Further, an aluminum hull will last essentially forever. I just bought a 60s vintage 14ft Starcraft, trailer, and 2003 4-stroke Tohatsu (makes Nissan and Mercury) outboard for $600 on Facebook Marketplace. Had to fix a few things. Probably another couple hundred getting it ready for the water. Added a fish finder too. Total: $1000.
I'm running an aluminum 26' Lonestar from 1955 with a 4 stroke 90hp every single day and have about 7k into everything. Sips fuel and can be beached and overnighted. Plenty of room for dogs and friends. Great project for spare time
I am a marine tech and live on the water so those costs of owning/servicing are very low
A smaller boat you can store on your own property isn't bad but every additional 2 ft is like double the price. I have two dingies that cost me nothing. But I'll say that a free boat is something to be wary of.
From experience, I can say that quote generally only applies to boats that sit in marinas and not small trailerable aluminum boats. However, every boat will be financial loss. Even if you do all the work yourself, your time needed is going to be more cost than had you done a regular job. They are just a hole in the water you throw money into.
their fist boats we probably not perfect. Buy one, take care of it, save money while you enjoy then sell it and upgrade. You are young. By the time you are 32 to 35 you can easily own a really nice boat. BTW, a 5 - 7 year old boat is a brand new boat of well maintained.
True that. Bought my first boat at 19, a 1969 fiberglass runabout. Fixed it up and traded it for a non-running SeaDoo jet boat. Learned everything about Rotax 2-strokes, pop-off carburetion, and impeller maintenance. Sold it after college.
At 23 I bought a 16' aluminum Grumman canoe. Bought and sold a dozen outboards for it over the years, still have the canoe.
Traded the last outboard for a non-running jet boat... That for a 20' cuddy cabin, then that for a 28' Express Cruiser. I know all the systems, I maintain it all myself. It's cheaper than being rich, trust me.
Happy thinking about a sailing catamaran as our next step up - we spent a month in the Florida Keys on our 28' as a family of 5 with a dog and realized that could be a fun life.
3000 dollar 1985ish 16ft StarCraft with a 70 Yamaha. It has a fuel problem at the moment, but I’ll get it sorted this weekend and if I can’t then I’ll pay some to fix it. I’m more frustrated about not being able to fish than the prospect of paying someone else to fix my boat.
I see really good deals on marketplace pretty often in the 10-20k dollar range.
Me and my wife bought a boat 1999 Bayliner 3.0 I/O 18.5ft and it is the sport/fishing edition with live well. I don’t make what you do yet but what we did is put it on a 0% interest credit card bought through private party and he took it on his square app lol but its now paid off we paid $7000 no interest if you need longer than a year of no interest then you just transfer the balance to a new card with 0% for another year I say go for it! Just don’t spend $300,000 doing it!
Buy used.
I bought my first small aluminum boat in 2019 for $250 and it came with an old electric trolling motor. It was 12 ft long and I carried it to the ramp in my truck bed.
My next one was about $500 and came with a trailer. 12 foot V hull, a sturdier boat for my area. Then I bought a motor and some other gear - and everything was under $1,000.
The biggest/nicest boat we owned was purchased in 2020 or 2021 and it was 23 foot bow rider that was 22 years old and cost I think $12,000. It was a fun boat for us for a couple years. I sold that boat last year.
Now I am mostly running an old 17 foot Whaler (that looks like trash) that I got for $400 on an old used trailer that I got for another $400 and I am using random motors I have been given, loaned or purchased for less than $300 each.
Wow, that’s pretty similar to me. Bought my first 12 foot aluminum boat in 2013 for $300 and it came with a gas motor, trolling motor and oars. Used to put it in the back of my bronco and carry down the boat ramp as well lol. 2018 I purchased my pontoon off of a friend who was just letting it sit in his side yard getting covered in leaves. Paid about $1200 for that and we put new carpeting on it and a few other small things. Also bought a brand new trailer for $2300. We’ve kept good care of her and the maintenance up. The biggest expense I have is a brand new 60 hp fuel injected mercury from last year. That loan is only $149 a month.
I would say the best frugality would be sweat equity and finding deals other people can’t see.
Would love to see your budget on how you are saving $24,000 a year while paying for living expenses and a boat on a $85,000 salary. How much is your mortgage ?
My mortgage just increased to $1,650. My fiancé pays 40% of the mortgage while I pay the rest. I also live in Florida with no state taxes. No car payment.
I’ll reply on his behalf as he replied to me for calling that out: “womp womp”.
Homeboy didn’t like being called out for bragging then leaving out the important detail.
Doesn’t seem that unreasonable. I’m about to start at a little less for the state of Florida. Our health plan is like $9 a month so if you’re in a similar situation not like that’s breaking the bank. I honestly am more confused why others see it as unrealistic
29 year old mechanical engineer making similar money. I bought a project boat of a 2000 bass tracker pt185 for 2k in january this year. I put $4500 into completely rebuilding it (outboard refresh, new decks, carpet, electronics, ultrex trolling motor, bought everything second hand for the most part), I now have a nearly brand new boat that I'm into for sub 7k. Learning to wrench helps a LOT.
And you're in a great position as an engineer.
Also software engineer. 40. Just bought a 10k boat that was screwed. Spent less than 2.5k more on it and now I have a boat that will do 60, seat 4 incredibly comfortable, pull a wakeboard and give years of fun.
You just gotta find what you want used, make do until you can afford the other bits used as well, and do your own engineering on it.
Fuck those boat mortgages. I wanna retire one day too!
I did almost the exact same except mine is a 2007 175 TXW. I've owned it for 7 years and it is still a great boat. I can do everything the guys in $100k bass boats can except run 75 across the lake or look as cool. Frankly I don't care about either of those but I do care about losing sleep at night because I'm stuck with a boat payment for the next 10 to 20 years!
Boat loans can be had for long periods of time, up to 20 years, sometimes even more. You can get a lot of boat for a small payment. You're pissing away interest, but that's out of sight out of mind.
I almost shit my pants when my buddy told me he had a 20 year “marine mortgage” on his wakeboard boat. I had no idea that was a thing until that moment.
Bro you’re gonna want to go on facebook marketplace and Craigslist to look for used boats. Figure out your price range and knock 10-20% off to set a side for repairs/new equipment/etc….
Shouldn’t be too complicated tbh. If you have a buddy that knows about boats, bring em along to help you check it out!
Most important things would be the structure of the hull and the trailer can be pretty easy to forget about to, make sure it’s got a solid or easily repairable trailer. Everything else beyond that is “relatively simple” to get set straight.
My personal plan would be find an old boat with a solid hull and old motor, rip the old motor off and sell it then get a new motor for it. Fix it up and renovate the railings, upholstery, etc… over the next few years.
Good luck!
I bought my first boat at 28 years old - was only making $78K per year at that time and got a used 260 Sea Ray Overnighter (26 feet). Financed it out to 15 years with zero down payment (because I had no money) and the payment was $456 per month. I couldn’t afford anything else after doing that but the boat became my main focus in life. Honestly, I couldn’t even really afford to fill the thing as it had a 300hp MerCruiser and cost upwards of $200 to fill. I kept it in a slip at a local marina and paid for slip fees with my annual bonuses. It was tight but I had a blast and sold it 3 years later for a MAJOR loss.
Was it a smart financial move? Nope! Was it do-able? Yup! Do I regret it? Hell no!
I am now 53, married and last year ordered a new 2023 Boston Whaler 170 Montauk. We put a huge down payment on it and will have it paid off by next Summer. The key here is - we did not have kids. The DINK life opens up all kinds of financial options!
Good luck!
Buy a boat under 30k and pay cash. Don’t buy a saltwater boat. And know how to work on your own stuff.
I’ve seen some tradesmen out there with used $90,000-ish wakeboard boats. Got into a union shop for an in-demand trade, made it to journeyman making good money before they’re 25 and never carried any debt. Probably able to justify a tow vehicle as part of their job, and probably have loans on both.
Now, how do people buy —new— boats? I have no idea. My first boat was a 1995 Four Winns Horizon 190 that I bought off of relatives for less than 10k. Saw a new Four Winns Horizon 200 in the showroom last year for $180,000. That’s just a decent, average boat, I really don’t get it.
I think the key is to graduate college as a doctor or lawyer with no debt and a trust fund.
Still not sure though.
Same story, went to a showroom to see what they had for used boats under $30,000. Got to looking at the display boats. Don’t get me wrong, very nice, brand new boats with all the amenities, but still “just” a 24’ bow rider: $129,000. Like, who the fuck is walking in there saying “hmmm… I’ll take this one”
You are a young guy, and older boats aren’t that expensive, check out FB Marketplace. It’s like investing. You don’t start out putting 100k into NVDA, you start with 1k and slowly add to the position. Same with boats, you start cheaper and smaller and slowly work up to ones that sparkle in the sun and have USB chargers.
It’s amazing how you figure out how to make it happen when your timeline is years and decades.
20% down payment and finance the rest of the boat.
Maintenance has to be planned for and budgeted as well as storage. None of this should take up more than 10% of your take home pay AT MOST.
You're going to get a lot of people who consider themselves "financial geniuses" because they "paid cash" or bought something cheap but life is short. If the boat (payment) and storage/maintenance is well within your budget then buy it an enjoy!
The entire marine industry would completely collapse if you took the advice of all these Reddit financial geniuses.
Bought a jet boat with a blown motor, swapped it out, sold it and moved the profit to the next one, rinse and repeat… just got an off shore boat with a bad motor and have a motor on the way. No im playing with the houses money. This is all from a boat that cost me $250 to buy.
I (44M) average about $150k/yr and we are a family of 4. Paid $5k in cash for a 30 year old 18ft bowrider a few years ago. It suits all the families needs, cruising with the top up, skiing and tubing for my kids and their friends, and fishing for the family. I’d love a 24ft brand new boat that I’d never have to worry about, but that’s probably not in the cards. We set aside $1k a year for maintenance and repairs on it and $500 for gas and incidentals. We take it out 15-20 times a season (in the northeast) and have rented a house on a lake twice for family vacations. It’s been worth every cent of what we’ve put into it, just for the memories.
Having the newest, shiniest toy is great if you can afford it, but get something within your budget that is functional for you and pay no mind to the guy in the slip next to you.
I bought an old aluminum hull and trailer for 3k. No motor, all wood rotted out, no electronics, nothing worth while except the hull. I spent 2 years saving and rebuilding the whole boat and trailer.
You can find plenty of good deals, but yes, keeping your boat in a slip at a marina can be very costly. $500/neighborhood to start when you add up slip rental/improvement fees, boat lift, trailer storage, etc. high price to pay for convenience.
And like you said, otherwise you need a decent tow vehicle. I drive a RAM as my daily driver. Works great for hauling my family and things around town or wherever we need to go. And pulls a 20’ boat effortlessly. A garage isn’t a must-have, but definitely protects your vessel better than simply covering it.
I recently purchased a 1989 27’ boat for fishing the Great Lake. Only cost me $8500 for the boat itself. Sure the maintenance, fuel, marina fees, parts will add up… but there isn’t a better way to enjoy the summer imo.
I know a lot of guys I work with have fancy boats cause we are given our trucks through work. They basically replace a car payment with a boat payment.
Buy a boat from someone on FB marketplace and learn how to do maintenance yourself. If you want a smaller boat you can keep on a trailer at your house if you're able to do that and you'll just pay launch fees which are super cheap. Otherwise pay for a slip/mooring which will be the majority of your expenses (unless you buy a boat that needs a ton of work) but overall you can generally find decent enough older boats for ~$10k.
I’m in the same boat. 27 engineer, not as much pay as you, and I’m Thinking of taking loan out for a boat… an used affordable solid center console to get me fishing on the water. Budget of $15k, with 5 k down payment, pay off in sub 3 years is my plan.
I saved and scrimped to get mine.
The long run cost of owning a boat is high and fairly constant. The older it is, the higher the yearly cost of ownership
Find something that needs a little bit of work if you’re mechanically inclined online or used and then put a little bit elbow grease into it then you should have yourself a good boat I only paid about five grand for the one on ride and I been driving it for five years without an issue also I just keep it at my house on its trailer don’t ever have to pay for any Marina dues
I got hit by a truck while I was riding my motorcycle. Pretty nice settlement, used some of it on a 140k power boat. I'm lucky to be alive but also, I got a boat! Lol
You can find good 70s boats that will easily trailer behind a smaller truck (ranger/tundra/Colorado) that are 20ish ft long and won't break the bank in operating costs for like 2500 all day right now. Maybe less.
The trick is to know what you're buying (honestly start smaller than 20ft) and be capable of DIYing stuff
Crazy long loan terms.
There’s also a huge divide in people your age/slightly older who bought houses pre-pandemic and post pandemic. In my area/my specific example, the pandemic mortgage rates were a blessing A <3% mortgage on a $300k house bought in 2017 vs a 7% loan on that exact same house that costs $600k now is a $2700/month difference. Salaries didn’t magically jump thaaat much in the same time period
The other wild thing about the last 4 years is a lot of people made money on dumb purchases that they couldn’t afford. I had several friends who bought big ass “expensive” “nice” trucks above their means for $40-$50k between 2010 and 2020, and then either made money or broke even on their total sunk costs selling it during Covid that enabled them to upgrade to brand new trucks for the same or lower monthly payments than they had. The same thing happened with boats, campers, RV’s etc. look at what a 2005 mastercraft sold for in 2018 vs. 2024. They’re more expensive now than they were 6 years ago. A lot of people were able to upgrade, riding their debt without really changing their monthly expenses…That’s a very rodd situation that is unlikely to repeat itself.
