Words of wisdom buying a cruiser...?

usafaviator

Currently we own a 230 ECC but we have finally decided to upgrade and will start looking hard after I get home from this deployment. We have pretty much decided on a 07-09 280 mostly because of the trailer option and it will fit in our current storage unit. Our marina does not have shore power in the slips or we would go bigger (new mexico). We are wanting to do a 15-20 year loan, I understand with a yacht you can finance it much like a house. The biggest problem however is the area we live in does not have any cruisers at all for sale. We will most likely be looking in Texas and Oklahoma. I am just looking for any gotcha's/things to look out for when making a purchase like this. Our budget is around $60K and we like the layout of the 280 and the space, I would really like a 310 and keep it in the slip but we are only expecting to be here another 1-2 years. I know a good surveyor is key when making this type purchase so I will most likely do that.  Any other things you guys can think of?

Joe

Michael T

I'm back on my soap box again here. But I REALLY believe this. Get at the bare minimum a 377 magnum. Much better would be the 496. The 280 is a hefty boat. IMO there is nothing worse for personal use and resale than an underpowered boat.

BTW is a used 290 out of the question? It had some amazing cockpit and cabin up grades.

Definitely a good surveyor. Get maintenance records and ask to speak with the tech who was assigned to it.

What does the drive look like. If the skeg is chipped and scuffed and the drive is coated with lime-like deposits how do you think the rest of the boat was treated?

Look in the engine bay. The cleanliness or lack of it will tell you a lot about the owner and how the boat was treated.

Now back to my main point - get the biggest engine you can for that boat, the 280 is a BIG girl!

summerx

I would agree with what MT stated.  I would also suggest getting the shortest term loan you can afford.  with a 20yr loan, in 5 years, you won't have paid much off.  if you decide to move up or out of this boat, you will find yourself upside down unless you put a decent chunk down.  Just my 2 cents.

LaRea

Remember, the loan interest can be deducted on your taxes because the 280 qualifies as a second home.  That'll save you a few bucks come April.

How are you going to sell the 230?  And how do you feel about temporarily being a two-boat owner if the 230 doesn't sell right away?  That's always a tough decision to make.

Liberty44140

Agree with summerx on the shortest term loan possible. Too many people buy boats and then assume they can sell for what they owe rather than realistic market price. I just bought after months of searching and got tired of hearing "well we wont take less than X because thats what we owe", yet market price is $10k-$20k below what they owe....and yes all of those boats are still for sale. 

Dream_Inn

Well, I'll stay off the finance soap opera (my opinion won't be valued much on this).  But, I'd also like to ask why there aren't many cruisers there and if you were planning to take the 280 with you?  If you are not, would it be hard to sell there (if there aren't many there, then there has to be a reason for that). 

I know you really want us to talk about the gotcha's.  MT touched a few that are good.  Maintenance is key.  I really like to personally talk with the owner.  Brokers can kind of ruin that, which makes it tougher to know how the owner took care of the boat.  Get beyond how things look, and dig into all the smaller areas.  Heck, just turning a couple seacocks can tell you if they take care of things.  If they are tight, then that is one thing they miss.  I love to dig into the boats and notice lots of things others will miss (I'd really love to be a surveyor...maybe when I retire).

TonyWalker

The way we borrowed was as follows.  We purchased Salt Shaker new in 2006 as the recession taking hold.  We got a good price and a good rate.  20 years @ 9% with 10% down as I remember it.   That was in the days where you could put anything you wanted onto a mortgage or loan application, We filled the application out in our kitchen with assistance from the boat salesman.  I elected not to fudge on any provided information.   It has been refied since and the interest rate is now 6.24%.  Now 10 years to go.  If all goes as planned, we will still have the boat as the 240th payment passes out of my check book.

pault1216

I am also 'looking' for another boat. On my worksheet with my eye on a $60-$65K price, I have another $10K budgeted for baseline maintenance, taxes (6% for FL), and other incidentals. Since you already own a boat, you know that there is always a $$$ surprise. Good luck. -Paul

TonyWalker

The replacement engines and replacement out drives make her a very nice piece of plastic.  She might now be worth a bit more than the outstanding on the note.  But all things considered, a boat is pure expense until sold to the next fellow.

usafaviator

Dream, many of the locals here buy trailers on the water or close to the small town. Not much of the lake is developed, I really don't know why there are not bigger boats, the lake is deep and big enough to support a cruiser. The biggest I have seen was a regal 260 last year. We however do not want any ties to this place when we eventually leave and yes we will take the future 280 with us wherever we go after this.

usafaviator

LaRea, I am planning on putting ours on boattrader when I return and would rather not have 2 payments at the same time, but we are going to be financing the newer boat in my wifes name so we could do it but would rather wait until it sells.

Liberty44140

Dream, I think you've got the biggest boat here so I'd sure be interested in your financing views...

The Main Exchange

@usafaviator our 280 is up for sale below is a link to the craigslist ad.

http://vancouver.craigslist.ca/rds/boa/5628223253.html

Michael T

Does that price include the RIB?

The Main Exchange

Yep RIB and outboard. Selling as a complete package.

craigswardmtb

Go bigger than you think you want so you don't end up with 2ft-itis a year from now.  MT is right, big engine equals better resale values, and more user enjoyment.  Fuel efficiency on bigger engine boats can actually be better much of the time.  Other than that make sure you find a qualified surveyor.  Lots of bad boats out there that you will have to sift through.

