New boat question....

[wildkat7]

I know many people do this and I think I am going to start. I know many guys get a new boat every 2-4 years. I currently have a 2018 z19 Nitro, fully loaded. I bought the 7 year Platinum warranty that covers boat, motor, trailer and I'm pretty sure it's transferable. I love the thought of keeping the warranty. When is a good/recommended timing to trade in for another new rig? I know some of you don't believe in financing anything....which is great for you but not for me. I am perfectly fine financing it. My boat will be 2 years old next month and want to get the most bang for my buck for the next boat. Suggestions?

[printman71]

From a "practical" point of view, keep it until it quits. I am fortunate and don't finance toys.
From a "wow" point of view, get a new one when you want and finance if that's your only choice.

[skeeterator]

Just curious why you already want another, something about yours you don't like or simply want latest and greatest? Something to consider, if you financed it with a long term note for lower payments then you're probably upside down on it and can't sell it for what you owe on it.

[wildkat7]

I did not do long term and am not upside down. I like the peace of mind knowing that if anything breaks, I take it in and they fix it. I love the boat and will likely buy another exactly like it or maybe the z20 for the extra room. I figure I'll end up keeping it until the warranty is nearing the end and then trade for another.

[Dixie-Raven]

Sounds like a good way to piss away money but like said it is your money and your happy to do so. As you might know new boats take like a 20% depreciation in the first year.

I would wait and sell with about 2 years max or 1 year minimum warranty left on the engine for a good selling point. Or whenever you cannot stand not having something newer!

[Gnute]

I would wait until warranty is one year out. Not sure what you out down and how much you pay over your
monthly payment or your interest rate. If your even or upside down, that’s an obvious don’t do it. I just sold mine after two years but I had one year left and I had equity the moment I bought it. So it made sense to me. in the end....it’s your money!!

Unless you really want a new boat just wait. I am waiting until I move and get settled in and getting another one.

[Bassbuster95]

In the end, its your money.

I prefer to put pen to paper. Figure out what this is going to cost you over , say, 10 years. Figure out extended warranty, maintenance, insurance, interest......for 5 new boats.

Keep in mind, there's a recession looming and selling a used boat might not be as easy as it is right now. For those of us that lived through 08 trying to sell boats understand that difficulty.

[JER-1 BIG BASS]

7 year warranty on everything,
id start trying to sell soon as I hit the 5 year mark, gotta little more money with a 2 yer warranty covers everything like you said.

[digthemup]

7 year warranty on everything,
id start trying to sell soon as I hit the 5 year mark, gotta little more money with a 2 yer warranty covers everything like you said.

This is good advice in trying to get the most out of your rig, since the next fella will be worried about things going wrong as much as you are.
However, it sounds like you are in line with my bro in law, that would rather trade in his truck than put in $1K in brakes and possible front bearings, but does not see the money he lost in the trade up transaction. So, I will tell you the same thing, bro, it's your money do what makes you happy cause you ain't taking it with you.

BTW, running a '02 Cobra 201 DC with '03 Merc 225 EFI worked and loving it.

[Apex400]

If you bought a new boat you're upside down when you leave the lot, definitely best time to sell outright is with some warranty left to help entice the new buyer, also guage what dealer will give you verses outright sale as what you save in taxes could balance that out. Tight lines!

[wmitch2]

The "Secret" is to make the absolute best deal you can and pay CA$H !! You'll still loose your depreciation, but you'll save a lot in $0 finance charges. Don't order any graphs or TM as you can usually buy and install a lot cheaper than the dealer. BUT, have the boat pre-wired for electronics from the factory. Get the best warranty and then sell with 2 years left on it. You'll have a minimum outlay on any warranty issues and 2 yrs of warrantee to offer the new buyer. Be sure to maintain the hull, clean, polish, protect. It will add ease of resale. Also, be ready to add the additional funds when you buy the next boat to allow for upgraded pricing. I've never bought a new boat, but have had 5 Rangers in 20 years and have done well on the resale and been able to upgrade each time with out having to pony up a ton of money for a "NEWER" boat. OR, you can just buy a new one and keep it til it falls apart, lol !!!!