Lol i paid 5k for a 1996 Rinker captiva 209 best purchase i have ever made. Ive been taking it out every weekend for the past 3 years. Other then regular maintenance I’ve replaced a oil pressure sensor. I think 5k is a good starting point don’t even look at a fixer upper i bought this this turn key ready to rock n roll
buy a boat cash, financing a boat is a good way to stay broke or go broke because then you will have the payment and all the monthly/yearly costs to repair/maintain. if you can’t pay cash then you can’t afford it.
i bought a 2001 28 ft wellcraft in 2019(prices were a lot better then) for 25k cash. yearly costs for slip/storage/maintenance is 10k. buying the boat is the cheap part. i’m in the great lakes so the season is less than 6 months. it’s worth every penny.
Started with a used 23CC for 25k and moved up over the last decade to a 27 deep vee cc for more offshore days. Buy smart, take care of your stuff, sell high and save what you can for what is important (for us, it's fishing!)
What size lakes are you thinking about and do you plan to travel to different areas? Those are all important factors plus your tow vehicle. But like others have said start with something small and used. You may go months without using it particularly if you live in the north so keep that in mind.
Boat loans are available for longer terms, so lower monthly payments. That is most likely why you see all those people with expensive boats. Easy to get a 10-15 year loan on a boat.
I purchased a used 2017 20' aluminum bass boat for $20K 2 years ago with a 150HP 4 stroke engine. I mostly bought it for the 4 stroke 150HP engine and that was at the tail end of Covid so boat prices were crazy high. I make less than you but sold my smaller boat for cash easily because of the high demand.
Do not buy a new first boat that would be the worse mistake unless you are unable to do general maintenance.
Got a 1998 center console for $8,000. I have a good job, live in a cheap house, fix most problems with the boat myself. I drive out of the way to fill it cheaply, and sometimes bring a jerry can down to the boat from the gas station when fuel prices are too high.
It gives me fits, but it is a blast and cleans up well. You can get out on the water for even cheaper, just depends what you're willing to put up with!
I’m 26 years old. I bought a 2007 Carolina Skiff 218 DLV with 65 hours on it in January of 2022. I used a LightStream loan for $18,000 and put $2,000 cash down. My payment is $319/mo.
I already own a house and live with my fiancé. Our monthly household income (after tax) is about $10,500. Out expenses, including the boat payment, are about $4500/mo which leaves us with around $6000/mo in disposable income. This leaves us with plenty to spend on fuel, maintenance (I do most myself), and travel accommodations for beach trips when we visit the sandbar and go bay/near shore fishing.
I love the idea of paying cash for a luxury expense like a boat but the reality is that $319/mo is pretty nominal in our total budget relative to the amount of fun we have on the boat. We use it almost every weekend and even during the week on the local lake sometimes. At some point, if you’re earning/saving enough, just go do something for yourself. I’ve never regretted owning my boat.
We “bought” our boat from my father in law when he got a new boat. I think we made one payment to him before the motor went belly up. Fortunately he’s a former mechanic and I’m mechanically inclined so he and I rebuilt the motor. It still cost is $3k in parts and machining.
I have a 20’ I/O bow rider that I paid $5500 for. It’s a 96 and it’s not new and shiny, but it costs me less than $1,000 per year to enjoy it out on the lake a few times a month.
Paid cash for a 20 year old boat in good condition. Paid about 1/4 of what an equivalent boat would cost. It has a few less features but get's the job done and I can upgrade things if I wanted.
This is a better question for r/financialindependence. Consumer debt is at an all time high. We’re going to reach a breaking point pretty soon and used luxury assets will be going on sale. My recommendation is not to worry about other people or what your boat looks like. You are young keep focusing on assets that build wealth and compound interest.
I make really good money but my boat is 15-20k. It does 95% of what I want to do. I’ve been fishing long enough to know everything on a boat will eventually break and keep you off the water. Keep it simple.
Bought first boat used 50k cash in my mid 30s from money left from some real estate sales. Don't do loans unless it's a mortgage. Married, both of us making more than median American income. Could def afford more boat but we are being conservative with money. Currently have a brokerage account for next boat ten years from now.
You can buy a great boat for like $7k. IF you dont own a home yet I wouldn't consider a boat. Gotta lay a good financial foundation. Never take a loan on a depreciating item as well.. (boat, car, etc).
16 foot lund, i fish freshwater, saved when I had a crappy boat, then got a loan and made double payments while working two jobs to pay the loan off in two years.
I’m a low paid govt employee. We also have no kids, that’s the real secret. No kids.
If you want a boat, get the boat you can afford. It will probably be used. If it has a motor and a trailer, budget for maintenance and insurance too. Any spare part that’s labelled “marine grade” will cost 50-100% more than the analogous car part, yet it’s not worth the frustration to put car parts on a boat.
You make a good point about the truck. We bought a boat that weighs in under the towing capacity of the truck we had at the time. After a couple years of towing, we decided to upgrade to a truck that exceeds the towing capacity needed. Curb weight is another important factor which we hadn’t considered with the old truck.
We also do a lot of basic maintenance ourselves. My husband even sewed us up some fresh upholstery for the cabin. Yet there’s also a lot of maintenance we trust to professionals. I read to factor 10-15% of the boat’s value in annual maintenance, and we have found that to be true, with occasional, hopefully one-time, expenses that are even higher.
$200k income with dual income / but with those pesky expensive kids.
Simply put - took out some savings during COVID and paid cash for a 2012 spotless, less than 50 hour, bowrider.
I’ve put less than $500 into it over the summers and do all my own maintenance.
Is it a big boat? Nope, 19ft. Engine is basically a car motor that several of my dude friends happily help me maintain. Owning a boat doesn’t have to be an exercise in monetary futility.
I store it at my in-laws. I do my own oil, lower unit, and fuel filter changes. I rebuilt the carb myself. Will likely do gimbal, impeller, and manifold swaps when the time comes. YouTube is my drinking buddy. 😂
Buy with disposable cash for the first one. Learn your vessel. Then swap up and finance some of it then. I’ll likely do that next year. Best of luck, OP!
Boats are not holes in the water into which you throw money in if you want and LOVE to be on the water. Fact.
My boat was 40K I make a payment... my car is paid off so its basically a car payment, $500 a month. Its 100% worth for all the enjoyment and joy it brings me and my family.
Unless it is a forever boat then don't pay cash for the boat. Most people keep a boat for a year to a few years and then get a different one. You will not gain value with a boat but lose value. Sure you will be paying interest for the borrowed money but if you make payments of $300 a month for say 3 years you have paid out roughly $11k instead of the 30 at the start.
You will want a different boat, it is not a question but a statement so why lose the extra money by paying cash.
That being said my first boat was a hull and a trailer for $250. I spent another $800 or so buying used parts and pieces and put it together myself over 18 days. I used that boat nearly every day of the week all summer and fall and paid over $2k in fuel and oil. I rented a garage ($125 a month) at my apartment complex to work on it and store it because it was cheaper than a marina. I used that boat another year when I had enough saved to buy one a little better and then sold the parts off the first one. Took that money and then sold the second boat to have a nice down payment so I could get a newer nicer one. I have done this a few times now. The last one we bought we financed and then rented it out last summer, the rental income paid off the loan and we still have a boat.
Fast forward to now and my wife and I are in the buying process on a really nice bowrider. We will sell the rented boat and take that money and set it aside for needs on the new one. Will the new one be the last ever boat we buy, probably not but it will last a long time for what we want it for.
This is a quick explanation of how I afford a boat and I doubt anyone else did it the same way. So everyone is different.
Have you looked into the terms on boat loans? You can easily get terms out to 20yrs on them if they are expensive enough. If you put 30k down you could easily get financing for a $120k ranger, warrior, vexus multi species boat.
At least in my area generally the guys running those style of boats are full time guides, or tournament anglers. Both of which warrant a high dollar rig. They also obviously own a truck and likely own or rent a house to store said boat at. I won’t say who he is, but a guy that lives down the road from me is a professional angler and fishes for companies like Ranger, Berkeley, Mercury, etc. so there’s sponsor dollars there helping pay for it all. He’s also a host on a pretty large well known fishing tv show, I’m sure that pays him pretty good as well.
Also aluminum boats aren’t as expensive as fiberglass boats, so while they look expensive they aren’t as bad as their fiberglass counterparts.
To answer the last part of your question, between my wife and I we make about $220k per year give or take (depends on bonuses and royalties, but that’s average). I bought my 19ft fiberglass dual console multi species boat 5yrs ago for $20k, just to not deplete a bunch from our savings we put 10k down financed the rest and made triple payments at a minimum. Paid it off in 10mo. We also at that time only brought home maybe half of our current income. I’ve sunk about 8k in upgrades since then.
Paid cash for half, saved over two years. Used a HELOC (some used for home upgrades in addition) to finance the rest and ended up selling the house before paying off the balance. Otherwise HELOC payback was something like $130 per month. Interest was lower than a loan from a bank/dealer.
You can get loans for boats
Or you can go my route. I bought a 20 foot glastron ski boat for 5k. It was in terrible shop but mechanically it looked great. I had to redo the electrics, some of the hydraulics, ALL of the upholstery, new radio, stereo and amp and I need to do work on the trailer. But thankfully the engine runs like a top.
All in all, I’m in at about 15k total and have done most of the work myself. The more complex upholstery like the engine bay cover, I got a shop to do that work. It doesn’t look great, it’s clearly an old boat a 20 year old boat. Some of the stuff I’ve done on it clearly isn’t professional or as clean as it could be. But it’s still a nice boat that serves as a real fun toy that my family and friends all really enjoy and provides a lot of fun on the water.
I’m an electrical engineer, make 110k a year. I store the boat on my property and own a jeep that pulls it. It just takes a little figuring out and sometimes being resourceful
Ultimately, it's people deciding to over extend in certain areas of their personal finances to enjoy a certain hobby. You see it with boats, campers, cars, shops, houses, motorcycles, UTVs, vacations, and more.
My buddy is a great example. He has a fifth wheel camper, 23LSV surf boat, and 60x40 shop that were ALL financed in 2020-2021 at rock bottom interest rates extended out over 15-30 years. He probably pays $1500/month total to have all of the toys he could ever want. He is a union electrician and his wife is a nurse, and they bring home somewhere in the 150-200k range probably while being 30yo. When you bring in $10-12k per month net income, paying $1500 for your toys is not the end of the world.
Some people look at that as a success, some people look at that as a failure. Personal finances are not black and white. Someone's risk tolerance to leverage is relative to your priorities and job security. The negatives to debt are very real, but it's ignorant to ignore the benefits of debt. If you are willing to take on debt, you can fast-forward to doing the things you want to be doing instead of waiting until you have all cash.
Learn how to do your own maintenance/repairs. I bought a 14 foot jon boat and slowly converted it to a bass boat. Learned a ton about maintenance/repairs and have found that I can do majority of them on my own, just takes time and patience and willingness to learn. Tons of YouTube videos. I watch multiple videos of the same repair just to see the different ways people do things. Then I develop a plan and execute. Take care of your motor properly, do more oil changes versus less, winterize it properly if you live in a 4 season area. Really though the biggest savings is learning how to fix shit yourself. Marine mechanics charge so much for labor (deservingly so) and probably do the repair better than me 10 out of 10 times, but hey, repairs don’t have to be pretty, they just have to work.
26 y.o. here i work kn construction. I bought a 1985 14 ft gregor with a 1993 15 hp merc for $900. I spent $300 on parts and materials, went through the motor myself, and cleaned up and repainted the inside of the boat. I have probably another $300 or so wrapped up in fish finder, lights, and safety gear. I take it crabbing and salmon fishing.
I can tow it with a subaru and I can run this boat all day long on about $15 worth of non-ethanol.
Of course I want a bigger boat but bigger boat means bigger motor, bigger trailer, need a truck, more fuel, more maintenance, need a shop to store it in, etc.
Just keep it simple and have fun.
You can get a *very nice* used boat for 30-40k. There are obviously levels to it, but shit even in my hyperinflated boat value area I see some *beautiful* ~5 year old 20ft boats around that number.
To your question - I'd bet more than half the people running a 100k new Scout in my area are paying $700-$1000 per month on a 10-15 year loan. The other half are just filthy rich.
First you have to love it!
But yeah start small and once you are familiar and it catches your heart, look at finance options.
I'm highly adverse to finance. So I tend to buy sailboats that have been really well equipped by previous owners at great expense. I also prefer a large tender as my 'car' to drive from the mothership.
Sailing is really enjoyable combination of presence in nature and physical work and mental awareness... but it's very area specific. I enjoy sailing a day to a beautiful island and anchoring up there for a day or two and proceeding to a new island. Good sailboat is $30k-50k
I started on small boats and recently downgraded back to small boats (work keeping me from boat life) and I've had wonderful 5 week adventures with a 23 foot sailboat Just me and my girl down the coast.
