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New boat purchase advice


Bean97

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it has been a while since I have been on this website.  You all were a great resource while I was re-furbishing my family boat a few years ago and I am hoping you all can help again.  Unfortunately, my 1997 Malibu Sunsetter boat was stolen from in front of my house last weekend.  So...I am in the market to buy and I have never been here before.

I am looking to spend $500 or less per month.  Need to be able to surf.  Must stay 22' or under as my lake doesn't allow larger boats.  Length of loan doesn't matter (probably long as possible to get more boat with the $500/mo payment).  I have good credit around 790.

First, how in the world do people afford new boats?  What year should be my cutoff for a boat that is ready for surfing?  At a glance I really like the 22'MXZ.  We often go to Lake Havasu so I would like something that is capable of riding in somewhat rough water.  I have a family of 6 and we usually have at least 10 people on the boat total.  

Thank you in advance.  I'm really at a loss about my family boat being stolen (more sentimental value than anything as I grew up on this boat and planned on keeping it in the family passed down through generations), but I am trying to make the best of it and maybe finally take the leap to getting a newer boat.

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I'd start with a loan calculator, enter how much you are going to put down, how long you want to pay and your 500 payment.  That'll tell you how much you could spend.  22mxz might be a ways out of the price range unless you have a lot down.

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Hello Bean.  I am also shopping for a new boat and have some of the answers you seek.  First, it is possible to get a 20 year boat loan.  Boats, RVs, and Aircraft are all available with a 20 year loan.  Is it smart to have a mortgage on a depreciating asset?  That's a discussion for another forum, but suffice it to say, you can find a boat that will be in your payment range if you choose to go that route.  Second, you need to decide what features are important to you.  If you are only concerned about the wake and wave, an Axis in the 22 foot range will definitely meet your needs.  Simpler styling, mostly analog dash, and pushbuttons to actuate your ballast, wedge, etc.  If you are more attracted to newer technology as well as wake and waver performance, the Malibu LSV-22 will give you upgraded fit and finish, styling, and screens to operate all of the features of the boat.  On the plus side, the LSV-22 has been discontinued as it wasn't a big selling boat, so you can find some good deals on 2020s.  Good luck in your search.  

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Thanks for the replies.  Let ask a different question.  How do people buy new boats?  Do they put a large amount down?  Do they have massive monthly payments?

Also, anyone know of any boat shows in southern California where you can drive different boats?

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We bought our 2011 with a modest downpayment and a loan for the rest, kept it a few years and ended up losing about 1000 a year in value by the time we traded it in for a new boat.  New boat we again put a piece down, plus trade in, and financed the rest, for a little longer this go around, and the payment is just a budgeted expense for us. Its a number i wish was zero, but we can live with for now.  We looked at it as buy it now, while the kids are at the age to get a bunch of years out of it, and at least we have those experiences.

 If i were in your situation i would look for a gently used boat, but if new is what you want, go see the dealer, and drive the models that fit your need.  Only the VTX and response are going to ski like your old boat, but the 22mxz and a22 will certainly be giant upgrade on rough water from your 97.

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15 minutes ago, Bean97 said:

Thanks for the replies.  Let ask a different question.  How do people buy new boats?  Do they put a large amount down?  Do they have massive monthly payments?

Also, anyone know of any boat shows in southern California where you can drive different boats?

I bought a new boat this year.  How?, that's complicated.... it was my third boat so I had something to trade in saved about 6k in taxes.  I did a lot of side work the last few years and put 20k down. The interest rates are so that even though I borrowed more, I'm paying only a bit more monthly.  Lastly I drive a Camry.

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  • Haha 1
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I happen to know of a well maintained and pretty well equipped 2017 22VLX that's available that would most certainly fit with your monthly payment assuming you put a small amount down and finance the rest at 4-5%.  It's a great boat.  PM if you're interested in talking.  

 

I'm not addressing the larger question of buying a new boat as the situation is different for every buyer and virtually no two opinions will be the same.   

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On 9/29/2020 at 9:29 AM, Bean97 said:

Thanks for the replies.  Let ask a different question.  How do people buy new boats?  Do they put a large amount down?  Do they have massive monthly payments?

Also, anyone know of any boat shows in southern California where you can drive different boats?

Bean97. 

You'll get wide range of answers to this question. I for one have a high income and can pay cash but still finance the purchase because rates are low. I.e We just ordered a 2021 23LSV and rates are around 4.5% and will put down $50k, finance $100k. Reason being I'd rather leave the $100k in the market. Say I average 8% return on the $100k minus the 4.5% on loan, I'm still up 3.5%. Everyone is in different situation so do what works for you. 

