I'm stuck

[Fjandy]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

oops...just deleted that

 

[smokeonthewater]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

nothing to worry about

 

[Fjandy]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

Thanks smoke. Never noticed those tabs on anything but the outboards I was around when young.

 

[sschefer]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

If you don't mind, I'm going to make a couple of thought provoking statements.

1. Big Boat big repairs.
2. Old Boats always need repairs.

Of the two boats, the Formula's probably have a better history for sturdieness but you have to remember this was built as an entry level offshore style boat and the guys that owned them tended to push them to their limits. If they didn't then the second owners usually did. Remember, the common family lake boat didn't often exceed 20' until the early 2000's.

Have the Survey done and be there when it's done. Otherwise the purchase price could very likely be the cheapest part of owning the boat.

If it was me, I'd use the 10,000.00 for a down on a new boat and at least get 5 good years of trouble free use.

P.S. 08' F350 Super Duty 4x4 Off Road PSD. Never been stuck. Hauls a 39' Formula (not mine) no problem.

 

[Fjandy]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

Thanks Steve. I am open to all suggestions. I just can't put myself in a position of owing $500/mo on a boat I'd like to own. Is it really necessary that I'm there for the survey?

As for the history of the boat, it's a two owner if the current owner is honest, and I think he is. Best I can tell is it was babied for it's whole life.

Does it show that I really like this old boat?

 

[sschefer]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

You know, it's still an old boat, babied or not. I would never trust a survey done when I wasn't there. My bank won't even accept a survey that they don't order. As for the 500.00 a month, if there's a problem, it'll cost you a lot more than that a month and you still may never get to use it much.

Banks are opening up to Marine loans again but if you can get a line of credit and flip it into a 15 year RV loan you can get some pretty decent interest rates. I can almost guarantee you won't keep that boat for 15 years so you'll wan't something that you can get clean on with a resale in say 5 years.

 

[smokeonthewater]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

ugh.... cash is king..... no reason in the world that you can't get a good used boat for that price..... the new one will be worth less than you owe on it for most of the loan duration

 

[Fjandy]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

Well, I just don't want a loan. Credit is no issue but I don't like taking a loan on a toy. If my house was paid off, maybe I'd feel differently but at this stage in my life I'm paying cash. Therefore, a $20K boat with no problems sounds good, and a $10k boat that is old and may have issues sounds good. If it's sitting in my garage and it's paid for, it can't cost me more money. If I have a loan on it and it's broken...

 

[Fjandy]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

Dang...smoke beat me.

BTW, Smoke, that is one hell of a nice cruiser. I would love to have a cruiser like that. This was on my list of boats to view until plans changed to fun mode.

http://indianapolis.craigslist.org/boa/2337710296.html

 

[wbc1957]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

BANK, that ugly four letter word! That monthly payment money you would have paid out, can be put away for the rainy day fund of dealing with the surprises that happen in boating. Plus, you don't take that big hit on the depreciation when buying a thoroughly checked out used boat in good condition.

 

[smokeonthewater]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

thanks... have you read through my build thread? I have less than $4000 in that boat

 

[smokeonthewater]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

that's quite a bit smaller than my 28'er.... might still fit your needs fairly well and use about half as much fuel as mine

 

[CobiaXL]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

thanks... have you read through my build thread? I have less than $4000 in that boat

With purchase price?

 

[smokeonthewater]

Re: I'm stuck because I drive a toyota

Re: I'm stuck because I drive a toyota

yep ... including the 10k trailer too heck that even includes $950 in fuel to pick it up

click the link in my sig

 

[infideltarget]

Re: I'm stuck

From a five time Jeep owner...I love how the title got changed on this thread halfway through to "I'm stuck because I drive a Toyota"

+1 on the buy it cash and use that would be payment money for gas and repairs.

You guys want some good 4x4 fun, come to Tellico. We have it ALL. Mud, sand, rocks, water, you name it. The Smokies are sort of like the Rockies...only shorter.

Also a +1 on the stay in the 20-23' range for the best fun. I personally dont care for cuddies, and you can get some nice 23' bowriders with toilets, and even day cabins. Pitch a tent on shore for sleeping. Or do like we do...pull the travel trailer up, then go back and get the boat!

 

[Fjandy]

Re: I'm stuck

Thanks for your service "target". Keep your head down.

 

[infideltarget]

Re: I'm stuck

Thanks for your service "target". Keep your head down.

Roger that!

 

[Joshua Nichols]

Re: I'm stuck

If ya gotta go big.. I saw a boat with dual 4.3l at the boat show last week.. Was kinda cool and should be sweet on fuel..

20 ft is a great size for fun... Get one with ponies and you should be good to go... So what did folks do before the porta potties on boats? Hang yo but over the side?

 

[sschefer]

Re: I'm stuck

Obviously no one wants to take my advice sooooo, best of luck. I think I'd go with one of the Formula's. FYI, after a couple of full resto's and a near ground up build, I tally'd up the money I'd spent, threw my hands in the air and plunked down 20 grand for a new boat. I have to admit, threre wasn't a dealer around that could BS me about the quality of a boat. I knew how they were made, inside and out. I would have never had that advantage if I hadn't done the restoration route first.

 

[Fjandy]

Re: I'm stuck

Steve,

It's not that I don't want to take your advice, it's that it wouldn't be prudent at this time. I intend to buy a condo with a friend and I don't need two "toy" loans. I would love to go and pick up the brand new 2008 Formula 260 at a local dealer, pay for it over 20 years and enjoy the hell out of it. I can't do that. If anyone is interested, it's a beautiful boat and the dealer is on the up and up but if worse comes to worse, I know that Formula would back it up. Formula is local to me so I'd love to buy one of their boats, and I will someday.

Link if you're interested: http://www.jkboats.com/new_vehicle_...6K2011J7I55I12JPMQ3104R0&veh=57310&pov=725124

That Cobalt they have is nice too, repo boat with a VERY clean engine and cockpit. The boat just needs some love and some attention to be a great buy. It could be had for a song I'm told, I was very tempted to sing.

I think I'm headed on a major road trip this weekend to see and hopefully buy my Wellcraft. The used Formulas fell through. 27' ,as advised, is probably too big. If all goes well, I'll post pics next week. I'm still currently awaiting some bids on shipping her instead of retrieving her myself.

Thank you all very much. You have really helped and made me think about my purchase. I'll let you all know what happens.

-Andy