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Old     (King12)      Join Date: Jul 2012       12-11-2014, 8:23 PM Reply   
For those that have, what was your reasoning for buying a 100+ k dollar boat? I mean I guess 99 counts too, not really a difference. Was there an actual feature you wanted? Just have the cash so might as well get the "best"? I am assuming most of you sold/traded a previous boat... was it worth it? Any regrets? Or are they really that much better?
Old     (shawndoggy)      Join Date: Nov 2009       12-11-2014, 8:34 PM Reply   
Old     (King12)      Join Date: Jul 2012       12-11-2014, 8:48 PM Reply   
Best reasoning I have heard yet!
Old     (Gary)      Join Date: Mar 2010       12-11-2014, 10:23 PM Reply   
I am looking at upgrading my boat and it will be dancing around the 100k and for me it's all the little features that are better than what I have ex. tower, surf system, the computer system, the interior quality etc. Also the pimping thing.
Old     (markj)      Join Date: Apr 2005       12-11-2014, 11:05 PM Reply   
Funny how styles change. That chick looks like she's wearing a diaper.
Old     (Greeko)      Join Date: May 2013       12-12-2014, 9:29 AM Reply   
sadly, if you want a new decent quality boat and have a couple options... you are looking at a minimum of 60-70. Yes, you can get the same boat after 3-4 years for 30% less but some people just want that fresh smell with all the special options...

Oh and theres the I have a giant compensation problem as well LOL
Old     (King12)      Join Date: Jul 2012       12-12-2014, 2:50 PM Reply   
I gt the wanting a new instead of a couple years old for the reason of wanting to know how it was treated from day one instead of who knows if joe before you was crap at maintenance. Don't know about that smell thing though

Was there a few year segment when prices skyrocketed?

Aren't new axis' pushing over 70 now?

Do most drop that cash in one day or are you looking at like 5 year loans?
Old     (boardman74)      Join Date: Jul 2012       12-12-2014, 6:54 PM Reply   
5 year loans??? You mean 10-20 year loans!!! On a 5 year loan a 100K boat with 20% down would be around $1600 a month. In my experience working for a dealership very few of the boats are paid for in cash.
Old     (King12)      Join Date: Jul 2012       12-12-2014, 7:18 PM Reply   
10-20 holy hell thats a long time to be chained
Old     (RideGull)      Join Date: Apr 2012       12-13-2014, 6:01 AM Reply   
I've usually seen most of the less expensive boats like runabouts get financed while the 90k+ wake boats are usually cash. The people who finance a new boat for 20 years generally pay it off within a couple years.
My reasoning for a new boat:
New technology - intuitive dash, amazing wakes (I'm a wake snob), overall functionality . Boats have come a long way, even in the past few years.
Never know how a used boat was treated/maintained. If you plan on keeping a boat for a long time, proper service is extremely important, obviously.
Warranty!! Can't say I've personally had major issues that needed warranty work, but the peace of mind is worth it to me.
Old     (WheelerWake)      Join Date: Mar 2013       12-13-2014, 8:43 AM Reply   
I know it's the "American Way" to take out a loan for everything, but I can't imagine financing something that is used for entertainment.
Old     (boardman74)      Join Date: Jul 2012       12-13-2014, 9:05 AM Reply   
I don't totally disagree, but without financing the boat market would die. Personally as long as money is cheap I will continue to finance larger ticket "entertainment" items. I think its fine as long as you do it responsibly. Meaning well within your means and always staying ahead of depreciation, i.e. owing less than the item is worth to cover yourself in a time of need that the item has to be liquidated. Loaning any more than 70% on a new boat is poor judgment IMO, as thats roughly what the boat will depreciate the first year alone.
Old     (LouZahr)      Join Date: Aug 2011       12-13-2014, 11:31 AM Reply   
I bought my first wake boat for $30k in 2001, I sold that boat for $27k 6 years later. Bought my second boat for $50k in 2008. This month I traded in my 08 boat and got close (~$2,000 less) to what I paid for it brand new. Boat prices have gone up drastically in the past 5 years. So I guess I got in early and have been able to build equity in the boats I have owned. Lucky...

the reason I am buying a new boat is I am looking for newer technology, better surf waves and I am to the point now where I want to put the boat in the water and enjoy, not have to mess around/worry about the self installed ballast system.

