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Buying New vs Used
06Rinker270
Member Posts: 1,277 ✭✭✭
I had brought this up in a previous thread but more and more questions are popping in my head about buying new vs used.
I found it fascinating that many of you said you were able to buy a new boat at a boat show, or maybe a dealer as well, cheaper than you were seeing used models online. How can that be?
Another question is do dealers/boat shows give you better interest rates than private lenders? What is the average interest rate?
I have always been a used car fan. I let the lady drive new so I know she is safe, but give me an old American car and I can take that thing apart and put back together, not rocket science. New cars and all the technology is just not possible for me to work on. Ever looked under the hood of a Prius? No thank you. Now with boats, I know technology is always advancing, but are they becoming so smart that you need training to work on them? Dont want this to lead to a "are we being replaced by robots'' discussion but those with new boats, whats it like working on them yourself?
I could buy a new boat at the size I have now or maybe a little larger, but as I get more experienced and with the possibly of my family growing, I want to go larger. Ah, the hard questions we face as boat owners.
I found it fascinating that many of you said you were able to buy a new boat at a boat show, or maybe a dealer as well, cheaper than you were seeing used models online. How can that be?
Another question is do dealers/boat shows give you better interest rates than private lenders? What is the average interest rate?
I have always been a used car fan. I let the lady drive new so I know she is safe, but give me an old American car and I can take that thing apart and put back together, not rocket science. New cars and all the technology is just not possible for me to work on. Ever looked under the hood of a Prius? No thank you. Now with boats, I know technology is always advancing, but are they becoming so smart that you need training to work on them? Dont want this to lead to a "are we being replaced by robots'' discussion but those with new boats, whats it like working on them yourself?
I could buy a new boat at the size I have now or maybe a little larger, but as I get more experienced and with the possibly of my family growing, I want to go larger. Ah, the hard questions we face as boat owners.
Patrick
06 Rinker 270
06 Rinker 270
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PC BYC, Holland, MI
@06Rinker270 I have bought both at boat shows and at the showroom. I've bought too many used to list here but I've purchased 5 new Rinkers.
Here's how the pricing went. The first one was a show special. I got a fantastic price and trade-in the last day of a boat show and as an extra, Mercury was working with the manufacturers to offer extended warranties at no extra cost. Special financing was available but my late wife and I had saved the money so we paid cash.
After that I traded each Rinker at the dealer on the next new one. That automatically saved me a 13% government tax. I got a great trade-in value too as my dealer knew how I maintained my boats. A couple of times my boats were already sold before they left my house.
I bought one boat after the new models came out and the dealer wanted to move the last year's model out of the show room. I got a great deal on my trade-in (which sold in a week), saved on tax and got a great deal on a new boat that was a model year behind.
I bought another new one simply to get the options I wanted (350 mag and through hull exhaust to name a couple) but I purchased it in the late summer when the factory was lining-up work for the winter run and if you put down a big deposit, you got a great deal. I got a very good price by doing this.
When I went to cruisers from runabouts, I traded boats in again to save the 13% government tax and that saving coupled with a very fair trade-in price was far better than I could ever have gotten with a private sale.
Again, I bought at times of the year - late summer - when you can make a great deal as manufacturers want to line -up assembly for the Winter runs. NOW - that's what you have to do if you want to have control over ALL of your options, colors etc.....and that's pretty much by buying new.
HOWEVER, if you want the best deal possible you do what gtyee (on this forum) did and fine a totally optioned boat that was treated with an open cheque book maintenance schedule and properly broken-in and respected. If you like the color and options you can't beat a deal like that.
I also have friends who deliberately bought a boat whose hull was solid and had good lines but the engine and upholstery were tired and they did the work to restore the engine, upholstery and fittings to save a ton of money and end-up with a great boat......but that's not my thing. I wanted to spend my time on the water not in a garage LOL
There was less and less I can work on with as the technology improved. My 2014 EC 360 is a technological marvel and I would not change one aspect of that. I can do all of the routine maintenance on it but would defer to a technician for the more technical aspects.
That said when getting into technical trouble shooting regarding, for example, sensors I read-up on what should be done and we discuss the options. I have saved a lot of money by doing that. If the tech and I disagree we consult Mercury technical support. I've been correct in my trouble shooting thoughts about 90% of the time.