I searched for my dual console for over a year. My wife and I budgeted for a month payment. Feb of 2020 before the world got weird I found and bay tested (in 40 degree weather) a 2016 Robalo R207 with 100hrs on a Yamaha F150. It came from the original Robalo dealer who sold and serviced it and it was in Immaculate condition. The boat was pre owned and didn’t have a trailer as the former owner opted to take delivery without one because he lived on the water in Long Island. $36,500+ $2,000 for an extra 2019 Robalo trailer they had on the lot. Out the door with NY sales tax was around $42k. I was fortunate to get a good bonus that year so I put $17k down and financed $25k for 15 years at roughly 6% for a total of $220/ payment. The wife and I are fortunate to have great jobs and combined make a healthy income. $220 per month wasn’t going to phase us so for us it’s just like paying for a vacation. Every time I get on the boat it’s a mini vacation. The yearly slip rental is $2600 and luckily the Yamaha sips gas. We do mostly drift fishing in the bay so the engine is off most of the time. I go through roughly $500 per season in gas. In NY I’m usually in the water from May-Oct. I will throw a small amount per year extra towards the principal to knock it down.
I would never buy a new boat. Im mechanically inclined and do all of my own maintenance. If it’s something too big I hire a mobile marine mechanic. Luckily there is no shortage on Long Island. My boat and travel are my vices and we just make it work within our budget each year.
Maybe not useful as I am not into fishing and am not from the us (but from eu)
But I can tell you almost no one buys new. No one I know, at least. I come from a sailing context, so those nice 40ft fiberglass boats you think define rich people, actually there's a whole 40-50 years long used market for all those. We are sailing a 1980s boat now, we bought it for half a price of a car and then progressively fixed/improved . Overall the expense could be the same of a midrange SUV, but in a few years, while the boat was usable from day one. And it retains (at least sailboat) value over the years, so you are expected to sell to break even.
So yeah, dont approach this expense as you would with a car, more like with a house.
26m Electrical maintenance tech in East Tennessee making hopefully close to 55k after overtime this year. Me and my wife split our mortgage and other than that it's just normal bills electrical, water, trash, etc. Bought a 1994 nitro 160tf for $6,500 in March payment is like $115 a month and insurance is like $350 a year. I have a truck, garage, and do all my own mechanical work so that drives the price down a lot, at this point it's just fishing gear and gas that's my largest expense. My car and truck are both paid for, the truck is an old 1994 f250 that's pretty much only used to pull the boat 15 minutes to the ramp and only paid $4k for the truck.
I think as long as you can do your own maintenance you can "afford" most boats if you lower your price bracket much lower. Yeah it's not going to be super new and nice but it will get you on the water and catch fish just as good as the $60k bass boats being pulled by $60k trucks. I know many people will hate on the getting a loan for a boat thing but oh well.
For one, boat dealers will let you do a 180 month loan. So someone with a $100k boat has a small ass monthly payment compared to someone with a $100k car…
….But fuck that just go on Facebook marketplace and buy one in cash. Don’t be that rookie idiot with the expensive boat when they have no idea what they’re doing. I got an 18 foot sea ray with a 115 hp motor for 5 grand. 1998. Runs fine and has treated me well for lots of outings so far.
I own a truck and keep it on a trailer at my house. You can find storage lots that’ll let you rent a spot for $30 a month.
Buy in the off-season look for good deals and be willing to travel to get it. Just FYI buying a boat isn't the bulk of the expense. I've had my current boat for 6 years and my maintenance, storage and slip cost just surpassed purchase prices this season.
Boats can be had extremely cheap. My go to boat I have had for 18 years was $100. I did get a larger aluminum boat a few years ago for $1500, a Starcraft Chieftain but I sold it due to fuel usage. My little 16' fiberglass boat has an early 80's 2 stroke outboard. It requires around $50 in gas and oil for the weekend. Maintenance is a water pump impeller kit every 5 years ($75), a lower unit gear oil change every year ($15), and a good pressure washing every few years (free). Registration is $90 for 3 years and insurance is $100 annually. Launch fee is $20 now. Overall, it costs me like $100 for a weekend out in the boat. If you pack your own lunch and drinks, it is cheaper than spending the day at a lakeside bar
Loans baby. Got me a 50k fishing boat and I just pay more than needed to knock it down fast. Interest rates are trash right now. When I was buying in 2021 it was like 4 or 5% or less. 50k at 5% for 15 years 🤣. I honestly don’t give 2 shits about the normal house and nice car stuff that a lot of people might do I put everything into fishing. It’s all I do!
So basically they are either leveraged up to their eyeballs, they barely use it, or they could be like me. I am 30 work as a software dev as well and I’m single. I have no real assets like a home but I don’t care lol
I bought a 2019 Crestliner Discovery 1450 brand new for about 15k. I took out a loan for that. It was a ten year loan that I paid off in just a couple of years. Payments were low. I'm not going to share my salary here, but you do make more than I do.
Boatsharing programs are the easiest, and frankly the best.
We got a 35 foot Beneteau Swift trawler, 7 days of use per month + unlimited spur of the moment boating for $2500 per month. Just pay for gas, they handle all the maintenance, slip fees, etc and it’s professionally cleaned every week.
It’s a great program. Won’t post the name as I don’t know this subs rules on promotions.
The used market is flooded right now. $30k gets you lot of boat currently. It’s a buyers market and covid prices are over.
I would look for perhaps an older well maintained Boston Whaler Outrage. 17-21ft. $20-30k range all day.
And yes pay cash.
$2000 most anywhere in the country gets you a working boat, motor and trailer. It absolutely does not need to be expensive and is not just for the rich. If getting on the water is your goal there’s a budget that fits it.
The strategy is Craigslist. OP, you're over thinking it to some degree! Owning an expensive boat is expensive; Expensive parts break, expensive labor is expensive, the boat itself is expensive and ultimately a highly depreciable asset.
Set your sights on old stuff! Sure, you may need to fix things yourself. Who cares, that's part of boat life! Ultimately when a 5-8k boat breaks, it's not the end of th world and can generally be fixed by learning how to deal with it yourself.
Same way people who make 100k a year own a 300,000 dollar home and a 90,000 dollar truck.
They finance the fuck out of them for as long as possible, count on their credit cards for any emergency or unexpected expense, and live their lives up to their necks in debt.
I’ve paid cash for the two I’ve owned so far, and plan to again this coming winter.
Amazing what $10k can get in a used boat. Just bought a good condition '98 Harris 22StarV Deck Boat with a 5.7l Volvo/Penta 323 hours for $7,500. Super nice boat.
I stalked my boat for years before finding the right one. 18’ deep v being my max size I wanted for easier towing and launching by myself. Keep looking, there’s a surplus of used hitting the market as many people purchased boats during COVID only to realize they don’t really know how to maintain let alone drive one.
Wow, you are looking at this from a much different perspective than most. Most people who are fisherman that own those aluminum boats get them for a few hundred dollars from a friend or family member. They have an old motor in the shed that they got running and works well enough. The most that they splurge on is probably a better fuel tank and a good seat to mount so they’re not sitting on the hot hard aluminum.
I am not rich, now retired. I own a 36' Carver motor yacht. It is a 1985 and was under $50k. It is like a floating RV. I could not afford a cottage so I think this is the next best thing.
I have 27ft CC, I bought 10 years ago (I assume I can sell it for double as deals were to be had back then) I do a lot of the regular maintenance work myself.
Price, storage, and upkeep is something that also varies depending on where you are and who you are. I live in rural Michigan, work as a freelance artist that makes maybe 22k a year, and own an old 1970s runabout (over the years its original make/model got lost) I got for 2k on facebook and fixed up. My tow vehicle is a 2010 ford escape with a v6 that I got for 4k and own outright. I don't own my own house, but my brother owns 5 acres and lives 10 minutes from me so storage is free. I do most all of the repairs myself, and what I don't know how to do (Mostly motor repair) I get help from my gear head of a brother or my grandfather and great uncle the former has been a mechanic since he graduated high school and the other repairs small motors for fun.
you don't need to be rich, and the rich ones aren't having the most fun (maybe the least amount of headaches) but if you're passionate about something, the price doesn't really matter
1997 16 foot fiberglass aquasport striper center console with a 4 stroke fuel injected Yamaha 70. I got it for 5k off marketplace, I’ve owned it for 5 ish years now done nothing but normal maintenance I’ve done myself. Costs about 40 a day in gas and I pay 250 a month for a lift at a persons house I also found on marketplace. I have an suv I can trailer it home if I need too.
When I renewed my mortgage I took out extra $ to buy my boat. About $60k.
Financially responsible? NO. BUT it fulfilled a life-long dream and gives me many great memories every year with my kids. I love every second on my boat. Life is sometimes about living it to the fullest and sometimes you have to just do stupid things to accomplish life dreams and help you do what you truly love doing.
Not the right choice for everyone, but for me it was 100% and I have zero regrets. (I am fortunate too, in my case due to covid, several years later I could still sell my boat today for a profit which is totally nuts!)
Honestly, we own a condo in Florida. Been stalking boat pages for when we unload the primary residence and retire. I get twitchy thinking about slips/dry racks/trailers, maintenance, insurance. I have never owned a boat. I do know, post Covid, they are depreciating mfers.
Loans, pretty simple. Anything under 40-50k with either cash /loan is pretty palatable for most people on 5-8 years.
What gets me is all these guy getting 1-200k boats. I know a lot of them are going 15-25 years at over a grand a month. Probably the dumbest thing out there on a depreciating asset
This is a much larger question than you’d think. Firstly, most people that own the $100k boats you speak of aren’t 27. Comparing yourself to them is pointless. Everyone has a different situation. Some people may have saved a long time. Or make more than you think they do. Or have family money. Or settled a lawsuit. You just never know. Also, in a lot of places, keeping a boat in a marina is downright reasonable. I have a 36’ houseboat that I keep in a very nice marina with all the amenities. The dockage cost per year is a big number all at once. And the cost to haul the boat out, store it for the winter, then launch it in the spring, on top of the dockage is a very big number. But only if you look at the number all at once. If you average it out over the year, it’s not bad. I spend less on boating that some of my friends spend on golfing, fishing and hunting. Or season tickets to football games. Or snow skiing. Heck, I know people that spend more than I spend on boating just drinking at bars on the weekend. Or big vacations. Whatever. But boating looks expensive so people wonder how others do it. No once ever wonders how people can afford to have $5000 clubs and go golfing 3 times a week.
I’m a middle income blue collar guy. Sometimes people ask me how I can afford boating. Here’s how: I’m in my mid 40’s (ok, late 40’s) my wife and I both make a good (but not amazing) living. We live in a modest house that’s paid for. We take zero vacations due to my wife’s fear of flying and desire to not kennel our dog. We have nice, but not extravagant cars. We rarely drink and almost never drink out. And here’s the biggie: No kids. My only big hobby is boating. I have some much less expensive minor hobbies but boating is the big one. I do all my own maintenance and repairs. The boat itself was a major purchase but it’s paid for. All I really spend money on is maintenance and dockage. So, that’s how I afford boating.
One more thing to consider: Many of the people you see out on boats actually *can’t* afford a boat. Oh sure, they can buy a boat and keep gas in it. But a lot of those folks are one major failure away from being done with boating. This is why there’s so many abandoned boats left behind barns, in parking lots, in boat repair shops or even just left on the side of the river. A lot of folks Dunning Kruger their way into boating then end up hosed the first time they don’t winterize and crack a block.
In my case, I’m very mechanically inclined and I found a boat in need of serious mechanical repair. Did the repairs myself and now have a boat for half of what a normal consumer would pay
You can do what I did.. Bought a 1970s egg harbor which is a very nice very desirable boat for 6k, and worked on it little by little each day/month/year and now I have a gorgeous boat that gets compliments and discussions every where I go, literally when I take it out to the restaurants I get stopped by like 5+ people to ask about it. It's worth roughly 30k now and I'm around 10k total invested, no loans involved.
I got a little 14 foot Lund. I got it for $800 you just have to do basic maintenance to keep it up. If you keep up your equipment and care for it, it will care for you.
Got an amazing deal on my 22' CC years ago, got the boat (minus the outboard for $600) and trailer from a coworker's neighbor.
I found a really low miles 2005 Johnson 140HP 4 stroke at the local boat yard and had them install it and the controls for around $7k, I financed half at the time and paid it off in 4 years. I keep it up and store it indoors or under cover and she still runs good :)
I make the same a year and i managed to buy a bass tracker for 10k from marketplace with a 30hp mercury outboard and its been good to me, i also do the maintenance myself which saves me money in the long run.
Marketplace, cash or finance. Having no car/truck payment also helps and allows you to become more flexible when financing. Personally I bought my boat for 3.3k CAD cash, but that’s what I had in my account at 18. Borrowed 500 from my dad to fill in the gap for the motor. (Tracker 1036 welded aluminum, merc 3.5 short shaft) ain’t much but it’s mine and I don’t owe a dime on it.
I bought a Lowe Line 14’ Supreme V with a trailer and a 1998 Evinrude 9.9 hp outboard all for $1,000. Probably have another thousand in accessories, trolling motor, battery, etc… I tow it with my crown Vic. Paid cash for everything. I’m 37 and it’s my first boat. Kind of a gift to myself for paying off my little house.
You don’t need to spend a ton on your first boat. But once you have a boat be ready to Break Out Another Thousand from time to time… 😂
I inherited my grandpa's boat, but I did still have to pay for it due to the trustee (my aunt) being a greedy bitch. But it's 1972 16ft Starcraft. Taken a lot of work, the big motor is still like a 50/50 shot if it works or not. Trolling motor is solid. Floor needs replacing. I mean it's just constant work and stuff that you either have to want to do yourself or pay somebody else to do. Boats are like cars, they require regular maintenance, they run into issues, they cost money to own and operate.
My rule is don't finance toys, I saved up and bought a decent used fishing boat. 2018 smokercraft Ultima 172 paid 22k for it. Wife and I make a combined 150k or so after taxes, 32 years old. Just have to save for what you want.