[Juan Lobo]

I'd say generally 2 years of warranty sounds like the ticket. Just looking at the used boats posted on this board, looks like the depreciation hits the hardest that first year and is super slow after that.
Only other thing to consider might be your hours. If your gonna put 100+ hours on the motor every year, you may be better off selling it after 2 seasons because a 200 hour engine with 4 years on the warranty will be more enticing than one with 500 hours and 1-2 years

[Cajunhunter67]

Use the boat until your down to 1-2 years of warranty. Not below 1 year. A year or more of warranty is always appealing in the used boat market.
You will get the losing money or depreciating value comments. Its your money, and plenty anglers trade out boats every 2-4 years.
As stated above, if your going to sell with 200+ hours on the motor, remaining warrant is a must to sell it.

[digthemup]

The "Secret" is to make the absolute best deal you can and pay CA$H !! You'll still loose your depreciation, but you'll save a lot in $0 finance charges. Don't order any graphs or TM as you can usually buy and install a lot cheaper than the dealer. BUT, have the boat pre-wired for electronics from the factory. Get the best warranty and then sell with 2 years left on it. You'll have a minimum outlay on any warranty issues and 2 yrs of warrantee to offer the new buyer. Be sure to maintain the hull, clean, polish, protect. It will add ease of resale. Also, be ready to add the additional funds when you buy the next boat to allow for upgraded pricing. I've never bought a new boat, but have had 5 Rangers in 20 years and have done well on the resale and been able to upgrade each time with out having to pony up a ton of money for a "NEWER" boat. OR, you can just buy a new one and keep it til it falls apart, lol !!!!

Mitch2,
Great idea paying cash and saving on the finance, however, considering the price of even a new bare boat, motor, trailer, extended warranty, and taxes, you would be looking at $50-60K.
Now ask yourself, who many people do you know that can just right that check??

[Dixie-Raven]

Mitch2,
Great idea paying cash and saving on the finance, however, considering the price of even a new bare boat, motor, trailer, extended warranty, and taxes, you would be looking at $50-60K.
Now ask yourself, who many people do you know that can just right that check??

Even if they can why would you pay cash that is earning interest and then lose the interest being accrued?

[grandbassslayer]

Mitch2,
Great idea paying cash and saving on the finance, however, considering the price of even a new bare boat, motor, trailer, extended warranty, and taxes, you would be looking at $50-60K.
Now ask yourself, who many people do you know that can just right that check??

plenty

[crank68]

You could always use an equity line and pay yourself back a get a little tax break....I’m not a financing or depreciation fan.

[FishNCPA]

You could always use an equity line and pay yourself back a get a little tax break....I’m not a financing or depreciation fan.

Prior to the new tax laws, this was definitely true. The reality now is that most people no longer deduct mortgage/HELOC interest since the Standard Deduction is double what it used to be. To take it a step further, only interest related to purchasing, building, or substantially improving your home is now deductible. Again, all a moot point if taking the Standard Deduction.

Of course this is all subject to change based on future elections.

Yes, I am real fun at parties!

[wildkat7]

Thx for turning my thread into a financial advising counseling session......

[ssbassman]

The "Secret" is to make the absolute best deal you can and pay CA$H !! You'll still loose your depreciation, but you'll save a lot in $0 finance charges. Don't order any graphs or TM as you can usually buy and install a lot cheaper than the dealer. BUT, have the boat pre-wired for electronics from the factory. Get the best warranty and then sell with 2 years left on it. You'll have a minimum outlay on any warranty issues and 2 yrs of warrantee to offer the new buyer. Be sure to maintain the hull, clean, polish, protect. It will add ease of resale. Also, be ready to add the additional funds when you buy the next boat to allow for upgraded pricing. I've never bought a new boat, but have had 5 Rangers in 20 years and have done well on the resale and been able to upgrade each time with out having to pony up a ton of money for a "NEWER" boat. OR, you can just buy a new one and keep it til it falls apart, lol !!!!

Not sure where you buy your boat but that is false at 90% of dealership's! Dealers don't give you full retail price for subtracting anything!