financing

[cnkale80]

I'm planning to enter the market soon for a cabin cruiser in the 30+- feet range. the '06 - '08 Sea Ray Sundancer 290 really has my eye but I am open to others as well. ive never owned a cabin cruiser before but I'm getting ready to take the plunge. I've already got a F350 dually so no issues towing one. im pretty well mechanically inclined and very maintenance oriented as far as the drive train goes but I really don't know much about the other boat systems. here is my "ideal" scenario...

I find a 2008 Sundancer 290 with 500 hours on the engines, which I expect to pay around 85K. I would plan to put 10-15% down, depending of loan options available. That's a 15 year old boat so im thinking I could get up to 15 year loan assuming that the hull warranty was 30 years brand new. that makes for a pretty easy payment so id consider shortening the term.

All in all, is there a general thumb rule for a maintenance/repair on boats like this? a percent of the payment to stash away per month? or a certain percent of the purchase price to allocate per year?

thanks guys...

[S/V Illusion]

Not surprisingly, it depends.

Financing issues aside, the routine op and maintenance/repair costs are a function of current condition, previous maintenance history, capability of the previous owner, amount of future use you do and climate (it costs a lot to winterize and store a toy you can’t use in cold climates).

Add the unexpected non-routine costs and any discretionary costs for the bells and whistles a new boater inevitably wants, fuel which is a function of use rate and you can’t reliably predict although some here might hazard a guess.

I don’t like guesses.

Then there is the nagging question of why finance a toy.

[MicHughV]

A lot of loan companies don't like boats over 10 years old, and for good reason....so that would need to be checked out.
Furthermore, buying it is one thing...but you will probably want to sell it after a period of time....for funsies...let's say after 5 years....if you are still holding a note, the boat will likely be worth less than you owe...ie, you'll be underwater on the loan.
When selling, the boat will then be 20 years old, and you'll find it may remain on the market for a very long time......and unless you have a private dock, marina rates will continue to pile up.
Even keeping the boat on dry land and towing it to the launch ramp, you will find, will quickly become a major hassle.
Finally, boats need to be used on a regular basis to keep them running smooth. Should this boat become another dock queen or land queen, maintenance issues will become problematic.
Consider also usage during cold winter months...which will likely be zero...and you may even need to "winterize" the boat, etc...
Not trying to rain on your parade, but offering some thoughts for you to consider...

As pointed out above....this boat would be a "toy" for you...

Another more practical option would be to rent a boat like this. Many boat rental companies around. Have your fun with it and then go home. Financially, you'll be much better off.

[Shrew]

I think $85K is on the high side for the year range, make and model.

https://www.yachtworld.com/boats-for...year=2006-2008

If you have equity a HELOC or HEL might be better from a down payment and interest rate perspective. Take the savings in interest and roll it into equity payments instead.

[ranger58sb]

Originally Posted by cnkale80

I'm planning to enter the market soon for a cabin cruiser in the 30+- feet range. the '06 - '08 Sea Ray Sundancer 290 really has my eye but I am open to others as well. ive never owned a cabin cruiser before but I'm getting ready to take the plunge.

Not financing-specific, but you might find useful boat info on clubsearay.com

-Chris

[cnkale80]

right on. ill give them a shout and thank y'all for the responses. much appreciated.

[BuoyCall]

How has the process worked out so far? We are in the same situation wanting to stay under 30’ express cruiser for the next couple years till we sell it all and look for a 45-50’ live a board. Been seeing them all day 40-50k with a trailer. We live in Florida with a pole barn to store it and an F350 to tow it for weekend excursions. My biggest fear is the rear bellows around the outdrive cracking and sinking the boat. Where are y’all located?