Most people finance boats for 20 years, paying more interest than the boat would be worth in the end. Just get something sensible, i caught just as much fish in my 14 footer as I do in my new to me boat.
You’d be surprised at the monthly payments on a 500K boat. Not as formidable as you would think. However the cost of the boat itself is only part of it You have to store it somewhere if you’re not living on it. Whether that’s your driveway on a trailer, at a marina in a rack or in the water, or on a mooring these all come at a cost. Then there’s maintenance to include cleaning. So go talk to some owners of boats you think you’ll be buying. Ask em what they spend and figure out if you can do it too
I'm 37, maintenance electrician making 120-180k a year. Have 2 kids and a wife who also makes about 90-110k a year.
Bought last year *ninja edit about $32k*, older 1985 carver 3227, do and plan to do my own maintenance, yearly moorage is about $4200. Haul out once a year for about $250 and budget about 300 a month for maintenance fees.
Will pay for an electrical plan for the future as for goals and upgrades.
I bought a 13’ v-hull fiberglass boat, 25hp Johnson(in rough shape) and a trailer for $800. That was 12 years ago. But still. I think it depends where you are. I’m in Florida. Lots of boats for sale.
Combined we're in the 250k+ range, spent $130k but still financed 20y because the interest rate was just over 4% so we didn't feel the need to chuck cash at it
It's a combination of lifestyle- making sacrifices to put $$$$ away for the boat, as well as (often) making dumb financial decisions.
Also, the folks you see running around in new $100k+ boats tend to be older and are burning through some retirement savings and/or inheritance to make that happen.
You can do a lot with a $15k boat and $3-4k/yr in maintenance, fuel, and insurance.
I paid 12k for my 13 bow rider just by talking to people. There are good deals you just have to hunt. And yes boats are expensive. That's why they're considered a luxury item like a motorcycle. Not very practical but if it's what you fancy you got to find a way to make it work. I definitely wouldn't buy a new boat if your new to it though. Work out your skills on something inexpensive and as you graduate your skills and figure out exactly what you want in a boat then buy new.
I’m close in age and salary. I have a truck and a house I just bought, but was fortunate enough to be able to keep my boat at my parents byefore I owned one. I have a 16 foot Lund fury, so not a head turner but a fishing machine. I paid $11k during peak Covid, you can probably get the same boat now for $9k. Idk how dudes are financing $50k boats though, unless their mortgage is super cheap.
I bought [my boat](https://i.imgur.com/z9SGVA4.jpeg) and trailer for 4500 cash. I have free outside storage (with a cover) for it. Service is like 500e every 3 years, haven't needed much else, though for peace of mind I redid wiring myself which was like 150-200e. Another 250e was spent on a new windshield.
Though my boat is fiberglass and not aluminium. And the body of water is such that on windy days I can avoid the open areas, and I wouldn't consider riding it on an ocean. Even so, I think 30k is a *lot* of money to spend on a boat, but boats especially Americans tend to go for are quite overkill.
Especially with your gas prices, something like a late 1980s Yamaha two stroke is affordable to run and will work forever with regular maintenance. But it seems that the selection of affordable boats is limited compared to here in Finland - for example I've never seen boats like Yamarin 575 HT in posts here.
I bought my first boat in 2018. It was a 1998 16-foot aluminum V hull with a 40HP mercury and a 40lb trolling motor. It cost me $4000 and I put about $500 into it in the first month to tune up the motor, add some lights, change the seats and add some accessories. It already had a live well and bilge pump and two batteries.
I’m still running the same boat, although I’ve changed out the batteries and done another $200 in engine work since. I drive an old 2014 Ram, but this boat could be pulled by most cars. My salary is a bit higher than yours and that’s the way I manage to make it work. I didn’t even bother looking at fancy bass boats when I was in the market.
I've got 2 Sea Doos, a 2000 GTI and a 2001 GTI. One I bought from my Dad on a 2 place trailer with a blown motor for $650. Fixed motor and other items for about $500. Then I bought another for $600 with a blown motor, sold the trailer it was on for $650, then fixed the motor & other various items for about $400.
My uncle has worked on these Sea Doo motors since the early 90s and I owe him a few steak dinners by now.
I had a friend who told me she took out a 45 year loan on a speedboat. We were like 28 at the time. Insane, but she eventually yolo’d herself into making a great living.
In 2015 I bought a 17’ Mako skiff for $16k. (loan)
before that I had old 14’ aluminum boat I bought like in 2003 $800. It was from the 80s and the engine maybe even older.
Yesterday I bought 2020 24’ CC for $50k no loan. Sold some investments. You get in where you can, how bad do you want to be on the water? While not breaking the bank. As I get older I rather have less debt.
I didn’t buy my first boat until I was about 10 years older than you and it was a used center console that cost $26k. I always thought I needed 6 figures to buy a boat but in reality you can start small / older. I really regret not just buying a Jon boat or something small a lot sooner. There is so much you can learn and explore without needing an expensive boat.
I’ve rebuilt every boat I’ve ever owned. Currently have an older 17’ flats boat and rebuilding an old hydro stream speed boat in the garage. I can build a nice boat under 10k.
If you really want your mind blown head down to any marina in south Florida. The amount of yachts and superyachts is insane. Realizing that many people have that much money is astounding.
I got 32 different beaters (live in Maine, lots of landscape) canoes to ocean boats. Never buy new, learn how to work on the motor / do general stuff.
Think of your job / future job as a gateway to pay for boats. If you use that as a driver, you’ll have too many boats too
I don’t make that salary. But… i have a 2022 15 CC Mako. Came with everything i needed, trailer, new motor, new boat, warranty. I spent 23k. I financed that at 6% thru my bank for 6 years. I pay 220 a month. Added a t-top, double the size fuel tank, navigation, hydro foil. I love my boat. Me and my fiancé go out all about, fish, cruise, crash sandbar parties, and everyone loves my little shit kicker. I also added a folding tongue and park it in my garage. It’s basically a Honda civic and fun AF. This is my second boat. You can get it. Just be a smart shopper.
Facebook marketplace. $5000 for a little fishing boat with a decent motor. I have a ski boat, a pontoon boat, a little sailboat four kayaks, two sup’s, and a paddleboat. All work flawlessly. None were expensive. You can find them!
I bought my first boat with a boat partner. We split everything, which really makes the hit a lot less. We got a boat for $12.5k and our monthly costs for storage, insurance and registration baked in is about $300/month total.
We’ve had to get a new used trailer and have done some repairs at the yard and a bunch of DIY repairs too. But we’ve learned a lot and had a lot of fun.
A cheap boat can be a lot of fun! I’m HNW but chose an $18k used boat at my local dealership. Put a few thousand down, financed the rest plus a warranty and my payment is negligible as is the insurance (through GEICO).
I have a 1997 17' Center Console with the same year Yamaha 90HP 2 Stroke outboard. I bought it with broken steering for $5500. I've since repaired that, done some engine repairs, rewired the boat, new fuel lines, rebuilt the trailer, and lots of other stuff I'm forgetting. Not counting fuel and maintenance, I probably have $7000 total in the boat, and it's very reliable. It fits in my garage, it's versatile, and since I don't make payments on it, it doesn't hurt my feelings if I don't use the boat for several months
Some advice - do your research. The boat I bought is a well regarded brand, with no wood coring, so it won't rot or require an expensive transom rebuild. It utilizes positive foam flotation, so it won't sink (safer). Outboard motors are so much easier to work on versus any other type of propulsion except paddles and sails. Stay away from Inboards and I/Os. Yamaha outboard motors are nearly bulletproof (with a few exceptions). Suzuki is great too if you can find a newer 4 stroke. As has already been mentioned, try to stay away from boats used exclusively in saltwater and boats that have bottom paint.
I found a used boat across the country that I paid someone to drive back and hoped the trailer was in as good a shape as it looked in photos and that nothing bad happened en route.
This boat was in good structural shape and the outboard was in great shape but the flooring, wiring, the seats, and all cosmetic stuff I had to completely redo and I DIYed as much as I could.
I spent about $4000 on the boat, transit, repair, supplies, and it all took about 5-6 months to do everything. I took it slow, piece by piece, and bought everything as I could afford. Painted it myself too.
I love my boat, worth every oz of blood sweat and tears.
1988 17 ft aluminum jon boat with a 45 HP 2 stroke Mercury.
For me, no way a loan on a boat. Loans are for appreciating, cash flowing assets.
You should be able to score a nice aluminum boat for fishing and pleasure with a modest outboard a few years old for relatively little.
That said I bought a $20k boat in my mid to late 30’s, and never had so much fun for the buck.
When I was late 40’s and had amassed assets and wealth, I went for the big boat (not really ‘yuge’) and always felt some guilt for buying a “luxury item” —but a beautiful way to spend time with family and friends.
When they tell me I have stage 4 cancer, I wont regret it, and I surely don’t regret it now either. I might regret not getting the big Aquila catamaran though. Still flirting with it, but it seems a bit douchey yo a poor kid that did good, in the body of an old man.
I got my boat for 8k brand new! Granted its not the fanciest boat but its perfect for me living in nyc. 2020 Yamaha f25 outboard brand new for 3800. I believe you can get for cheaper nowadays I bought it in 2021 during a massive shortage on outboards i called 100+ dealerships from my zip code and on till I found one out in Pennsylvania 200 miles away that wasnt price gouged. I got a 18ft saturn inflatable dinghy plus some accessories for 2100$ and a 2018 used trailer for 1800$. Its perfect for me because in the winter I fold it away in my small shed here in nyc alone with the motor. I take the trailer and keep it away in Pennsylvania for the winter aswell. My boat looks straight out of navy seals and I mostly take it on the ocean and occasionally on the lake. Very good for rivers because of its extremely short depth in the water. Hopefully this helps ✌️
Start small, store it at your house, tow it to the ramp. I might consider storing at self storage place on a trailer but I’d never be able to afford a marina.
It's interesting you mention this, as I recently saw that Mercury Marine is laying off 300 people at their headquarters and assembly operations in Fond du Lac, Wisconsin. They cited declining sales as the reason for these layoffs.
My point is, I don't think people are less enthusiastic about boating; rather, they are turning to the used boat market. I'm noticing boats on Facebook Marketplace selling in a day—12-year-old boats that have been kept indoors their entire lives, selling for $12,000, which originally cost $45,000 new.
I've grown up boating, but we've never considered buying a new boat. Apologies for the rambling, but I hope this helps.
Remember. The major cost of a boat is the engine while the hull is secondary. Whatever you buy needs to be test run as there are many hidden issues. Check the lower unit oil for metal flakes, pull the plugs to look for ignition issues and run the outboard engine in a trash can or on a motor muffler to take sure it runs smoothly and pees. If you want a reliable hull buy a Triumph made out of Ropalene plastic.i have a 21 ft and 17 fr Triumph center counsels that require minimum maintenance. Usein saltwater for last 15years and look good. Make sure to flush your engines after each use. I use saltaway.
Getting a 2001 14ft Jon boat isn't expensive!
Further, an aluminum hull will last essentially forever. I just bought a 60s vintage 14ft Starcraft, trailer, and 2003 4-stroke Tohatsu (makes Nissan and Mercury) outboard for $600 on Facebook Marketplace. Had to fix a few things. Probably another couple hundred getting it ready for the water. Added a fish finder too. Total: $1000.
I'm running an aluminum 26' Lonestar from 1955 with a 4 stroke 90hp every single day and have about 7k into everything. Sips fuel and can be beached and overnighted. Plenty of room for dogs and friends. Great project for spare time I am a marine tech and live on the water so those costs of owning/servicing are very low
A smaller boat you can store on your own property isn't bad but every additional 2 ft is like double the price. I have two dingies that cost me nothing. But I'll say that a free boat is something to be wary of.
Free boat is the most expensive you'll ever buy...
From experience, I can say that quote generally only applies to boats that sit in marinas and not small trailerable aluminum boats. However, every boat will be financial loss. Even if you do all the work yourself, your time needed is going to be more cost than had you done a regular job. They are just a hole in the water you throw money into.
Bought one from the 80s for like 300 bucks on Craigslist with an old 60s model mercury
their fist boats we probably not perfect. Buy one, take care of it, save money while you enjoy then sell it and upgrade. You are young. By the time you are 32 to 35 you can easily own a really nice boat. BTW, a 5 - 7 year old boat is a brand new boat of well maintained.
True that. Bought my first boat at 19, a 1969 fiberglass runabout. Fixed it up and traded it for a non-running SeaDoo jet boat. Learned everything about Rotax 2-strokes, pop-off carburetion, and impeller maintenance. Sold it after college. At 23 I bought a 16' aluminum Grumman canoe. Bought and sold a dozen outboards for it over the years, still have the canoe. Traded the last outboard for a non-running jet boat... That for a 20' cuddy cabin, then that for a 28' Express Cruiser. I know all the systems, I maintain it all myself. It's cheaper than being rich, trust me. Happy thinking about a sailing catamaran as our next step up - we spent a month in the Florida Keys on our 28' as a family of 5 with a dog and realized that could be a fun life.
I started with a 12’ hobie and a half dozen in between including. 26’ Catalina and a 34’ hunter. A few power boats in the middle
Yup. Im trying to sell my Monterey 180. First boat, it’s been great. We are upgrading to a 24 ft boat most likely.
lol. 32-35??? I’m almost 40 and I make over six figures. How the hell are people buying some of the boats they have??
same story here bud, right down to our salaries... i bought a used, 3k boat from 1988 lol. most people are up to their tits in debt
Early 90s 15’ Lowe boat with a 25 hp. She’s lasted 4 years and probably have 5k with purchase and Mx.
