Buy Now or Wait

[timalabim]

Planning on retiring in 3 or 4 years and will need a fishing boat for off of Dunedin FL in the winter.

Have my eye on the new Rabalo R200 Center Console w/ 150 Yamaha which I saw at the Boat Show in Boston. It seems like it would be a good boat for my needs and is at the right price point.

My quandary is whether to buy now as a hedge against rising boat prices over the next few years, or wait till I'm closer to retiring.

I probably wouldn't use the boat much till then, as I already have a boat for my summer lake fishing in Sebago.

I could take it out maybe a few times off MA or ME coast to do some fishing, but it would largely sit idle.

I have plenty of space to keep it at home, so storage wouldn't be an issue. Although it would be outside.

I figure it will be the last boat I'll buy, so depreciating resale value isn't really a factor. Initial cost is plus it will be easier to get financing while I'm still working...

Any thoughts?

 

[JoLin]

Re: Buy Now or Wait

Since you already have a boat that suits your needs, I'd wait. I assume you're 60-ish years old- a lot can happen to change your plans in just a few years, not the least of which is a sudden and unexpected change in the state of your health. Something I read that hit home with me and my personal situation...

'If you want to hear God laugh, tell him YOUR plans for your future.'

Financing won't be any issue if you arrange it just before you retire, and probably not even afterward. I took an equity line of credit in 2011, 6 months after I was prematurely forced to retire (health reasons). All the bank wanted to know was the state of my debt, and that I had a steady source of income, whether from a pension or structured withdrawals from an IRA, 401K or the like. In the meantime, you can take the payments you would have made and bank them against the day you need to plunk down some cash.

My .02

 

[Home Cookin']

Re: Buy Now or Wait

it you want to save money on a good reliable boat, buy a boat like that used. You loose 20% the day you drive home. Compare the sales tax on new and used, too.

My insurance for a boat like that is $500/year. price out your annual taxes and registration for boat and trailer.

Outboards like to be used and don't do well sitting. And muffs don't count.
Being outside is not a problem for a boat like that.

You are also aging out your warranty with no real benefit or protection; once you start using the boat you only havea couple years left.

Overall, get a boat to get a boat; don't buy it to hedge the market.

Sounds like you are up in NE now planning to move to Fla? You can find lots of suitable boats later down there.

If you must buy new, wait until closer to the move, and look for new boats that have been sitting in the show room too long.

 

[timalabim]

Re: Buy Now or Wait

Thanks for the quick replies. Brought me back to my senses, and out of boat show fever.

 

[littlerayray]

Re: Buy Now or Wait

boat shows are bad
they cause divorces
and are really good at lightening the wallet
glad you came to your senses