Am I an idiot for thinking I can do this?

[GreenRanger364V]

I've been wanting to upgrade my boat for the past couple years. I strongly considered buying an older used boat for 20-25k and paying cash so that I could just own the boat.

After talking to friends for a while, I realized that buying something new, or a year or two old would be a far better idea. Can't argue with Platinum warranty.

Am I an idiot to think I could finance a boat for 7-15 years with a little down, keep it until warranty runs out, and then sell?

3-4 years from now I'll likely be back in school at a point where I wouldn't be able to use a boat, so this could be a great option in that regard. I also tend to do really well in local tournaments even though the current boat isn't meant to fish them. I would definitely recoup a bit of the value fishing tournaments.

Is this a stupid idea?

[TomM]

IMHO, yes. Absolutely nothing wrong older used boats. My boat was 5 years old and the motor was 9 years old when I bought it in 2002. It still runs and looks as good now as it did then. I had a trade in and paid cash for the remainder of the balance so I had no payment. I don't believe I'd ever buy a new boat.

Tom

[joe3buck3]

I'd go the used route paying cash. Planning on selling a high end boat when the warranty runs out but still owing payments is a bad idea. Anything can happen and you won't have much flexibility especially if you need to sell it in order to go to school. You can end up under water (no pun intended and I certainly hope that doen't happen) on the loan and have little room to negotiate. Buying used for cash then heading back to school in a few years is a GREAT PLAN.

[Bass AHolic]

use your present boat, then have a friend with a good boat? that fishes in local tourney?? just pay for gas etc share cost.. is a option maybe? its winter time and lolo.. just a thought.

[kry29]

I've been wanting to upgrade my boat for the past couple years. I strongly considered buying an older used boat for 20-25k and paying cash so that I could just own the boat.

After talking to friends for a while, I realized that buying something new, or a year or two old would be a far better idea. Can't argue with Platinum warranty.

Am I an idiot to think I could finance a boat for 7-15 years with a little down, keep it until warranty runs out, and then sell?

3-4 years from now I'll likely be back in school at a point where I wouldn't be able to use a boat, so this could be a great option in that regard. I also tend to do really well in local tournaments even though the current boat isn't meant to fish them. I would definitely recoup a bit of the value fishing tournaments.

Is this a stupid idea?

Yes. Your going to lose your @$$ financing like that. And unless your winning big pots, 5-10k or more, you aren't really making anything on tourneys. Maybe a little but that's not income you can count. If you know your going to sale in a few years your best bet is buy cash and sell later.

[barbarian]

I learned one of the best financial lessons of my life about your age on a new bass boat. I did the same thing you are thinking about doing except the going 'BACK' to school part. I had to go get a signature loan to help pay off the boat loan after selling it. But I didn't have 20-25k like you do so you can afford it without a loan, but be willing to kick in a few K to help pay it off.

[GreenRanger364V]

I'm really worried about the possibility of blowing a motor on an older boat outside of warranty.

[GreenRanger364V]

Also, fwiw I consistently catch bags that would win or place in the money for local bfls and Costas so it's not like bigger wins aren't a possibility at all.

[J Risco]

I'm really worried about the possibility of blowing a motor on an older boat outside of warranty.

Blowing a motor and rebuilding (or replacing with another used motor) will still be cheaper than buying a new one just so you can have that warm fuzzy "but i got a warranty" feeling.

If you are worried about down time, buy a similar used motor to what is already on the boat, make sure it runs well, then hang it in the garage as a spare. STILL cheaper than buying anything new haha, and even with that warranty there will still be substantial down time

[GreenRanger364V]

Wouldn't a new motor run about 15-20k? Used around 10?

[grout-scout]

If you want a new boat, then go buy a new boat! I want one all the time, unfortunately real life (health insurance, taxes, kid, etc) keep that from happening. Wish I would have bought what I wanted before all this stuff was piled on.

[gehol]

The answer to your question is yes. But, people do stupid things all the time.

[Jim R]

I wouldn't plan on financing any part of a boat with tournament winnings. Fishing by yourself and catching a good bag is one thing, doing it at the same time against other anglers is another...

[Hickory Legend]

If you buy used and blow the motor, and opt for new over rebuilding it, your still cheaper and will have a warranty!!

If it doesn’t blow you are setting good!

[JBIGUNS]

Win a big tournament out of the used boat then sell it and use your winnings to buy your new boat.

[bigkahuna19]

Blowing a motor and rebuilding (or replacing with another used motor) will still be cheaper than buying a new one just so you can have that warm fuzzy "but i got a warranty" feeling.

If you are worried about down time, buy a similar used motor to what is already on the boat, make sure it runs well, then hang it in the garage as a spare. STILL cheaper than buying anything new haha, and even with that warranty there will still be substantial down time

I was just at the Marine Industries Trade Show at Foxwoods Resort Friday. Mercury is now offering Rebuilt power heads with new fuel rails and electronics. Just bolt up to your midsection connect to the cables and fuel lines and your good to go. And it has a warranty.

[cart7]

Keep your current boat.
Bank the $25k you're thinking about spending.
Pay into that bank each month whatever amount you were going to pay out for a boat loan.
Once you're out of school you'll likely have enough saved you could almost pay cash for a new boat or buy something about a year or so old.

That makes more sense.

[alanhore]

Also, fwiw I consistently catch bags that would win or place in the money for local bfls and Costas so it's not like bigger wins aren't a possibility at all.

If you are really that good somebody should be buying you a boat.

[GreenRanger364V]

If you are really that good somebody should be buying you a boat.

Wanna volunteer?

[DrewFlu33]

It sounds like your mind is already made up, but I hope I'm wrong on that. You're talking about *at least* double the price for a new boat, likely closer to triple. Buy a used one you can afford. If the motor blows, you could buy 2 new ones and still spend less money than you would have on a new one.

If you take out a 15 year loan on a new boat, unless you're paying a ton extra on it, you're going to be underwater for a LONG time. The payments on a 15 year loan are almost entirely interest for the first several years. Turn around and sell your $70k boat for $35k after 4 years and you'll still owe $60k on the loan.

Maybe a bit of exaggeration, but not a lot.

If you're that worried about the motor blowing, buy a $15k boat then set aside $10k for a rebuild or big down payment on a new one. Promise that $15k boat isn't going to catch you any less fish than a $70k one.