Good or bad time to buy?

[zebryan]

Hello everyone, I'm brand new to the boating world. I have never owned my own boat but am seriously considering buying soon. I've been on the water on other people's boats and rented a few myself so I'm not a total stranger. My main concern is that I'm hearing conflicting information concerning whether or not I should be purchasing a boat right now. I hear they are extremely hard to re-sell and that you almost always loose your butt on them. I also hear they are a maintenance nightmare. Is this information accurate? Am I about to jump into some deep water here? The particular boat I am looking at appraises for 10,500 on NADA but the owner only wants 7,000 for it? Is this a good deal or just a confirmation that boats are really hard to get out from under? Thanks and I appreciate your comments.

 

[superpop]

Re: Good or bad time to buy?

Now is a great time to buy a boat, values are generally depressed due to the economy. If you are trying to buy low and sell high later that is wishful thinking. Boats do depreciate but like a car most of the depreciation hit happens in the first few years. As far as worth is concerned, NADA is a good start but value can swing wildly based on how the boat was cared for. Unlike a car, where maint and care typically do not have a huge impact on the value, this is very important with a boat. Your potential boat could be a great value or it could be a disaster. You have not given us enough information to tell you if this deal is good or bad. Info like, make, year, drive package, options etc can all effect value. The bigger question is, do you understand all of the costs and can you afford this very expensive hobby. A few items that can add up quick include, storage, maintenance, gas, insurance, tabs and tax, trailer maint and the list goes on and on. Doing this work yourself can save you a lot of money but you need to tools and desire to do these tasks. If the boat is in good condition then yearly maintenance on your part is fairly straight forward and can be accomplished on a Saturday. The bigger question is how often you will use the boat, in some cases it makes more sense to rent. Storage, maintenance and insurance can easily cost thousands of dollars a year, then there is the cost of the boat.

 

[ezmobee]

Re: Good or bad time to buy?

If you buy a used boat that has been well maintained and you get a good deal on it......you then also maintain it and keep it in good condition.....I can't see a reason why you'd lose your shirt.

Now a NEW boat....if you were to buy one of those you better plan on keeping it a long time.

 

[mike64]

Re: Good or bad time to buy?

Welcome to iboats.

Good or bad time to buy?
With the economy still down, it's a buyer's market.

I hear they are extremely hard to re-sell and that you almost always loose your butt on them. I also hear they are a maintenance nightmare. Is this information accurate?
You don't buy a boat as an investment, you buy it to have fun with. You'll put money into your boat on maintenance, upgrades and fixes. How much depends on how handy and willing you are to do it yourself. If you want to be a DIY'er you're in the right place here, you'll get a lot of help.

If/when you resell it, you will get less for it than what you paid + the money you put into it. If boating is something you enjoy, and you manage to spend more time on the water than in your driveway fixing it (or paying someone to fix it), you came out ahead.

 

[security6]

Re: Good or bad time to buy?

I'll go against the grain here and say it is a bad time to buy. Spring is the time when everybody starts thinking about boating and looking at boats. That results in higher demand. Higher demand = higher prices. As others have pointed out, the economy is down so it is probably better to buy a boat now as opposed to April, 2007. On the other hand, unless the economy changes drastically, you will get a better price if you wait until September, 2010.

I thought it was a known rule of thumb that for the best deal as a buyer, you buy after July 4. For the best deal as a seller, you sell before July 4.

 

[Summer Fun]

Re: Good or bad time to buy?

Now is the time to low ball any seller its a buyers market. .
But do it nicely !!! just say ... I only got $5.000 bucks cash would you take that ??.
It will get him thinking about the cash.

 

[sickwilly]

Re: Good or bad time to buy?

What good is saying money if you will not be able to be out on the lake this summer? If your ready, find your best deal and get on the water! Life is too short not to be boating when you are ready to be boating.

 

[koko1]

Re: Good or bad time to buy?

You will not always loose money on a boat... The 1st boat I ever owned was a mid 90's bass tracker, 70 HP engine, trolling motor, 2 depth finders... Paid $2500 for it and got a steal... Used it for 2 seasons and sold it for $3500 this year... It just all depends on what kind of boat you get if it will sell good.. Around where I live older boats like that jump off the market, I actually sold it in less than 24 hours... The boat I got after that was a 2007 Tahoe Q4 SF with a 190 HP engine with a warranty until 2014... It booked on NADA for 17,500 and 15,500 average.. I bought it for 12,500 and I know it is worth more than that right now.. .The key is to looking at your area's market or even as far out as a few hundred miles and getting something that meets your needs, is a sound boat all the way around, and something you can get a deal on where you will not lose your *** later.. It may take a couple of days, a week or even months but trust me it is worth it in the end to get something that meets all those criteria.

