THE TRUTH! Should you pay ALL CASH or Finance a Boat?? (THINK!) 

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I'm happy with my cheap $1000 Craigslist boat. Fish don't care how much the boat cost!

you got my subscription with this video. super informative and helpful man. I also think there's a key element here that a lot of guys don't understand going into fishing, and that's finding a way to make money that affords you time on the water and the freedom to go on tour. being a musician entering the tournament world, I'm pretty primed for it and stoked. thanks again!

You forgot the wife factor. Lmao

Great video! I appreciate your transparency. I've been wrestling with this very topic, and you've provided a lot of great insight to consider!

Lol so true, I was trying to explain to a buddy of mine that buying a boat, of any kind, is never an investment that you can expect a return on. It's just a floating hole in the water you dump money into. But damn do I have boat fever BAD!! CANT WAIT TO BUY MY FIRST BASS BOAT

I am 53yrs old and have never owned a real bass boat. I owned an aluminum boat that I built into a bass boat, I have been fishing for more than 40yrs have seen an heard this debate from every angle. My opinion is this. If you are happy with what you get and it gives you more enjoyment than anger it is always a good deal. I am getting ready to buy a new bass boat 🚣‍♀️ this new year and I am like a kid in a candy store, a 53yr old kid. I know exactly what I am getting into and look forward to the ups and downs of boat ownership.

"I'm never gonna financially recover from this" ~Joe Exotic~

Smart discussion and food for thought. First - decide what type of boating you do MOST of the time (harder than it sounds to figure out), set a reasonable budget and have no regrets! In my experience boating for the past 40 years, (with the past 7 years at a marina), the bigger the boat, the less it gets used.....Boating is lot more fun when the boat fits into your budget comfortably. I fish both salt and fresh. I have a 17 foot used Whaler and never want anything bigger. Too many headaches.

I’m new to the game, just started my channel but I enjoyed the work you’ve done. Straight shooter!

Good info getting one this June. 2020 tracker 190 already looked into it 👍👍👍

I am one of those people that hates debt, but I can understand its use as a tool. I think it is important to understand what debt is. It is not owing someone money. It is sacrificing your future, for your now. To me that is that option you need to weigh. Is it worth being able to fish in a much nicer boat now so that you have to work longer in the future? Personally a 5 year old boat is 99% as nice as a brand new boat. I bought a 2010 Z20S for $33,000 (financed $15,000, 3 years). I put 2 12 inch Solix units on it, 2 12' foot talons, and an ultrex on it. What does a 2020 have that mine does not? If you fish for a living, then sure brand new all the way and finance it if you want. With that said I like the way you explained how much you really pay for a financed boat vs purchased one. Most people do not understand that.

Thanks for the honest fact about all the additional cost after the boat is purchased. I had a big boat and it was a black hole, but I loved it. What they say is true. The two happiest days as a boat owner are the day you purchase it and the day you sell it. Remember however the time you spent enjoying the boat is always worth something.

Dude your videos are great. You literally cover everything that has to do with fishing. It is crazy to think that I make good money and still feel like a boat isn’t possible. You saying it’s the worst financial decision you can make helps it sting a little less though.

FACTS Right There !! Well Put!!

anyone who can pay cash for a new skeeter isnt working for his money if so he's he don't have time to use it.if he does he's prolly a dang good fisherman

Great info very smart way to put it. Thanks!

I always appreciate your candid talks. I really appreciate your attempt at explaining opportunity cost, which clearly went over the heads of most people commenting. I always say if the rate of return on your investments is greater than the interest rate on the financing, go ahead and finance. The whole point of money is to allow it to work for you. 45k invested at 6% for 15 = 108k 45k loan at 6% for 15 costs 68k I’ll take the 40k gain over that 15 year span every time!

nice advice Sir a lot of info thanks for that!!

$450 a month boat payment is always better than spending $1,000 a month on cigarettes, alcohol, and drugs. That’s the way I look at it! I rock on with my fishing addiction.

