Join Date: Oct 2008
Location: South Coast Ontario
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Re: Advice to a newbe
You gave him good advice, david.
Part of my "So you wanna buy a boat" newbie speech:
Boat budgets 101:
I.You can buy cheap and work hard to make the boat better.
2. You can work hard to make more money to buy a better boat.
Before buying a boat, be honest with yourself.
If you're handy and cheap, 1. will work for you. if you aren't, see 2.
don't worry about brands, or size, or resale value, or anything else until you determine what you want in a boat, how you intend to use the boat, and how much money you have to invest in your first year of boat ownership.
Once you know what you need and what you want, then you can determine what a realistic budget is. can't make your own "disposable income" budget fit your boat budget? then you have to decide to defer your dream, or change you wants and needs list, or a little of both.
Yeah, sure you could borrow money to buy a boat. But remember, you're a newbie- you don't even know if you and your family are going to like this long term, and it is foolish to make a long term financial commitment to a short term infatuation.
There is a reason why some of us are on our second wives.
Speaking of spouses, that is another reason why borrowing to go boating is a bad idea.
Boats can sometimes make or break a marriage. If he/she dislikes the rocking and heeling and yawing and yelling, the fact that 239 more monthly payments are attached to it just becomes a bigger bone of contention and things can get real ugly real quick.
Regarding resale value- who cares? Buy cheap, enjoy for a few seasons, sell cheap. My rule of thumb is that if you didn't pay above the market you probably won't get hurt too bad when you sell. and if you don't pay more than low five figures on a good old boat, even donating the boat to charity after several seasons of fun will cost less than an annual one-week charter in the BVI.
One advantage to buying old cheap boats is that they are at the bottom of their deprciation curve. You may not get all, or even most of the money back from any upgrades you make, but you won't lose much on the hull either. Plus, without a whole lot of cash involved, you're less trepidatious about drilling holes into the deck to install gear.
Lots of great boats are available for short money, and if you're willing to get a dirty for a few weekends, there are even more boats available needing a little help. Don't be afraid to invest in 2 things- tools and a good survey on a boat you like, no matter how cheap it is. Following a good surveyor around the boat and peeking over his shoulder will give you real insight into your new potential pride and joy... and often you can use the surveypor's recommendations to reduce the asking price by an amount greater than the survey cost, making the survey essentially free.
It's 5 o'clock somewhere:
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Last edited by bljones; 03-07-2013 at 08:58 AM.