How Do you Guys Afford Your Boats?

[Big Rick]

I have 5 boys and 3 girls AND a boat.  It is doable as long as you're realistic in your choice of boat. 

[Further North]

46 minutes ago, gimruis said:

LOL that was a pretty good response and there is a lot of truth to it.

 

I bought my first and only boat in 2015 brand new.  Paid half right away, paid off the rest within a year.  This was BEFORE I had any children.  Buy the boat and then have a child, not vice versa.  Lets be realistic: a boat is far less costly than having children.

A friend's wife used to try to tell me that dogs were more work than kids...because, basically, she didn't want her husband to have a hunting dog...

 

I finally got tired of it, and one day replied with, "Chris...I toss the dogs in a kennel when I need to take a break.You can't do that with your kids.  THat's pretty much the definition of 'easier", right there."

 

The subject never came up again...

[QUAKEnSHAKE]

On 12/4/2018 at 7:04 PM, Gary William said:

This is a completely serious question. 

 

How do you guys afford your boats?

 

We are a family of 4. We live in a house that cost us about half of what we were approved for. We drive economy cars, and don't spend a lot on clothing, eating out, etc. I consider us well off.  We earn about 130k combined per year. Kids are 6 and 8. We're in Canada so we're taxed more heavily than Americans, but don't pay for Medical care, etc. 

 

We have a cottage on the ocean, but have not yet made the leap to boat ownership because no matter which way I look at it (new, used, repairs, maintenance, financing, storage, etc) ... boats seem WILDLY expensive to the point at which I wonder how anyone on a normal professional income makes it work. 

 

Would love opinions/enlightenment on how it can be done while not going into big debt or forgoing retirement contributions, etc. 

 

I should note that I am somewhat mechanically inclined, but for any serious maintenance or repairs, I would need to pay someone with experience. 

Location location location.

In Rockford IL with $130k a year a new Ranger being pulled by a new F150 is quite doable. Plus you can have both kids in private school and house paid off in about ten years if its not a mansion. 401K funded nicely and one year of income in the bank.

[BigRed1977]

So you have a house and a cottage on the ocean???  Priorities. Most of us would rather have a boat than a cottage on the ocean. I know one person that has a household income of over 200K and its just him and 2 kids. they have baseball bats and gloves and bags to carry their gear. The bats average 600+ a piece. The gloves 300+ a piece. It's crazy the money they spend on baseball but that's their thing. Another guy I know has massive amounts of hiking gear. Backpacks that cost 500+, tents that cost 400+. He could outfit an expedition up Mt. Everest.  I have a historic house, kick butt theater system in the house, a jon boat and enough tackle to sink the boat. Priorities... People spend money on what they care about. For you it seems to be the cottage on the beach. Who cares what others can afford. I only care about what my family or I want and how i can make it happen. 

[A-Jay]

On ‎12‎/‎4‎/‎2018 at 8:04 PM, Gary William said:

 

How do you guys afford your boats?

 

A-Jay

[slonezp]

On 12/10/2018 at 7:16 PM, Big Rick said:

I have 5 boys and 3 girls AND a boat.  It is doable as long as you're realistic in your choice of boat. 

[Harold Scoggins]

[boatinpete]

Sell your cottage and you can afford a boat. You don't need a 21 foot rocket. Last year I was at your Spring Sportsman Show off of Airport Rd, they were selling a 17.5 foot G3 with a Yamaha 90 SHO for 23000 Canadian, I thought that rig would fit most working folks that just want to get on the water, or buy a nice used rig, good luck. Good luck.

[CrankFate]

 Last time I was at BPS walking through the boats, my wife was starting to get mad, because if I were to even mention it, she’d be ticked. Not because of the money, she knew I was looking at them like, d**n, I could actually buy this, and she started to pull me through them faster, because I live nowhere near boatable water. Ocean, but not any type of lake. And we are definitely not moving. If I ever have the time in a place where a bass boat makes sense, I’ll get one. I will never get a saltwater boat. I hate being on a boat in the ocean. It’s more trouble than it’ll ever be worth just for a few fish.

 

[Sooner Steve]

I get the indication that you wanted an answer of how to have the shiny new rig that is very expensive and still maintain your current budget paradigm. It's not possible to have both. How do we afford a 60k bassboat? In my case the bassboat is the bulk of my entertainment. Also my kids are grown. When they were young I had a 2 man Buster boat, then a used Cajun. I would suggest setting what you feel is a comfortable number, then double it and that will get you started. If you can perform simple service and repair tasks safely and correctly that helps a lot.

[JoeyT]

On 12/5/2018 at 6:53 AM, Jig Man said:

I can tell you how a lot of guys have their boats.  I used to be the sales manager at a boat dealership.  Many customers could ill afford what they wanted.  They would not even have the money to pay sales tax and wanted it financed in the deal.  They also financed for as long as any bank would take them.  Many of them would finance for 15 years at interest rates over 20%.  What they did not understand was it took several years before the principal on the payment was larger than the interest.  All they were interested in knowing was "How much is the payment?"

