northshore
Well-Known Member
- Jan 17, 2011
- 2,108
- Boat Info
- 1989 340 Sundancer
Raymarine E90W Radar/Chartplotter
- Engines
- Twin 454 Mercruiser 340's
His question is really hard to answer by anyone but himself.
I interpreted the question as this:
- Option 1: should I buy a boat that may be too small for my likely needs because I can pay cash;
- or Option 2: buy a bigger boat that would be better suited to my boating goals, but have to finance it for $XX.
If you're in the "I only pay cash" camp, the likely answer is option 1. But that begs the question if one should purchase a sub-optimal product.
Option 2 seems better from a functional POV, but only the OP can answer if that cost fits his budget.
Directly to the OP's question, this is my boat buying experience.
- Boat 1: 22 ft sailboat. My dad and I had sailed it together and he it gave it to me. My wife hated sailing...at least on that boat.
- Boat 2: 14 year old Larson Hampton 22. Bought from a relative. Paid cash. Got a bit small for a newborn.
- Boat 3: 2006 Sea Ray 270 Amberjack. Bought new. Financed. Paid off early. Got small with a teen/preteen.
- Boat 4: 2018 Back Cove 34. Bought new. Financed. Sold. Wanted something bigger.
- Boat 4: 2019 Back Cove 37. Bought used. Financed. Picking it up soon!
Option 3: Wait till you have the cash to get what you want and that fits your needs.
I may catch a bit of hell for this but no one needs a boat today if its just for recreational purposes.
"Buy your second boat first", I believe is the saying So I would throw option 1 right out the door if the only reason that option is on the table is because you can pay cash for it. Don't buy a 'sub optimal' boat. In a couple years (if not sooner) you will be rethinking it.
Can the OP handle a financial hiccup in his life? If so, yep financing could be the way to go.