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IMPY03

What would you do?

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If you were a 19 year old student/worker making a tad bit above minimum wage....would you

A: Wait about a year and save up to buy a used bass boat in the $3000 to $5000 price range?

or

B: Wait about year and finance a new Alumacraft or G3 fishing boat around 12 - 13 grand after putting down a $4000 down payment?

Yes I know I'm young and dumb so i figured I would ask some of the wise guys around here what they would do. I also know I can find good deals on used boats in my area but would much rather have the mind set of knowing I would have a brand new boat and motor which would mean there would be a less likely chance of something going wrong (blowing the motor, bad lower unit, ect..) :o

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That's an interesting question, and I guess only you can decide what is best.  Some other things to consider before you try to take out a loan for a boat though:  What kind of shape is your car/truck in?  Will it need to be replaced before your income goes up much?  Will you need money for college, rent, etc.  Do you want to make payments on a boat for 10 years, it's a long time.  What other debts do you currently have or expect to have?  Always think of things like this with the mindset of "What will I have to give up?"  It's called Opportunity Cost, basically if you do "x", then you can't do "y".

I'm 32 and I just bought my first new boat a month ago, I've owned several other boats that were between 15 and 20 years old and never had a problem with any of them.  Keep in mind as well that a boat loan may not be easy to get when you're only 19 or 20 because you haven't established much credit yet.  $4000 down will definitely help though.  Also, how often are you going to use it?  If the answer is every weekend, then it would be easier to justify a new boat.

If you know there a lot of good used boats in your area, that may be a great place to start.  I think if it were me, I would go the used route for now, but only you can decide what is best for you.  That's enough rambling from me, good luck with your new/used boat.

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Well, considering I'm in pretty much the same situation, 20, student/worker, but also engaged, I'll throw in my two cents.  WAIT!  Loans will eat you alive.  They say the number 1 problem for college students today is debt.  Is there any old boat in your family you can use?  Thats what I do.  I have a 1954 14ft. jon boat with a evinrude 6hp motor.  It works for now until I can save up money to pay cash for a decent boat.  Thats just me though.

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Yeah...I think it might be wise to wait or just buy a used boat next year since I already have a truck payment and such. I already own a little 12 footer but to me its just not big enough and stable enough for the lakes I want to get out on this year but i guess it will just have to do for now.....unless.....I hit the lottery ;D

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the way the market is id work on buying a house................lol.

thats just me.

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you probably like your truck, but how many payments did you have to make before the new wore off? if its lke me, pretty quick. if you got a boat now, and can buy one cash in a year, thats the better deal. your money, your choice

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I'd also consider saving some of that money as your emergency fund. One of the reason so many people are in financial dire straights is because they don't maintain enough cash to get them through a couple bad months. They may be able to afford their lifestyles as long as their income stream isn't interrupted, but as soon as a hiccup arrives they discover they are in bad shape. Its not uncommon for a young person to lose their job and have to go a couple of months without income. Its really a good idea to keep some cash in savings in the event it happens. I don't know if you are doing this or not, just adding my $.02. You have to plan for the unexpected!

In my case I recently bought a new boat. While I had the cash to buy a really nice, fairly high end bass boat, I didn't want to spend everything I have saved just to do that. I chose a cheaper boat that fits all of my needs (maybe not all of my desires, but all of my needs) so that I still have cash in the event something happens I haven't planned for.

Also honest budget planning is something you really need to look at as well. I've noticed far too many people plan their budgets and find ways to make things turn out the way that they want, and that doesn't always reflect reality.

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WAIT! Loans will eat you alive. quote]

Excellent advice. Avoid unnecessary debt at all costs!

Very good advice.  Once you buy a boat and think you are done the costs have just started (sales tax, licenses, titles, insurance, etc)  If the economy doesn't improve by next year you will have a very good chance of buying a lot of boat for a lot less money than this year.

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i agree with this. i waited and saved money and i bought my boat in cash, granted it was only $1400, but i'm so glad i don't have a loan or another bill to pay on it.

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