"Buying a new boat is a horrible investment" 2025
AmericanMade reply :
In the near future I plan on buying a brand new ranger rt178. I was going to pull the trigger but found a house and was told to wait to make any large purchases until I get approved for the home loan. A few people have told me not to do it, it's a horrible investment, etc. I've even read that on these forums. Ive never bought a new boat before, am I missing something? Why does it seem to be the general consensus that buying a new boat is a bad idea? I know it's a horrible investment, in fact it's not an investment at all. I'm not expecting this boat to be worth more than what I paid for it, ever. I now have a 5 month old son and I plan on teaching him and his children how to fish on this boat. I Would be financing it and don't want to take any money out of savings to pay for it outright, but the monthly payment would literally be like 2% of my monthly income. So what's the deal here?
Way2slow reply :
First and foremost, a new boat is NOT an investment. If anything it's an expensive liability. As for financing, very few people buy a new boat or even a really nice used boat and pay cash for it. Now, I will say I think you fall into the sucker trap if you finance one more than four or five years because of a couple of reasons. One by the time you have paid it off, you have paid a very large amount of interest. A LOT of people do this long term financing and a couple three years later, decide the boat is a lot more expensive than they ever realized and try to sell it, but find that ain't gonna happen because they would still have to pay thousands of dollars out of their pocket to make up the difference of what you owe and what the used value of the boat is. Regardless of how nice and how well you took care of it, and finding some sucker to just take over payments usually won't happen because the bank won't approve it.
Just make sure when you look at what the payments are on that piece of paper, you add a whole lot more to it for operating cost and insurance, which being financed, you will be required to have.
slonezp reply :
If you want to buy a new boat and can afford it, and are planning on keeping it for a long time, by all means do it. You can order it the way you want, you get full benefit of any warranties, and you're not buying someone else's problem.
I have a friend who buys boats for cash every few years. He finds a one or two year/season old boat with low hours and motor warranty remaining that has already taken the depreciation hit. Once the motor warranty is up, he sells and buys another. He is meticulous the way he takes care of the boats. He just sold a Basscat for around $3k less than he paid for it 3 years ago. As he says, it's like renting a $40k boat for $100 a month.
I think some of the negativity stems from an animosity of those who cannot afford a new boat
A-Jay reply :
Obviously, I have no information regarding your particular financial position, so there can really be nothing in the way of advice offered.
Way2slow noted factors that can & do apply to various purchases where the item is financed, not just a bass boat.
Stocks, Bonds & Real Estate are examples of investments, a bass boats is a recreational item (unless you use it to make a living).
Whenever I think of something as "Expensive" it usually means I can't afford it.
A-Jay
Tracker22 reply :
My 2 cents...either buy a boat your gonna keep forever or buy a boat with cash.
Redlinerobert reply :
...Said no fisherman, ever.
flyfisher reply :
i guess if having a good hobby, being out in nature, having a place for your family to hang out is a bad investment, then so be it. I'll take that any day of the week. Just stay within your means and don't get crazy and finance it for 12 years like the advertisements are showing when you see the low monthly payment.
Way2slow reply :
12 YEARS! for a boat? I've never financed a house more than 10-15 years.
I guess I just prefered to do other things with my money than give it away to finance companies.
Scott F reply :
On 2/22/2016 at 10:59 AM, Way2slow said:12 YEARS! for a boat? I've never financed a house more than 10-15 years.
I guess I just prefered to do other things with my money than give it away to finance companies.
Now that boats cost as much as a house, similar financing plans are to be expected.
benzmech reply :
I bought a brand new tracker and don't regret it. It's a nice new boat and I know everything has been done right as far as accessories and maintenance goes. When it came to financing, I was told a 15 or 20 year loan was standard. I was pretty surprised. I got a loan for 15 years at 2.9% interest. No way I was going to pay that long and paid it off after a year and a half. I say if you can afford the new boat get it. Just pay it off as quick as possible and keep the boat as long as possible. Make sure you get what you need so that you don't want to upgrade in 2 years
ww2farmer reply :
When I decided to buy a boat 10 years ago there was one thing I was NOT going to do.................put myself in debt for a hobby. SO that meant it had to be a cash deal. I knew nothing of boats, so I went with a new Tracker. I flipped over the couch cushions, took a part time night job for a little while in the winter when I had nothing better to do, and sold off excess to me needs reenacting equipment, and a few guns that I had multiples of. 3 months and $12K of ZERO money out of my family budget later, I towed it home. and have fished out of it d**n near every day during our open water season ever since. I'll probably keep it until it sinks, catches on fire, or my wife sells it after she kills me. If and when I need/want another boat, I will do the same thing all over again. I loath debt. I have not even bought a car/truck in the last 15 years that I could not pay cash for.
