Sorry guys, there's been lots of good advice in here that I am taking to heart. But when someone tells me my financial position or i should sit in a lawn chair and toss benjamins in the water....I take offense to that.
No need for more posts - I get it. will report back if I do anything with it. Thanks for all your help.
I realize you may not even be reading any more... but in the event that you are, here are a few thoughts from a guy who bought his first boat in the fall of 2014. While anecdotal, my experience MAY be useful to you.
I have wanted a boat since the day I graduated from University of Cincinnati (1983). I grew up around boats, skied a bunch, and thought I knew at least a LITTLE about them.
I searched hard for about 6 months. I looked at seemingly countless boats. I ran spreadsheets to calculate what I thought it would cost me. I asked for advice (here, and on other forums as well). I finally settled on a cherry 1997 Crownline 182 with only 249 hours on it, owned by a guy who had it to entertain his grandkids, and babied it for 15 years. It really was the proverbial "lake ready boat". The water test was flawless. It was not cheap to buy, but it was in fantastic condition.
It has been a fantastic boat. It has given me almost NO trouble, and what trouble I have had can be traced back to my own inexperience/knowledge.
So why post this? Because despite my extensive research, planning, scheming, and LOTS of personal work I have put into it (which by the way I could ONLY do because it was trailerable), I have spent COUNTLESS hours working on it in my driveway - which Im happy to do, and I enjoy. I have still managed to spend about $2500 on it over the course of the time of my ownership (and yep, I have a spreadsheet that tracks every dime). That does not include the operating costs (gas for the boat, the truck I bought to tow it, the gas for the truck etc). It does include maintenance (oil changes, repairs), and upgrades/improvements/miscellaneous stuff. Ill drop another chunk of change in the next couple of weeks to have the outdrive serviced before the 2016 season (maintenance beyond my own time and mechanical capabilities). I put nearly another $700 worth of gas through it too. All that... and I dont pay for a slip. Even with all my research, I had NO idea that I would spend that much money on it.
Having said that, it has been worth EVERY SINGLE PENNY. The boat is the best investment I have made in good times and memories with my family. But know this going in: It represents a significant financial commitment even when the boat in question was a cherry condition, garaged boat.
When I was looking for the boat, I was actively recruiting "partners" - for the same reasons you listed. While I could afford it, I thought defraying the expenses by half would be a good move. After being told by multiple people that was a BAAAAD idea, I finally decided to just pony up the cash. Im glad I did. I know multiple people who tried sharing a boat with a friend, and when it was over, they had neither the boat, nor the friend. Boats are worse than cars... things ... happen. Especially to boats operated by rookie owners.
Just my $.02... if you really want a boat (and there are lots of good reasons to want one), take your time. Look around. Analyze ALL the costs with the jaundiced eye of a green eye shaded corporate controller. Know that even a GOOD boat will cost you a lot more than you think, and think about what happens if the boat suddenly needs major work, and you cant run it because you need to scrape together the cash to fix it first. I would suggest if you REALLY want a boat, find one in GOOD shape that you can expect to run most if not all of the summer without dropping major money. It will cost you more up front, but will reward you later.
Whatever you do... good luck.
