You might find its cheaper, on a per month basis, to finance a nicer boat that it is to pay cash for an older one, when you factor in repairs, maintenance, refurbishing, etc.Platinum, in your search for financing, did the year of the boat have any affect on rates? should i look for a low hour boat or year young boat? or does it not really matter if the condition is good? also, what features add to the value?
i'd like to get something i don't have to finance, but would rather finance a cherry of a boat than pay out of pocket for one that i then need to keep sinking money into. also, by financing, i can use my available cash on hand to address anything that might pop up.
what sort of rates are we talking, too? 5%? 10-15%?
That said, I found this for $5,500 as you see it, and all I had to do to it was polish, wax, new battery, and a tune up:
There are deals out there if you know where to look.
Regarding financing, condition is much more important than hours. Condition can be a factor if, like Platinum says, the bank values the boat too low. In my case, I financed my '86 Bayliner for 5 years at 4 something % interest through USAA. They originally didn't want to come up to $5,500 until I showed them pictures of the boat. They agreed that the condition was better than expected and justified the cost.
Features that add to value include: Upgraded power, full canvas (bimini top, mooring cover, etc), trailer (some boats did not come standard with a trailer and it should be evaluated separately - Bayliners below 21 feet came standard with a trailer and I use that against the seller who wants more money because the boat is on a trailer). Electronics generally add nominal money unless it has something like an awesome GPS chartplotter.
Sometimes features and condition cancel each other out. At the under $10,000 price point, things like trailer tires, bad wiring, or an engine misfire can remove thousands off the price because it could be a simple fix, or serious bucks to replace.
For this reason, I told Platinum what I will tell you: IN the under $10,000 price range, a nicer boat thats a couple grand more could potentially save you thousands later on in big time repairs if you find an engine with a dead cylinder, or a rotten transom.
Unless you know damn good and well what you are doing (and I do), buying super cheap is a major risk. Another thing PLatinum is finding out - anyone can buy a boat, and there could be huge differences in condition between otherwise identical models in your area simply because boats tend to attract idiots.
I have seen beautiful 30 foot express cruisers reduced to junk due to neglect, abuse, and ignorance.