheers,
denny-o
yes. Obama will take your money, your guns, and now your boat. How bout leave politics out of it. we get enough of it other places.
Ask your self how passionate you are about boating. Are you going to use it hourly, daily, weekly, monthly. Just because boats and boating are expensive doesn't mean you have to suffer buyer remorse aftert the fact. I am 45 and I have lots of debt. I pay everything just fine. And the bottomline is I would never be without a boat. It is a passion of mine that cannot be replaced with any other activity. Buy your second boat first and just do it and enjoy it.
Seems like this thread has become a place to share our anecdotes so here's mine:
When I was a kid, my mother asked a broker that she's looking for a house with a big tree because she wanted her son to experience the "tree house". The guy told her, "don't worry, he'll grow out of it."
She replied, "That's what I'm afraid of . . ."
There's a time in life for everything. Sure, you can try out college when you're 50 or you can be a brain and go to med school at 17 but truly, there does seem to be the right time to enjoy certain things in life. Just go for it. . . especially if you're family seems interested in it.
We didn't struggle but also didn't jump into boating with the most comfortable circumstances. But my father was in his mid 60's; when would he ever try this out if I didn't take initiative and just tell everybody that this is what we're going to do?
When we're out on the water . . .and I see my dad strike that pure stress-free smile as that salty wind blows through his white hair, I know we did the right thing. When I see my kid get overwhelmingly excited while reeling in his first striper of the season, I know we did the right thing. When that bbq grill is fired up and the whole family is chatting about in the cockpit, I know we did the right thing . . . I can't wait for this season.
After 8+ seasons, there has been countless number of times while spending time with my family on the boat when I thought, "What would we be doing with our leisure time if weren't doing this?" - Watching TV at home? Taking the family to the mall? Come on . . .
I know i already chimed in - but I have a couple of "rules" that I live by after learning by mistake of course. These may make sense for you..
1. I limit the size of my rig to what I can store on my own property (actually in my
driveway) This absolutely limits the size of the boat I can own however - 30 FT which is where I'm at today.
2. No slipping - this is not only expensive storage its brutal on your rig.
Nothing will sour you quicker than paying multiple bills when not using the boat.
3. The boat can never be see awkward that it takes more than 2 people to launch or handle - preferably one person given enough time and good conditions. Too much boat takes my freedom away by always requiring a crew present- you want to be able to slip away with your honey without remote assistance and with minimal effort on both of your parts.
Great advice from a lot of you guys
The advice to go used is a great one- you can likely get 150K of fairly new boat for 80-90K right now. Your gonna bang up your first rig anyway learning the rope.
