Are people Crazy!!!! these interest rates on a toy!

[Geiger41]

I got 1.99% on mine in september/october 2013 on a 13 model on a yamaha promo...if you can wait till the end of the season you may get this..who knows

 

[Willard Ivins]

That's what I'm trying to do - wait until that time frame, to see what shakes loose, both in the new & used markets, & banking deals. It's tough to do, though, real tough....

 

[Scarab255]

We just got 3.75% through US Bank w/ 20% down. Might be worth checking out.

 

[Willard Ivins]

That's quite the vessel you bought, Scarab255.

 

[jwells]

My boat deal fell through because the dealership had promised 2.99% finance from Yamaha .. but that rate was not true .. only for the 19 foot.

It turns out the best they could do was 6.49% from yamaha ... That is simply CARZY. I was planning on putting 10 15 k down and financing the rest, but at that rate I would have to be insane. They told me that rate was very good and only available to A credit people like me and that some B class or lower crdit score get 10 - 20% interest rate .... ARE PEOPLE REALLY that stupid to finance 50k for 15 years at 10-20%.

They r full of it. I got 2.99 on the last day of the month then they called me two weeks later had me redo it at 1.99 because the yamaha in sentinel changed. They can only jack the interact rates up 2 percent over what you qualify for in most states. Something sketchy was going on there and yes there are idiots that will take what they can get and then they end up bankrupt and boatless

 

[ACrews]

I was almost in same situation & did back out on one dealer due to interest rate. Jus picked my SX240 up 2 weekends ago & got 3.79% for 180.

 

[Corbitt]

I went through "Bank of the West" and got right over 4%.

 

[0627Devildog]

Buying a new boat, with financing, in the height of the season. . . . . I am not surprised at the rates quoted. Hold off until Winter if you can.

 

[jwells]

Buying a new boat, with financing, in the height of the season. . . . . I am not surprised at the rates quoted. Hold off until Winter if you can.

I agree I got 1.99. In jenuary and February through yamaha. That was a little better than my bank but some of the rates I got on used boats were outrages

 

[0627Devildog]

I agree I got 1.99. In jenuary and February through yamaha. That was a little better than my bank but some of the rates I got on used boats were outrages

Yeah, used boat rates are alway terrible. Had we not paid cash they were offering 1.99% when I bought my 2014 in Jan of last year. No way I would pay more than that. Patience has its privaledges.

 

[ACrews]

@rskdsk Ya may want to check with your dealer again. Apparently Yamaha just announced yesterday that the 2.99% is back on, on all boats. I bought mine a few weeks ago, but long story, they never put the loan thru & called today giving offering that rate.

 

[jwells]

@rskdsk Ya may want to check with your dealer again. Apparently Yamaha just announced yesterday that the 2.99% is back on, on all boats. I bought mine a few weeks ago, but long story, they never put the loan thru & called today giving offering that rate.

That's what my dealer did and I got 1.99 instead of 2.99

 

[Willard Ivins]

An informal query about those who have bought new, and bought used. What steered you to the dealer, vs. the used classifieds and vice versa? Were you happy with the route you took? I'm weighing pros & cons of doing either. My previous boat was bought used, with 40 hrs. on it in practically new condition & a year of warranty left. Great times with it and sad to see it go due to a 'hostile shift' in marital status. Now, after a few years, I have the good fortune to be able to afford a boat again used or new. I fear the depreciation of buying new and maybe having to sell too soon. I buy new motorcycles almost exclusively, but always hang onto them a good bit past the day I get the pink slip from the bank, and so depreciation is never a thought. I've been advised to buy used, because specifically the jet boats lose half their value in the first couple years (don't shoot the messenger, please!)

Those who bought new, did you pay cash in full, or partial down & finance the rest? What is the reasoning you used for your approach? There may be obvious explanations for either, but would like to hear from the brain trust of Yamaha jet boaters here.

Thanks for all your input, and for having this site. It's opened my eyes to jet boats, and Yamaha in particular. I never took them seriously before, especially when I had my I/O.

Fire away!

 

[itsdgm]

Great question @Willard Ivins. I'm like you, I tend to buy used and let the previous owner suffer the depreciation. But I can see why some guys with bigger wallets don't want to mess with the used market. It can be a PITA trying to find exactly what you want when buying used. So I'd imagine that just going to a dealer and buying exactly what you want right there in front of you would be nice too...but it does come at a premium!!!