It's hard justifying an expensive purchase like a boat whether it's a 60k glass or a 30k aluminum boat. If you love fishing then obviously the sport is worth investing in to you. I have many hobbies that are endless money pits besides fishing such as RC cars, planes, drones, guns, etc. You know what though I never get myself in debt to enjoy them all. Do I have a nice house, truck sure do. Do I have alot of fishing gear, 2 expensive rc cars, 2 planes, and 2 drones, and countless guns yep. Do I have extra big ticket items like a boat, side by side, motorcycle sure don't. When the time comes to purchase one of them I'll pay my truck off to open my options for a boat and/or cut back on one of my many other hobbies. Being in construction you have good times and bad times and I plan/buy accordingly. I never stretch my debt out of my realm in case layoffs happen. It's not financially smart to over extend yourself and I see so many people do it and lose what they have or stress over money which puts a huge burdone on relationships. For now, til my truck is paid off I'll save on the side for a nice down payment and I'll simply enjoy fishing from the bank. Tight lines people, don't judge this man as everyone lives under different situations and budgets.

Too each his own, but at 56 yrs old now, personally, I'm done with debt for several reasons. So I'm not even going to touch on debating over going in debt on a really nice, new bass boat. I'll leave that up to other viewers. But I just gotta say, I absolutely love your choice of color coordination on that Skeeter. It's absolutely beautiful. Again, to each his own, but I see so many new fiberglass boats that have colors or color combinations that I actually find "tacky" or "bland"......if not downright ugly, lol. For my personal tastes, your Skeeter has some of the most beautiful colors I've ever seen. Way to go!!!

It’s so much more satisfying and relaxing fishing out of a boat that’s paid for. I’m plenty content with my 20 year old paid for Champion bass boat.

“Don’t worry about me, worry about you” 😂 love it

Just bought a used boat. I’d loved to have had a new one but just couldn’t logically see a long-term finance. So I bought something that reasonably met my needs while not owing anyone. It’s a tough call sometimes. That allure of owning a shiny new anything is strong. But at the end of the day, I’m an amateur and don’t need a pro-level rig. Just have to have that honest conversation with yourself.

AWESOME & THANK YOU BRO ,, you just saved me a shitload of money with common sense , if I ever see you at a boat ramp with my cheap jon boat ,, ill buy breakfast

A lot of good points. One I think you could have covered was What I'm planing. I still owe about 14,000 on my truck. Want to have it payed off my Feb. Then I'm looking at putting about 10,000 down on a RT198p{about 35,000} Pay it off in about 2 years. Once I do, I'll decide if I want to keep it or trade up to a nicer boat. Say 55,000. I should still be able to get in the upper 20's for it. so I'll still only be financing about 25,000. you could literally do this till you get that 100,000 dollar dream boat.

Great video!!! That's the real deal.

I thought about and decided to pay cash for my boat. 1978 Searay 300 weekender paid 6K. Feels good to not have the bank own something until you pay them back.

Great vid!

Not to many people "blue collar" can pay cash for a $60,000 boat!

Thanks for the video I have been wrestling with this for years. Your, honest and informative, video are great. thanks!!

Great video!!

Very Good Information!!!

Love the fact that you stated in the open “the worst financial decision you will make in your life”. Remember before you sign anything look at the total amount financed for the life of the loan That’s the actual price your willing to pay for the boat through the life of the loan

The takeaway is that a boat is a luxury item that will not have a net positive return but will in fact have a continual cash outflow associated with it. Thus, a buyer needs to determine if they can afford to tie up cash in the purchase price and financing charges if financed of the boat as well as whether or not they can dedicate discretionary cash to the cost of use and maintenance. I bit the bullet and purchased a boat with financing but intend to pay if off in the next six months. I just didnt want to wait six months to buy the boat outright and wait until Spring of 2021 to use it. My finance rate was stupid high....I believe that regardless of your rate...the intent of the lender is to make 50% over the life of the loan term...so you are going to get a rate that allows for this goal. Pretty sick that boat pricing is on par or higher with that of cars and trucks. I just do not see the justification for this but so long as we continue to buy the boats and banks keep allowing for the financing....the prices will keep going up.

