General run down on a new boat and payment..

[dshaff24]

Ive never went to a boat dealership before..and im not looking for a boat.. But I am curious how the system works these days..
Whats a common price on a new supra? How many years do they take the loans out for on these boats? Lowest intrests rate anyone on here got? Average monthly payment? IF you go to a supra dealership do they have boats you can text drive on a lake?

Im just curious how buying a new boat works.. Ive never bought a new boat b4 and don't plan on it because I enjoy things more when I don't owe anything on it..

[csuggs]

Turn back now! Before it's too late, man. The deeper you dig the easier it becomes to "justify" the purchase . . .
Remember this - anyone can buy a new boat. But you and I and many others on this forum are fortunate in that we own "like new" classics. OWN = no payment!!!!
Don't dig any deeper - destroy this thread and go for a boat ride in your BEAUTIFUL Sunsport . . . ;)

[Seabeejamie]

I'm with CUSGGS...but....

I just went myself. 12 years, approx 5% interest rate with 0 down. 12 years seems to be the norm. but be prepared....70K is also the norm....

2002 Supra Launch....made the last payment in March.

[wotan2525]

I can only speak for what my friend went through when he bought a new mastercraft.

Had to put 50% down. 20 year payments. $380+/month.

I think he's nuts. The only way I'd buy a new boat is if I could afford to pay cash and/or get a very cheap rate on a 5-10 year note.

[CarZin]

Loan terms get longer the more expensive the boat and newer the boat, and shorter and more expensive the older and/or cheaper.

I think I received a 6.5% rate on a 15 year loan on a 2 year old 09 Supra 21V. We put down about 15%, but the loan only required 10 percent. The payment is $285. We plan on flipping the boat for a newer one about every 2-3 years.

Financing for a boat is a lot tougher than a car, and seems more on par with a house. I had to supply the loan company a ridiculous amount of paperwork, where-as my recent car purchase required no documentation whatsoever other than my credit score. It took about 3 weeks to get all the paperwork through, but I was buying 2 years used. New boat should be quicker.

Around boat season time, they'll offer discounts on the rate of about .25-.5% of a point.

[dshaff24]

Turn back now! Before it's too late, man. The deeper you dig the easier it becomes to "justify" the purchase . . .
Remember this - anyone can buy a new boat. But you and I and many others on this forum are fortunate in that we own "like new" classics. OWN = no payment!!!!
Don't dig any deeper - destroy this thread and go for a boat ride in your BEAUTIFUL Sunsport . . . ;)

im definitly not thinking about it now.. im laid off! Im just really curious what it takes to get in a new boat these days.. at this point im happy to have a boat!
The good thing about my classic is its still in the works.. I got some cool trailer mods coming with in the next couple weeks..Wheels/tires etc etc pics to come!

Anyway Thanks for sharing everyone.. If anyone else would like to share please post..

So im taking it most places want a nice chunk down and then finance up to 12years

I just love the new supra's lines!

[cadunkle]

$70k is insane. I think Standard is the only company making a reasonably priced inboard, and even then I think they're a little high. Regardless, per Jamie's example you'd be paying over $23k in interest to the bank. I can think of a lot better things to do with $23k.

The way I view it, is I pay cash for everything I can afford to. Need a car? I once bought a car for $250, because I needed a car and no way would I take a loan on something that I can afford to pay cash for.

I bought my current truck for $700. It did what I needed it to. Now I've got several thousands more into it but when I finish the body work this summer I'll have what is basically a new truck, that performs better and has better styling... All for 1/4 or less of the price of a new truck.

When I wanted a boat, traded my convertible for a decent I/O. It did what I needed, and I wanted the boat more than a convertible especially since I didn't need two classic cars. With the I/O I spend 90% of my time on it riding, and 10% hunting for flat water to ride, so I wanted to upgrade to an inboard. I ended up trading that boat plus some cash for my Saltare... So here I am. lol

Point is, I think it's foolish to spend money on interest. The only situation I can justify spending interest is for a house, due to the total cost and a house is sort of a necessity. I've always tried to overlook short term reward or satisfaction for long term gain.

