paying for a new mc?

[cutlerdaddy]

For me and my wife its about 'investing in our family'. We are young and have 3 kids all under 8 years old. There is nothing better than going out on the lake during the weekend or on a trip to Lake Powell. These are the things that I am sure we will look back on and remember as the good times.

My story is that we bought a 97 Cobalt 200 after we got married for 20K we had a budget of $250/month to spend. We sold that boat after 4 years for 21K and put the 8K profit in a bank account and continued to make the $250 payment to it while we were pregnant and having kids for nearly 6 years. 2 years ago we decided to get another boat and had a good chunk of money saved up with that and bought our 06 X15 with that cash and a $250 monthly payment. We figure to sell in the next couple of years and upgrade again. If you set a monthly budget stick to it and find something that fits it.

[gweaver]

I bought my first boat two years ago. 88 ProStar. I believe I got a good deal on the boat, however I've quickly realized that with two small kids (6 and 4), the closed bow is a bit of a limitation for us. Between that and the engine box, it's pretty cramped, even with just us 4. That being said, I paid cash, and no payments is nice. I'm hoping that over the next few years, I can redo the interior and make some well thought-out upgrades and sell it to help pay to upgrade to a Maristar 215 or an older X-boat. I figure if we can make the 88 work for us for 4-5 years, prices on more family-centered boats will have come down to something I can afford on a teacher's salary.
It blows my mind that new boats go for what they do, but I'll second what others have said and say 'cheers' to the used market.
I would certainly look seriously at any entry-level boats that MC decided to offer, branded as an MC or something else. Assuming the same quality is there, I think that would be a good seller. My 88 is about as simple as they come, it's just too small. Basic instrumentation in a larger hull, with well thought-out storage and seating would be ideal. Like others have mentioned, no need for CNC dash panels, heated seats, mega-watt stereos, power towers and computer-controlled digital gauges. Just give me the basics to get on the water, and let me shop the parts catalog at my leisure.
G

[JasterCraft]

I'm so glad someone has brought up this topic. My wife and I would love to have an '06 or newer X-2 but don't have $40k in cash to get one. We know we could walk in to any dealership or bank and easily finance one but that's not what we do. So we are figuring on a 4 step boat owning process.

Step #1: '89 ProStar. Used it one season, sold it for $800 more than we bought it.
Step #2: '98 SportStar (current boat). Starting our second season. Bought it for about $3k under it's value. Expect to sell it in the next year or so.
Step #3: Probably an early 2000's X-9 or similar in the sub-$20k range. Keep it a couple of years.
Step #4: The X-2 that we want. Probably 3-4 years from now. Expect to pay in the upper $20k range by then.

Keys to success:
We always pay cash. Never fire-sale. The deal is made on the purchase end, not on the selling end. Finding a deal and having the cash on hand to snatch it up is key.

Trust me, having a boat paid for makes it much more bearable to see it sitting in the garage during the off-season.

[mcparadise]

CONSIDER THIS:

If you buy a new MC it will lose its value over time. Let's say you keep it for 3 yrs and sell it.

If it cost $100K and you sold it for $70K, that's a $30K loss + cost of upkeep/gas +...+... (at least $3K to keep the numbers simple).

Now assume you put 333 hrs on it (111 h/yr), then that's $33,000/333 h = $100/h of fun....WOW!! A lot to afford! If you make $30/h then it's 3 h of work for 1 h of play....

I realize my numbers are probably off, but they are conservative I think, and if not, the cost/h will still be high....

Is boating worth it?

Skiing and boating and diving are what I like to do above most else, and it's why I work hard; so an unqualified YES for me (I have old boats though, 15 and 20 yrs) and still it's always B.O.A.T. (break out another thousand).

And, NO I'd never consider buying a new one, but I can still dream to win a lottery so I could!!

[Mastercraft13]

Just got my new X10. I put down about 25% down and did a 15 year loan which when all said and done equates to a car payment. This has been my dream boat, and with a little one on the way it is a great family thing. Like stated previously it's all about what is important to you. I plan on keeping this for years to come.

[SkiMor]

A Ski boat is a great hobby and pastime. Fixing, improving and maintaining is my passion. But it is also great family and friends time. That's what makes a boat a good investment.

[Nick911]

I realize that dropping 100K on a boat that will depreciate 7-10% a year is a bad investment. I also realize that the memories for me and my young family will last forever. We only have so many years in the prime of our lives...so, I could save the money for when I'm 60 and probably can't enjoy a new boat, or, I can enjoy it now.

[SSMoose]

Originally Posted by Nick911

I realize that dropping 100K on a boat that will depreciate 7-10% a year is a bad investment. I also realize that the memories for me and my young family will last forever. We only have so many years in the prime of our lives...so, I could save the money for when I'm 60 and probably can't enjoy a new boat, or, I can enjoy it now.

Don't be too quick to think 60 is that far over the hill. Memories will still be there and you will be able to get what you really want in a boat. Most of us are pretty vital at 60. I'll let you know when I hit 70!

[Nick911]

Originally Posted by SSMoose

Don't be too quick to think 60 is that far over the hill. Memories will still be there and you will be able to get what you really want in a boat. Most of us are pretty vital at 60. I'll let you know when I hit 70!

I guess I was saying that my enjoyment now at 30 will be greater at 60, or, ill enjoy it now until 60. Either way, money comes and goes.

[SunCoast 83]

Originally Posted by CBRENT

One thing I can say is that it sucks making a payment, no matter how big or how small, when it's sitting in storage for the winter!!!!!

Amen brother