When I was looking at buying my last car, I saw an article that said you should not spend more than a certain percentage of your income on a car so I was wondering if there is a general thought on this percentage when it comes to a boat.  I am guessing it is all relative to your other spendings, because a car is considered a pretty necessary purchase and a boat is recreational (although I have a different opinion on that right now).  Any help would be great...thanks.

I have never heard of a %.  Can your budget afford it?  What if you loose your job?  Will you have to take a pay cut?  Will you still be able to afford it or will you have to sell it.  If you had to sell it would you break even or loose $.  Are you spending the last $300 of your extra money on the boat.  Do you have enough left over for gas, insurance, lures, etc?  

Lots of questions.   My answers to all of them are why I don't have a boat right now.  I use the 10ft jon boats at my neighborhood lake and have a battery and trolling motor.   One day, I hope my answers will be different but right now with 4 kids and a stay-at-home wife it aint happening and that is just fine, different priorities right now.  

I have never heard of a %. Can your budget afford it? What if you loose your job? Will you have to take a pay cut? Will you still be able to afford it or will you have to sell it. If you had to sell it would you break even or loose $. Are you spending the last $300 of your extra money on the boat. Do you have enough left over for gas, insurance, lures, etc?

Lots of questions. My answers to all of them are why I don't have a boat right now. I use the 10ft jon boats at my neighborhood lake and have a battery and trolling motor. One day, I hope my answers will be different but right now with 4 kids and a stay-at-home wife it aint happening and that is just fine, different priorities right now.

I agree with that but those are all of the obvious questions you ask before nearly any purchase. I am not going to drop my last dime on it but I wouldn't with a car either. The % for the car purchase was mearly a range in which most people feel comfortable purchasing within. I am glad I used it...I could have afforded a different car at the time, but after answering some of my own questions and looking back at the formula...it was pretty darn close. Same situation now. I am single, have a good job, and live off of basic things, but I am not even interested in a $40/K boat. I am most interested in this because I pretty much have a boat narrowed down, I just want to get an idea of what motor & options are realistic for me to put on them at this time. As for a job layoff or paycut...well, I will worry about that when it happens eventhough it is a vilid thought. I shouldn't lose too much on the boat. No disrespect to you MG b/c I can't wait to have a family, but I don't right now and in my situation, I will get the most out of my boat right now. If I have to sell it...that will suck, but I have to keep an open mind to that possibility depending on where I am at in my life when that time comes.

Bassbum, I'm not sure if there is a formula on what percentage of income could or should be used on a boat. I'm a save and pay cash type. If it were me I would live on gruel for a few months and save up 3 or 4 grand and get into a used entry level boat.  I know that's not very popular these days so here's another thought. Take a hard look at your monthly budget. Make sure that it is completely accurate.  Calculate your disposable income after all the bills are paid and you've had something to eat. From this amount I would try to determine what percentage you would be comfortable having spoken for every month in the form of a boat payment. Depending on your price range you may be better off getting an unsecured personal loan.

you can either afford it or you cant afford it   dont burn yourself out overthinking      if you can afford it  you only live once so   i try to live a little

you can either afford it or you cant afford it dont burn yourself out overthinking      if you can afford it you only live once so i try to live a little

I like that Cajun ...but seriously, I am not expecting to overdo it...I would just be curious to know.  I really want an aluminum Ranger or something similar so I don't have to worry about every little stump or rock.  I like to take care of my stuff but I also want something for the long haul.  That's why I want to buy something new or very close to new & then just replace electronics every so often & re-glue carpeting, etc.  As we all know, the boat isn't really the major expense, so I am just trying to see what motor is going to be the one I want for a long time.  I'd like something between a 90 & 130.  I really don't need to go 75 mph...but 55 would be nice.  I don't know...decisions, decisions!

there are so many choices out there i wish you the best in whatever you decide to do

Yes there are!!! I appreciate it.

Here's my 2 cents.  If you've got disposable income that would allow for an extra payment (the boat), you've got other things to think about beyond that.  Unless you can buy new, there's a good chance that the used boat you bought may have to have service done to it.  Unless you're an outboard marine mechanic that'll cost ya. Even if you do it yourself theres time off the water to get it fixed plus the money to fix it, there's no Autozone for cheap boat parts out there.  Then there's boat Insurance, have you priced that?  What about the vehicle you're going to tow it with, what kind of condition is it in?  You can expect things like brake jobs a little more frequently.  Where will you store the thing?  If you have to rent a storage area that's extra money.  After you factor all this in it's easy to see that there's more behind the scenes to boat ownership than just the payment.  I bought my first Brand new Bass boat when I was around your age, 21.  I spent $5,000 on it back in 1978, that was alot of money back then but then again, I had a good job making more than enough to make payments along with handling all the stuff I listed above.  Then, the recession hit and I lost the good paying job and wound up taking something making far less.  I was able to keep the boat and make the payments I just couldn't afford to use it.  That part sucks worse than anything.  I wound up selling and barely broke even.