[doofus]

Had to put 50% down. 20 year payments. $380+/month.

I think he's nuts. The only way I'd buy a new boat is if I could afford to pay cash and/or get a very cheap rate on a 5-10 year note.



That is insane.

I have paid cash for every boat I have ever owned, including my current 07 22SSV which I bought late last year for 70k, so I am not too sure about boat loans here in Australia, but I am pretty confident that the maximum number of years that you can take out a boat loan (secured loan) for here is 7 years.

If you can't afford to pay off a boat loan in 5 years or less, I don't think you can really afford to own one to start with...

A 15 year boat loan is insanely stupid. No wonder the world economy went down the toilet if loans like this are being offered to people. It is simply nuts to even remotely consider taking out a loan like this.

Oh, by the way, a new model 22SSV here in Australia now retails for around the $112k plus mark (depending on options).....I have a mate who just traded in his old boat on a new 2011 Malibu VLX which cost him nearly 120k all up. He ticked nearly all the options at time of sale. (and he paid the 60k change over price in cash too). In fact most major name wake boats in Australia will cost you in excess of 100k brand new...Wakeboarding is fast becoming a sport for those with fat wallets and lots of disposable income... (unless you are good mates with someone else who has a fat wallet)


Just to give you guys in the states a quick idea of boat prices in Australia:

2010 Supra 24SSV http://www.boatpoint.com.au/boats-for-sale/boatdetails.aspx?R=10776467

2011 Malibu VLX http://www.boatpoint.com.au/boats-for-sale/boatdetails.aspx?R=10613202

2010 Mastercraft X Star http://www.boatpoint.com.au/boats-for-sale/boatdetails.aspx?R=10421953

2008 Nautique 230 team http://www.boatpoint.com.au/boats-for-sale/boatdetails.aspx?R=10213298

There is no way know anyone here in Australia would be offered a 15 year (or even 12 year for that matter) finance deal to purchase a boat....It is completely unheard of here. (thank God)

[KY Steve]

I agree with the comments above. I dont believe in personal debt except for a home mortgage, if I dont have the cash for a toy then I dont buy it. But when it comes to your home mortgage interest rates are insanely low and the interest is deductible.

Its to the point where you can earn more money on other investments than the interest you pay on a mortgage.

doofus is right about the banks and lending institutions giving out too many risky loans which added to the economic crash. But on the flip side the reason the economy was soo good before that and many of us benefited from it is because money was easy to get and people were buying tons of product(boats/cars/RVs). The solution is to change peoples mind set, if you cant afford something dont buy it. The problem is that the economy slows way down but will eventually come back just very slowly, which is not good news for those of us trying to keep a business profitable or those that are unemployed.

So I say go get a low interest, tax deductible home equity loan and buy a boat to do your part to jump start our economy. Its a win win for everyone!:p

[CarZin]

There are a lot of people speaking out of their ass in this thread.

In my situation, there was nothing stupid about a 15 year loan. I have absolutely no desire to keep my boat more than 3 years before I get a newer one. In this situation, the amout of difference in interest for my loan amount at the end of three years is $800 more for the 15 year loan as opposed to the 5 year loan.

So why on earth do I want to pay down a boat, be forced to add an additional $300 a month to the payment, to save $800 over three years? To protect the bank from risk? I looked long and hard for a bargain, and got an 09 21V with 90 hours. I will owe 30k when it is 5 years old. How much risk do you think I have at being underwater? Not much. And if I want to pay the loan down sooner, I am free to do so.

Since the interest rates for a 5 year and 15 year are practically identical, I could say its foolish for not financing at 15 years, and paying it down in 5. Why? Flexibility. If something happens that prevents you from being able to make a large loan payment, you have flexibility to significantly reduce your payment (giving you time to sell the boat if you'll no longer be able to afford it). However, if you financed for 5 years, you are stuck.

The bottom line is that every situation is different. I would say that as long as you can put down a hefty down payment to make sure you'll never be underwater during the term of the loan, and if there is doubt to how low you'll be boating, a long term loan makes sense. It will give you flexiblity.