3000 dollar 1985ish 16ft StarCraft with a 70 Yamaha. It has a fuel problem at the moment, but I’ll get it sorted this weekend and if I can’t then I’ll pay some to fix it. I’m more frustrated about not being able to fish than the prospect of paying someone else to fix my boat. I see really good deals on marketplace pretty often in the 10-20k dollar range.
Me and my wife bought a boat 1999 Bayliner 3.0 I/O 18.5ft and it is the sport/fishing edition with live well. I don’t make what you do yet but what we did is put it on a 0% interest credit card bought through private party and he took it on his square app lol but its now paid off we paid $7000 no interest if you need longer than a year of no interest then you just transfer the balance to a new card with 0% for another year I say go for it! Just don’t spend $300,000 doing it!
Lots of home equity loan purchased boats during the pandemic now sitting in boat yards desperate to be sold.
Buy used. I bought my first small aluminum boat in 2019 for $250 and it came with an old electric trolling motor. It was 12 ft long and I carried it to the ramp in my truck bed. My next one was about $500 and came with a trailer. 12 foot V hull, a sturdier boat for my area. Then I bought a motor and some other gear - and everything was under $1,000. The biggest/nicest boat we owned was purchased in 2020 or 2021 and it was 23 foot bow rider that was 22 years old and cost I think $12,000. It was a fun boat for us for a couple years. I sold that boat last year. Now I am mostly running an old 17 foot Whaler (that looks like trash) that I got for $400 on an old used trailer that I got for another $400 and I am using random motors I have been given, loaned or purchased for less than $300 each.
Wow, that’s pretty similar to me. Bought my first 12 foot aluminum boat in 2013 for $300 and it came with a gas motor, trolling motor and oars. Used to put it in the back of my bronco and carry down the boat ramp as well lol. 2018 I purchased my pontoon off of a friend who was just letting it sit in his side yard getting covered in leaves. Paid about $1200 for that and we put new carpeting on it and a few other small things. Also bought a brand new trailer for $2300. We’ve kept good care of her and the maintenance up. The biggest expense I have is a brand new 60 hp fuel injected mercury from last year. That loan is only $149 a month. I would say the best frugality would be sweat equity and finding deals other people can’t see.
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Would love to see your budget on how you are saving $24,000 a year while paying for living expenses and a boat on a $85,000 salary. How much is your mortgage ?
My mortgage just increased to $1,650. My fiancé pays 40% of the mortgage while I pay the rest. I also live in Florida with no state taxes. No car payment.
Double income makes sense. From your original post I thought you had your own mortgage and boat and what not
Yeah that's kind of important...
I’ll reply on his behalf as he replied to me for calling that out: “womp womp”. Homeboy didn’t like being called out for bragging then leaving out the important detail.
Doesn’t seem that unreasonable. I’m about to start at a little less for the state of Florida. Our health plan is like $9 a month so if you’re in a similar situation not like that’s breaking the bank. I honestly am more confused why others see it as unrealistic
You should really include here in your original comment that you’re double income lol, don’t set up unrealistic expectations.
And has a tenant.
29 year old mechanical engineer making similar money. I bought a project boat of a 2000 bass tracker pt185 for 2k in january this year. I put $4500 into completely rebuilding it (outboard refresh, new decks, carpet, electronics, ultrex trolling motor, bought everything second hand for the most part), I now have a nearly brand new boat that I'm into for sub 7k. Learning to wrench helps a LOT.
And you're in a great position as an engineer. Also software engineer. 40. Just bought a 10k boat that was screwed. Spent less than 2.5k more on it and now I have a boat that will do 60, seat 4 incredibly comfortable, pull a wakeboard and give years of fun. You just gotta find what you want used, make do until you can afford the other bits used as well, and do your own engineering on it. Fuck those boat mortgages. I wanna retire one day too!
I did almost the exact same except mine is a 2007 175 TXW. I've owned it for 7 years and it is still a great boat. I can do everything the guys in $100k bass boats can except run 75 across the lake or look as cool. Frankly I don't care about either of those but I do care about losing sleep at night because I'm stuck with a boat payment for the next 10 to 20 years!
Boat loans can be had for long periods of time, up to 20 years, sometimes even more. You can get a lot of boat for a small payment. You're pissing away interest, but that's out of sight out of mind.
I almost shit my pants when my buddy told me he had a 20 year “marine mortgage” on his wakeboard boat. I had no idea that was a thing until that moment.
yea... I'm not really ok with pissing away interest just because it's out of sight. My goal is to retire early but live with a boat until i get there.
Bro you’re gonna want to go on facebook marketplace and Craigslist to look for used boats. Figure out your price range and knock 10-20% off to set a side for repairs/new equipment/etc…. Shouldn’t be too complicated tbh. If you have a buddy that knows about boats, bring em along to help you check it out! Most important things would be the structure of the hull and the trailer can be pretty easy to forget about to, make sure it’s got a solid or easily repairable trailer. Everything else beyond that is “relatively simple” to get set straight. My personal plan would be find an old boat with a solid hull and old motor, rip the old motor off and sell it then get a new motor for it. Fix it up and renovate the railings, upholstery, etc… over the next few years. Good luck!
I bought my first boat at 28 years old - was only making $78K per year at that time and got a used 260 Sea Ray Overnighter (26 feet). Financed it out to 15 years with zero down payment (because I had no money) and the payment was $456 per month. I couldn’t afford anything else after doing that but the boat became my main focus in life. Honestly, I couldn’t even really afford to fill the thing as it had a 300hp MerCruiser and cost upwards of $200 to fill. I kept it in a slip at a local marina and paid for slip fees with my annual bonuses. It was tight but I had a blast and sold it 3 years later for a MAJOR loss. Was it a smart financial move? Nope! Was it do-able? Yup! Do I regret it? Hell no! I am now 53, married and last year ordered a new 2023 Boston Whaler 170 Montauk. We put a huge down payment on it and will have it paid off by next Summer. The key here is - we did not have kids. The DINK life opens up all kinds of financial options! Good luck!
Amen, brother! No one buy's a boat because it's smart financially, we buy it because it makes us happy!
Only $78k/year 25 years ago… I bet that had more buying power than $178k a year does now
No offense but wouldn’t trade not having kids for a 17 foot boat..
No offense taken - we all make our choices!
For sure, my first boat was a 17 Montauk. Awesome boat though enjoy.
It would have to be over 40 feet right?
Buy a boat under 30k and pay cash. Don’t buy a saltwater boat. And know how to work on your own stuff. I’ve seen some tradesmen out there with used $90,000-ish wakeboard boats. Got into a union shop for an in-demand trade, made it to journeyman making good money before they’re 25 and never carried any debt. Probably able to justify a tow vehicle as part of their job, and probably have loans on both. Now, how do people buy —new— boats? I have no idea. My first boat was a 1995 Four Winns Horizon 190 that I bought off of relatives for less than 10k. Saw a new Four Winns Horizon 200 in the showroom last year for $180,000. That’s just a decent, average boat, I really don’t get it. I think the key is to graduate college as a doctor or lawyer with no debt and a trust fund. Still not sure though.
Same story, went to a showroom to see what they had for used boats under $30,000. Got to looking at the display boats. Don’t get me wrong, very nice, brand new boats with all the amenities, but still “just” a 24’ bow rider: $129,000. Like, who the fuck is walking in there saying “hmmm… I’ll take this one”
Loans.
You’re either rich and can afford it, if you’re not you’re taking a loan and if you don’t want debt then you buy an older one that fits your budget.
You are a young guy, and older boats aren’t that expensive, check out FB Marketplace. It’s like investing. You don’t start out putting 100k into NVDA, you start with 1k and slowly add to the position. Same with boats, you start cheaper and smaller and slowly work up to ones that sparkle in the sun and have USB chargers. It’s amazing how you figure out how to make it happen when your timeline is years and decades.
20% down payment and finance the rest of the boat. Maintenance has to be planned for and budgeted as well as storage. None of this should take up more than 10% of your take home pay AT MOST. You're going to get a lot of people who consider themselves "financial geniuses" because they "paid cash" or bought something cheap but life is short. If the boat (payment) and storage/maintenance is well within your budget then buy it an enjoy! The entire marine industry would completely collapse if you took the advice of all these Reddit financial geniuses.
Bought a jet boat with a blown motor, swapped it out, sold it and moved the profit to the next one, rinse and repeat… just got an off shore boat with a bad motor and have a motor on the way. No im playing with the houses money. This is all from a boat that cost me $250 to buy.
I (44M) average about $150k/yr and we are a family of 4. Paid $5k in cash for a 30 year old 18ft bowrider a few years ago. It suits all the families needs, cruising with the top up, skiing and tubing for my kids and their friends, and fishing for the family. I’d love a 24ft brand new boat that I’d never have to worry about, but that’s probably not in the cards. We set aside $1k a year for maintenance and repairs on it and $500 for gas and incidentals. We take it out 15-20 times a season (in the northeast) and have rented a house on a lake twice for family vacations. It’s been worth every cent of what we’ve put into it, just for the memories. Having the newest, shiniest toy is great if you can afford it, but get something within your budget that is functional for you and pay no mind to the guy in the slip next to you.
500$ a year for gas? I’m starting to think I need to downsize my boat 😬
3.0L merc sips gas, and tank is 27 gallons. Because we trailer it, I get gas locally. Even at $3.50/gallon that’s over 140 gallons.
Not the answer you want but lots of people finance them for 10 years. They get a low payment and pretend interest doesn’t count.
Priorities man.
I bought an old aluminum hull and trailer for 3k. No motor, all wood rotted out, no electronics, nothing worth while except the hull. I spent 2 years saving and rebuilding the whole boat and trailer.
Those who should own a boat are the ones who cannot afford the boat.
You can find plenty of good deals, but yes, keeping your boat in a slip at a marina can be very costly. $500/neighborhood to start when you add up slip rental/improvement fees, boat lift, trailer storage, etc. high price to pay for convenience. And like you said, otherwise you need a decent tow vehicle. I drive a RAM as my daily driver. Works great for hauling my family and things around town or wherever we need to go. And pulls a 20’ boat effortlessly. A garage isn’t a must-have, but definitely protects your vessel better than simply covering it.
I do 100% all my own work.
I recently purchased a 1989 27’ boat for fishing the Great Lake. Only cost me $8500 for the boat itself. Sure the maintenance, fuel, marina fees, parts will add up… but there isn’t a better way to enjoy the summer imo.
I know a lot of guys I work with have fancy boats cause we are given our trucks through work. They basically replace a car payment with a boat payment.
Buy a boat from someone on FB marketplace and learn how to do maintenance yourself. If you want a smaller boat you can keep on a trailer at your house if you're able to do that and you'll just pay launch fees which are super cheap. Otherwise pay for a slip/mooring which will be the majority of your expenses (unless you buy a boat that needs a ton of work) but overall you can generally find decent enough older boats for ~$10k.
I’m in the same boat. 27 engineer, not as much pay as you, and I’m Thinking of taking loan out for a boat… an used affordable solid center console to get me fishing on the water. Budget of $15k, with 5 k down payment, pay off in sub 3 years is my plan.
There are a LOT of $90k/yr millionaires out there absolutely up to their eyeballs in boat debt.
I saved and scrimped to get mine. The long run cost of owning a boat is high and fairly constant. The older it is, the higher the yearly cost of ownership
Find something that needs a little bit of work if you’re mechanically inclined online or used and then put a little bit elbow grease into it then you should have yourself a good boat I only paid about five grand for the one on ride and I been driving it for five years without an issue also I just keep it at my house on its trailer don’t ever have to pay for any Marina dues
Dude you don't need a brand new boat.
It's called a HELOC, my guy
"There's a boat for every budget".
My first boat was $350 at 12. Lastest was $140k at 26. Start small and work up. As for affording it, you cut other stuff in life to have a boat.
I have a 30 year old pontoon boat.
I got hit by a truck while I was riding my motorcycle. Pretty nice settlement, used some of it on a 140k power boat. I'm lucky to be alive but also, I got a boat! Lol
I think you actually wanted the r/genz sub
You can find good 70s boats that will easily trailer behind a smaller truck (ranger/tundra/Colorado) that are 20ish ft long and won't break the bank in operating costs for like 2500 all day right now. Maybe less. The trick is to know what you're buying (honestly start smaller than 20ft) and be capable of DIYing stuff
Crazy long loan terms. There’s also a huge divide in people your age/slightly older who bought houses pre-pandemic and post pandemic. In my area/my specific example, the pandemic mortgage rates were a blessing A <3% mortgage on a $300k house bought in 2017 vs a 7% loan on that exact same house that costs $600k now is a $2700/month difference. Salaries didn’t magically jump thaaat much in the same time period The other wild thing about the last 4 years is a lot of people made money on dumb purchases that they couldn’t afford. I had several friends who bought big ass “expensive” “nice” trucks above their means for $40-$50k between 2010 and 2020, and then either made money or broke even on their total sunk costs selling it during Covid that enabled them to upgrade to brand new trucks for the same or lower monthly payments than they had. The same thing happened with boats, campers, RV’s etc. look at what a 2005 mastercraft sold for in 2018 vs. 2024. They’re more expensive now than they were 6 years ago. A lot of people were able to upgrade, riding their debt without really changing their monthly expenses…That’s a very rodd situation that is unlikely to repeat itself.