And this is the reason why bass/fishing boats are seriously over priced. Consumers that have no business purchasing a $60 $70 $80 grand boat. Drives the prices up and also affects the used market price. No offence to anyone but if someone needs 20 yrs to pay off a boat at 13% interest, they shouldn't be purchasing it.  However, it's allowed so...

[FordsnFishin]

I always pay cash. I started out on a 14 ft jon boat and rebuilt it to fit my needs.  Front deck,  new front motor,  ect.

 

Than 8 years later,  now making better money I've upgraded to a 21 ft 250hp. I wanted a reliable boat. So I opted for a older boat with a newer engine.  1996 charger with a 2008 250 mercury. She's a tank,  and i love it.

 

Figure out your cash price and search and search and search for the right boat.  I looked for over 6 months and test drive several boats before I settled on mine.  I always try to haggle for a better price. 

 

Also you should read Dave Ramsey or watch his pod cast. Following his guide lines allowed my wife and I to be in much better financial peace. We paid off 40,000 in debt last year,  while cash flowing her school.  With your 130,000 income you guys could do whatever you wanted. 

 

Good luck,  feel free to message me with any questions. 

[punch]

I currently own a very clean 2002 Skeeter SX190 w/ a 150 VMax. I paid cash for it, as I've never wanted to get a payment on a recreational vehicle. I paid $12000 for it BUT it was a long road to get to that point to be able to write that check. 

 

It started out several years ago when I bought a old 14' aluminum crestliner w/ a 9hp for $700. I used the crap out of that boat and it was just to get me back on the water (I always used my parents boat but they sold it, which killed my fishing for a while). I started saving up for the 'next boat' while using this 14' foot rig. I kept my eye on Cragislist in the spring & fall when all the boats hit the market here in Minnesota. A few years ago a REALLY nice 2000 16' Smokercraft with a 25hp merc popped up and it was in my same town. The guy wanted $3200 for it which was right in my budget. I went and bought it, then turned around and sold my $700 14' for $1200. 

 

I used the crap out of my 16' smokercraft aluminum while saving up for "the next boat", which was definitely going to be my jump into a used fiberglass bass boat. I just had to wait for the right one to pop up. As usual I was checking Cragslist every morning and evening. Some guy posted some blurry pictures of a Skeeter bass boat. I went and looked at it immediately and KNEW I had to buy it, as it was in VERY good condition. I didn't have the full $12,000 but I had about $5,000 between some company stock I was saving for a rainy day, and my savings for my 'next boat'. I called up my parents and asked them if they could float me $4000 for a couple weeks. I also did a fire sale of some fishing gear & other random things around my house (poker table, watches, electronics) and I raised another 2 grand that way. 

 

I gave the guy selling the skeeter a $500 check to hold the boat for me for a few days so I could get the money together, to which he did. Within about 4 days I had the full $12,000 and I went and purchased the boat (no loan!) thanks to my folks. I then sold my 16' for $3800 about a week later (I paid 3200 for it) and paid my parents back the full 4k they loaned me. 

 

So, it took a bit of luck and a bit of hustle.. but in the end I have a fiberglass bass boat that I love and I own it outright. It was a slow boat-to-boat transition over several years, BUT i'm glad I did it because fishing out of small/cheap boats helped me regain my skills. I don't think I'd be as good of an angler if I just went into a dealer and bought a new $45,000 skeeter off the floor and took it out. 

 

Being in a smaller boat with a smaller engine means you can't run around the lake as much as you'd like so you have to really break down an area thoroughly. I'm pretty good at picking apart the bank now vs just pulling up the trolling motor and running to the next spot that looks good.  

[Logan S]

I read once that a top-line, new bassboat has always been about on par with the price of a new Corvette - Seems to still be true since MSRP on a new Vette looks to be about 55k to 90k depending on options...Near mirror to bass boats.  IMO it's a good barometer since both are 'luxary' items/vehicles.  

 

Small market, higher cost to build...Any product like that will carry a higher price tag.  

[Sooner Steve]

2 hours ago, JoeyT said:

And this is the reason why bass/fishing boats are seriously over priced. Consumers that have no business purchasing a $60 $70 $80 grand boat. Drives the prices up and also affects the used market price. No offence to anyone but if someone needs 20 yrs to pay off a boat at 13% interest, they shouldn't be purchasing it.  However, it's allowed so...

Oh now, that's patently not the case! Everything associated with a bass boat has gone way up over the last 20 years. But so has everything else. The technology we have now is amazing and almost unbelievable but it comes at a price. Design engineering is a huge part of the cost, finished materials, cost of manufacturing, ect. It's absolutely not that people over commit and buy them. That just keeps the doors open. The same way Bentley stays in biz: someone will pay. I understand that a lot of people buy way beyond their means, but a lot of folks also love the new technology and features and are willing to pay for it.

There is always the used market.  

[punch]

I think most new boats are sold nowadays with "How much will the payment be?" vs "How much is this boat?". Oh it's only $224 a month for a new Nitro? Awesome!