 

[TBTOsterman]

Re: Good or bad time to buy?

If you ask me, anytime is a good time to buy as long as you do your homework and purchase wisely.

I tell everyone to buy newer, spend a little more money, and hope for less maintenance or buy older and plan on spending some money for repairs and upkeep.

There will always be some maintenance and upkeep so don't get discouraged if you buy a boat and have to spend a little money up front.

My mid-90's boat has been great; however, my early 80's boat was a money pit at times.

Happy hunting!

 

[Thad]

Re: Good or bad time to buy?

The obvious aside, the best time to buy a boat is when YOU have the money to do so. Better deal now or later is a moot point. It is only a truly good deal if you can afford it. The purchase price is NOT the only cost involved. You have to consider the required legal equipment you MUST have. Now, you have to account for the toys you want on the boat. (I am assuming this is a pleasure boat.) Once all of that is out of the way, you have to think about smaller things like, my cooler is too small/too big. Another cost factor. Then, you have gas, oil, props, cleaning supplies, etc.

Not counting gas and purchase price, I have spent more $$ cleaning my boat than all other items combined.

I am not trying to scare you, I just think that a lot of first time boaters do not think about EVERY aspect of owning a boat and look at I can afford this boat until they get to the store and ...

On a brighter note, it is all worth it.

 

[Summer Fun]

Re: Good or bad time to buy?

First of all !!. What size boat is this ??.

Sorry, I was speed reading and didn't notice what size boat he was looking at :redface:

 

[Home Cookin']

Re: Good or bad time to buy?

In addition to great comments above, keep in mind that the boat repair businesses are slammed right now. You may have to wait a couple of weeks to get the stuff done you need to run a new used boat. That's why February/March is a good time to buy.

Be sure to price your fixed costs that would apply to any boat: insurance, storage, taxes; and if you need it, bottom painting, hauling, annual engine work, winterizing.

 

[jkust]

Re: Good or bad time to buy?

Good or bad timing, if you want to be on a boat go buy a boat. I would focus on the type of boat and getting advice from folks here in that regard. Also prices are dramatically different in different regions of the U.S.

 

[CATransplant]

Re: Good or bad time to buy?

A good time to buy a boat is when you really, really want to own a boat and one is available that you like and can afford. Everything else is relative.

Boats require maintenance. Boats require fuel. Boat require trailering. Each of those things is a hassle. If you really, really want a boat, though, the hassle is outweighed by the enjoyment of boating.

Keep in mind, though, that a boat is a poor buy if you don't use it. Assess how often you will realistically use your boat, then divide the price by the number of times you will use it per year. It's a good measure. Depending on the type of boat and engine, the cost to operate it will add to the cost of ownership and use. If it's not a really small boat, you'll need to insure it against liability at least. That adds to your cost as well.

I cannot tell you how many boats there are near my home that have not been used in over a year. For those people, the cost of boat ownership is very high, indeed.

 

[Philster]

Re: Good or bad time to buy?

If you can afford it, and the deal is good, buy it. I would have missed out on half my life if I waited for the best deal. Who knows what next Fall brings; buy the darn thing now.

I know someone who waited for everything and was the best at timing a purchase. He died without living in the house he could have afforded and never bought the boat he could have afforded.

When he finally bought the car he talked about for seven years, the experience was so painful to him and others around him that he never enjoyed the whole experience of coming home with a new car. Yeah, it was new, but it wasn't any fun.

Boating costs more money than you can imagine. If it's in your blood, it doesn't matter how much it costs.

 

[dave11]

Re: Good or bad time to buy?

Buy one and use it well. It is a depreciable asset that you will spend money on. Enjoy.

 

[26aftcab454]

Re: Good or bad time to buy?

Buy one and use it well. It is a depreciable asset that you will spend money on. Enjoy.

X2

 

[saumon]

Re: Good or bad time to buy?

?Classic? post by CATransplant:

http://forums.iboats.com/showthread.php?t=300510