  • Like 3
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On 9/28/2020 at 6:34 PM, guitarcrazy said:

Hello Bean.  I am also shopping for a new boat and have some of the answers you seek.  First, it is possible to get a 20 year boat loan.  Boats, RVs, and Aircraft are all available with a 20 year loan.  Is it smart to have a mortgage on a depreciating asset?  That's a discussion for another forum, but suffice it to say, you can find a boat that will be in your payment range if you choose to go that route.  Second, you need to decide what features are important to you.  If you are only concerned about the wake and wave, an Axis in the 22 foot range will definitely meet your needs.  Simpler styling, mostly analog dash, and pushbuttons to actuate your ballast, wedge, etc.  If you are more attracted to newer technology as well as wake and waver performance, the Malibu LSV-22 will give you upgraded fit and finish, styling, and screens to operate all of the features of the boat.  On the plus side, the LSV-22 has been discontinued as it wasn't a big selling boat, so you can find some good deals on 2020s.  Good luck in your search.  

22lsv is still made . This is in the classifieds 

9F57F2B6-BCA9-4AE8-8E85-29535279F053.png

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I saw that too.  My dealer has two 2020 22 LSVs that have been in stock for over a year.  He said that they are slow sellers and that the M220 was replacing it.  He must have been mistaken.  

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On 9/29/2020 at 7:45 AM, oldjeep said:

Dealing drugs is the only thing I can come up with ;)

 

I’ve financed every boat I’ve owned over the last 20 years.  You do it by having zero debt, (outside of houses and such) good down payment and a good job!  It took me literally 45 minutes to finance my 2020 23MXZ. 
 

Like others have said do what you want and what works for you. Dont listen to others saying it’s dumb to finance a boat. We already have 190 hours on our boat. It’s what are family does. 

Edited by dwc032
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35 minutes ago, guitarcrazy said:

I saw that too.  My dealer has two 2020 22 LSVs that have been in stock for over a year.  He said that they are slow sellers and that the M220 was replacing it.  He must have been mistaken.  

My understanding is the same as @gregtay.  The M220 is replacing the 22 MXZ.  I had not heard that the 22 LSV is discontinued, but I don know it's not sold as well as others. 

 

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On 9/29/2020 at 7:29 AM, Bean97 said:

Thanks for the replies.  Let ask a different question.  How do people buy new boats?  Do they put a large amount down?  Do they have massive monthly payments?

Also, anyone know of any boat shows in southern California where you can drive different boats?

From what you told us you are in SoCal, maybe the IE. Try your local Malibu Dealer. there is one in the IE.

I know in the passed they did Boat test at a couple of different Lakes in SoCal.

Also did they ever find your Family Boat? 

Edited by Rack
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Hi Bean,

To start, try to have fun searching for your new boat - you control the pace of your purchase so no pressure. Everyone on this forum has good things to say \ helpful advise to offer on purchasing a boat so I will stay out of that. What I would highly recommend is that you try more than 1 Malibu. Try a few models. And by try I mean get behind the boats and ski or wake board or surf. If you currently do not surf, have a surfing freind go with. 

See you on the water,

Chris

Edited by Chrismoe
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On 9/28/2020 at 8:27 PM, Bean97 said:

I am looking to spend $500 or less per month.  Need to be able to surf.  Must stay 22' or under as my lake doesn't allow larger boats.  Length of loan doesn't matter (probably long as possible to get more boat with the $500/mo payment).  I have good credit around 790.

First, how in the world do people afford new boats?  What year should be my cutoff for a boat that is ready for surfing?  At a glance I really like the 22'MXZ.  We often go to Lake Havasu so I would like something that is capable of riding in somewhat rough water.  I have a family of 6 and we usually have at least 10 people on the boat total.  

Just like anything else, you never - EVER - shop based on payments.  You shop based on purchase price.

I don't have a problem with boat loans.  I have a problem with people taking on boat loans they can't afford, or long boat loan terms.  IMO - just like a car - never exceed 5 years.  Now if you can get a 20 year for the same interest and make 4x the payment a month, that is smarter (as long as you are strict on the 4x payment), because the end result is a 5 year loan.

So assuming a 4.5% interest rate @ 5 years, $27,000 is your number, plus whatever you have as a down payment.  Just like they say don't go house poor - don't go boat poor.  

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I pretend my boat is an heirloom and plan to keep it around. I recently sold a 99 Moomba outback and bought a 04 VLX as a project boat. In addition to the memories we get now on the lake, my son and I get to make memories working on it together. 
 

So I took the money from the Moomba, some savings and a small 5yr loan (felt like a good idea to hold onto a emergency fund with these rates). So if work stops again, we’re not panicking

On 9/29/2020 at 10:32 AM, dcarl said:

 Lastly I drive a Camry.

And I drive a Jetta...

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On 10/4/2020 at 8:25 AM, MarkN said:

I pretend my boat is an heirloom and plan to keep it around. I recently sold a 99 Moomba outback and bought a 04 VLX as a project boat. In addition to the memories we get now on the lake, my son and I get to make memories working on it together. 

This.

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