 

[GiddYupJoe]

@Willard Ivins I had to make the same decision when I bought my boat. My deciding factor was all the mods that I would want as soon as I got on the water. Mainly the stereo. I found a gently used model that had nearly a 4k stereo installed in it and the rest of the boat was I great condition. Couple that with all the gear, jackets, boards etc. I couldn't part with the extra cash for a boat the was basically the same as a 2013 at the time. If you are looking at 2015's then that's another story. If I was in your position now I think I may have leaned towards the new models. Good luck with your search and happy boating!

 

[Ronnie]

I noticed a few things while searching for and financing a 242 ls.

First yamaha only offered their "killer" finance rate on new boats, new being never sold to an end user. So if you can find a left over from one or two years ago yamaha's financing applies.

Second, yamaha's lowest new finance rate is usually within 1% of the lowest rate I could find elsewhere.

Third you (and possibly your spouse) need to have a great credit score to qualify for the Yamaha's special financing rate.

I went used (2010 242 ls compared to a new 2012 model) and at a higher finance rate (6% v. yamaha's 4.99% or 3.99% at the time) mainly because of the total cost (around $45k including taxes and finance fees with $20k down on a $36k boat) and because I knew I'd be paying the loan off early (almost 13 years early in my case). I ran the numbers once and determined that if I bought new with yamaha's rate at the time and a $50k sales price on the 242ls my total purchase price including taxes and finance charges would have been north of $75k and that is before any add ons like a mooring cover, anchor that will hold the boat in place instead of just fit in the locker, life vests I wouldn't be embarrassed to west, etc.). I'm not a rich man but even if I was $30k is a big difference too me for the same boat just slightly older and mine had 3 years left on an extend 3rd party warranty (plus it came with a bunch of extras like cobra jet fins, box anchor, jump starter, nice vests, etc.).

IMHO, used is the way to go.

 

[Willard Ivins]

So, is anyone gonna be selling their 2013/2014? Or are the features/upgrades of the 2015 enough to wait until the winter for?

 

[Skysurfer2010]

An informal query about those who have bought new, and bought used. What steered you to the dealer, vs. the used classifieds and vice versa? Were you happy with the route you took? I'm weighing pros & cons of doing either. My previous boat was bought used, with 40 hrs. on it in practically new condition & a year of warranty left. Great times with it and sad to see it go due to a 'hostile shift' in marital status. Now, after a few years, I have the good fortune to be able to afford a boat again used or new. I fear the depreciation of buying new and maybe having to sell too soon. I buy new motorcycles almost exclusively, but always hang onto them a good bit past the day I get the pink slip from the bank, and so depreciation is never a thought. I've been advised to buy used, because specifically the jet boats lose half their value in the first couple years (don't shoot the messenger, please!)

Those who bought new, did you pay cash in full, or partial down & finance the rest? What is the reasoning you used for your approach? There may be obvious explanations for either, but would like to hear from the brain trust of Yamaha jet boaters here.

Thanks for all your input, and for having this site. It's opened my eyes to jet boats, and Yamaha in particular. I never took them seriously before, especially when I had my I/O.

Fire away!

Yamaha jetboats definitely do not lose half their value in the first few years. I'd say on average they lose about 10k to 13k in the first 5 years. If you buy a 61k+ 242 LS it'll prob take 15 years before it's worth less than 30k. Yamaha holds it's resale value better than other boats and the best part is that they're in higher demand. Keep it in great condition and you'll find a buyer. Some people find great steals but that doesn't set the bar for them all price wise. Every seller is different and their financial situation might dictate selling it for a cheaper price in order to move it quicker.

 

[Ronnie]

Here is a screen shot of NADA's current pricing for my used boat. The current value is lot higher than I thought since I got the boat 2 years old for less than the average retail figure and I've seen similar boats priced in the low $30ks by private sellers (not dealers). Originally my boat and trailer had an msrp of $49k.

 

[Willard Ivins]

@itsdgm @GiddYupJoe @Ronnie @Skysurfer2010 - All very helpful replies, I'll keep monitoring this thread for more replies. I have a feeling I'll be waiting for the winter months to hopefully score a good deal on a leftover '15. If it looks like that won't happen, then there should be a few used ones in good shape to choose from.