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  #1  
Old 03-01-2013
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Arrow Saving to Buy a Boat, Halfway There!

I nearly purchased a used Coronado 25 last month. It was affordable and clean, but needed tons of upgrades.

The deal disolved when I suspected they were craigslist scammers. I lost some of my deposit.

After that, I decided to do this right. I'm going to save more money and get the boat I want. That means I need about three times the cost of the Coronado in my savings account.

I'm excited because I've been selling things I rarely use, and it's starting to add up. I'm halfway to my goal, and I still have my Boston Whaler Harpoon 5.2 to sell.

I'm young (ish) at 33, and have to fight that desire for instant gratification. I reject financing that isn't absolutely necessary. Since I won't live aboard, I'm not financing a boat. That means I've got to save, save, save. And sell, sell, sell all the stuff I don't need.

What's the longest period of time you saved for something you really wanted? Did you enjoy the delayed gratification? I find it feeds my desire to cruise.
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Old 03-01-2013
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Re: Saving to Buy a Boat, Halfway There!

I'm building my next boat, paying as I go. I have been building for the past 2 years and have $12,000 into it. Will have $15000-$18000 by the time I'm done but it will be paid for. Should be sailing this summer. Its kind of similar to putting money away to buy, I'm just putting my money into the building.
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Old 03-01-2013
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Re: Saving to Buy a Boat, Halfway There!

Ryan;
I, too, denied my need for instant gratification! It took a lot of fortitude and introspection. I sold off a collection and squirreled away funds from the sale of most of my other hobbies. I also sold a pair of motorcycles as I was not riding near enuff to justify the expense of upkeep.

As I watched my "tut" ( PA Dutch for bag or envelope) grow. I found satisfaction in that I NOW had the power to deal from the strength of cash. It also gave me the incentive to protect that growing "tut" by NOT squandering it on the wrong boat!

Take heart..it WILL happen..at yer own time and pace.
I'm still purposely delaying as much excitement as I can; holding off till I'm actually on the water and enjoying the "life". I believe I [might only] have one spurt of glee left in me, so I'm guarding myself cautiously until such time may come that I can let loose.

Eyes on the prize!
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Old 03-01-2013
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Re: Saving to Buy a Boat, Halfway There!

I have done it various ways and IMHP it depends if your putting yourself in a position where the boat owns you or you own it
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Old 03-01-2013
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Re: Saving to Buy a Boat, Halfway There!

My last boat was purchased on a shoestring budget. We put some money, and a LOT of time, into fixing her up. I enjoyed working on her, but time away from my family was tough. I had expected the one winter's worth of work to yield benefits for at least a few years. The boat was totaled, so I'm not sure whether that's true or not! But, the more you save, the better the boat you'll be able to buy, and that means less of your time spent away from family, and more time out enjoying the boat. When I was out looking a few weeks ago, there was a boat that was a little too far outside my budget for me to go for her, but MAN was it sweet. Well maintained, with AC built in and most of the other features/gadgets I'd like, too. It was when I saw that boat, and realized that for various reasons that I was "stuck" having to rehab another boat, that I really began to appreciate the comments others made about a $10,000 boat costing you $10,000 regardless of what you pay for it. Hopefully you'll be armed with the cash to be able to purchase a boat that will more than meet your needs, and your expectations, and you'll be able to get out on the water soon, and you'll see that it was all worth it.

Good luck!
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Old 03-01-2013
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Re: Saving to Buy a Boat, Halfway There!

My buddy bought a Coronado 25 for a steal - 400 bucks.
That was last year, since then he's got about 2k into it and it's finally ready to sail.
That's just stuff, docking was free.

No such thing as a cheap boat.
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Old 03-01-2013
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Re: Saving to Buy a Boat, Halfway There!

I tried to wait until I could buy the boat in cash. Saved for about 8 years. As it turned out when I finally bought it I was only 80% of the way there and ended up financing about 20%. Had it paid off in less than 18 months. That was the last time in my life (I hope!) I will ever use credit to buy anything, but it was worth it.

I should note that I did own half a Catalina 27 while I was saving for the "real boat". Also a decision I do not regret.
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Old 03-01-2013
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Re: Saving to Buy a Boat, Halfway There!

Quote:
Originally Posted by deltaten View Post
Eyes on the prize!
That's the plan. By the way, the more I research the more I believe my prize will be a Watkins 27. So you've got the prize I covet. I hope you get to enjoy it soon.

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Re: Saving to Buy a Boat, Halfway There!

Ryan,

How much and what size? I picked up a Lancer 25 for $2200 about 5 years ago. Add about $1500 for the trailer and we were golden. We trailer and launch every weekend and have sailed for up to a week at a time. We've had to apply minimal upgrades; a coat of paint, a hand held GPS, new standing rigging. Other than that, she's pretty clean. If it means not sailing, I'd buy a smaller, cheaper boat and get out there. Save for the big one while you do. It isn't instant gratification, it's sensible spending; like buying a starter home and moving up. Instant gratification is buying a brand new Catalina 38 for $210K and spending the rent money on it. If you are going to wait, keep an eye on the ads in the fall. Great time to get a good buy. Or, look for auctions at marinas. Abandoned boats sporting the acorn option often clean up real nice and for short money, if you figure the deal you got.
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Re: Saving to Buy a Boat, Halfway There!

Quote:
Originally Posted by DonScribner View Post
Ryan,

How much and what size? I.
I'm looking at Watkins 27's which seem to range from $5500 to $12000 list online. With cash in hand I'll be ready to negotiate.

Ideally, I save until June of this year and then buy one.

I would like to keep it in the water and ready to sail at a Marina which is under 1 hour from home.

I know I could get a starter boat, but I feel I've identified an attainable goal which covers all of my needs: Shallow Draft, Wide Beam, Roomy for sailing with the wife and 5 yr-old daughter for weekends or weeks. Small enough to single hand sail.

This is my goal. In the meantime, I'll be out taking ASA courses and getting my sailing fix.
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