I bought my first by doing the same thing team_Dougherty did by putting money into an account were I couldnt spend it and putting away every penny I could and it didnt take long.  My first boat was a 12' v-hull with an 8hp honda motor and trailer.  I pulled it with a little ranger and took it anywere I wanted to fish.  I fished some big water with that boat. Fished lake norman just out side of charlotte nc with no problem.  Just have to watch the weather and other boaters.  Like several have said make sure to no your budget and stay with in it. About 2 mouths ago I sold my little 12' v-hull and upgraded to a 14.5' crappie style jon boat.  So far its a great boat and Im having as much fun adding little thing to it along as I am fishing out of it.  Biggest thing is just know what you can afford and stay with in that.  My dad once gave me some great advice about boats "a fish doesnt know the difference between a $50k ranger bass boat and a $200 jon boat"  

I live in an area with a lot of HP restrictions. Many lakes are electric motor-only or limited to motors under 10hp. There are only a couple of bodies of water around here where a big bass boat would have made sense. Otherwise, I knew I could get by with smaller boat that I could use on HP restricted lakes. A jon boat made sense for me.

I bought a Tracker Grizzly 1548 long-transom, all-welded jon. I think the price new was about $1,500. I bought a trailer for about $900 new. I put on a 9.9hp long shaft 4-stroke outboard that was wel under $2,000 new. I bought all three with cash from my tax-refund.

Since then, I reinforced the casting deck and added carpet, built and carpeted a floor, added chairs, hardware, wiring, fuses, bow-mounted trolling motor, electronics. I now have a boat that fishes like a champ on smaller lakes, and doen't give up much on larger lakes. I've even had a few offers to buy it. All in all, I have under $6,000 in it.

Here's how it looked when I towed it home

Here's what that same boat look like now (minus rod holders and a few mor mods).

I got my first boat just about a year ago - and what a life changing experience it was!  $1500, Sylvan 16 ft. Aluminium V Hull, with side console steering wheel, live well, 35hp merc, fish finder, trolling motor, raised casting deck on bow w/ under storage. All the equipment was from the mid 80s, but hey - it all works and the boat doesn't leak. I am in the process of upgrading it bit by bit. I've replaced the old trolling motor with a new MinnKota Powerdrive ($530), next up is a side imaging sonar ($1300 w/ maps and tax).  I was dead set on getting a jon boat, but I am glad a friend at work sold me this old boat to learn on.

I funded the boat with a three week payment plan (friend from work selling it).

I'm not sure If I got a good or bad deal but the way I see it is:

The value you get out of your boat really depends on how much you use it.

With that way of looking at it, I'm doing pretty good (get it out almost every week in non ice months).

But the real story of saving for my boat started a while before that. Bought a used truck (1996 Dodge Ram 1500 Magnum V8, $7500) that took a year and three months to pay off.  No sense in having a boat unless you can tow it  :

When saving up for an expensive item, the internet is handy. Not only can you find good deals, you can also research it to death.

In 1990 I got my first boat and it was a 1965 Sears game fisher, 12' v-hull alluminum.  It had a trailer and nothing else.  My grandfather gave it to me.  I was in college and really couldn't afford to buy much for the boat.  I used the oars and rowed the boat the first summer.  For Christmas I got a depth finder and a trolling motor for the boat.  I used a car battery to run everything. The next year I built a casting platform and carpeted the boat.  The next fall we renovated the trailer.  The last thing that I added was a trolling motor for the front.  

In 1995, I bought my second boat and still have it.  It is a 1980 Skeeter SS-1 Fisherman, 15', 6" fiberglass trihull.  The boat had a 115 HP Evinrude and a 28lb trolling motor on the front.  I paid $2500 for the boat and financed it with a personal loan.  I think the payments were $100 a month.  The trolling motor broke after a month.  The lower unit broke the third year that I owned it.  Last year after 11 years, the engine cracked a ring and I replaced it with a 70 HP Evinrude.  Each year I have done upgrades like trolling motors, depth finders and this year I completely renovated the boat with new carpeting.  I would say on average I end up spending about $200 a year fixing, upgrading and replacing things.   My boat is by far the oldest, slowest and ugliest in our weekly tournaments but I usually place better than guys with $25,000 boats.  

I plan on purchasing a Stratos 285XL in a couple of years when my wife graduates from college.  I really could get the boat today but I have to put the family budget first.  My experience has been that I just need something that floats and can get me to the fish.

My first boat was one I built from plywood with my dads help.  I bought a used 17' Grumman canoe for $20 when I was 14 (1961) with money saved cutting grass and working odd jobs and hualed it on top of my 1948 Ford I bought for $10 when I was 12.  Still have the canoe and wish I still had the Ford.  I bought my first new boat when I was 16 (14' Glass Master with 65 Merc) and paid cash for it with money I saved working weekends and after school.  I have only owned one other new boat (1969 Allison with twin 135 BHP Mercs that I sank in 1970) and I will probably never own another unless I become independently wealthy (actually down right rich with more money that I could ever hope to spend).  I have owned more boats than I could list since then but have always bought used and paid cash.  Until my kids got grown, I funded my fishinig and boats by buying boat's/motors that needed work, fixing them up and selling or trading them for a nice profit, now my Air Force retirement funds all that.

I really have little need for a shiney, new boat because I use a bass boat for what it was built for, a fishing boat and there is nothing about one I can't fix or refinish myself.  The heavy the scumm line just shows the boat is used a lot.  It might get polished and cleaned out once a year whether it needs it or not.  I keep them in good working order and seats and carpet in good condition and will take the pressure washer and knock them off from time to time but I'm not into keeping one all pretty and shiney.   That's kinda like having a 4WD truck and not wanting to drive it throught the woods and mud because it might get scratched or dirty (I give them hell also).

I was waiting on a deal I could afford? My first boat was a 12' jon got it for $60 bucks! from an old man from work(came up in a conversation with him) sold it 4 years later for cleaning up some dept.(dave ramsey inspired and with it being gone gave me a reason for a bigger one)

A year later waiting on a deal again(lotta prayer-was getting worried) about 4 weeks ago got another one. you probly seen it here on the post subject "question" (trying a project) ;D

Here's the hard honest part---I begged the wife for this one, we've been hitting the dept real, real hard pass 14 months(this by the way is not a popular subject to bring up to others) so the money was there but, dedicated for something else

after about 16 no' no's on the phone with her-and some promises from me :-/ which I dare not break ;D she let me.

now a side note: I agree with iowaguy on his statement that its a "life changing experience" thats hitting the nail man!

My son often asks why other familys don't do this?

we the family love the outdoors, camp hunt and fish but, fishen has been the top one the last 5 years since a boat came along, fun stuff

Thinks to God we can enjoy a full life with this! ;D