My financial situation is far from bleak, I analyze with great detail every financial decision that I make. You're not getting this advice from someone who can barely pay his bills every month.

[Seabeejamie]

Wow Carzin...kind of harsh bud!
But I hear you, as well as everyone else. It sounds like you are pretty well cushioned on your finances, and could accept a loss if you had to. I know for myself, before jumping into a 70K loan, I ahve to play the "what-if" game. I'm not poor, but I'm certainly not as well off as you seem to be. Additionally, I have to deploy overseas every three years (military). On this boat, i kind of went both routes. I bought an IO that someone didnt winterize for 1500, replaced the engine and interior, used it for a tyear then sold it for 9500. took that money, put it down on my 2002 Launch (in 2005). total price on the boat was 27k, so i financed about 20k after TTL. made the last payment in march, and the boat is still worth 23k (30 according to NADA) so i consider it a win. I try and limit my exposure to interest. This loan was a 12 year loan, which is actually the norm in the RV world. banks try and not to expose you to a high payment, less risk of default. I just doubled and tripled payments and paid it off 6 years early, half the original length of the loan. I love the boat, and will probably keep it 4-5 more years, havent seen anything I would want more yet so the "grass is not yet greener". I will say I probably wouldnt buy a new one. The Supra's depreciate a LOT in the first 3 years, then level off.

[jsandy]

Since i sale Supras for a living i can only give a slightly biased veiw. But the standard for us is 10% down 5.5 - 4.5 depending on credit score and 15 years is the norm. This is all well and good for people if boat prices stay the same or go up but the people that buy and plan to sale in 3-5 years are really gambling on oil and luxury items to stay cheap and desirable. Personally i'm a Dave Ramsey fan and wont take a loan for anything other than a house. And at 24 mine is halfway paid off already (bought at 19) and appraised for 92. But in the end it is your money and i have no place to judge or tell you what to do with it. To quote the great Charles Barkley, "Nobody cared how i spent my money when i was poor, so why do they give a damn how i spend it when i'm rich"

[jsandy]

I would'nt say they depreciate alot in 3 years. Compared to a car or RV its about the safest toy you can buy

[Seabeejamie]

compared to RV's...you are right. As far as depreciation goes, A LOT is relative, less than a car even in most cases, just seems the best deals seem to fall into the 3-4 year old range. I'm not the guy buying a new one every three years, more like the guy snapping up the 3 year old one he traded in....gotta love those guys though, they keep it wakeboarding affordable for guys like me!

[CarZin]

Wow Carzin...kind of harsh bud!

By more than one person I was indirectly called a fool, so I don't take that lightly.

Responding to the above, I don't buy new boats either. I purchased 2 years old, and with a significant discount off the retail. When I sell the boat, it will be 5 years. I couldn't play my game of swapping out every 3 years if I purchased new, because the depreciation would be so great I wouldnt be able to keep up. But I don't fault those that buy new. If they didn't, then I'd have nothing to buy new. I actually purchased my first new car ever 3 months ago, because the free financing made it the better choice than buying used, so again, no case is absolute.

[haugy]

What's a boat payment?

:D

[cadunkle]

Flipping for new boats every few years is different. I personally don't see how this is any different than a long term boat loan as you'll presumably be paying it indefinitely... Or at least until you get old enough that you don't feel you need anything extravagant and your kids are old enough to buy their own toys.

On a $60k loan you would be paying $140/mo in interest... Pay that for the next 30 years we'll say before you keep one and have it paid off. That's over $50k in interest you've paid, plus maybe $10k-$20k down on the first boat. So you paid $60k-$70k for whatever you end up with eventually. This is of course not factoring inflation and assume you never sell any of your 3-6 year old boats at a loss. If you can play the game and never lose on your gamble, I guess it's not so bad.

You still pay more doing it that way than a guy like me who has nowhere near that into my boat and no problem keeping it forever. I got it for a good price, it does what I need it to, and I've had some sick riders behind it throwing down more than I'll likely ever be able to, and that was without ballast. If the floor and stringers ever rot out (they have been redone once so far, previous owner) I have no problem doing them myself or having a shop do it.