I have done it both ways and their are pluses and minuses to both. I would do the newer boat option if you can put down a good down payment so you can get out if things go south. It’s really nice to have something that works every time and has a warranty. Outboards are expensive.

Just take your time to find a solid older boat. I have a 1999 zx185C with pretty nice electronics and can fish the same areas you do and get there in almost the same amount of time. It'll run about 64-65. Sure there might be some things to fix every now and then but every boat will have its problems. Not to mention it has already depreciated in cost about as much as it will so I should be able to sell it for as much as I have in to it. Also mine has a new powerhead from the previous owner so that is a huge plus. I kinda wish I would've went with a 202c now, but like I said I can always sell it for what I paid for it and then fork out another 5-6,000 to get a little bigger boat

I bought my house a year ago for for 120 grand a year and a half ago, I am going to sell it soon for 150 gonna pay off off all my our debt and finance the best 14000 dollar boat I can find. I sold my Stratos 11 years ago for financial reasons and have regretted it ever since. When something is in your blood like fishing tournaments it creates a significant emotional cost to not owning a bass boat, and no being a back seater doesn't alleviate it. Great content as usual!

great video Here is how i did Got my Ranger Z520c. 2009 Got a Nitro boat for 23K, 2015 bough a skeeter ZX225 for 49,999 got 12K for my Nitro paid 8K out of pocket Financed 30K for 5 years Paid the boat of fully in 2 years and in 2018 bought a Ranger Z520c for 67K and traded in the skeeter for 40K. So basically the skeeter cost me 10K for 3 years not counting the % i paid while paying it off even though i paid of the loan in 2 years instead of 5 i still paid some juice on that loan. Paid the difference of 27K in full. Oh PS i dont have a WIFE factor When me and my Wife got married i paid off her student loans 80K BEST INVESTMENT I EVER MADE from that day forward my wife never says anything to me about money and what i do with it.

When are we fishing bro! Nice video

Awesome thoughts! Sounds like a student of the Rich Dad Poor Dad school of thought!

Financing sucks! But if you can afford it (most people can't) than buy it. I'll stick with my kayak. I used to have a boat and sold it because of all the constant expenses.

Damn bro.. u keep it 100 in ur vids

Boats are tough, as much as I love making memories on the lake, it's an expensive hobby no doubt that can suck money and energy out of ya. You either finance a new boat, or pay cash for an older boat but end up throwing money at it for repairs every other month, (been there before)

1. Decide how much boat you need and what you can afford to pay (without generating buyers remorse and stress). 2. Put cash down so you have instant equity in the boat so if something happens (loss of job, illness, etc), you can sell, get out, and not be upside down. 3. Finance the remainder for a longer period of time, get your note low, and pay off early or trade in. Remember, you have equity from your down payment. 4. Go fish and be happy! Don't pass judgement!

Good video!

So I’m going to buy my first boat in a few months. 2021 Ranger RT188p so...at my credit score as of today with Experian it’s 800. I have a paid off truck. I can afford around 600 a month. When I talked to my dealer last month they ran some numbers and with insurance for a 30-32k boat that I actually love and can’t wait to own I’m looking at 320 a month. That’s great. Now I plan on paying 500 or more depending and getting it payed off sooner. I just turned 41. I could pay cash but I want my boat now not when I’m 47. I mean could I get a 50k boat yes, do I want or need to No.

A boat is a hole in the water into which one pours money. But damn they're fun.

First boat buy cheap pay cash. Make sure you'll actually use it. Next step if you're into it finance the new 2nd boat especially if you're like me "average joe" who uses it most weekends.

Boys with the most toys in the end...Wins!

"It's the worst financial decision you'll make in your life" CORRECT !! Great statement. Which then proves that if you can't pay with disposable cash , don't buy the boat. Disposable means it's not earmarked for any other need. A great litmus test is.....finance the boat ONLY if you can afford to pay cash TODAY, but choose not to. When I was working I bought a Ranger 620 for cash, then sold it a few years back after owning for 5 years. Could not afford that once I retired and wanted another new boat, so bought a 19' Lund Impact......again for cash. No worries.

