Buy Buy Buy ???? - SailNet Community

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  #1  
Old 01-06-2009
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Buy Buy Buy ????

With the economy the way it is.... I was looking at buying much more than I would have in the past... Do you think this is a good time to by a sail boat or should I wait... The general cost is a little too much but people are dropping their boats like flies right now... I want something for my wife and kids to enjoy on the Cheasapeake.... Should I wait a little longer???
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Old 01-06-2009
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Standard Answer.... Depends

First there is no wrong or right time to buy a boat as far as the economy. There are so many factors in involved. There are ALWAYS great deals no matter what the economy is.

However, there is a wrong time for you to buy a boat. If you're not really financial able to "weather the storm" with additional costs of boat ownership, then you need to really think hard about it. If you work for living, can you afford the boat if you suddenly are not working for a period of 3, 6, 12 months. If the answer is no, think hard about it.

From your post,
Quote:
The general cost is a little too much but people are dropping their boats like flies right now..
means to me that it may not be a financially sound for you. Don't forget buying the boat is only about half the cost of the boat ownership. Case and point:

My Boat Loan is $227/mo for 7 years. Insurance, mooring fees, launch service, taxes, maintenance, winter storage add up to about $4000/year or $330/month. So it actually costs me more to own the boat month -to-month than it does for me to buy the boat.

DrB
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Old 01-06-2009
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Well

I stick with a J24 because it is easy to bring home every winter and not deal with boatyard BS

I could afford a bigger boat BUT dont enjoy the massive amount of extra money it cost once it has to be kept in a Long Island boat yard
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1981 J24 Tangent 2930
Tommays
Northport NY


If a dirty bottom slows you down what do you think it does to your boat
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Old 01-06-2009
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Scott,
Keep in mind that the true cost of ownership is not the price of the boat, it's the slip, the maintenance, the upgrades, fixes, insurance etc.
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Old 01-06-2009
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The reality is that you likely won't find a better buyer's market than today. At the St Pete boat show last month, the deals to be had were incredible and the broker's were practically begging buyers to sign up. If you can afford it, as the saying goes, "buy low".
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Old 01-06-2009
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Buying low is one thing; but being READY to buy is more important
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Old 01-06-2009
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All previous posts are spot on. One thing you did not mention is how much of the Chesapeake you want to "enjoy". A trailerable boat (pocket cruiser) may make a lot of sense. Daysailor as well. Either has less ownership costs.
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Old 01-06-2009
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Quote:
Originally Posted by tommays View Post
Well

I stick with a J24 because it is easy to bring home every winter and not deal with boatyard BS

I could afford a bigger boat BUT dont enjoy the massive amount of extra money it cost once it has to be kept in a Long Island boat yard
Yay LI boat yards!!!!! but it is nice to keep a boat in the backyard, ill see ya out there next summer tommays!!! Im from right behind bird island
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Old 01-06-2009
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Quote:
Originally Posted by chucklesR View Post
Scott,
Keep in mind that the true cost of ownership is not the price of the boat, it's the slip, the maintenance, the upgrades, fixes, insurance etc.
Bingo!!!! I know it is obvious to us, but I think many new buyers are not aware of that.
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Old 01-06-2009
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Quote:
Originally Posted by mrwuffles View Post
Yay LI boat yards!!!!! but it is nice to keep a boat in the backyard, ill see ya out there next summer tommays!!! Im from right behind bird island
Where is Bird island??? Northport????
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