These boats are EXPENSIVE!!!

[TexasA24]

No wife, no kids, no student loans, house/truck/motorcycle paid for, no credit card debt....easy peasy lemon squeezy 

[kerpluxal]

4 hours ago, AJwakedevil said:

lucky your season is so long!

11 months long... but... need to avoid the gators

 

[DarkSide]

@The Hulk Yes but you have been working on filing that 25LSV!  Eventually you will get the time in.  So boating will eventually be even better!

I picked mine up in March and am just over 60 hours.   A couple weeks later a guy traded in his 2013 with 70 hours on it for his 2017.  I told the dealer call me when he trades for 2020.  

 

 

[isellacuras]

I have always said buying a boat is cheap, using the boat is what is expensive. I am in the 100+ hours a year camp and I love doing all wakesports. I am under the belief of "you get what you pay for" as far as equipment goes. I used to buy my gear used on Craigslist but after getting a taste of some new equipment, boating just got even more expensive.  Oh, and I hydrofoil. That's a whole nother money pit. I wouldn't trade it for any other hobby tho.  I'm pretty sure most on here share my sentiment. 

[Gavin17]

9 minutes ago, isellacuras said:

I have always said buying a boat is cheap, using the boat is what is expensive. I am in the 100+ hours a year camp and I love doing all wakesports. I am under the belief of "you get what you pay for" as far as equipment goes. I used to buy my gear used on Craigslist but after getting a taste of some new equipment, boating just got even more expensive.  Oh, and I hydrofoil. That's a whole nother money pit. I wouldn't trade it for any other hobby tho.  I'm pretty sure most on here share my sentiment. 

I have a good friend w/ a hydrofoil. I think that's the best arrangement.  He hauls it to the lake and stores it.  I just ride it.

[The Hulk]

17 hours ago, Cole2001 said:

It's just sad seeing all these fancy new boats never used. There's a 24mxz and a lsv on my lake that rarely ever move. The boats that are used the most are always the 20 year old slalom tugs. 

In reality when I look around our area at least I see a lot of this where the folks who have the money don't have the time, and the folks without the big money have more time. 

Some of the largest Mansions on the lake are only used a few weekends in the summer.. crazy.. but true.. 

Unless you hit the gene pool jack pot, the general rule of thumb is if your making big bucks your probably working big hours.. 

I'm sure everyone could look back to a point in their life like this. When u had the time u didn't have the Mula and now u have the Mula but no time.. that's why I DON'T judge anyone taking out a crazy 20yr loan , if that's how they did it they will probably look back and be glad they had all those memories early on while they had the time.. I use my lil bro as an example, there is nothing he loves more than a boat and surfing, but won't buy even a used one because he is all about no debt.. and worse yet he lives on the lake.. I would go insane if I were him.. you have the rest if your life to make money but life is now and memories are way better than a reasonable loan amount.. 

Here in the Midwest small lakes if your household is pulling in 150k/yr u probably have  2 homes:  city suburb home + small smmer lake cottage and 20-60k in watercraft. This is the average Laker in northern INDIANA... very doable on that income.

[racer808]

One of the contractors I worked for told me one day if he could do it all over  he'd just been a worker bee and spent time with his family.  Said he worked so much building the business he completely missed everything and doesn't even know his kids now.  Wasn't worth the trade off for the wealth.  

[MadMan]

57 minutes ago, racer808 said:

One of the contractors I worked for told me one day if he could do it all over  he'd just been a worker bee and spent time with his family.  Said he worked so much building the business he completely missed everything and doesn't even know his kids now.  Wasn't worth the trade off for the wealth.  

This reminds me of something I heard 40 years ago:

No one on the death bed ever said "I wish I had spent more time at the office".

[MLBurns]

Last year my wife was diagnosed with a Acoustic Neuroma (brain tumor), she underwent a 12hr surgery to remove the tumor. She lost left hearing completely and had to relearn balance. After helping/watching her recover last year and be thankful for a second chance in life, the amount we spend on family toys and activities doesn't matter anymore. I couldn't imagine what fun those things would bring us anymore if we had lost her.

Spend on and love your family!

[hethj7]

^ This.  Lost my father in law at 56 and sister in law at 32.  We balance saving for later against enjoying the now.  Whether paying cash or financing, as long as you can swing it, who cares?  70 plus hours now on our '16 LSV and priceless smiles with friends and family.  

[ConnollyCrew]

On 6/22/2017 at 11:26 AM, drewsy77 said:

So I'm just sitting here admiring some of the newer boats you guys are buying and just looking at the price tag of some of these boats and just wondering what some of you guys do for a living to be able to afford these monsters! haha

I about had a heart attack when the fiance talked me into buying our 2006 23LSV for $35k. I made a good amount of money per year - $150k ish but even on that amount of money I can't see ever being able to justify or afford something with a $100k + price tag - even though I think I'd look pretty sweet in a new Malibu. 