I sure caint pay 60.000 for a boat i buy 2.000 used bass boats and when it caint go no more i buy another 2.000 boat. I still catch plenty of fish still can do 45 to 50 mph and dont have to worry about it as much. And i can spend 2.000 on the boat then 1.000 makeing it nice and i have a nice boat for 3.000.

Informative video. You are ballin if you can pay cash for a $30,000 bass boat. =) Your concrete cost more then my new 150 HP Fourstroke Mercury. LOL!

It makes much more sense to trade in every 3-4 years and always have a new boat if you are serious about fishing and put a lot of time into the boat. If it’s something you only do once or twice a month then a boat over 20k doesn’t make sense. Honestly a Jon boat or a really nice kayak makes more sense for people like that. Everyone wants to boot scoot across the water to the next spot but, is it worth 70-80k? That’s a question only the individual can answer. For me it’s a yes. I also cannot stress enough, take care of the boat. Don’t be rough on it, take it in for it’s scheduled maintenance and keep it clean and covered. You will never get all over your money back on a boat but you will get substantially more for a 10-15 year old boat that is clean as a whistle.

I financed my first boat in 1994 when I didn't make much money. A 10 year note 13,500. Not A lot of money by today's standard. Cost of ownership was a culture shock to me. Still own it today.

Great Video. I wish i could buy a nice Bass Boat like yours. I can't afford one. Im looking to buy a kayak instead.

I feel very blessed.i can not afford to buy a new bass boat.cash or finance.that being said.ive fished out of my flatbottom my whole life while drooling everytime a bass boat zoomed by me.i wad recently blessed.my boss went & bought a brand new 2020 tracker pro 17. He owned a 91 tracker tournament tx.he bought it new in 91.he sold it to me for $1500.00 cash.its in mint cond.god works in mysterious ways.

If you're working on your Credit, Finance it cuz it's just going to better it. But if you have good credit and have the money just to pay cash that's one less bill you have to worry about and it still goes on your credit history as a inquiry fully paid

You forgot to add tournaments can help with money also and the way this world is going we might all have to fish to eat. 👍

Being in the offshore game for years and bass fishing out a bay boat bass fishing is cheap 😂 when a good offshore center console runs $350,000 minimum. And burn 200 gallons on a full day. You’re lookin at $1500 per trip average

i looked and searched for 2 years before i found a early 90's 21 ft charger 200 Yamaha limited edition, garaged for its lifetime, single owner for $6000. .. I upgraded electronics and trolling motor. Very minor if any issues for 5 years now! Be smart, be patient. Never buy new, They are out there

I do enjoy your fishing content. Proverbs 22:7 is a good reference about debt.

In my opinion buy what you can pay cash for. Boats are not investments but a hobby/profession. Very true about worst financial decision with boats.

You keep it hard core real brother. Did you put a down payment of any type on the boat? If so how much?

Here in Australia you can only get cars and boats etc on 5yr loans. 15yrs is wwwaaayyyy to long of a lean term

Great info man I’m saving for a new boat now (currently running a javelin) and it’s difficult because ide love to pay cash but that’s not going to happen so my goal is half down and try to put 1k per month till it’s paid off to drive away that interest faster. I’m doing other things to ensure I can keep to my plan and I’m still 18 months away before my goal will be complete. Some people impulse buy some overthink and over plan and I am the back half of that.

Can you make a video explaining trading in every 3 years or so and how much you expect to get when you trade in vs what you have left in loans.

Lets think about it this way. If you cant afford to make payments on a boat. How long will it take to save up and pay cash for one? If you have to save up to get it mindset then enjoy that new boat in 20 years when you've saved up for it.

If you can, pay cash for a 2 year old boat. Still have warranty in place, boat already took it's first hit on depreciation. I got my 2016 Tuffy 2100 w/etech g2 300 used for $45,000. New would have been $70,000.

The problem is the industry makes people think they need a $55k boat to catch bass. KVD can catch 10x as much fish as you in a kayak while your in your $55k boat. The boat just gets you there

Agreed on the financing, I bought my last rig on a 10 year note when a premium boat could be had for $20k or less. 10 years freaked a lot of people out back then but that freed up a lot of cash monthly that allowed me to fish more. I've even had friends that did equity loans on real estate to buy rigs. The main thing is to own a rig and not be so tied down by the ownership experience that you can't afford to use it.