I'd be good for life aside from maybe upholstery, engine and trans rebuilds every 10-20 years depending on use. I can do the engine and trans stuff myself so no prob with costs there. So over a lifetime maybe $20k-$25k into my Saltare vs $60k-$70k in interest and payments on a new boat, whether you buy one and keep it forever or flip them every few years before keeping one. So $45k savings over a lifetime maybe? Over a lifetime it's not a huge amount but certainly isn't insignificant. I like to keep my monthly bills and recurring costs to a minimum, I feel that gives me more flexibility and more savings over a lifetime.

[CarZin]

Good for you! As I said, different strokes. Personally, I don't want the maintenance issues of an older boat, as I have no mechanical abilities, and at $90 an hour, any savings you get from an older boat quickly erode.

[cadunkle]

For those of us who can handle mechanical issues it's not a problem. For the longest time I daily drove 60s Fords because they had nice styling and are reliable. No reliability problems even on my first that had 302,000 miles on the original driveline when I sold it.

I drive an '86 Ford pickup. I built it to be what I wanted. After I finish paint this summer it's basically a new truck for under $10k that's faster, can tow better than any gasser, more capable off road, and of course has better styling than the new soccer mom trucks. I can't justify spending over $40k when this does what I need. In 15-20 years whenever the 460 I built needs a freshening up, so would a new truck, same for all other wear items. Costs would be similar so far as maintenance on that and other things over the life of the truck. That's $30k in my pocket over the years.

I learned to never pay someone else for something you can do yourself. When I got my first car if you asked me to point to the carburetor I wouldn't even know to look under the hood. I now build engines and transmissions as side work and make a few bucks doing something fun and different from my day job. If I can learn, anyone can.

I've only owned a boat for a few years, though I was around boats growing up. I don't see how a boat is be any different from a car or truck. My old boat has room for more people than I ever have with me, can make a bigger wake than I'll ever need, and has newer stringers, floors, and engine, Perfect Pass, etc.. I don't need to spend that extra $45k over my lifetime on new boats.

If you're rich, go for it. Personally I'm not rich. If I was, I'd probably pay someone else to restore old classics for me, at least the body work and other parts that I hate doing. Either way, saving money on these things means I can do what I enjoy now, and save for what I want later.

For me that could mean realizing my dream of living on a lake. Those tens of thousands saved over the years are slowly building up to buy a lake house and relocate. Maybe some day I can wake up every morning, look out the window at my old paid for boat at my dock, and take a quick set on morning butter before work. I'd take that even with a junky old 16' two stroke outboard any day over towing a new Wakesetter to the water with a new diesel. Saying a lot of people here are speaking out of their ass is pretty harsh, as most people can't spend $70k for a new boat and have to bust their ass both at work and in their "free time", on their boat and other things, to be able to enjoy being on the water.

[CarZin]

Ugh. Do I have to connect all the dots? I was only aiming the 'speaking out of their ass' statement towards the people that made sweeping judgements about certain financing options.

I'm done with this thread.

[DAFF]

Here is my thoughts on loans.... As long as you ahead of the what (object "X") is worth in the open market compared to what you owe all is good !!!

If you can buy a $25k valued boat for $18k and have it 100% purchased through a loan then you are ahead of the payment game ... If you find yourself behind what you owe and it actual street value expecially at day one of the loan then "RUN" from the deal.

Think a few years ago with leasing a vehicle ... The big three took a huge kick in the pants and quit the leasing game for this exact downfall.

[doofus]

I was not criticising any specific individuals with my previous comment in this thread, but more so it was a generalisation that I am utterly amazed that any financial institution would ever consider financing an individual for 15 or 20 years in order for them to purchase a boat.

Going from many responses in this thread it seems like that a loan term of 12 years seems to be the norm for you guys in the States, and I even struggle getting my head around this term of loan. Boat loans of this duration are simply unheard of in Australia. As I previously mentioned in my last post, I think the maximum number of years that a boat loan can be taken out for here in Australia is 7 years in total.