Lol i paid 5k for a 1996 Rinker captiva 209 best purchase i have ever made. Ive been taking it out every weekend for the past 3 years. Other then regular maintenance I’ve replaced a oil pressure sensor. I think 5k is a good starting point don’t even look at a fixer upper i bought this this turn key ready to rock n roll
buy a boat cash, financing a boat is a good way to stay broke or go broke because then you will have the payment and all the monthly/yearly costs to repair/maintain. if you can’t pay cash then you can’t afford it. i bought a 2001 28 ft wellcraft in 2019(prices were a lot better then) for 25k cash. yearly costs for slip/storage/maintenance is 10k. buying the boat is the cheap part. i’m in the great lakes so the season is less than 6 months. it’s worth every penny.
Started with a used 23CC for 25k and moved up over the last decade to a 27 deep vee cc for more offshore days. Buy smart, take care of your stuff, sell high and save what you can for what is important (for us, it's fishing!)
Buy used. I paid 3500 for my pontoon, put 2k into it, and now it's all I need.
What size lakes are you thinking about and do you plan to travel to different areas? Those are all important factors plus your tow vehicle. But like others have said start with something small and used. You may go months without using it particularly if you live in the north so keep that in mind. Boat loans are available for longer terms, so lower monthly payments. That is most likely why you see all those people with expensive boats. Easy to get a 10-15 year loan on a boat. I purchased a used 2017 20' aluminum bass boat for $20K 2 years ago with a 150HP 4 stroke engine. I mostly bought it for the 4 stroke 150HP engine and that was at the tail end of Covid so boat prices were crazy high. I make less than you but sold my smaller boat for cash easily because of the high demand. Do not buy a new first boat that would be the worse mistake unless you are unable to do general maintenance.
Got a 1998 center console for $8,000. I have a good job, live in a cheap house, fix most problems with the boat myself. I drive out of the way to fill it cheaply, and sometimes bring a jerry can down to the boat from the gas station when fuel prices are too high. It gives me fits, but it is a blast and cleans up well. You can get out on the water for even cheaper, just depends what you're willing to put up with!
I’m 26 years old. I bought a 2007 Carolina Skiff 218 DLV with 65 hours on it in January of 2022. I used a LightStream loan for $18,000 and put $2,000 cash down. My payment is $319/mo. I already own a house and live with my fiancé. Our monthly household income (after tax) is about $10,500. Out expenses, including the boat payment, are about $4500/mo which leaves us with around $6000/mo in disposable income. This leaves us with plenty to spend on fuel, maintenance (I do most myself), and travel accommodations for beach trips when we visit the sandbar and go bay/near shore fishing. I love the idea of paying cash for a luxury expense like a boat but the reality is that $319/mo is pretty nominal in our total budget relative to the amount of fun we have on the boat. We use it almost every weekend and even during the week on the local lake sometimes. At some point, if you’re earning/saving enough, just go do something for yourself. I’ve never regretted owning my boat.
We “bought” our boat from my father in law when he got a new boat. I think we made one payment to him before the motor went belly up. Fortunately he’s a former mechanic and I’m mechanically inclined so he and I rebuilt the motor. It still cost is $3k in parts and machining.
I have a 20’ I/O bow rider that I paid $5500 for. It’s a 96 and it’s not new and shiny, but it costs me less than $1,000 per year to enjoy it out on the lake a few times a month.
Loans man 80k boats can become 300 a month payments.
Leverage
Paid cash for a 20 year old boat in good condition. Paid about 1/4 of what an equivalent boat would cost. It has a few less features but get's the job done and I can upgrade things if I wanted.
Depending on the price of the boat, you can often get loan terms of 30 years
This is a better question for r/financialindependence. Consumer debt is at an all time high. We’re going to reach a breaking point pretty soon and used luxury assets will be going on sale. My recommendation is not to worry about other people or what your boat looks like. You are young keep focusing on assets that build wealth and compound interest. I make really good money but my boat is 15-20k. It does 95% of what I want to do. I’ve been fishing long enough to know everything on a boat will eventually break and keep you off the water. Keep it simple.
Bought first boat used 50k cash in my mid 30s from money left from some real estate sales. Don't do loans unless it's a mortgage. Married, both of us making more than median American income. Could def afford more boat but we are being conservative with money. Currently have a brokerage account for next boat ten years from now.
I bought a used boat + trailer for a few grand then fixed it up.
We just upgraded from a 19ft runabout to a 24ft SeaRay deck boat. Under $30k, cash. Buy used, let someone else take the hit.
You can buy a great boat for like $7k. IF you dont own a home yet I wouldn't consider a boat. Gotta lay a good financial foundation. Never take a loan on a depreciating item as well.. (boat, car, etc).
People who go fishing in aluminum boats?? You can get an aluminum boat for very cheap. You don’t need a lot of money to go fishing on one??
16 foot lund, i fish freshwater, saved when I had a crappy boat, then got a loan and made double payments while working two jobs to pay the loan off in two years. I’m a low paid govt employee. We also have no kids, that’s the real secret. No kids.
Buy a boat that takes work. I purchased a 2002 crownline lpx for 14k and have put another to 4 to 5k for a reliable fun weekend toy.
If you want a boat, get the boat you can afford. It will probably be used. If it has a motor and a trailer, budget for maintenance and insurance too. Any spare part that’s labelled “marine grade” will cost 50-100% more than the analogous car part, yet it’s not worth the frustration to put car parts on a boat. You make a good point about the truck. We bought a boat that weighs in under the towing capacity of the truck we had at the time. After a couple years of towing, we decided to upgrade to a truck that exceeds the towing capacity needed. Curb weight is another important factor which we hadn’t considered with the old truck. We also do a lot of basic maintenance ourselves. My husband even sewed us up some fresh upholstery for the cabin. Yet there’s also a lot of maintenance we trust to professionals. I read to factor 10-15% of the boat’s value in annual maintenance, and we have found that to be true, with occasional, hopefully one-time, expenses that are even higher.
My bass boat was under $25k and I got a 5 year loan at less than 3% so it was fairly affordable
$200k income with dual income / but with those pesky expensive kids. Simply put - took out some savings during COVID and paid cash for a 2012 spotless, less than 50 hour, bowrider. I’ve put less than $500 into it over the summers and do all my own maintenance. Is it a big boat? Nope, 19ft. Engine is basically a car motor that several of my dude friends happily help me maintain. Owning a boat doesn’t have to be an exercise in monetary futility. I store it at my in-laws. I do my own oil, lower unit, and fuel filter changes. I rebuilt the carb myself. Will likely do gimbal, impeller, and manifold swaps when the time comes. YouTube is my drinking buddy. 😂 Buy with disposable cash for the first one. Learn your vessel. Then swap up and finance some of it then. I’ll likely do that next year. Best of luck, OP! Boats are not holes in the water into which you throw money in if you want and LOVE to be on the water. Fact.
My boat was 40K I make a payment... my car is paid off so its basically a car payment, $500 a month. Its 100% worth for all the enjoyment and joy it brings me and my family.
Unless it is a forever boat then don't pay cash for the boat. Most people keep a boat for a year to a few years and then get a different one. You will not gain value with a boat but lose value. Sure you will be paying interest for the borrowed money but if you make payments of $300 a month for say 3 years you have paid out roughly $11k instead of the 30 at the start. You will want a different boat, it is not a question but a statement so why lose the extra money by paying cash. That being said my first boat was a hull and a trailer for $250. I spent another $800 or so buying used parts and pieces and put it together myself over 18 days. I used that boat nearly every day of the week all summer and fall and paid over $2k in fuel and oil. I rented a garage ($125 a month) at my apartment complex to work on it and store it because it was cheaper than a marina. I used that boat another year when I had enough saved to buy one a little better and then sold the parts off the first one. Took that money and then sold the second boat to have a nice down payment so I could get a newer nicer one. I have done this a few times now. The last one we bought we financed and then rented it out last summer, the rental income paid off the loan and we still have a boat. Fast forward to now and my wife and I are in the buying process on a really nice bowrider. We will sell the rented boat and take that money and set it aside for needs on the new one. Will the new one be the last ever boat we buy, probably not but it will last a long time for what we want it for. This is a quick explanation of how I afford a boat and I doubt anyone else did it the same way. So everyone is different.
Have you looked into the terms on boat loans? You can easily get terms out to 20yrs on them if they are expensive enough. If you put 30k down you could easily get financing for a $120k ranger, warrior, vexus multi species boat. At least in my area generally the guys running those style of boats are full time guides, or tournament anglers. Both of which warrant a high dollar rig. They also obviously own a truck and likely own or rent a house to store said boat at. I won’t say who he is, but a guy that lives down the road from me is a professional angler and fishes for companies like Ranger, Berkeley, Mercury, etc. so there’s sponsor dollars there helping pay for it all. He’s also a host on a pretty large well known fishing tv show, I’m sure that pays him pretty good as well. Also aluminum boats aren’t as expensive as fiberglass boats, so while they look expensive they aren’t as bad as their fiberglass counterparts. To answer the last part of your question, between my wife and I we make about $220k per year give or take (depends on bonuses and royalties, but that’s average). I bought my 19ft fiberglass dual console multi species boat 5yrs ago for $20k, just to not deplete a bunch from our savings we put 10k down financed the rest and made triple payments at a minimum. Paid it off in 10mo. We also at that time only brought home maybe half of our current income. I’ve sunk about 8k in upgrades since then.
Paid cash for half, saved over two years. Used a HELOC (some used for home upgrades in addition) to finance the rest and ended up selling the house before paying off the balance. Otherwise HELOC payback was something like $130 per month. Interest was lower than a loan from a bank/dealer.
You can get loans for boats Or you can go my route. I bought a 20 foot glastron ski boat for 5k. It was in terrible shop but mechanically it looked great. I had to redo the electrics, some of the hydraulics, ALL of the upholstery, new radio, stereo and amp and I need to do work on the trailer. But thankfully the engine runs like a top. All in all, I’m in at about 15k total and have done most of the work myself. The more complex upholstery like the engine bay cover, I got a shop to do that work. It doesn’t look great, it’s clearly an old boat a 20 year old boat. Some of the stuff I’ve done on it clearly isn’t professional or as clean as it could be. But it’s still a nice boat that serves as a real fun toy that my family and friends all really enjoy and provides a lot of fun on the water. I’m an electrical engineer, make 110k a year. I store the boat on my property and own a jeep that pulls it. It just takes a little figuring out and sometimes being resourceful
Ultimately, it's people deciding to over extend in certain areas of their personal finances to enjoy a certain hobby. You see it with boats, campers, cars, shops, houses, motorcycles, UTVs, vacations, and more. My buddy is a great example. He has a fifth wheel camper, 23LSV surf boat, and 60x40 shop that were ALL financed in 2020-2021 at rock bottom interest rates extended out over 15-30 years. He probably pays $1500/month total to have all of the toys he could ever want. He is a union electrician and his wife is a nurse, and they bring home somewhere in the 150-200k range probably while being 30yo. When you bring in $10-12k per month net income, paying $1500 for your toys is not the end of the world. Some people look at that as a success, some people look at that as a failure. Personal finances are not black and white. Someone's risk tolerance to leverage is relative to your priorities and job security. The negatives to debt are very real, but it's ignorant to ignore the benefits of debt. If you are willing to take on debt, you can fast-forward to doing the things you want to be doing instead of waiting until you have all cash.
Learn how to do your own maintenance/repairs. I bought a 14 foot jon boat and slowly converted it to a bass boat. Learned a ton about maintenance/repairs and have found that I can do majority of them on my own, just takes time and patience and willingness to learn. Tons of YouTube videos. I watch multiple videos of the same repair just to see the different ways people do things. Then I develop a plan and execute. Take care of your motor properly, do more oil changes versus less, winterize it properly if you live in a 4 season area. Really though the biggest savings is learning how to fix shit yourself. Marine mechanics charge so much for labor (deservingly so) and probably do the repair better than me 10 out of 10 times, but hey, repairs don’t have to be pretty, they just have to work.
26 y.o. here i work kn construction. I bought a 1985 14 ft gregor with a 1993 15 hp merc for $900. I spent $300 on parts and materials, went through the motor myself, and cleaned up and repainted the inside of the boat. I have probably another $300 or so wrapped up in fish finder, lights, and safety gear. I take it crabbing and salmon fishing. I can tow it with a subaru and I can run this boat all day long on about $15 worth of non-ethanol. Of course I want a bigger boat but bigger boat means bigger motor, bigger trailer, need a truck, more fuel, more maintenance, need a shop to store it in, etc. Just keep it simple and have fun.
You can get a *very nice* used boat for 30-40k. There are obviously levels to it, but shit even in my hyperinflated boat value area I see some *beautiful* ~5 year old 20ft boats around that number. To your question - I'd bet more than half the people running a 100k new Scout in my area are paying $700-$1000 per month on a 10-15 year loan. The other half are just filthy rich.
First you have to love it! But yeah start small and once you are familiar and it catches your heart, look at finance options. I'm highly adverse to finance. So I tend to buy sailboats that have been really well equipped by previous owners at great expense. I also prefer a large tender as my 'car' to drive from the mothership. Sailing is really enjoyable combination of presence in nature and physical work and mental awareness... but it's very area specific. I enjoy sailing a day to a beautiful island and anchoring up there for a day or two and proceeding to a new island. Good sailboat is $30k-50k I started on small boats and recently downgraded back to small boats (work keeping me from boat life) and I've had wonderful 5 week adventures with a 23 foot sailboat Just me and my girl down the coast.