People can say what they want ,, but to me ,,, a paid for boat is the best boat ... I’m 53 , I want a new Skeeter , but after working my life away , I can’t bring my self to buying a new one. I can afford now to get what I want , but I’m struggling with the decision to pull the trigger ,

My dyslexia read, fiancé vs cash, which is a valid argument as well. As for finance, I’m a Dave Ramsey fan. The borrower is the Slave to the Lender. Cash is king.

Cash! Is always better but it’s what you make of it

I like a little balance and don’t mind financing anything so long as the rate is decent. If something is 50k I better have at least 20-25k to put down.

Lou, great video man, super informational. Just curious, what do you do for a living? U seem very knowledgeable about money n how to make it n save it🤣

Great job Brother ! finally some one speaks the truth about the pros and cons of the Bass Fishing Life .....awsome video, Hands down the best one out there

Im late to the party but wanted to weigh in. I'm 32 years old and bought a new Ranger 198P last year. I've always been a proponent of not purchasing a depreciating asset unless you can cover the cost of the purchase in cash. I'm not opposed to financing a boat/truck to retain being liquid IF you have the funds in reserve to cover the cost. Paying the purchase off early is the way to go and avoid paying an exorbitant amount of interest (which you could use toward upgrades or operating costs.) On another note if someone younger asks me about purchasing a boat or truck I always have the same answer. Wait til you have 100K saved up in retirement accounts and 0 debt outside of a mortgage. A brand new truck or boat isn't worth the cost of what it can cost you toward saving for retirement. Buy a nice used boat or truck and try to get both for under 20K. It's 100% doable as I did it with a 2009 Tacoma 4 cylinder (15K) and a 1997 Skeeter SS150. (5K). Both worked flawlessly with good maintenance until I was ready to upgrade. By the way this is a VERY underrated video.

Just go down to duckett marine with a hitch and some bolt cutters

The current pandemic has vehicle loans as high as 84 mo @ 0% interest...I wonder what type of interest rates are going for new boats? Yes, I’m looking at around the same range as BTBs $55,000.

Great video, did you have to put down a down payment on your boat??

Most dealers get a refund from finance outfits. You can finance boat, get it 500 to 1000 cheaper, then pay off loan two months later.

realistically you dont have to spend 60k to get out on the water, you could buy a used boat for cash that would do eveything you need for a hell of alot less vs a new one not even considering intrest on a loan

I’m buying a used z19 for 30k. I don’t feel bad about it!

I paid cash for my first boat. It felt really good at the time until to drop straight cash on my boat, until I realized later how dumb it was for an average joe like myself to do that. Its not dumb for everyone to do it, but it was dumb for me to do it. Boats depreciate fast. Especially aluminum bass boats. I shelled out all of that cash on a boat that wouldn't be worth anywhere near what I paid for it as soon as I drove off the lot. I also did not have any type of revolving account on my credit at the time, because im sort of a stickler for getting things paid off as quickly as possible, just in case shit hits the fan. I dont have all of this debt hanging over me. I had paid off both my wife and i cars and I never keep any sort of credit card debt and I did not own a home at the time. So I had no revolving accounts on my credit which led to my credit score dropping. I also sold the boat after about 5 years at a huge loss and then turned around and put another 10k down on another boat. This time around when I learned from my mistake. Yes it feels good to pay cash and not have any debt hanging over you, but it just isnt the best decision for everyone. I financed my new boat which came in at just over 30k. I put 10k down on it so that I would have a little equity in the boat after I drove off the lot. Basically even with the depreciation that occurs when you drive away with that new boat. I would still have a boat thats worth more than what I owe on it. Also the down payment of course helps to bring the minimum monthly payments down. I financed my boat on a 12 year term at 7%. Why such a high interest rate. Well like I said. My credit had went down due to my not having any type of activity on it. 12 years sounds like a long time, but people need to remember that just because you finance for 12 years, does not mean you have to take 12 years to pay for it. We are long gone from the days of penalties when you pay something off early. So there is nothing wrong with getting that item paid off in say 6 years of even 4 years. So after all was said an done I walked out of the dealer with a payment of $256. This is a great thing because no one knows what will happen tomorrow. Longer term financing brings that minimum payment down every month and leaves you something to fall back on. Like I pay 550 every month for my boat, but my minimum payment is $226. So if I do run into some hard times where i dont have the extra cash i still have the option to make the minimum payment on my boat with out any negative affects. I also have equity in the boat so if shit ever really hits the fan which I pray to god it does not, but if it does I can get rid of the boat all together with out a loss. Plus by paying more than double the minimum payments I am saving myself from paying so much in interest in the long term. My first boat was just under 20k. This boat was just over 30k. After I am done paying for this boat in just over a year. I am finally going to step up to my dream boat which is the Nitro Z21 and that will be it for my boat buying. The reason I have chosen aluminum boats thus far is because until now I had no where to store my boat. Ive had to pay 40 bucks a month to keep my boats at a storage facility and the boat is outside all year. Everyone knows fiberglass and its paint just does not fair well being outside. I know own a home so I have a place to store a glass boat. So yeah Ill be playing with the big boys in a year or 2 lol. If all goes well anyway So far this has worked out well for me. If there is a flaw in what I am doing. I am glad to take advice

