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sleepyluke
08-08-2010, 10:41 PM
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!!!

ian ashton
08-08-2010, 10:51 PM
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.

loudsubz
08-08-2010, 11:06 PM
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.

Hoopskier
08-08-2010, 11:08 PM
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.

you da man
08-08-2010, 11:09 PM
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.

BensonWdby
08-08-2010, 11:20 PM
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..

davinci
08-08-2010, 11:43 PM
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 !

zabooda
08-09-2010, 01:05 AM
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.

maxpower220
08-09-2010, 09:28 AM
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.

lewisb13
08-09-2010, 10:03 AM
I personally bought mine used and financed it for 5 years. It doesnt hurt to be a degreed mechanical engineer, 26, and single either. :D

patrick232
08-09-2010, 10:26 AM
I have a great 2007 Moomba Mobius XLV with 175 hours on it, that I will sell you for $35K.

You should be able to get a 10 year note for about $450 a month pay $600 in the winter and back to $450 in the summer when buying gas. Paid off in about 7 years.

I'm looking to step down in size to under 22' 6" the local river we ride has a 22' 6" limit and I know it;s only time till I have an issue. Plus my dealer has a 2010 LSV Liquid Force that he's pushing.

sleepyluke
08-09-2010, 10:32 AM
Thanks for the information. I know that we will be in the used market, but it does give me a little better feeling that I am not the only one that needs to finance longer and pay off early. I jsut can not see coming up with 800-$1000 extra a month for a boat, but I know somw people can. Inboards seem to hold value after they get 2 or so years old. In fact i am looking to add to a 92 Supra comp that is actually my dad's but I now live 4 hours away and only steal it for a month or so. We bought it in 92 with 33 hours for about $13,000 and they are still $10,000 or so all day long, so that is not too bad for all the fun it has provided. Infact I kinda feel bad looking for a newer boat with all the blood and sweat that I have put into that boat keeping it up, but it runs like a top and is a great boat, and that is what I am looking at for us, a boat I can keep 15 years and not think twice about it. It just seems crazy to me all the 60-70k boats out there for sale, and I guess someone is buying them, just not me! heck it took me 3 houses before i spent that much! Now finding the right one....

sleepyluke
08-09-2010, 10:35 AM
patrick, sounds great, except i think i am going to be in the same boat with the size restrictions. I can't get an XLV in my garage, and right now I think I want to be able to get it out of the weather at least when it is put up for the winter. I do have a buddy that may be interested though, i will let him know. he bought an I/O about 3 years ago and kicks himself all the time, he went wakesurfing last summer and wants in inboard now bad! Thanks

patrick232
08-09-2010, 10:39 AM
patrick, sounds great, except i think i am going to be in the same boat with the size restrictions. I can't get an XLV in my garage, and right now I think I want to be able to get it out of the weather at least when it is put up for the winter. I do have a buddy that may be interested though, i will let him know. he bought an I/O about 3 years ago and kicks himself all the time, he went wakesurfing last summer and wants in inboard now bad! Thanks

Have your buddy email me patrick@electro-generalplastics.com and I can send him pictures and the specs.

Also if I get and LSV I can put it in the garage also, not just the warehouse at the office.

kaneboats
08-09-2010, 10:54 AM
I also worked up to the current one by paying cash for the first one, using it for 2 years, trading up by selling and adding some cash, then doing it again. Had a loan on the Outback but paid it off before buying the LSV. I work at home and don't have a car payment otherwise I couldn't do it.