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View Poll Results: how did u buy your FIRST boat?
savings only 44 69.84%
credit + savings 15 23.81%
credit only 1 1.59%
savings + money borrowed from relatives 0 0%
credit + money borrowed from relatives 0 0%
robbed a bank/ found a suitcase full of $ 3 4.76%
Voters: 63. You may not vote on this poll

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Old 06-08-2008, 17:46   #16
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I paid cash for my first (and only) boat. I was lucky in buying a cheap house before a steep price rise, so sold the house and ended up with a boat and another house.
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Old 06-08-2008, 17:54   #17
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My first boat only cost a dollar.

Lesson: ... Never ever buy a wooden boat for a dollar.
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Old 06-08-2008, 18:06   #18
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My first boat only cost a dollar.

Lesson: ... Never ever buy a wooden boat for a dollar.
Now that is seriously funny...

I paid cash but I can see that for a high value boat there may be a case for partial financing as long as the cash flow to pay the note is secure.

I could see financing 10% of a 300k boat. For me it probably amounts to making sure that the boat loan never gets "underwater" so to speak. i.e. you can always sell the boat for more than the note.

And of course never "financing" a boat purchase by refinancing another asset - like a house - that would be crazy IMO.
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Old 06-08-2008, 19:25   #19
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I made my first boat in high school, a kayak out of wood. It cost me nothing.
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Old 07-08-2008, 07:20   #20
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how did u buy your very first boat? any tips write below
Oh, OK.

Cash.....from savings account.
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Old 07-08-2008, 07:54   #21
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The Cats Got Nervous

7 years of paying off debt and accumulating THE original kitty...
We put price tags in everything in the house...pay me, take it off the wall, never to be seen again. We also put a price tag on the house. We sold so many things that the cats got nervous thinking they were next.
We (us and PO's) were members of the same bank so we went and transferred funds and then went out to dinner together.
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Old 07-08-2008, 08:12   #22
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Now that is seriously funny...

And of course never "financing" a boat purchase by refinancing another asset - like a house - that would be crazy IMO.
Well now that really depends on how you do it. I bought my boat with a mixture of cash and a loan from my bank, but it wasn't a very big loan (the whole boat cost $17k), so I was comfortable with that.

I'm also a private pilot, though, and I used to own a plane (Piper Cherokee). I bought that with money from a Home Equity Line of Credit that I already had. The beauty of it was I sold the house not long afterwards, at a healthy profit, and everything was all paid off, with a bit of cash left over for fun (and paying off the Admiral-to-be's debts *cough cough*).

-Alexei
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Old 20-08-2008, 01:51   #23
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Exclamation

OK who found my suitcase?
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Old 20-08-2008, 05:03   #24
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We paid cash, and not a lot of it at that. We found this guy who buys junky boats, fixes them up a bit, and let me reassure you, he does not hide any flaws, man oh man he doesn't hide any. It's a wonder he actually parts with any of his boats he is so forth-comming. I wanted cheap/cheap because I wasn't sure my wife would like sailing, (Turns out she is quite rabid about it!!!). My daughter couldn't care less if she tried.

We also wanted cheap in case it was a complete bust and we would only be out $3500. We also pay cash for everything we do with it. If it costs alot, we save. ie: our slip and winter storage is $2500. Any repairs is timed with our paydays. We are adamant about staying debt free!

Sure we look at the beautiful boats at our marina, and it would be killing us with envy if there were not such a large contingent of blue collar workers and owners there keeping us company.

You should see my wife on the net, searching for large, cheap boats...lol, she now know more about blue-water requirement than I ever dreamed existed! Well, I'm off to my job in a sweltering boiler room to pay for my nautical habit......Allan
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Old 20-08-2008, 05:03   #25
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The first boat I owned (bought in the early 90's) was a 1972 (or 6?) Kells 23. I bought it cash and owner financed for a couple months...

Worked my butt off for that boat while going to school and working part time jobs.

Was worth every penny!
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Old 20-08-2008, 07:40   #26
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I married "into" my first boat.

It was ny wife's before we first met. After being married nearly ten years now, occasionally, it is still "her sailboat"
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Old 20-08-2008, 07:48   #27
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My first boat was a beater little power boat. Bought it for diving and paid cash. Of course at the time I didn't think it was a beater. But let's not count that one, or the 2 other power boats I made payments on. Let's talk about my current boat, which I paid cash for.

Bought it because I needed a place to live when I came home from overseas and my wife had cleaned my clock. At the time I had no idea she was doing me such a big favor. Much better wife and much better life now.
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Old 20-08-2008, 07:53   #28
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I bought my first boat after a long period of research and analysis back in 1987. I have just sold her and it near broke my heart.
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Old 20-08-2008, 08:13   #29
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my first boat was a brand new jeanneau ds40 in 2003 - i was in my late 50s and used a combination of savings and bank note - still paying on the note and recently sold my house and probably have enough to pay it between that and stock savings but with the market in the tank will probably wait for the market to turn to pay off the note
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Old 20-08-2008, 10:20   #30
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Well, this is a fun topic :-).
I bought my first boat in about 1973, a 20-ft Mermaid wooden sloop (small sister to the Folkboat). I paid $1,000 cash after having a friend check it out. On that day I also got fired from my job but didn't tell my wife (not recommended tactic ) but took her for a sail with almost no wind (recommended tactic ). We sat in the sun with wine and cheese - she loved "sailing" and went on to sail and cruise many miles in that and subsequent larger boat (23-ft).
Keep it simple!
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