I agree that the 15-20 year loans are crazy but my plan is to pay it off in 5-8 years or trade it in on a new boat in 5-8 years. So why not take advantage of cheap money.
Old     (scottb7)      Join Date: Oct 2012       12-14-2014, 7:41 AM Reply   
New boats these day - as we all know - are crazy expensive and depreciate like crazy. i.e. $8-10k per year. There is no way to "stay ahead of depreciation". What you mean - i think - is that you don't want to be under water at any point while paying on the loan. The only way to do that is to put, like you said a high % down. Yes, then you will always have equity, but that does NOT mean you did not take a HUGE hit in depreciation. There are great examples - i have a couple also - of boats that we boat in the past that hardly depreciated, but that is not true at all of the super expensive ones these days
Old     (rockballer)      Join Date: Jun 2014       12-14-2014, 9:34 AM Reply   
Bought my Centurion new last year for under 60k and financed the crap out of it.... If I sell it in 5 years I will probably get 40 to 50 for it. It's on a 15 yr loan and I don't see it being a huge loss... buying a 100k boat and financing that over 20 years is a different story. The 5 years won't make a huge difference but dammm.. will you ever take a hit on it with re-sale... really curious as to exactly how well some of these boats sell that people just threw down a 100k for a wakesetter without surf gate on a 100k loan. These dealers can't get ride of them now
Old     (illini88)      Join Date: Oct 2007       12-14-2014, 1:53 PM Reply   
If someone can make their payments and meet their other obligations, I really don't care if they finance a toy. Yes, it most certainly makes the cost of ownership higher, but it may also make ownership possible. That being said, I don't understand how the big finance companies can make these 20 year loans at such low rates on these boats. When the economy tanked, there were a TON of repo boats out there, and they were selling steep discounts. Given that some companies have jumped back in on the long term loans, the number of a defaults as a percentage must be extremely low.
Old     (boardman74)      Join Date: Jul 2012       12-14-2014, 2:51 PM Reply   
Not sure where banks list them, but you sure don't many repo boats for sale. I see a few now and then(not very good deals considering the risk) but not the number you think would be out there.
Old     (Jmorlan)      Join Date: May 2013       12-15-2014, 8:49 AM Reply   
Quote:
Originally Posted by boardman74 View Post
Not sure where banks list them, but you sure don't many repo boats for sale. I see a few now and then(not very good deals considering the risk) but not the number you think would be out there.
Repo boats go to dealer auctions.
I see a TON of them. And most are thrashed
Old     (skiboarder)      Join Date: Oct 2006       12-15-2014, 9:08 AM Reply   
I always compare owning a boat to owning a horse. Only two types of people should own a $100K boat or a horse. The super-rich that can pay someone to maintain it and people that are totally committed to spending most all of their free time doing it.

I have work buddies that get big bonuses and think they need a boat. I tell them find a buddy, bring a wad of cash, food and beer every time you go out. After a year, if you have been out 3 of every 4 weekend all they way through the warm weather, go buy one.

I love my big boat, but I some of my most fun days on the water were on my 1988 Malibu skier. If you live in your means, you will have more fun.
Old     (WLF)      Join Date: Mar 2010       12-30-2014, 7:38 AM Reply   
I agree with most of the posters above...I wanted the new boat for the features to be able to surf and board without all of the extra work that would usually be involved. I recommend paying cash, but won't preach to anybody if they feel differently, we all have different money philosophies. I can tell you though, your boat will not be a source of enjoyment if you are thinking about the payments or how much it costs to own and operate...just get out there and use the hell out of it. If the cost bothers you get one at a price point where it doesn't cross you mind. My best days over the years have been those out in the sunshine with friends/family making memories.
Old     (gpd005)      Join Date: May 2013       12-31-2014, 6:32 AM Reply   
If you are using it, you won't mind the payment. if it sits a lot while you do other things, your going to regret it for a long time!!!! Everyone is different, I have no idea how some people can afford to buy a brand new boat every couple years, but my hat is off to them. We have to drive to get to any water so spending $100K is not only out of the question but just wouldn't be a good idea for us. But I can justify spending money on something I love to do and love doing with my family.
Old     (bftskir)      Join Date: Jan 2004       12-31-2014, 1:18 PM Reply   
2.45 for gas in central CA ....Happy New Year!
Old     (Pinkston)      Join Date: Jul 2014       12-31-2014, 1:47 PM Reply   
1.90 in IL

Boat prices are just insane these days. New axis boats are 70k plus
Malibu 120 plus
And we'll G23s are BIG money

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