Financing: New vs Used

[barnakiel]

There are many variables but an all new boat bought with somebody else's money (that you have to pay interest on) is likely to end up the most expensive option when you consider selling the boat X years down the track.

Avoid financing if you can.

Use financing only if this brings your costs down.

Think boats more like cars than homes.

b.

[NoShoes]

going into debt to buy anything short of a home is just plain irresponsible. Buy a decent clunker you can plunk cash on, take it and fix her up, sell that one for a profit, flip-it, buy another bigger and better condition, fix it up and flip-it, by the time you are ready to get your own boat, you will no longer be a noob, and not in debt or owing a bank.

[canyonbat]

Originally Posted by NoShoes

Buy a decent clunker you can plunk cash on, take it and fix her up, sell that one for a profit, .

I have never known anyone, besides a dealer buddy, who bought a boat and later sold it for a profit. I have known people who claim to know people who have done this but I also know people who claim to know people that have seen flying saucers or big foot!

[barnakiel]

Originally Posted by NoShoes

going into debt to buy anything short of a home is just plain irresponsible.(...)

Anything is THE word.

Except, with homes, the way our fathers set up this world, we may have no other choice.

b.

[mtmilam]

Maybe another Take:.....If you have a house that is paid off....Take a 2nd on the House, I did at 2.2% interest and you can deduct it, but with rates so low, its not much....I also will Sell my paid off sailboat, that I bought "used" at a good price and Plop that money down on the New boat loan, so it should be paid off in 5 years...but I went 15 yrs just in case.....

USED Boats are less....BUT COSTS MORE in Maintence and Headaches....I know....the last sailboat I bought was a 2007 that i bought used in 2009....I got a Great price because of the stock collapse in 2008.....and only minor maintence like oil changes...EVERYTHING WORKS.. .......Before that boat, I bought a 1989 Nonsuch that was 14 years old...it was a good boat, but seemed like something always needed fixing......

So Take your poison.....Pay more for new, but less headaches and enjoy the boat more.........or pay less for used but be prepared to pay with headaches and maintence.........

I also don't recommend to buy New, unless you have everything paid for in life and retirement set aside and you have extra cash that you can spend on Depreciation....everyone is afraid of losing money on Depreciation....Yes you will....But Remember the Wise Words of Captain Jim B........"The Hearse Doesn't come with a Trailer hitch"......How much do you want to leave behind for your kids to Blow on Crack :big grin: ...Well, maybe leave them a little, but nothing motivates a young person to have to work, then needing money :big grin:

The older I get....the more "new" looks more appealing..

I guess it really Just Depends.