I would imagine that the long term aspiration for any prospective boat owner seeking to finance their boat is to ultimately own the boat out-rightly one day, but I just can't see how this can ever be achieved if you take finance out over a 15 year period and then change the boat for a new one every 3-5 years down the track.

The interest rate on most loans is calculated and compounded on a per annum basis over the duration of the loan, so unless you are paying a very large monthly re payment that will not only eat into the annual interest being charged, but also into the initial principle financed, there is just no way that I can see someone ever owning their boat outright if they have taken out a 15 year loan and then are updating the boat every 3-5 years.

If you are changing your boat out every 3-5 years into a 15 year contract, you would have made very little inroad into having paid any substantial amount off the initial principle financed, so therefore whatever amount you receive on your old boat (taking into consideration depreciation) usually only serves to pay off your existing debt on your current loan, so to upgrade to your new boat you have to refinance again for roughly the same amount as you did for your last boat. I am sorry, but I just cannot see how someone can eventually attain outright ownership of their boat by doing this.

I reiterate that I am not having a go at anyone in particular, but as this is a public forum, I am just expressing my own views on this subject.

[KY Steve]

What's a boat payment?

:D

Are you kidding me! Its attitudes like that keeping our economy in the crapper!

Think about it, when you buy that $70K boat most of us cant afford SC makes money that filters down to their employees, the dealer makes money, the salesman makes commission, the bank makes money from the loan, your insurance co make more money, your state steals(I mean receives) more tax revenue and you get the privilege to captain one of the baddest machines on the lake.

Just don't miss a payment or things will be back in the crapper. :eek:

[jsandy]

so your saying more people being in debt will help our economy and our country? I'm sorry but that is just wrong. I know what your saying that buying things will help but being able to afford them is better. All the people that bought houses, boats and other things on credit then fill for bankruptcy or short sale on is what shot our economy into hell. Saving so you can pay cash is better and always will be. There are to many people living there life thinking that car payments and second mortgages are good and what normal people do. Me personally i will never have a car payment or boat for that matter and wont even think of using the evil credit card. Save be smart and enjoy your toys that you actually own, not that you are paying for

[ditchsnake]

All you young guys, go buy boats and don't get married. It's cheaper!!!!!!!!!!!!

[CarZin]

Its a basic economics 101. Credit is needed to expand an economy. The problem is finding a balance. We havent found that. I expect that the reason these boats are so darned expensive is partly to blame on the availability of cheap financing, but if the banks werent making money off of it, they wouldn't be doing it.

I always like to examine the opportunity cost of saving before you buy as opposed to the immediate solution of using credit. The boat is a fairly easy exercise. I wait the 5-7 years it would take for me to allocate 30-50k of my savings for a reasonably priced boat, and during that time my body will have aged enough where I may not be able to do all the things I wanted to do when I endeavored to buy a boat. I am also missing all those weekends of fun on the lake with friends and family. Is that worth the wait? In my situation, no. Life is short, and if you factor in the period of time 'most' people can do very active things, it is very short.

^ For me, I'm enjoying the boat before I know I'll have to sell it when we have kids. I suspect all our funds (if my wife has anything to do with it) will be going towards them in 2-3 years, and then they'll be nothing left for a boat. Had I been saving, the boat fund would turn into the college fund :)

[jsandy]

yea and you sure dont want to waste money on something like a college fund. just tease'n. I understand your point of veiw and will not argue that it works for you. But me i like to know i have money, not debt. With that be'n said give me a call when you need a new boat

[CarZin]

Hehe, I had to pay for my college out of my own pocket. Still paying for it in fact, but that will gone in a couple of years :) I think most kids today are too spoiled. I suspect I'll be helping my kids through college, but I'm not going to give them everything like a lot of parents do.

[foxriverat]

Pay it off and you wont have to sell it when you have kids. We have a 24 year old who just graduated college. And a 7 year old (oops a very good thing though) My 96 comps going to last me a long time. As I could not afford another boat. As far as age goes. I am 51 and still barefoot, slalom, wakeboard. And I can beat my friends 14 year old son who plays soccer in a foot race. So you have a long way to go if you take care of yourself.

