Financing/Boat Buying Insight Needed

[scottb7]

"For the last few years it is true that a used boat is likely to maintain its value." I hate to be negative but I think this generally NOT true. I do appreciate the spirit in which the comment is intended.

And "used boat" is a very generic term. A newer boat (or car) certainly depreciate more per year then an older one. But depreciation (and reality) exists for MOST owners.

I think if we are handing out advice, including ability to pay boat payment without a job, then the advice should also include the assumption that the boat will NOT "maintain its value".

[Tallredrider]

"For the last few years it is true that a used boat is likely to maintain its value." I hate to be negative but I think this generally NOT true. I do appreciate the spirit in which the comment is intended.

And "used boat" is a very generic term. A newer boat (or car) certainly depreciate more per year then an older one. But depreciation (and reality) exists for MOST owners.

I think if we are handing out advice, including ability to pay boat payment without a job, then the advice should also include the assumption that the boat will NOT "maintain its value".

For all but a couple of years in the last 15 years, boats have maintained their value pretty well. But in those years circa 2008, many people lost plenty.

I think we are sort of saying the same thing by giving a word of caution about counting on a boat being worth a certain amount in a few years. There is far from any guarantee that will be the case.

In my case, I have owned 5 boats in the last 13 years, and I lost nothing on the 2 used boats I bought, and not a whole lot on the other 2. The third boat I bought new and currently own is going to likely beat me up when I sell it this spring, and I think it is probably going to be the largest amount I lose, both straight number and percentage wise. I have lost on boats that I bought new, but not on boats I have bought used. And that has been the trend for quite a while now, as I am confident this post will be followed by a barrage of guys bragging how they made money on their used boat and a few who didn't lose on new boats. I think the new boat guys are better negotiators and salesmen than I am. Back to what both of us do agree on...I would not put myself financially at risk betting that pattern will continue.

[JoeA]

This is slightly off topic but there used to be a Malibu dealer in TN that had a program in place for those that wanted to buy a new boat each year. Basically you could trade your boat in after a year then pay $6,000 and get new boat with same options as the prior one. I am surprised marketing folks have not figured out how to develop a program for each model boat even if it were more than $6k.

[scottb7]

That would be a pretty fair deal actually, the $6k per year. "A lifetime ago" a friends' dad used to do that with his Lincoln every year.

[scottmele2]

You are in the Indianapolis area, I would start with N3 Boatworks for boat options and finance. They use a 3rd party that shopped banks and found the best deal. I ended up at US Bank but was very happy with the dealership and the lending options. Also the best dealer I have ever worked with. They have great boats new and used.

[scottmele2]

Additionally, after the boat show starting Feb 17 they will most likely have a bigger selection of trades.

[lvethelake]

We did well financing through Costco.

[OxDoc]

We did well financing through Costco.

According to Costco's website they are no longer working with Essex Credit. Not sure if they moved on to someone else or if they are not financing boats and rv's anymore.