That's my opinion, hope it is somewhat useful.
A new rinker same size at the toronto boat show was 175,000 us, so $227,000 cdn.
My used Rinker cost $20,000. Its fully functional, and does everything that the new rinker can do. AND I am not worried about kids spilling stuff, or stuff getting used on the boat. Other than some outdated colors in the interior, its the same as a new boat.
Saving the extra $207,000 cdn, allows me to install upgrades that I like, BBQ, electric downriggers, ect , and never have to worry about fuel costs. Or even a total loss of the boat. Also makes the slip fees non issue as well. All the engines and outdrives could crap out and I am still ahead.
Basically the utility of the used boat is the same as the new boat. In fact greater since I have piece of mind since I am not worried about it at all.
Thats my thoughts anyway.
If it was a machine that I needed as a tool, or work related it would be a differnt story, this however is a toy, so its functionality is treated as such.
I also can put regular oil into it , and not worry about synthetic poke poke
But to answer your question @06Rinker270 I think you might have read my previous post about the Detroit Boat Show. My end boat is going to be a new 310 with the built in grill and hardtop and all that jazz. I have been browsing for a couple months just always keeping my eye on the used market just to be aware. When I walked up the Hideaway booth at the show, I was seeing the Rinker factory offering savings that were well below what the used newer 310's were going for. I believe a lot of this was because the new owner of Rinker (Bennington) might be trying to push the brand on the market. They were offering $20-$25k off new with a free hardtop upgrade when I was talking to them. The reason they lost me is because they wouldn't budge on the trade in but oh well theres always the future.
The deals are out there but just like MT said, you have to buy at the right time.
2007 280 Rinker Express 6.2L B3
06 Rinker 270
Steve, is that good or bad IYO?
06 Rinker 270
Dream 'Inn III -- 2008 400 Express
06 Rinker 270
Tony
Salt Shaker 342
as long as the hull is good....you can have a great used boat..for a fraction of the cost of a new one.
One big source was the rub rail that was improperly installed. No fillers in the screw holes for the temporary screws that held the top and the bottom of the boat while the glue cured was a big one. The final fix was the rebedding of the port lights that were an unsuspected but serious source of water leaks.
Me thinks the Salt Shaker was built on a Friday. All is fine now. Great boat. Great hull. Take here anywhere. She is not afraid of big seas. Lake Michigan proved that.
If you're in a big hurry like I was, it's dangerous to by old as chances are you will pick up a boat with problems. Nothing like him getting a boat and it breaks on the first day. So I bought new and that gave me peace of mind.
I bought at the boat show and got a great discount. Probably $30k off retail.
I'm not sure you get a better interest rate at the show for financing. It's going to be around 5 to 6%.
Boat Name: King Kong
"Boat + Water = Fun"
Dream 'Inn III -- 2008 400 Express
Rinker ended up shipping it back to the factory in Indiana for the winter. I got the boat back the next spring (before boating season) and it's been perfect ever since. I didn't care and I told them to keep it all winter since the season was over and I got free indoor heated storage all winter! WOOT! -=Mike G.
2014 Rinker 260EC
I am in a 2005 360 that I bought for 89k 4+ years ago. The boat has been great and everything we ever wanted. We always go to boat shows and I still rarely find a 360 that I like better. Between upgrades and maintenance/repairs maybe I dropped another 15k since that time. But honestly I try not to keep track.... In the end we think we got a great value and never would have bought this size of boat if we were buying new. We financed through a reputable local company focused on boat loans and pay a 4.5% interest on an original 50k loan. Not sure how that compares to new boat interest rates. Personally I would never buy new. If money was not a concern than even then I would think about buying a boat a year old. Find the boat we want with low hours and a good service record where we could assess and feel comfortable that any new boat kinks were worked out.
It is pretty funny what the non-boating world (many of our guests), think of the boat we have. Instantly we are perceived as high rollers with our 300k boat.... I guess this could be good or bad, but we do take it as a compliment of our boat and the deal we got.
Dave
2002 Captiva 212, 5.0 220 hp, Alpha 1, 1.62 gears
Moon Township, PA - boating in the Ohio River
I need to point out that this was a "no doc" loan. What ever I said at each question went on the application. Those were the times!