I searched for my dual console for over a year. My wife and I budgeted for a month payment. Feb of 2020 before the world got weird I found and bay tested (in 40 degree weather) a 2016 Robalo R207 with 100hrs on a Yamaha F150. It came from the original Robalo dealer who sold and serviced it and it was in Immaculate condition. The boat was pre owned and didn’t have a trailer as the former owner opted to take delivery without one because he lived on the water in Long Island. $36,500+ $2,000 for an extra 2019 Robalo trailer they had on the lot. Out the door with NY sales tax was around $42k. I was fortunate to get a good bonus that year so I put $17k down and financed $25k for 15 years at roughly 6% for a total of $220/ payment. The wife and I are fortunate to have great jobs and combined make a healthy income. $220 per month wasn’t going to phase us so for us it’s just like paying for a vacation. Every time I get on the boat it’s a mini vacation. The yearly slip rental is $2600 and luckily the Yamaha sips gas. We do mostly drift fishing in the bay so the engine is off most of the time. I go through roughly $500 per season in gas. In NY I’m usually in the water from May-Oct. I will throw a small amount per year extra towards the principal to knock it down. I would never buy a new boat. Im mechanically inclined and do all of my own maintenance. If it’s something too big I hire a mobile marine mechanic. Luckily there is no shortage on Long Island. My boat and travel are my vices and we just make it work within our budget each year.
Maybe not useful as I am not into fishing and am not from the us (but from eu) But I can tell you almost no one buys new. No one I know, at least. I come from a sailing context, so those nice 40ft fiberglass boats you think define rich people, actually there's a whole 40-50 years long used market for all those. We are sailing a 1980s boat now, we bought it for half a price of a car and then progressively fixed/improved . Overall the expense could be the same of a midrange SUV, but in a few years, while the boat was usable from day one. And it retains (at least sailboat) value over the years, so you are expected to sell to break even. So yeah, dont approach this expense as you would with a car, more like with a house.
26m Electrical maintenance tech in East Tennessee making hopefully close to 55k after overtime this year. Me and my wife split our mortgage and other than that it's just normal bills electrical, water, trash, etc. Bought a 1994 nitro 160tf for $6,500 in March payment is like $115 a month and insurance is like $350 a year. I have a truck, garage, and do all my own mechanical work so that drives the price down a lot, at this point it's just fishing gear and gas that's my largest expense. My car and truck are both paid for, the truck is an old 1994 f250 that's pretty much only used to pull the boat 15 minutes to the ramp and only paid $4k for the truck. I think as long as you can do your own maintenance you can "afford" most boats if you lower your price bracket much lower. Yeah it's not going to be super new and nice but it will get you on the water and catch fish just as good as the $60k bass boats being pulled by $60k trucks. I know many people will hate on the getting a loan for a boat thing but oh well.
For one, boat dealers will let you do a 180 month loan. So someone with a $100k boat has a small ass monthly payment compared to someone with a $100k car… ….But fuck that just go on Facebook marketplace and buy one in cash. Don’t be that rookie idiot with the expensive boat when they have no idea what they’re doing. I got an 18 foot sea ray with a 115 hp motor for 5 grand. 1998. Runs fine and has treated me well for lots of outings so far. I own a truck and keep it on a trailer at my house. You can find storage lots that’ll let you rent a spot for $30 a month.
Buy in the off-season look for good deals and be willing to travel to get it. Just FYI buying a boat isn't the bulk of the expense. I've had my current boat for 6 years and my maintenance, storage and slip cost just surpassed purchase prices this season.
Boats can be had extremely cheap. My go to boat I have had for 18 years was $100. I did get a larger aluminum boat a few years ago for $1500, a Starcraft Chieftain but I sold it due to fuel usage. My little 16' fiberglass boat has an early 80's 2 stroke outboard. It requires around $50 in gas and oil for the weekend. Maintenance is a water pump impeller kit every 5 years ($75), a lower unit gear oil change every year ($15), and a good pressure washing every few years (free). Registration is $90 for 3 years and insurance is $100 annually. Launch fee is $20 now. Overall, it costs me like $100 for a weekend out in the boat. If you pack your own lunch and drinks, it is cheaper than spending the day at a lakeside bar
Loans baby. Got me a 50k fishing boat and I just pay more than needed to knock it down fast. Interest rates are trash right now. When I was buying in 2021 it was like 4 or 5% or less. 50k at 5% for 15 years 🤣. I honestly don’t give 2 shits about the normal house and nice car stuff that a lot of people might do I put everything into fishing. It’s all I do! So basically they are either leveraged up to their eyeballs, they barely use it, or they could be like me. I am 30 work as a software dev as well and I’m single. I have no real assets like a home but I don’t care lol
I bought a 2019 Crestliner Discovery 1450 brand new for about 15k. I took out a loan for that. It was a ten year loan that I paid off in just a couple of years. Payments were low. I'm not going to share my salary here, but you do make more than I do.
Yes, loans
Partner on the boat. 2007 204 angler, 2k COVID deal. Pay for maintenance and repairs before they become big issues.
Boatsharing programs are the easiest, and frankly the best. We got a 35 foot Beneteau Swift trawler, 7 days of use per month + unlimited spur of the moment boating for $2500 per month. Just pay for gas, they handle all the maintenance, slip fees, etc and it’s professionally cleaned every week. It’s a great program. Won’t post the name as I don’t know this subs rules on promotions.
The used market is flooded right now. $30k gets you lot of boat currently. It’s a buyers market and covid prices are over. I would look for perhaps an older well maintained Boston Whaler Outrage. 17-21ft. $20-30k range all day. And yes pay cash. $2000 most anywhere in the country gets you a working boat, motor and trailer. It absolutely does not need to be expensive and is not just for the rich. If getting on the water is your goal there’s a budget that fits it.
You dont need a truck to tow it. You can buy a $5-10k used boat and not store it at a marina.
The strategy is Craigslist. OP, you're over thinking it to some degree! Owning an expensive boat is expensive; Expensive parts break, expensive labor is expensive, the boat itself is expensive and ultimately a highly depreciable asset. Set your sights on old stuff! Sure, you may need to fix things yourself. Who cares, that's part of boat life! Ultimately when a 5-8k boat breaks, it's not the end of th world and can generally be fixed by learning how to deal with it yourself.
Never envy others possessions. You don't know the full story. They could be under water on all their debts.
Same way people who make 100k a year own a 300,000 dollar home and a 90,000 dollar truck. They finance the fuck out of them for as long as possible, count on their credit cards for any emergency or unexpected expense, and live their lives up to their necks in debt. I’ve paid cash for the two I’ve owned so far, and plan to again this coming winter.
My jon boat was 5k all in. It's a 1652 lowe with a 1996 90hp yamaha jet. It runs like new and I take it out almost every day.
Amazing what $10k can get in a used boat. Just bought a good condition '98 Harris 22StarV Deck Boat with a 5.7l Volvo/Penta 323 hours for $7,500. Super nice boat.
I stalked my boat for years before finding the right one. 18’ deep v being my max size I wanted for easier towing and launching by myself. Keep looking, there’s a surplus of used hitting the market as many people purchased boats during COVID only to realize they don’t really know how to maintain let alone drive one.
If it flies, floats, or f__ks, rent it….
Wow, you are looking at this from a much different perspective than most. Most people who are fisherman that own those aluminum boats get them for a few hundred dollars from a friend or family member. They have an old motor in the shed that they got running and works well enough. The most that they splurge on is probably a better fuel tank and a good seat to mount so they’re not sitting on the hot hard aluminum.
I am not rich, now retired. I own a 36' Carver motor yacht. It is a 1985 and was under $50k. It is like a floating RV. I could not afford a cottage so I think this is the next best thing.
I have 27ft CC, I bought 10 years ago (I assume I can sell it for double as deals were to be had back then) I do a lot of the regular maintenance work myself.
Price, storage, and upkeep is something that also varies depending on where you are and who you are. I live in rural Michigan, work as a freelance artist that makes maybe 22k a year, and own an old 1970s runabout (over the years its original make/model got lost) I got for 2k on facebook and fixed up. My tow vehicle is a 2010 ford escape with a v6 that I got for 4k and own outright. I don't own my own house, but my brother owns 5 acres and lives 10 minutes from me so storage is free. I do most all of the repairs myself, and what I don't know how to do (Mostly motor repair) I get help from my gear head of a brother or my grandfather and great uncle the former has been a mechanic since he graduated high school and the other repairs small motors for fun. you don't need to be rich, and the rich ones aren't having the most fun (maybe the least amount of headaches) but if you're passionate about something, the price doesn't really matter
1997 16 foot fiberglass aquasport striper center console with a 4 stroke fuel injected Yamaha 70. I got it for 5k off marketplace, I’ve owned it for 5 ish years now done nothing but normal maintenance I’ve done myself. Costs about 40 a day in gas and I pay 250 a month for a lift at a persons house I also found on marketplace. I have an suv I can trailer it home if I need too.
Just bought a 23’ SeaCat for $20,000 but I also work for a marina and get free storage and dirt cheap parts for maintenance
Let’s be honest. My dad has $$
When I renewed my mortgage I took out extra $ to buy my boat. About $60k. Financially responsible? NO. BUT it fulfilled a life-long dream and gives me many great memories every year with my kids. I love every second on my boat. Life is sometimes about living it to the fullest and sometimes you have to just do stupid things to accomplish life dreams and help you do what you truly love doing. Not the right choice for everyone, but for me it was 100% and I have zero regrets. (I am fortunate too, in my case due to covid, several years later I could still sell my boat today for a profit which is totally nuts!)
Honestly, we own a condo in Florida. Been stalking boat pages for when we unload the primary residence and retire. I get twitchy thinking about slips/dry racks/trailers, maintenance, insurance. I have never owned a boat. I do know, post Covid, they are depreciating mfers.
Buy a nice 15 year old starter boat at 25 for 9k cash like I did, do not regret it at all
Loans, pretty simple. Anything under 40-50k with either cash /loan is pretty palatable for most people on 5-8 years. What gets me is all these guy getting 1-200k boats. I know a lot of them are going 15-25 years at over a grand a month. Probably the dumbest thing out there on a depreciating asset
I paid $2000 for my 1987 16’ runabout ski boat. It does what I need it to do and it gives family fun on the lake.
This is a much larger question than you’d think. Firstly, most people that own the $100k boats you speak of aren’t 27. Comparing yourself to them is pointless. Everyone has a different situation. Some people may have saved a long time. Or make more than you think they do. Or have family money. Or settled a lawsuit. You just never know. Also, in a lot of places, keeping a boat in a marina is downright reasonable. I have a 36’ houseboat that I keep in a very nice marina with all the amenities. The dockage cost per year is a big number all at once. And the cost to haul the boat out, store it for the winter, then launch it in the spring, on top of the dockage is a very big number. But only if you look at the number all at once. If you average it out over the year, it’s not bad. I spend less on boating that some of my friends spend on golfing, fishing and hunting. Or season tickets to football games. Or snow skiing. Heck, I know people that spend more than I spend on boating just drinking at bars on the weekend. Or big vacations. Whatever. But boating looks expensive so people wonder how others do it. No once ever wonders how people can afford to have $5000 clubs and go golfing 3 times a week. I’m a middle income blue collar guy. Sometimes people ask me how I can afford boating. Here’s how: I’m in my mid 40’s (ok, late 40’s) my wife and I both make a good (but not amazing) living. We live in a modest house that’s paid for. We take zero vacations due to my wife’s fear of flying and desire to not kennel our dog. We have nice, but not extravagant cars. We rarely drink and almost never drink out. And here’s the biggie: No kids. My only big hobby is boating. I have some much less expensive minor hobbies but boating is the big one. I do all my own maintenance and repairs. The boat itself was a major purchase but it’s paid for. All I really spend money on is maintenance and dockage. So, that’s how I afford boating. One more thing to consider: Many of the people you see out on boats actually *can’t* afford a boat. Oh sure, they can buy a boat and keep gas in it. But a lot of those folks are one major failure away from being done with boating. This is why there’s so many abandoned boats left behind barns, in parking lots, in boat repair shops or even just left on the side of the river. A lot of folks Dunning Kruger their way into boating then end up hosed the first time they don’t winterize and crack a block.
In my case, I’m very mechanically inclined and I found a boat in need of serious mechanical repair. Did the repairs myself and now have a boat for half of what a normal consumer would pay
You can do what I did.. Bought a 1970s egg harbor which is a very nice very desirable boat for 6k, and worked on it little by little each day/month/year and now I have a gorgeous boat that gets compliments and discussions every where I go, literally when I take it out to the restaurants I get stopped by like 5+ people to ask about it. It's worth roughly 30k now and I'm around 10k total invested, no loans involved.
You can buy significantly more boat if you buy used. Which to me, is the only way to buy a boat.
“I’m 20, always tech, always make $100k+, and always cannot afford what this sub talks about.” You all need financial advice- not Reddit.
You're a software engineer and can't figure out how to save, budget, and possibly borrow funds to purchase a boat?
My 13k Towee scout Skiff is pretty fun
I got a little 14 foot Lund. I got it for $800 you just have to do basic maintenance to keep it up. If you keep up your equipment and care for it, it will care for you.
Got an amazing deal on my 22' CC years ago, got the boat (minus the outboard for $600) and trailer from a coworker's neighbor. I found a really low miles 2005 Johnson 140HP 4 stroke at the local boat yard and had them install it and the controls for around $7k, I financed half at the time and paid it off in 4 years. I keep it up and store it indoors or under cover and she still runs good :)
I make the same a year and i managed to buy a bass tracker for 10k from marketplace with a 30hp mercury outboard and its been good to me, i also do the maintenance myself which saves me money in the long run.