[slonezp]

2 hours ago, punch said:

I think most new boats are sold nowadays with "How much will the payment be?" vs "How much is this boat?". Oh it's only $224 a month for a new Nitro? Awesome!

The fine print spreads it out over 20 years 

[flyfisher]

5 hours ago, slonezp said:

The fine print spreads it out over 20 years 

I chuckle whenever i walk into bass pro and see those low monthly payments.  I mean if you wreck that thing while towing, i would guess you are underwater within minutes of signing on the dotted line, unless you can insure it for replacement cost or whatever.  

I'll stick to my plastic boats for now

 

[gim]

I bought my own first boat (new Ranger RT178) in 2015.  I did this BEFORE I had any children knowing that the chances of a new boat would go down significantly if the child came before it.  Boats are pennies on the dollars compared to a child, that is the raw truth!

[jrwerner310]

I've been told there are two great days when owning a boat. The best day is when you sell it and the second best day is when you buy it. lol JK. Its always better to ask forgiveness that to ask permission. I would love to own a boat but we just bout our first house and dont really have extra funds for it . Plus i want a new truck. Current truck could handle it but now for very long. I do have the space but i have to prioritize.  I do have a kayak and thats good for right now. 

[A-Jay]

I fished from a canoe for over Ten Years.

Had a great time and managed to catch a few along the way.

Purchase a new rig a couple of seasons back.

Having a great time and managing to catch more & bigger fish.

Have not regretted my decision for even One Second.

My Grandfather told me that when I thought something was 'expensive' it meant I couldn't afford it. 

Actually not the case regarding my new rig.

 

IMO Time is a much more valued commodity than $$$$ will every be.

Life is short and tomorrow is guaranteed to no one.

The richest among us realize this sooner rather than later; regardless of how much $$$ they may have. 

 

 

A-Jay

[ww2farmer]

I'll tell you how I can afford a fancy glass boat.......I can't. PERIOD.

 

If you can, and want to, go for it. 

 

I'm not going into debt for something that sits 3-5 months out of the year. The payments don't stop in the winter.

 

I'm not going into debt for something that might cost as much as it's worth to fix if a problem happens out of warranty. The bank cares not that it's in the shop.

 

I'm not going into debt to tournament fish in the beer money level tournaments I fish in and run. LOL at the guys who are going to "make the payments" with their tournament winnings on any local circuit.

 

I'm a 42 year old garbage truck driver. I'm not paying for a boat into my 60's....if I make it that long.

 

A small tin boat with a 20-50 hp motor, a decent trolling motor and graph will be all I ever have, want, or need....UNLESS I win the lotto....then it's bombs away...new 21 foot Rangers for everyday of the week.

 

I think one of the blessings in disguise of me getting into tournament fishing in my 30's....after I got the "latest and greatest" stuff out of my system in my 20's, is that it showed me that a guy can do just fine with just about anything that floats. Will it be as good? NO....but it ain't the handicap it's made out to be. 

[MN Fisher]

16 minutes ago, ww2farmer said:

I'll tell you how I can afford a fancy glass boat.......I can't. PERIOD.

 

If you can, and want to, go for it. 

 

I'm not going into debt for something that sits 3-5 months out of the year. The payments don't stop in the winter.

Same here - which is why I went with a canoe. Last year it was the canoe, TM, battery that ate most of my Christmas money from the parents. This year it was the trailer and costs for the modifications I did...still have to get a new length of 2x3 to replace the trailer tongue piece to lengthen it - 14' canoe, 10' trailer as shipped.

 

The only debt I have is my mortgage - everything else I pay cash for. If you can handle being under debt for a boat for the next 10-15-20 years, go for it. I'll happily paddle/power along my lakes knowing that I'm not paying for something that sits idle for 5+ months of the year.

[billmac]

I've asked the same question many times.  I've wanted a bass boat for about 40 years.  When I couldn't afford one, I thought the prices were reasonable, although out of reach for me.  Now that my kids are gone, I couldn't believe the prices.  I am (hopefully) about the pull the trigger on a 20 year old boat that looks great and has everything I want, and enough room and motor to have fun with the family too.  Craigslist is your friend.  In fact, I did a very complicated, refined search in Craigslist, where I specified boat type, price range, distance to travel, etc.  When I had it just the way I wanted, I bookmarked it, so I could check it every day easily.  For the boat I'm currently considering, I responded to the owner within an hour of him posting it.

[clark9312]

You just have to ask yourself is it worth it. Is it worth saving up and paying cash for one or is it worth the monthly payment. I financed a new tracker put a good down payment on it and stretched the loan out as long as I could. Now I wanted my payment low as possible but I usually pay double payments excluding a couple months a year(Christmas, vacation, etc).

I work my butt off, last check I had about 60 hours of over time on it. To me it’s worth it. I enjoy my weekends. I try to fish atleast 2 tournaments a month plus fun fish. If you think you can get your moneys worth out of it go for it. If it’s just going to sit in the driveway I wouldn’t do it