Join Date: Jun 2007
Location: East Stroudsburg, PA
Thanked 81 Times in 77 Posts
Rep Power: 9
Re: How did you get the money for your first sailboat?
I don't think anyone is against financing a boat...
It's still better financial sense to pay for a boat outright (if you can)... Actually better said would be to NOT buy a boat at all! It's a luxury after all.
I had 2 contracts on 2 new boats that I backed out of for one reason or another before I gave up, and paid cash for a used boat.
Buying a used boat was a disagreement my wife and I had before I bought my Capri 22. In retrospect it taught me something... mainly, a well built older boat, that has had ANY care of it, can be restored to "like new" or even better (broke in if you will) with very little money, and only a modest amount of time.
Quote for my first keelboat new, was $23,525, boat motor, and trailer (one roller furler 135, and main)... My used keelboat same model but 25 years old was $4800, with boat, motor and trailer (all operational), and 1 roller furler 110, 2 mains, and a spinnaker. The boat was dirty, trailer lights needed some rewiring. There were cosmetic dings on the boat... and I probably put about $1000 into the boat in "upgrades," which included bottom paint and all. Then turned around and sold the boat 1 year later for $5500. So I lost money, but not a lot.
To Smier: You got some really good deals on those two boats, and did a helluva job bringing them back. Proof of my point above, sometimes used can mean free, or at least starting at free. Hard to argue a Compac 16 isn't a well built boat (that holds value).
That being said, I know what a NEW boat smell is, and some of the hassle of things not working is gone (plus you get new crisp sails, note I just said SOME of the hassle, I could tell you stories of my dads NEW boat purchase ugh)... I don't think financing is evil... its just not always the best way to start, especially if your budget is tight. Again, I nearly did it twice so I am not against the idea.
If new boats (that I were interested in) weren't so crazy expensive I'd consider it... I hear Jim Lee has a really nice boat he builds that I wish were a little closer to my price range!
Meanwhile I'll be sinking money good and bad into my 30yo boat, knowing full well I'll never see that money back. IN the meantime though, it'll be fun to sail!
"Rum Line" a 1982, S2 7.9 - Production boat limit tester, blue-water bucket owner, with wine taste on a beer budget.