gulfcaptain reply :
It's not a bad idea to buy new if you understand what you're buying. So say you wanted a Z series Ranger, $72,000 with all the goodies, you could buy a 2 year old boat with the same goodies for $35,000. The boat your interested in isn't going to loose that much value. And used boats have one thing new boats don't, a low price. No dealer wants to sit on a used boat. It's in the way, it needs to go. So they are more apt to give you a better deal on the price because they want to move it. A new boat, well it's new. You don't really have the ability to haggle over the price. It is what it is when it comes new to the dealer. And yes you can upgrade....$$$$. If you can get a great deal on it the way you want it and knock that boat out in say a couple years go for it. But most look at boats as an expensive toy. I'm going to put my head down and hopefully have mine paid off in the next 2 years that I bought in December. But it's a used boat and if I needed to unload it, I could unload it with a minimal loss if any. Just do your homework and make sure you have the boat you want for a while and not the one you want right now.
tomustang reply :
Last time I checked, I'm not investing, I'm fishing
BrianinMD reply :
Not everything in life is dollars and cents, sometimes an "investment" is in yourself and your loved ones. Time spent outdoors with friends and family is worth more than money. If it is within your budget and you actually use it go for it.
carlm01 reply :
I agree BrianinMD, I just recently traded in a one year old bass boat for a new Lund , It cost a pretty penny as do all new good quality boats , I financed it out to keep the payments where I wanted them and decided that this was the boat I would be keeping until I go to that big lake in the sky , If I have extra to pay on it I will, but if not , It's not breaking my back .. For me sometimes it more than just a payment , It's enjoying one's life .....IMO In any case good luck......
Dwight Hottle reply :
BOAT.
Break out another thousand.
WIGuide reply :
It's no different than a vehicle. If you buy new you take the hit when the boat is no longer "new". If you have the money and you plan on keeping it there's really no reason not to.
BaitMonkey1984 reply :
Buying a new boat is a good way of making lots of new friends.
tracker01 reply :
It's your hobby. Hobby's make you feel good. To me it's time away from every day life. If it ain't take'in groceries' off the table, go for it.
slonezp reply :
On 2/23/2016 at 2:09 AM, BaitMonkey1984 said:Buying a new boat is a good way of making lots of unwanted friends.
fixed that for you
E. Guido Soda reply :
On 2/23/2016 at 1:02 AM, WIGuide said:It's no different than a vehicle. If you buy new you take the hit when the boat is no longer "new". If you have the money and you plan on keeping it there's really no reason not to.
Unless that vehicle is a, say, Toyota 4Runner. I have driven 4Runners for the last seven or eight years - I had a 2005 that I bought in '08 with 30,000 miles on it. Over the next four years I put roughly 100,000 more on it and then sold it for a premium. Before I sold it in '12, I started looking for a 2010 model with less than 30,000 miles; the price difference between a used, relatively high mile 2010 model truck and a new 2012 truck (comparably spec'd) was less than $3000. So I went new. Now I'm no boat expert, but if you buy the right one, the hit can be mitigated.
Further North reply :
I buy my boats used, with low hours, proven maintenance records and full inspection by a dealer I trust. I just can't wrap my head around eating the depreciation.
I do the same with my vehicles. It just makes sense to me.
I can afford to buy new...but I'd rather have that cash for retirement, or gear, or trips somewhere interesting to fish...or whatever.
I also enjoy the "hunt" for really good used stuff at great prices...I get a charge out of that.
Some folks like new because they feel like they know exactly what they are getting, and have a lot of pride in their boats and gear - that makes a lot of sense too.
I'm not one to pick at others choices, or to claim my way is the only way, or the best way...or even a good way for other people...I just know it works best for me.