I am looking for a Boat!

Save some money, buy a used boat you can be content with. Save your money a couple more years, sell your old boat and do it again. Keep doing that until you have the boat you want. It took me 7 times to do this and now I have a badass boat paid for. Also have my big house paid for and all of my 6 vehicles. I'm not rich. I have just kept myself out of debt and don't buy anything new that will depreciate the second I buy it. I'm 38 years old. Listen to Dave Ramsey if you want to get ahead in life!

Pay cash for whatever you can afford. Find a good used boat. I read some guy paid a extra 19,000 in interest. I just bought a new nitro and paid cash. I like the 5 year warranty.

My rate is 3.34 percent on any boat 2015 and newer.

The acronym for boat is Bust Out Another Thousand

I'm battling myself & conscious during this COVID_19 and wondering even if I will even live till retirement and just enjoy life now and take money out of retirement savings for a new tracker Deep V-175 boat and pay cash or finance. I still want thousand dollar fish finders and spot lock trolling and all the goodies. That's another 6 plus grand... Thinking about the tax hit also of pulling money out. Its probably best just to finance and live life while we can right!

New boat, old boat, make sure you leave money for repairs and add-ons, and of course the cost of using it (fuel, lodging, gear, etc.). Having a boat you can't afford or enjoy using is of little value.

I just cant justifi financing a boat and I cant afford a boat of the caliber that you have by no means am not making money with it or it might be a little different. I don't have a brand new boat but I do have a 1985 ranger it only has a 100 hp engine and could go out at any time but, I am doing all the proper maintenance to try and make it last.

i wish i could find a lender that would give me the years.my credit is great and getting better but banks around here are like $8000 4.5 years $12000 6 years up to $20000 7 to 8 years. to get more than 10 to 12 years you have to spend 39k or more and i havn't found a bank yet that will go over 12 years no matter how much you spend

Lou great info in your videos I recently done the same as you did paid my truck off and just bought a 2019 skeeter fx 21 le financed for 15 yrs 519 a month took the money from truck payment added to boat payment so I'll be making 2 payments a month and will pay off in 7 1/2 yrs but will probably sale or trade in around 3 to 4 yrs Keep the goo videos coming

I paid off mine and it took forever to do it I would rather buy a cheap one be for I buy a new one again

taking out debt for a depreciating asset is a bad idea lol if you start a guide service you could write off some of that cost of the boat off over some tax seasons

Depreciation! How much is that boat gonna be worth once you use it for a year! Yea ouch!!! Cheaper to hire a guide! Its too cold!! its too windy its too hot! How many times a year can you actually go out?? probably under 10 times a year in KS. Pay all winter!! Now taxes due again! Thanks!! Nice vid

I’m putting $20-30k down. Don’t need to be paying hella interest. Double up payments when I can.