It's a personal choice.  I would never buy a boat again I had to make a payment on.  I save, look around for just the right deal and then grab it.  My current boat was just that. A poor 21 year old bought a nice 18 1/2 foot Champion with a 175hp, he took out a small loan, around $3000 for it.  It's a solid boat that needed a little cosmetic work to make it look pristine.  During his first year of owning it the motor blew.  $3000 + to fix or $3000 to put a used motor on it to replace it.  He obviously couldn't afford it and wound up giving the thing away to me for $1200 just to get out from under the payments.

I paid cash for it.  I'm in the process of restoring (a hobby of mine). The boat already looks great and I've got the disposable income to use the thing just about whenever I want.  That's the important thing,  will you have enough cash to use it after meeting all the expenses I listed above?  Decide and then make your decision.

bassbum,  What I do is lay out all of my monthly expenses on paper.  I mean everything from Rent/Mortgage, Groceries, fun money, girl money, car payment, gas and see what I end up left as leftover (savings).  Then figure in the monthly boat payment and after subrtracting the boat payment and your still happy with the leftover (savings) amount then YOU are the only one that can determine that amount.

For a first boat I would STRONGLY reccomend a used boat.  Too much depreciation on a new boat off the lot.  There are TONS of 1-6 year old boats on the market and in good condition.  Not sure if your looking for a glass or aluminum boat but the same applies.  I have owned 4 boats.  All but one was new and after buying the new boat thats how I learned about the buy used boat trick

T Mike

This post takes me back to last year when I was looking at boats.  One of the key things with boats / recreational vehicles is you can finance for 15 years.  Yes - 15 years.  I was looking for my first boat and I really wanted a Ranger Z20 Comanche.  Well, after I thought about a few things like:

1.  Where will I store it?  I really needed to store it in my garage - so that meant I had to have a trailer that was less than 21 feet.  The Ranger trailer tongues fold so you can store them easier.

2.  How was I going to use this boat?  I wanted to fish and cruise around the lake.  My wife wanted to cruise around the lake, ski, and fish.  My two kids wanted to ride a tube, ski, and fish.  So, it was in my best interest to get a boat that would fish and ski and hold 4 people.  

I ended up getting a Fish and Ski with a 150 hp motor.  It has a MK 55lb thrust trolling motor and a Garmin 240 fishfinder.  I have fished several tournaments with her nad it is an excellent fishing boat.  It has limited rod storage, but it fits in my garage, holds 4 people, low monthly payment, and has Ranger quality.  I think it was the best choice for me.  I bought it new and financed for 15 years.  My payments are close to $200.  I pay approx. $350 a month because I have the extra money and I don't want to pay on it for 15 years.  However, if I got in a jam my monthly payment is low and affordable.  I think the used boat option would have been better if I took more time to look around.  There are a lot - a lot of used boats on the market.  I did not want to inherit someone else's problem though.  The new boat has a warranty and other perks.  I plan on keeping my boat for at least 10 years.  The resale value of Ranger is better than most boats as well.  Do your research and answer all of the questions that others have posted before you make your purchase.  The most important thing is being able to use it - get something that you will use a lot.

Wow...I have a whole new approach on this situation now.  My brother was thinking about getting a jon boat in addition to his Ranger so we came to the decision that it would be great if instead of me getting a bass boat too, I got a jon boat for rivers and getting into tight parts of lakes, and we used his boat for the bigger lakes that I couldn't use the jon boat on.  Only problem is I have only researched bass boats.  Does anyone have any suggestions on what to look for in a quality jon boat.  I have to think used is the way to go, but I could be wrong.  I have heard that many of them have very slow leaks.  Is this true?  Looks like I am going to get out the door here spending much less than I ever planned.

Thanks for the help!  

Don't rule out flats boats/ center consoles. Lots of very nice boats out there capable of handling skinny water and designed for fishing. Personally I'm not fond of the bass boat layout with the weight, nasty smell-retaining carpet, etc. I've got a 16' Scout center console that will handle anything from local puddles to intercoastal waters.

Visit your banker or credit union and ask complete a financial statement and they will tell you how much they will lend you on a boat and/or car.

You can then use this amount to set your benchmark for your boat.

You can also obtain an idea of your monthly payments if you want to take out a loan on the boat.

But remember, used boats and autos have higher interest rates than new boats and autos.

Of course, you don't have to get a loan but you will find out what a financial institution thinks of your solvency.

Bassbum, maybe you could get the best of both worlds and get yourself a cool aluminum bass boat. You and your bro could use it in rivers and other places he'd rather not take a glass rig. It might be a better compromise for you during those times you are fishing alone or with someone else and still want a decked out ride. There's alot of good ones out there these days.

Madhouse...that's kind of what we are shooting for except that his Ranger is an aluminum.  He still has a bit of trouble on rivers and in tight waters.  I think after it is all said and done, we will both think this is a pretty sweet deal!