[CarZin]

I suspect our issues will be time and money :) I don't see a lot of new parents taking a ton of vacation. Its like pulling teeth to get couples we know that have two year olds to even spend a day with us on the lake. My wife loves the lake, however, so I suspect she'll work it in the schedule.

I am getting rid of the most expensive toy I have in preparation for kids, and its not a boat :)

I wish I could be that active at 50 :) I was at Jackson Hole last year and went up to the top of the mountain with a 75 year old. Simply amazing. He could ski circles around me.

[Ptownkid]

At a modest interest rate...I totally agree with Carzin. I don't want to wait 5 years for something that I want to enjoy while i can. Our cottage is a perfect example, we have a 30 year mortgage in order to make the monthly payment small enough. Will we pay ton of interest, yes, but I can't put a price on the years of fun and enjoyment that we'll get out of our cottage.

Life is ever so short.

[haugy]

Are you kidding me! Its attitudes like that keeping our economy in the crapper!

Think about it, when you buy that $70K boat most of us cant afford SC makes money that filters down to their employees, the dealer makes money, the salesman makes commission, the bank makes money from the loan, your insurance co make more money, your state steals(I mean receives) more tax revenue and you get the privilege to captain one of the baddest machines on the lake.

Just don't miss a payment or things will be back in the crapper. :eek:


Pssst, might want to re-read my statement to yourself again. Quietly this time. It's very clear without being so.

[KY Steve]

so your saying more people being in debt will help our economy and our country? I'm sorry but that is just wrong.

You must have missed my original post, the last one was sarcasm. I personally stay away from debt as much as possible but borrowing money is not always bad and there are smart ways to structure it. When you do borrow money, do it wisely, do it as cheap as possible and make sure your payments are within your financial means. In other words...use common sense.

[KY Steve]

Pssst, might want to re-read my statement to yourself again. Quietly this time. It's very clear without being so.

Either no one reads the posts or I missed where humor is not allowed in this forum. If you read my first post you can see my second was a JOKE.

Note to self.....nothing but serious comments in the boat payment thread.

[haugy]

No I got it. We really need to be able to put smiley's in our posts easier. I figured it was sarcasm. That's the fun part of my post. There are so many directions you can go with it, it's insane.

Yep, people get upset when they feel their financial decisions are being mocked. They're not being mocked, people just have their own opinions about what is smart or not. There are tons of people who jump out of perfectly good airplanes. While I make fun of them and call them insane, they don't take it personally. They are enjoying what they do, even when others criticise them for it. Maybe people in here need to take the same approach.

Ya whiny buggers!!! :D

[DAFF]

Even more crazy is how banks will mortgage RV's for 20-25 years...... Talk about putting yourself behind the 8 ball.

Most of all, always create a back up plan in case your finincial state takes a turn for the worse. You never want to be so burrried in dept so you can never escape.

Here in the North boat payments are made directly to Esso, Petro Canada and Texaco.....

[cadunkle]

I always like to examine the opportunity cost of saving before you buy as opposed to the immediate solution of using credit. The boat is a fairly easy exercise. I wait the 5-7 years it would take for me to allocate 30-50k of my savings for a reasonably priced boat, and during that time my body will have aged enough where I may not be able to do all the things I wanted to do when I endeavored to buy a boat. I am also missing all those weekends of fun on the lake with friends and family. Is that worth the wait? In my situation, no. Life is short, and if you factor in the period of time 'most' people can do very active things, it is very short.

This is a fallacy, as you're assuming the only option is a $30k-$50k boat. You can get an inboard that is functional for as little as $2000, or just a working boat for a few hundred. You can get a nice inboard starting around $5000. There's no need to wait 5-7 years and pay $30k-$50k, it is not the only option, though if you act as if it's a $30k+ boat or no boat, then it's easier to justify paying all that interest.

[csuggs]

Easy Boys . . . . . let's remember that everyone has the option to make their own choices. Many borrow money, many pay cash - neither is wrong in an of itself. Each situation is different and everyone's individual priorities are not the same. I prefer to save and pay cash, and do as often as possible, but as situations arise in life (as they do), sometimes I find myself having to borrow . . . just part of life.