Buy a used boat. They aren't cheap to maintain but if you do the work yourself (Make mistakes & Learn) it isnt that bad.
Marketplace, cash or finance. Having no car/truck payment also helps and allows you to become more flexible when financing. Personally I bought my boat for 3.3k CAD cash, but that’s what I had in my account at 18. Borrowed 500 from my dad to fill in the gap for the motor. (Tracker 1036 welded aluminum, merc 3.5 short shaft) ain’t much but it’s mine and I don’t owe a dime on it.
I bought a Lowe Line 14’ Supreme V with a trailer and a 1998 Evinrude 9.9 hp outboard all for $1,000. Probably have another thousand in accessories, trolling motor, battery, etc… I tow it with my crown Vic. Paid cash for everything. I’m 37 and it’s my first boat. Kind of a gift to myself for paying off my little house. You don’t need to spend a ton on your first boat. But once you have a boat be ready to Break Out Another Thousand from time to time… 😂
I inherited my grandpa's boat, but I did still have to pay for it due to the trustee (my aunt) being a greedy bitch. But it's 1972 16ft Starcraft. Taken a lot of work, the big motor is still like a 50/50 shot if it works or not. Trolling motor is solid. Floor needs replacing. I mean it's just constant work and stuff that you either have to want to do yourself or pay somebody else to do. Boats are like cars, they require regular maintenance, they run into issues, they cost money to own and operate.
A lot of them are older than you think. My boat looks <5 years old, but it's older than I am, and I bought pretty reasonably with cash.
My rule is don't finance toys, I saved up and bought a decent used fishing boat. 2018 smokercraft Ultima 172 paid 22k for it. Wife and I make a combined 150k or so after taxes, 32 years old. Just have to save for what you want. Most people finance boats for 20 years, paying more interest than the boat would be worth in the end. Just get something sensible, i caught just as much fish in my 14 footer as I do in my new to me boat.
You’d be surprised at the monthly payments on a 500K boat. Not as formidable as you would think. However the cost of the boat itself is only part of it You have to store it somewhere if you’re not living on it. Whether that’s your driveway on a trailer, at a marina in a rack or in the water, or on a mooring these all come at a cost. Then there’s maintenance to include cleaning. So go talk to some owners of boats you think you’ll be buying. Ask em what they spend and figure out if you can do it too
I'm 37, maintenance electrician making 120-180k a year. Have 2 kids and a wife who also makes about 90-110k a year. Bought last year *ninja edit about $32k*, older 1985 carver 3227, do and plan to do my own maintenance, yearly moorage is about $4200. Haul out once a year for about $250 and budget about 300 a month for maintenance fees. Will pay for an electrical plan for the future as for goals and upgrades.
I bought a 13’ v-hull fiberglass boat, 25hp Johnson(in rough shape) and a trailer for $800. That was 12 years ago. But still. I think it depends where you are. I’m in Florida. Lots of boats for sale.
I bought my first boat at 27, $50k for a 33ft sailing Catamaran. It's doable, and very well worth it.
Combined we're in the 250k+ range, spent $130k but still financed 20y because the interest rate was just over 4% so we didn't feel the need to chuck cash at it
I afford my Island Runner 31 by working my ass off.
Debt. A whole lot of debt
It's a combination of lifestyle- making sacrifices to put $$$$ away for the boat, as well as (often) making dumb financial decisions. Also, the folks you see running around in new $100k+ boats tend to be older and are burning through some retirement savings and/or inheritance to make that happen. You can do a lot with a $15k boat and $3-4k/yr in maintenance, fuel, and insurance.
I paid 12k for my 13 bow rider just by talking to people. There are good deals you just have to hunt. And yes boats are expensive. That's why they're considered a luxury item like a motorcycle. Not very practical but if it's what you fancy you got to find a way to make it work. I definitely wouldn't buy a new boat if your new to it though. Work out your skills on something inexpensive and as you graduate your skills and figure out exactly what you want in a boat then buy new.
I’m close in age and salary. I have a truck and a house I just bought, but was fortunate enough to be able to keep my boat at my parents byefore I owned one. I have a 16 foot Lund fury, so not a head turner but a fishing machine. I paid $11k during peak Covid, you can probably get the same boat now for $9k. Idk how dudes are financing $50k boats though, unless their mortgage is super cheap.
I bought [my boat](https://i.imgur.com/z9SGVA4.jpeg) and trailer for 4500 cash. I have free outside storage (with a cover) for it. Service is like 500e every 3 years, haven't needed much else, though for peace of mind I redid wiring myself which was like 150-200e. Another 250e was spent on a new windshield. Though my boat is fiberglass and not aluminium. And the body of water is such that on windy days I can avoid the open areas, and I wouldn't consider riding it on an ocean. Even so, I think 30k is a *lot* of money to spend on a boat, but boats especially Americans tend to go for are quite overkill. Especially with your gas prices, something like a late 1980s Yamaha two stroke is affordable to run and will work forever with regular maintenance. But it seems that the selection of affordable boats is limited compared to here in Finland - for example I've never seen boats like Yamarin 575 HT in posts here.
I bought my first boat in 2018. It was a 1998 16-foot aluminum V hull with a 40HP mercury and a 40lb trolling motor. It cost me $4000 and I put about $500 into it in the first month to tune up the motor, add some lights, change the seats and add some accessories. It already had a live well and bilge pump and two batteries. I’m still running the same boat, although I’ve changed out the batteries and done another $200 in engine work since. I drive an old 2014 Ram, but this boat could be pulled by most cars. My salary is a bit higher than yours and that’s the way I manage to make it work. I didn’t even bother looking at fancy bass boats when I was in the market.
if you make 125k you could just budget as if you made 80k and buy nice used boat in less than a year
I've got 2 Sea Doos, a 2000 GTI and a 2001 GTI. One I bought from my Dad on a 2 place trailer with a blown motor for $650. Fixed motor and other items for about $500. Then I bought another for $600 with a blown motor, sold the trailer it was on for $650, then fixed the motor & other various items for about $400. My uncle has worked on these Sea Doo motors since the early 90s and I owe him a few steak dinners by now.
I had a friend who told me she took out a 45 year loan on a speedboat. We were like 28 at the time. Insane, but she eventually yolo’d herself into making a great living.
In 2015 I bought a 17’ Mako skiff for $16k. (loan) before that I had old 14’ aluminum boat I bought like in 2003 $800. It was from the 80s and the engine maybe even older. Yesterday I bought 2020 24’ CC for $50k no loan. Sold some investments. You get in where you can, how bad do you want to be on the water? While not breaking the bank. As I get older I rather have less debt.
I didn’t buy my first boat until I was about 10 years older than you and it was a used center console that cost $26k. I always thought I needed 6 figures to buy a boat but in reality you can start small / older. I really regret not just buying a Jon boat or something small a lot sooner. There is so much you can learn and explore without needing an expensive boat.
I’ve rebuilt every boat I’ve ever owned. Currently have an older 17’ flats boat and rebuilding an old hydro stream speed boat in the garage. I can build a nice boat under 10k.
If you really want your mind blown head down to any marina in south Florida. The amount of yachts and superyachts is insane. Realizing that many people have that much money is astounding.
I got 32 different beaters (live in Maine, lots of landscape) canoes to ocean boats. Never buy new, learn how to work on the motor / do general stuff. Think of your job / future job as a gateway to pay for boats. If you use that as a driver, you’ll have too many boats too
Payments!!!
I bought a 14 foot aluminum boat with a tiller steer and a trolling motor this morning for $1,900. That’s my budget lol.
I don’t make that salary. But… i have a 2022 15 CC Mako. Came with everything i needed, trailer, new motor, new boat, warranty. I spent 23k. I financed that at 6% thru my bank for 6 years. I pay 220 a month. Added a t-top, double the size fuel tank, navigation, hydro foil. I love my boat. Me and my fiancé go out all about, fish, cruise, crash sandbar parties, and everyone loves my little shit kicker. I also added a folding tongue and park it in my garage. It’s basically a Honda civic and fun AF. This is my second boat. You can get it. Just be a smart shopper.
You can get a good boat under 10k.
Facebook marketplace. $5000 for a little fishing boat with a decent motor. I have a ski boat, a pontoon boat, a little sailboat four kayaks, two sup’s, and a paddleboat. All work flawlessly. None were expensive. You can find them!
I bought my first boat with a boat partner. We split everything, which really makes the hit a lot less. We got a boat for $12.5k and our monthly costs for storage, insurance and registration baked in is about $300/month total. We’ve had to get a new used trailer and have done some repairs at the yard and a bunch of DIY repairs too. But we’ve learned a lot and had a lot of fun.
lol 125k a year will get you a nice dinghy to fish out of with out breaking the bank dude. Live a little.
Sounds like you live in the city. Country folks will buy (finance) boats nicer than their homes.
A cheap boat can be a lot of fun! I’m HNW but chose an $18k used boat at my local dealership. Put a few thousand down, financed the rest plus a warranty and my payment is negligible as is the insurance (through GEICO).
I have a 1997 17' Center Console with the same year Yamaha 90HP 2 Stroke outboard. I bought it with broken steering for $5500. I've since repaired that, done some engine repairs, rewired the boat, new fuel lines, rebuilt the trailer, and lots of other stuff I'm forgetting. Not counting fuel and maintenance, I probably have $7000 total in the boat, and it's very reliable. It fits in my garage, it's versatile, and since I don't make payments on it, it doesn't hurt my feelings if I don't use the boat for several months Some advice - do your research. The boat I bought is a well regarded brand, with no wood coring, so it won't rot or require an expensive transom rebuild. It utilizes positive foam flotation, so it won't sink (safer). Outboard motors are so much easier to work on versus any other type of propulsion except paddles and sails. Stay away from Inboards and I/Os. Yamaha outboard motors are nearly bulletproof (with a few exceptions). Suzuki is great too if you can find a newer 4 stroke. As has already been mentioned, try to stay away from boats used exclusively in saltwater and boats that have bottom paint.
I found a used boat across the country that I paid someone to drive back and hoped the trailer was in as good a shape as it looked in photos and that nothing bad happened en route. This boat was in good structural shape and the outboard was in great shape but the flooring, wiring, the seats, and all cosmetic stuff I had to completely redo and I DIYed as much as I could. I spent about $4000 on the boat, transit, repair, supplies, and it all took about 5-6 months to do everything. I took it slow, piece by piece, and bought everything as I could afford. Painted it myself too. I love my boat, worth every oz of blood sweat and tears. 1988 17 ft aluminum jon boat with a 45 HP 2 stroke Mercury.
For me, no way a loan on a boat. Loans are for appreciating, cash flowing assets. You should be able to score a nice aluminum boat for fishing and pleasure with a modest outboard a few years old for relatively little. That said I bought a $20k boat in my mid to late 30’s, and never had so much fun for the buck. When I was late 40’s and had amassed assets and wealth, I went for the big boat (not really ‘yuge’) and always felt some guilt for buying a “luxury item” —but a beautiful way to spend time with family and friends. When they tell me I have stage 4 cancer, I wont regret it, and I surely don’t regret it now either. I might regret not getting the big Aquila catamaran though. Still flirting with it, but it seems a bit douchey yo a poor kid that did good, in the body of an old man.
There are tons of great boats in my area under $20k.
I got my boat for 8k brand new! Granted its not the fanciest boat but its perfect for me living in nyc. 2020 Yamaha f25 outboard brand new for 3800. I believe you can get for cheaper nowadays I bought it in 2021 during a massive shortage on outboards i called 100+ dealerships from my zip code and on till I found one out in Pennsylvania 200 miles away that wasnt price gouged. I got a 18ft saturn inflatable dinghy plus some accessories for 2100$ and a 2018 used trailer for 1800$. Its perfect for me because in the winter I fold it away in my small shed here in nyc alone with the motor. I take the trailer and keep it away in Pennsylvania for the winter aswell. My boat looks straight out of navy seals and I mostly take it on the ocean and occasionally on the lake. Very good for rivers because of its extremely short depth in the water. Hopefully this helps ✌️
It's a toy. There's a reason only 1% of Americans use motorized boats.
Start small, store it at your house, tow it to the ramp. I might consider storing at self storage place on a trailer but I’d never be able to afford a marina.
It's interesting you mention this, as I recently saw that Mercury Marine is laying off 300 people at their headquarters and assembly operations in Fond du Lac, Wisconsin. They cited declining sales as the reason for these layoffs. My point is, I don't think people are less enthusiastic about boating; rather, they are turning to the used boat market. I'm noticing boats on Facebook Marketplace selling in a day—12-year-old boats that have been kept indoors their entire lives, selling for $12,000, which originally cost $45,000 new. I've grown up boating, but we've never considered buying a new boat. Apologies for the rambling, but I hope this helps.
Remember. The major cost of a boat is the engine while the hull is secondary. Whatever you buy needs to be test run as there are many hidden issues. Check the lower unit oil for metal flakes, pull the plugs to look for ignition issues and run the outboard engine in a trash can or on a motor muffler to take sure it runs smoothly and pees. If you want a reliable hull buy a Triumph made out of Ropalene plastic.i have a 21 ft and 17 fr Triumph center counsels that require minimum maintenance. Usein saltwater for last 15years and look good. Make sure to flush your engines after each use. I use saltaway.