Cruisers Forum
 


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

Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on Cruisers Forums. Advertise Here
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 06-08-2008, 16:46   #16
Registered User

Join Date: Nov 2005
Location: Tasmania
Boat: VandeStadt IOR 40' - Insatiable
Posts: 2,317
Images: 91
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.
Weyalan is offline   Reply With Quote
Old 06-08-2008, 16:54   #17
Registered User

Join Date: Jun 2008
Location: Calgary, Alberta/Port Alberni, BC
Boat: Catalac 10M
Posts: 23
My first boat only cost a dollar.

Lesson: ... Never ever buy a wooden boat for a dollar.
thims is offline   Reply With Quote
Old 06-08-2008, 17:06   #18
Moderator Emeritus
 
Ex-Calif's Avatar

Cruisers Forum Supporter

Join Date: May 2007
Location: Ohio
Boat: Now boatless :-(
Posts: 11,580
Images: 4
Quote:
Originally Posted by thims View Post
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.
__________________
Relax Lah! is SOLD! <--- Click
Click--> Custom CF Google Search or CF Rules
You're gonna need a bigger boat... - Martin Brody
Ex-Calif is offline   Reply With Quote
Old 06-08-2008, 18:25   #19
Moderator Emeritus
 
David M's Avatar

Cruisers Forum Supporter

Join Date: Sep 2007
Location: Eastern Tennessee
Boat: Research vessel for a university, retired now.
Posts: 10,406
I made my first boat in high school, a kayak out of wood. It cost me nothing.
__________________
David

Life begins where land ends.
David M is offline   Reply With Quote
Old 07-08-2008, 06:20   #20
Registered User
 
Therapy's Avatar

Join Date: Jul 2007
Location: W Florida
Boat: Still have the 33yo Jon boat. But now a CATAMARAN. Nice little 18' Bay Cat.
Posts: 7,086
Images: 4
Quote:
Originally Posted by Karletto View Post
how did u buy your very first boat? any tips write below
Oh, OK.

Cash.....from savings account.
Therapy is offline   Reply With Quote
Old 07-08-2008, 06:54   #21
Registered User

Join Date: Jul 2005
Location: Wherever HP takes us
Boat: 1974 Challenger 40 Ketch, Holding Pattern
Posts: 107
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.
__________________
S/V Holding Pattern
Brian & Heather
Follow our adventure at www.yotblog.com/HoldingPattern
Holding Pattern is offline   Reply With Quote
Old 07-08-2008, 07:12   #22
Registered User
 
Alexei's Avatar

Join Date: May 2008
Location: NY (me), Charleston SC (Icefire)
Boat: 1974 Sabre 28 Mk I - Icefire
Posts: 140
Quote:
Originally Posted by Ex-Calif View Post
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
Alexei is offline   Reply With Quote
Old 20-08-2008, 00:51   #23
Registered User
 
Karletto's Avatar

Join Date: Aug 2008
Location: Slovenia not Slovakia; gulf of Triest
Boat: owned a 6m single hull sailing boat, a HIRONDELL 23 cat and chartered modern +8m ELAN boats
Posts: 79
Exclamation

OK who found my suitcase?
__________________
Rosso di sera, bel tempo si spera. Rosso di mattina, mal tempo si avvicina
Karletto is offline   Reply With Quote
Old 20-08-2008, 04:03   #24
Registered User
 
Allan S's Avatar

Join Date: May 2008
Location: Guatemala and Caribbean
Boat: Seafarer 38 cutter rigged
Posts: 286
Images: 5
Send a message via MSN to Allan S
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
__________________
S/V No Gridlock
A Seafarer 38, cutter rig
https://sheppard1961.blogspot.com/
Allan S is offline   Reply With Quote
Old 20-08-2008, 04:03   #25
cruiser

Join Date: Nov 2004
Posts: 4,525
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!
ssullivan is offline   Reply With Quote
Old 20-08-2008, 06:40   #26
w42
Registered User
 
w42's Avatar

Join Date: Aug 2007
Boat: Whitby 42
Posts: 68
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"
w42 is offline   Reply With Quote
Old 20-08-2008, 06:48   #27
Registered User
 
Minggat's Avatar

Join Date: Apr 2008
Location: South Pacific
Boat: Islander 36
Posts: 1,590
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.
__________________
Minggat
Minggat is offline   Reply With Quote
Old 20-08-2008, 06:53   #28
Registered User
 
Talbot's Avatar

Join Date: Jun 2004
Location: Brighton, UK
Boat: Privilege 37
Posts: 3,734
Images: 32
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.
__________________
"Be wary of strong drink. It can make you shoot at tax collectors - and miss."
Robert A Heinlein
Talbot is offline   Reply With Quote
Old 20-08-2008, 07:13   #29
Registered User

Join Date: Jul 2006
Location: Underway in the Med -
Boat: Jeanneau 40 DS SoulMates
Posts: 2,274
Images: 1
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
chuck and svsoulmates
ki4sry
on the hook in nonak ct
chuckr is offline   Reply With Quote
Old 20-08-2008, 09:20   #30
Registered User
 
Squeaks's Avatar

Join Date: May 2007
Location: Oxnard / Alameda, CA
Boat: Golden Gate 30, Westerly 23
Posts: 169
Images: 3
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!
__________________
We can't change the wind - but we can adjust our sails.
Squeaks is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Need Suggestions on What Boat to Buy dacust Powered Boats 22 03-03-2009 18:45
coming from OZ to buy a boat cathyoz Meets & Greets 43 22-03-2008 18:28
Help me figure out what boat to buy... Tspringer Monohull Sailboats 13 16-05-2007 23:04
Need Some help on what boat to buy misiu02 General Sailing Forum 6 20-04-2007 22:16
What boat would you buy? eskfreedom Monohull Sailboats 5 13-03-2007 15:40

Advertise Here


All times are GMT -7. The time now is 04:13.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.