You guys with these expensive boats have to be pulling in the BIG bucks!

 

150k per year and your worried about a 700 payment?? Just sayin...

[ChadRod]

Reading though this and I just wish I could afford at 21 what I could afford at 41. Now it's about family. My eight year old got up for the first time yesterday on a wakeboard! I think I was equally proud of that moment and the smile on her face as I was when she handed me her report card with all A's and one B. Now I've got to get my four year old son up! As for me, well... age is only a number and I bought the Costco size bottle of Aleve. 

[bamabonners]

1 hour ago, ConnollyCrew said:

150k per year and your worried about a 700 payment?? Just sayin...

Real world calculation here:

After taxes, that's about 8000 a month.  Then, take out your health insurance and state taxes, retirement, etc...  Say that leaves 6000.  Take out the house... in my area 3000 sq. foot house will run you about 1500 a month.  Then, the truck to pull it - another 700.  Wife has a car to run the kids around in... say 500 a month.  Insurance on both of those.  Groceries.  Home insurance.  Gas.  Other entertainment money (movies, eating out, etc).  Probably around 2 kids  - they have clothing needs and always a never ending string of money going to school and sports.  This isn't even counting what other accounts they may have - maybe they financed some new furniture or maybe their AC on the house went out and they had to finance that 10k repair...   Stuff happens.

Where does the 700 for the boat, plus boat insurance, and gas fit in here and still have 10-20% set aside for emergencies?

This is why the used market is doing so well and why I feel the bubble will pop eventually.  The target audience for these is getting smaller and smaller as prices increase 7% each year.    

[wheelman]

I don't think most people who are buying a brand new boat are financing the whole amount or even any amount. If you have been in the boat market long enough and worked your way up every 2 to 3 years and paid off your existing boat you have a substantial down payment on the new boat

[IXFE]

9 hours ago, MadMan said:

This reminds me of something I heard 40 years ago:

No one on the death bed ever said "I wish I had spent more time at the office".

Reminds me of this quote:

"No other success in life can compensate for failure in the home."

[JeffC]

On 6/23/2017 at 11:32 AM, lmm1967 said:

Resourced - in CO - an IBM'er perhaps?  

Wife and I are in similar situation with a few exceptions - both currently have great corporate jobs but we have no kids. I'm quickly approaching 50, she's a few years away. We will purchase a boat within the next 6 - 8 months and most likely brand new.  We will have it 100% paid for within 2 years of purchase. This boat will absolutely be our pre-retirement entertainment and recreation.

@lmm1967Yep, you got it, IBM.   33.5 years of exotically long hours and dedication.   Funny thing was that I was getting great reviews, and was killing my numbers.   Was on a contract, billing 100% of my time, and was spoken for for the rest of the year.   But in the end, I think they did me a GIANT favor.   Made me do what I should have done years ago, start  working to live instead of living to work.   Now I am working on contract, and can work as long or as short as I want.   I work with a GREAT bunch of guys (many in the same situation I was in), and we are having fun again, and the politics of big blue are an distant memory.   I am frequently asked if I would go back to IBM, and the answer is generally no unless they were to make me an offer I couldnt refuse financially, and having been in management for a couple of decades, I know that isnt happening.
 

So... more time on the boat, lower blood pressure, staying in better shape, working less.   All good things...

 

[RTS]

5 hours ago, wheelman said:

I don't think most people who are buying a brand new boat are financing the whole amount or even any amount. If you have been in the boat market long enough and worked your way up every 2 to 3 years and paid off your existing boat you have a substantial down payment on the new boat

I bet you are wrong on that.  I would bet that most (i.e. >50%) people buying a brand new boat are financing most, if not ALL of it.  

Edited June 25, 2017 by RTS

[minnmarker]

1 hour ago, JeffC said:

So... more time on the boat, lower blood pressure, staying in better shape, working less.   All good things...

 

Good for you! I did similar 20 years ago.

Family, skiing, boating, golfing. All good.

[ahopkins22LSV]

Agreed. Life is too short and you never know what tomorrow brings. We took a loan on our boat and yes it's a stupid amount of money. But, we are way ahead on our house, have zero credit card balances, contribute a lot to our retirement plans plus save some cash. The time and memories we make on the water offsets the "stupid loan" by so much I could care less about it. 

[Fman]

2 hours ago, ahopkinsTXi said:

Agreed. Life is too short and you never know what tomorrow brings. We took a loan on our boat and yes it's a stupid amount of money. But, we are way ahead on our house, have zero credit card balances, contribute a lot to our retirement plans plus save some cash. The time and memories we make on the water offsets the "stupid loan" by so much I could care less about it. 

Ditto x 10 ^^^you gotta balance it out and live a little... had a friend pass away from cancer at 42 years old.  He passed on with a lot of money in the bank....bummer for him.  My parents have a good chunk of coin in the bank, I always tell them to spend it and enjoy... or else I will! 