Smiles everyone! :D:D:D:D

[KY Steve]

I think it just gets back to making responsible decisions. If you can afford a monthly payment, you feel comfortable with the payment and your 100% sure you will never default on the loan then the payment is nothing but the cost of entertainment.

I am also a firm believer that life is way too short and you must enjoy it while you can. I have more hobbies and have done more extreme things in the 41 years of my life than a man should be allowed, just ask my wife. Its even better now because I am able to enjoy them with my kids as they get older. I have this quote hanging in my office that I live my life by:

“Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” Mark Twain

[Ptownkid]

Amen Steve, amen.

[CarZin]

This is a fallacy, as you're assuming the only option is a $30k-$50k boat. You can get an inboard that is functional for as little as $2000, or just a working boat for a few hundred. You can get a nice inboard starting around $5000. There's no need to wait 5-7 years and pay $30k-$50k, it is not the only option, though if you act as if it's a $30k+ boat or no boat, then it's easier to justify paying all that interest.


I am not going to get 20% of the enjoyment out of an old boat, especially an I/O. I have been riding behind my aunts i/o for the past 10 years. I havent gotten nearly the enjoyment out of that boat than I have with the new one. Not to mention my main deal is surfing, and it seems the newer boats are really designed with surfing in mind, and the older boats are not. I guess if all I wanted to do was put put around, I could get anything, but thats not my goal.

[Mobius22]

At the dealership I work at our interest rates that we do through us are 5.99% for 10 years and 7.49% for 15 years. Most of the Supras we have in stock are running upper 50's to low 60's fairly loaded(those are 2011 21V and 22V). Test drives are usually required by us before delivery, but some customers don't have time. PM me if you want anymore info.

[dshaff24]

At the dealership I work at our interest rates that we do through us are 5.99% for 10 years and 7.49% for 15 years. Most of the Supras we have in stock are running upper 50's to low 60's fairly loaded(those are 2011 21V and 22V). Test drives are usually required by us before delivery, but some customers don't have time. PM me if you want anymore info.

Exactly what I wanted to hear! Thanks! So most people do not even drive the boat on the water before purchasing? Kinda crazy.. I know Id want to..


I been thinking like this.. I pay About $500 in Credit cards and loans I aquired over my years of being out of control... And I thought MAYBE... If I sold my boat and paid them off... That would mean I have $500 More a month to spend! So IF I could get a payment of 300-400 a month.. and HAVE a NEW boat.. Id technically be saving $100 a month!

But this isn't going to happen till I get called back to work.. Or maybe even never!! But I will say its nice to know I have a nice inboard thats restored to like new and if I ever got in a bind that its like money in the bank sitting there

[Mobius22]

Exactly what I wanted to hear! Thanks! So most people do not even drive the boat on the water before purchasing? Kinda crazy.. I know Id want to..


I been thinking like this.. I pay About $500 in Credit cards and loans I aquired over my years of being out of control... And I thought MAYBE... If I sold my boat and paid them off... That would mean I have $500 More a month to spend! So IF I could get a payment of 300-400 a month.. and HAVE a NEW boat.. Id technically be saving $100 a month!

But this isn't going to happen till I get called back to work.. Or maybe even never!! But I will say its nice to know I have a nice inboard thats restored to like new and if I ever got in a bind that its like money in the bank sitting there

Most people do test drive, but there are some odd ones that just know what they want and don't worry about it. I know I test drive cars before I buy so I have no idea why people wouldn't automatically do it with a boat. If your boat is in good condition then trading it on a new one would bring your payment close to that. Most Moombas/Supras will get you 10 grand in a trade no matter what, but if they are in good condition then you're looking more in the 20's, 30's and 40's. Very new ones are still in the 50's and 60's.
SC is switching over to all CAT engines next year so the 2011's with the old 325 are a deal right now because they aren't a CAT engine, saves you about 2 grand. EPA is mandating all CAT engines after 2011 so the 2011's are good deals if you're looking at a boat for that reason alone.