Lastly make sure you have a well paying job.  It is definitely an expensive hobby and more expensive once you get into two engines/drives.  We have some folks on our dock that make well below 6 figures and they don't leave the dock due to cost of fuel or maintenance issues they cannot deal with.  If you are ok with sitting at the dock all the time than I guess this is not an issue.

MarkB

I have an almost new 260EC for sale in your price range. Boat is in perfect condition with residual warranty on the engine and drive (which I've heard financers want to see nowadays). Not much smaller than a 280EC and there aren't any suprise costs.

http://rinkerboats.vanillaforums.com/discussion/5338/price-reduced-like-new-boat-for-sale-rinker-2011-260ec-144-hours-with-warranty#latest

Dream_Inn

Liberty44140 said:

Dream, I think you've got the biggest boat here so I'd sure be interested in your financing views...

Well, I feel it's taking this off topic too much.  My opinion, it's a toy, and if you can't afford to pay for it, well, get a toy that you can.  Please, it's not something I want to get into an argument about.  I've been thru the conversation of "Why wait until late in life when you can pay for it, you lost the chance to enjoy it with your family" (my passed in her mid 40's so yes you have to enjoy life - still not a reason to go far into debt).  A used bowrider can be just as much enjoyment if that is all you can afford.  My family is very frugal & boating is where we spend the cash we have (after saving first).

OK, I'd like to really help out Joe, cause he not only seems like a great guy, but he is fighting so we can enjoy this kind of lifestyle!  Joe, I have a good friend that just sold his 280 Rinker last summer (moved up to a 350).  He misses that 280 cause it had one engine (less maintenance) and it was a nice layout (350 is though one of my favorite layouts).  I do agree the larger engine is a must since it is a lot of boat.  I think you are on the right track, but it sounds like you will need to broaden where you look.  Do you have a good size truck to pull it?  If so, maybe look even further out.  I know east coast is a long distance, but very well could be worth it.  There are some fantastic Rinkers around here for great value.  Shipping would probably be $2k or so, or you could just trailer it yourself. Something to think about as well.  Maybe even Missouri area, which really isn't horribly far.  Heck, my 400 came from Lake of the Ozarks.

rasbury

I traveled quite an area to find my boat- I'm in Fl and went out to TX to look at one. Eventually found mine up around the panhandle so don't let distance deter you from your purchase. I would say however, know what condition the trailer is in and if possible, have it serviced somewhere before you pull it.  I was so friggin lucky getting mine home- tires were old and dry rotted- lugs were froze and could not have even changed a flat. Lights did not work and did not have brakes. It was a very slow long trip home and very lucky indeed. Talk to the seller, get as many current pictures of it before you travel any distance. My seller had some real nice pictures- were a couple of years old and looked nothing like it when I got there. That all being said, I got the boat for a great price but I also understood there would be a lot of sweat equity involved to get it back in shape to pass my needs. I am posting in another thread my completed enclosure which I am very excited about. Lastly- don't settle for something you do not want. I pretty much found the exact boat I was looking for. I should have researched the motor choices a little better but I am very satisfied with what I bought. Surveyor is a must- there is an association for them and I recall I was able to search through their members to find one. I did have the boat surveyed in TX but the guy there, well, he was not to interested in a 270 and used to working on larger boats. Keep in mind, on these "smaller" boats there is very little access to see inside the hull for structural problems so it is mainly an outside inspection and looking for tell tale soft spots. They typically are not doing a mechanical inspection on the motors- just checking to see what works and what does not and they will sea trail and make sure the motors will hit WOT but other than that, I was not real thrilled with my survey but had to have it for the bank. He missed some stuff he should have caught, nothing major but for those that followed that thread, I had never been on a boat of this size before the sea trial so I was sure a babe in the woods as they say.
Good Luck!

NavyCTRC

RW2006, Sounds like you are military as well.   Welcome to the RBO.  Rinker is a great boat, without the mark up for the "sea ray" name.  But ANY boat is NOT an investment, it's a hole in the water into which we throw money.  Super expensive.  My ol'man used to say, "if you wanna play, ya gotta pay".  So, if a few thousand a year in maintanence and upkeep doesn't scare you, and you stay vigilant about keeping it up (and you are somewhat mechanically inclined), jump right in.  We love the lifestyle, or we wouldn't do it. 

Do you know what B.O.A.T. stands for?  "Break Out Another Thousand".

The Main Exchange

@NavyCTRC no I’m not Military but we live a few miles North of Whidbey so the F18’s are over head a lot. I’m a Mechanical Engineer working on diesel engine development for an on highway US truck manufacturer. We love our 280 EC but we are going to move up to twin diesel and probably around 38’. If it sells it sells if not we will keep it. The Rinker is a very well built boat. Having worked for Brunswick (Engineering Manager for Mercury Marine) I had access to lots of Searays etc… Rinker is definitely a better built boat IMO.     

usafaviator

I really appreciate the help dream and the rest of you, as for affording out toy I think we are doing good, i will get a promotion in march/april and my wife just accepted a new teaching position. Im sure most of you are saying military and a teacher how do they expect to do that= no kids. We just like our freedom and are fine not having any now or ever its looking like.  Just our choice.  Right now I am really trying to decide if its worth keeping our storage unit thats 5 min from the marina or getting a slip for most of the year and having a storage unit built on our property to store the 280 during the winter months.  Lake is about 80 miles away.  To answer you dream i have a 12' f-250 diesel with bags on the rear axle so pulling long distances is an option.  I also have family in north arkansas and virginia so could see them on our new boat buying adventure.