Financing them? Horses for courses. What works for one person, in one situation, isn't the best for others. When I bought the boat I have now...I was sitting on two other boats...but it wasn't going to be there long...so I bought it, opened a line of credit, and didn't pay a dime on it for about 5 months while I sold the other two boats...then I paid off the line of credit, including the couple hundred dollars in interest. Cheap at twice the price as I saved over $25K over the price of a new boat anywhere even close to what I got, 8 years old with 3.5 hours on the motor and so clean you could eat out of the bilge:
I'm a fat fingered goon.
Way2slow reply :
If you and your wife are new to boats and you plan on her riding in it, include the wife in the picking and planning. Also, if planning on it being a bass boat, make dang sure you include your wife in your plans and she goes for a ride. A lot of women DO NOT like the wind hitting them the way it does in single console bass boat. So, need to make sure that's something she is comfortable with or reconcile yourself to puttering around at no more that 30 mph when she is with you, or getting a dual console. Trust me, if the wife does not like the boat, it will probably be constant source of problems.
Further North, I didn't even know they made aluminum 98 years ago.
Master Bait'r reply :
Lol... Of course it's a terrible investment. Many of life's greatest pleasures are!
A-Jay reply :
On 2/23/2016 at 11:49 AM, Way2slow said:Further North, I didn't even know they made aluminum 98 years ago.
~ X2 ~ Isn't that when the Titanic went down ?
A-Jay
slonezp reply :
On 2/23/2016 at 1:16 PM, A-Jay said:~ X2 ~ Isn't that when the Titanic went down ?
A-Jay
And by Titanic you don't mean Raiders ex sister in law. ......
A-Jay reply :
On 2/23/2016 at 10:17 PM, slonezp said:And by Titanic you don't mean Raiders ex sister in law. ......
Nope ~
A-Jay
J._Bricker reply :
Stocks, gold, F.C.O.J. (Trading Places reference), a house are better examples of an investment as you are aware. A boat isn't, as it is something that you can enjoy with your family, by yourself, or with a fishing partner. IMO, The boat you're looking at sounds like a reasonable option given your young family. And you'll have a better idea of what you'll want as your family grows and boating needs change.
Further North reply :
On 2/23/2016 at 11:49 AM, Way2slow said:Further North, I didn't even know they made aluminum 98 years ago.
Thanks - I'll go back and edit. Fat fingered it.
OperationEagle reply :
Lots of good advice about the excess cost of buying new.
One thing to consider...
Get into the right boat the first time so you won't be itching to buy another boat just to start the depreciation penalty all over again. The financial penalty is lessened if it can be spread over a much longer timeframe. Buying a new car is not so much the sin...it's the buying of a new car every two or three years that robs people of their savings.
OperationEagle reply :
And one more thing...ha ha. Sorry but this thread and your situation has me thinking.
One thing that is not discussed enough is financial health...typically it s a taboo subject that people are not willing to discuss as it gets too personal. That's too bad as there is so much to learn from each other.
Everyone also has to assess and be comfortable with their own situation. I have no idea of what your income (or savings) is....and I am not asking.
The most common advice I give to younger people (and to my own children) is the importance of understanding the math and power of compounding.
If it is important to you to provide for your children's future and your own, saving as much as you can at the earliest point in your lives and appropriately investing it makes a huge difference. Yes, I know you have to make certain assumptions in terms of the return you can expect, but no matter what your assumption is (as long as it is positive for he long term), it is still true.
Again, no idea of what your situation is, I just wanted to give you something to think about before taking a loan out for such an asset.
Maybe once you reach of point of stronger financial reserves, your thinking will change. For now, lay out your options that will help you maximize your happiness while allowing you to maintain your personal financial goals.
I know that I stated in a previous post to not buy over and over again to minimize the depreciation penalty...but for your situation finding someone that can help you look for a great deal on a mostly depreciated boat in fantastic shape could make sense. Something you can build early memories on but wont rob the bank.
Then, years down the road when you feel that you are well on your way financially, you can make a decision appropriate for that stage of your life.
One last PS: No matter what your decision, involve your wife. This is a larger outlay of $$ dedicated to a hobby. Sorry to state te obvious, but a bit different than coming home with a new reel or rod.
Yes you only live once...but it takes planning to live a long good life. I hope this at least helps you think through what is right for you and your family.
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