NEW HERE....any help would be appreciated

[Jetsetter613]

So im here & happy. My wife & I have decided to buy a boat. I have never had any type of marine equipment so I'm really excited. I'm in central NJ so it goes without say that I have a salt boat. Any info I need going forward on any used boat because these things can get costly New. We are going 24 foot because inviting friends & family aboard we are going to need the room. SO if anyone can let me know what insurance would cost, gas, even payment plans so I can get a good grip of what to expect. Any private info please drop in my box that would be great. THANKS TO ALL ON HERE. HAPPY SAILING...

 

[Dean P]

Hi and to the forum. Tons of good info here with knowledgeable people to help keep you safe AND on the water. Feel free to search as there's lots of good info to help answer your questions. People have noted, due to C19, finding boats for sale is tough. Seems everyone is looking for alternative from having to stay home. Good luck and let us know how you make out. Post pics too!

 

[Jetsetter613]

ok great, i hope I find what im.looking for.. thanks

 

[nydave]

So im here & happy. My wife & I have decided to buy a boat. I have never had any type of marine equipment so I'm really excited. I'm in central NJ so it goes without say that I have a salt boat. Any info I need going forward on any used boat because these things can get costly New. We are going 24 foot because inviting friends & family aboard we are going to need the room. SO if anyone can let me know what insurance would cost, gas, even payment plans so I can get a good grip of what to expect. Any private info please drop in my box that would be great. THANKS TO ALL ON HERE. HAPPY SAILING...

i use Markel for insurance. pay $400 a year with $450 deductible. Just had to put in a 10k claim two weeks ago and they paid no prob. Regarding Fuel it has a small tank 50 gallons. I fill mine up almost every time i go out. If i am running pulling tubes i easily burn a tank in an afternoon. If just a short cruise and a float can go out twice before i need gas. Didnt mind much when it was trailered and i could stop on way to ramp...But now it is in a marina and i pay $3-4 per gallon. but again usually only need 30 ish gallons. Also budget for Extras....(ropes, bumpers, safety kit, anchor, tubes, wake boards, stereo, cover, cleaning and maintenance supplies). all adds up. But memories with the kids are priceless.

 

[IvanRZB]

A couple of things you may have already thought about:

- Storage: do you have a place to keep it, or will you have to pay for storage?
- You mentioned gas cost, that's kind of a moving target but do keep in mind some boats want Ethanol-free fuel, also some of these boats have pretty large tanks. It costs me just over $100 to fill up my 19-footer.
- I'm not familiar with NJ rules, but generally you'll need to pay trailer and boat registration and maybe property tax.
- Make sure you have a vehicle that can handle towing a 24-ft boat+trailer, gasoline, toys, equipment, etc.
- If you plan on taking kids (or adults, really) plan on buying inflatables, tube, that kind of thing.

Good luck, and keep us updated on what you find.

 

[Jetsetter613]

All excellent stuff guys. Thanks I kinda have an idea just want experienced answers.

 

[Jeel]

Welcome from another joisey guy ,, buy new , used prices are insane right now , wait til the new models come out

 

[Jetsetter613]

JEEL, your too funny... can anyone give me an idea what they paid & what a new one comes out to be every month. Because I'm thinking NEW & its scaring the crap put of me...?

 

[Jeel]

I bought a new 2019 AR 240 last August , i paid 52k ,, i paid for it using a home equity line of credit which is currently at 2.25 %...my total loan amount is 85 k and my payments are roughly $500 a month at this rate... i can probably sell my boat right now for exactly what i paid for it last year , but my wife is so hooked on the color because the boat color matches our 2 jetskis...

 

[HangOutdoors]

@Jetsetter613 If it is scaring you then perhaps you are not ready. You are purchasing a high dollar depreciable asset that will lose value and depending on how much you put down and where the market goes you may be under water for years to come without a way out unless you pull more cash out of your pocket. That is the reality of it.

With that being said, memories and time with family and friends is tough to quantify in monetary aspects. It is different for each individual. Life is a one way journey and time cannot be made up or gotten back. This is the decision you should focus on. What is it worth to you.

As far as payment and purchase price, just use the Yamaha calculator or any payment calculator if you are buying new and 15 year term. Figure a rate of 4.99% which may be a bit high or low depending on your credit situation, Debt To Income ratio and down payment. It will give you an estimated baseline on what a payment could be. Which is a great initial way to determine if it even is workable for you.

Finance Calculator | Yamaha Boats

Estimate your payment for a Yamaha Boat with the Finance Calculator. YamahaBoats.com

www.yamahaboats.com

So as an example. An AR240 with a MSRP of $58,699 with a $5000 down payment at 180 months at 5% will be $424.65 per month. So there is your baseline. Don't forget there will be interest, dealer prep fee and possibly delivery fee. If you can handle that then what I would suggest is Talk to a/your dealer and get prequalified or through your bank or credit union. That way you know what your financing options are. Ask them during the process what is the Maximum Loan Amount and the minimum down payment you qualify for and the rate. You will get that and payment. Then you can start shopping. Of course putting more down, may give you a better rate and/or a lower payment. Financing less will give you a lower payment.

Once you can stomach that, just remember that boats are expenses. Be ready for all the things you need for the boat as well as any and all add-ons/modifications. Factor in storage if needed and insurance.

Be an informed boat buyer, ready for everything you are signing up for and you will enjoy the boat for many years to come.

 

[Jetsetter613]

Scaring me might have been a wrong choice of words, WE (my wife & I) have spoken about this & are aware of all to come. I am 100% about family & memories & I totally appreciate the fact of being an informed buyer info you shared with me. Credit is tier 1 & what i think I meant when I said scared was I don't want to make a move & then say If I only got the ??? for just over 60k for maybe a few bucks more a month over a lets say an AR as like your situation... again thanks for the good info...

 

[HangOutdoors]

@Jetsetter613 Makes sense. It just wasn't evident by your statement as well as you didn't know how to calculate a payment. I am sure whatever you decide will be great.

 

[Jetsetter613]

Yeah man can't wait to get on the water...