[KY Steve]

I been thinking like this.. I pay About $500 in Credit cards and loans I aquired over my years of being out of control... And I thought MAYBE... If I sold my boat and paid them off... That would mean I have $500 More a month to spend! So IF I could get a payment of 300-400 a month.. and HAVE a NEW boat.. Id technically be saving $100 a month!


10years at 5.99% with $400 monthly payment = $36K original note

15years at 7.49% with $400 monthly payment = $43K original note

[csuggs]

10years at 5.99% with $400 monthly payment = $36K original note

15years at 7.49% with $400 monthly payment = $43K original note

That's about what I pay for rent for my son's apartment while in college. So, after all the boys graduate from college in 2018 I should be able to afford a new boat, right? Oh wait - the prices will go up by then. Hmmmm.

[Tim405]

I have been observing from the back row here...This post is not only very long and very intense and very personal to alot of folks - it has been one thing to me - educational!
What I can say is just this - if it makes you happy - do it! Don't justify the price - justify the memories you'll make with your kids and your friends. Some of mine and my families best times came from the 1984 Conroy we had bought for 4000 bucks in 1994 and had for 9 years! If the price is too high and you cant afford it - get a cheaper one - the family doesn't care what boat you have - just that you all were together... if you can swing for the new boat - DO IT...if ya can't - then shop and find one ya can afford... I hesitated buying the 05' Launch a couple of weeks ago cuz I thought it was foolish and irresponsible/impulsive - then a friend told me " I aint never seen a Brinks Truck in a funeral procession" -
That sealed the deal for me...I went and got it...
oh by the way - I have the old Supra for sale LOL

[cadunkle]

I am not going to get 20% of the enjoyment out of an old boat, especially an I/O. I have been riding behind my aunts i/o for the past 10 years. I havent gotten nearly the enjoyment out of that boat than I have with the new one. Not to mention my main deal is surfing, and it seems the newer boats are really designed with surfing in mind, and the older boats are not. I guess if all I wanted to do was put put around, I could get anything, but thats not my goal.

We're not talking about I/Os here. Sure I had plenty of fun behind I/Os growing up and when I got my first boat, which was an I/O. It's not the same, and I'd sooner be riding behind a $2000 ProStar 190 than a brand new "wake" model I/O.

But the choice for an boat is not an I/O for cash of a $30k-$50k inboard on a loan. There are plenty of inboards out there starting at $2000 and particularly around the $5000 range that will be great for slalom/wakeboard/kneeboard. Surfing, there are fewer but they are out there. I rarely surf so I'm no authority of that, but look at WakeMikey's surf setup on an old SunSport. I'm not really into surfing but it sure seems he's got a great setup out of an older cheaper boat that I'm sure is paid for.

If you want new and you don't mind spending the money then great. There's still a easily affordable with cash option for those same activities. I have just as much fun on my old paid for Saltare as I do when I go out on Malibus, Mastercrafts, and other new high dollar boats. I don't just "put around" either, I drop in 1/4 mile from where I ride, and typically ride the whole time the boat is in the water.

[LloydP]

I am with Tim. Can I make the argument that my boat is worth it? Heck no. It spends 5 months in storage, and only gets used during weekends the rest of the time. However, the time spent with family and friends is immeasurable, and I wouldn't trade that time to get the money I spent on this "toy" back.

Lloyd

[haugy]

Yeah, I can't cast opinions. Seeing the other toys that are parked in the shop next to the boat, it's the cheap one.

I'm with Steve, I try to push the envelope of life as much as I can.

Another great quote, don't know who said it, I think a country singer:

"There will be two dates on your tombstone, but it's not the dates that are important, it's the little dash in between them."

[mapleleaf]

I am with Tim. Can I make the argument that my boat is worth it? Heck no. It spends 5 months in storage, and only gets used during weekends the rest of the time. However, the time spent with family and friends is immeasurable, and I wouldn't trade that time to get the money I spent on this "toy" back.

Lloyd

For me this sum's it up. Debt or not, I have twice or more in my boat than it's worth and there's no way to measure the memories that have come from it monetarily. Follow your heart and let your mind be the secretary.....