I see people all day with terminal illness at all ages in my career, life is very fragile and short folks....order your new Malibu today!

Edited June 25, 2017 by Fman

[Cole2001]

As my parents would say you might as well die broke, you only live once. 

That is so true what everyone has been saying, in order to pay for the toys and inorder to do that comes work. My dad became the snapon tool dealer and he has never made this much money, yet he has never been this busy. 

[mofaster]

I bought my boat (2005 23 LSV) in 2010.  I'm very particular about stuff, but this boat was the t*** and in perfect condition (75 Hours on it).  I paid $39K and thought I got a smoking good deal.  I'm retiring in 2020 at 53, and will be buying a new to us boat (2018).  Last time I checked, earlier in the year, my boat was holding its value pretty well.  I only have 205 hours on it, so I'm hoping I'll be in good shape when comes time to sell.

 

[ChadRod]

14 hours ago, RTS said:

I bet you are wrong on that.  I would bet that most (i.e. >50%) people buying a brand new boat are financing most, if not ALL of it.  

The payments and term length are crazy. Especially in those months not on the water. I started my journey thinking I'd put down 3/4 in cash and finance the rest. Yeah, that was something silly like $500 a month for 20 years. Better to purchase toys outright (if possible of course). Gas, insurance, registration, maintenance, boat toys and storage are enough.

[ahopkins22LSV]

27 minutes ago, drewsy77 said:

$8400/yr is a lot of cash over 10 years, assuming you kept the boat that long.  Let's say you hit the lake 20 times a year @ 10 years= 200 trips during that span. In ten years you sell your boat for 40% of the original value, or $40k. Your investment, not including gas and general maintenance, is $44k. $44k / 200 trips = $220 per boat trip. 

 

Now let's assume the same thing with my used boat. 

Purchase - $35k - Sell for $14k in 10 years. 

My investment is $21k, not including gas and general maintenance. 

$21k / 200 trips = $105/trip. 

The question is did I have 50% less fun on my used boat than I would have on a brand new $100k boat? Probably not. So, I'll go with the 50% discount and choose the used boat. 

 

I guess that was my way of deciding on which route to go. It wasn't only about what I could "afford", it was what made more sense to me at the time. 

 

 

 

This is when these discussions go down hill FYI. Yes, no one can argue that math. And yes no one can say you can't have as much fun on older boat as a new one. However one can debate that if you are super into surfing, boarding or skiing, new boats are without question better. 

Bottom line it comes down to what you want out of a boat and how you are willing to pay for it. Everyone of us is going to have a slightly or very different opinion how to make that all happen. 

[JeffC]

@drewsy77 Definitely get your line of thinking, and we DEFINITELY went through a similar analysis.   The final decision is very sensitive to the assumptions however - for example, I think the depreciation is pretty steep in the first 5 years for a new boat, but for your used boat, I suspect you would not lose 60% of your value unless things ragged out.   I would expect the maintenance costs to be pretty different between the boats however.  With my new boat, I have the first three years of service (including winterization/summerization) included in the deal, and 5 years of warranty.  In general I would expect that the maintenance costs would be higher for an older boat as well, although all the new high tech stuff (touch screen, etc) will drive the cost up for the new boats. 

Maybe most importantly,  if I were only going to float my boat 20 times in a year, I would seriously question new... in fact as it trended towards 10, I would be looking at renting instead of buying anything.  I floated around 30 times per season with my old boat, and I already have 14 in this year, and I didnt take delivery until May 6.  I think Im on track for 35-40 times this year, maybe more.

I had spreadsheets coming out of my pores when I was trying to analyze my purchase - and finally concluded that I could make the numbers look any way I wanted.  I was TRYING to do a business case to rationalize what really is an emotional purchase.   Do I (or anyone outside of a professional)  really NEED a wake boat?  Nah... we WANT one.  Once I got through that knothole, and we admitted to ourselves that we WANTED a new boat, then my spreadsheets changed from comparing new to used to understanding what the boat REALLY would cost us.  We then could decide whether the "fun" was worth the cost (and whether we could afford to fund that given everything else in our lives).  

With my assumptions, Im averaging around $150/outing including gas.  Expensive - You bet, maybe even obscenely so.  More reliable?  I hope so. time will tell.  One of my primary objectives is to eliminate/minimize any down time during what is arguably a short season in Colorado.  Fun factor?  Off the charts (but honestly probably the same for a lightly used boat with similar features).  I would spend more than that for a round of golf for my family, and we like the boat even better (and we LOVE golf).   The boat for us is more like family vacations - we dont (and wont) travel a lot.   I would rather spend weekends on the boat all summer long.

NET : IMHO, buying a boat in general, and new vs used specifically really is an emotional decision - there is no question in my mind it is significantly more expensive to go new, and short of crazy assumptions, there is no way to make the numbers work out.   But I cant measure the economic value of the crazy grin I have on my face every time I press the start button - but that is just me.