New Boat or New Motor- Whats Better Value

NETONE · 01-03-2003, 12:22 PM

I thought I would post this and see what I get out of all you.

Had a very long talk today with someone who has a nice boat but needs to purchase a new motor since the one he has now is not worth repairing. The cost of the new motor is equal to his resale value of his boat. Thus the question is:

New motor will cost approx $200 month for 48 months

New boat will cost $260 month for 180 months, after sell the current boat.

So do you go for the 4 yr hit on a new motor, or pay $60 dollars a month more and get a new boat.

id. painter · 01-03-2003, 12:32 PM

For myself , i would want a new motor ,rather than a new boat. I think i would want all the newness in my motor. I hate to break down.....id.painter

Hogmaster · 01-03-2003, 12:32 PM

Obviously the condition of the boat is a question.

But 15 years!

Heck, I saww part of a dumb movie last night that offerred a boat for $35 a month. For only 810 payments!

The point is it isn't just 200 versus 260. If the current boat works well for the type of use your friend wants a boat for, I would say get the motor. Can it be put on a different boat later?

More flexibility. If he pulls the string on the boat he will likely own it for quite some time whether he likes it or not since he will be "upside down" on the balance to resell value equation. Big step...

biederboat · 01-03-2003, 12:34 PM

He may be overestimating the value w/ a blown motor (hard to believe the value of the hull is the same as the new motor) or maybe i misunderstood. Also, it looks like he's comparing the full price of the boat compared to just the motor? If the boat is worth something I would assume he would sell it and pay that towards the new boat. Combo packages do seem to be a "better deal", hopefully he's checking the boat show (didn't see where you were at geographically).

Also, if he's mechanically inclined at all, you can save a ton of money by looking for parts on ebay (or even paying full price for new) and doing part of the work yourself. I "blew" (burned piston) a Suzuki 115 and got it good as new for a few hundred $$$. I tore apart the short block, had it bored out, supplied the block to a mechanic, took it home and reassembled it (carbs, elec. etc.). It would have been over a grand easy if I'd have taken the whole thing in.

Does he need an excuse to buy a new boat? I really need more info (what kind of motor, boat, etc.) before I can give him an honest opinion.

Biederboat

Small Fry · 01-03-2003, 01:24 PM

It's looks like 37k differnce in my book. :shocked: If the old boat works why change. I would say go for the new motor.

Thumper · 01-03-2003, 01:54 PM

Lessee ...... $46,800 in payments vs. $9,600 in payments. Not too tough. Besides, remember that aluminum boats are vastly over-engineered and will last several lifetimes. Not a tough decision

Scott B · 01-03-2003, 02:01 PM

I would say that if the boat is in good shape and if the value of the boat has the resale like you were saying then the combo would be worth more if a new motor was to be put on. I todays economy the less expensive the better. Motors are getting pretty competative these days and ther might be a new motor that is a year old or so that he might be able to get and save a bit more. Keep checking and and don't settle for what you don't want.

Sturgeon Tom · 01-03-2003, 02:13 PM

It depends on what are the differences of the two boats. Do they both do the same thngs, are the the same size, same eng , same bottom or v. Do they have the same amenities. It might be worth $60 a month to have a lot nicer boat that will be more comfortable. After all you plan on having it a long time.

TJB · 01-03-2003, 02:18 PM

You have another option. You can get a used motor, get the boat in good working order and sell it. Then you can purchase the new boat with only 10 years worth of payments. Seriously though, You can usually get a pretty good buy on a used motor. Its like cars, they depreciate as soon as you drive them home.

k9jeff · 01-03-2003, 02:22 PM

I agree,, I would look into the used motor. It may take some searching, but you might find one in good shape which will last for years to come.
A new boat is some serious $$$$$ think,, now that you have the new boat home,, now you have to outfit it.

boater · 01-03-2003, 04:01 PM

if it was my boat and i liked it and the engine blew, i would put a new motor on it.

Tacklebuster · 01-04-2003, 09:04 AM

If the older boat is in good shape and he is comfortable with it and loves her, buy the new motor. I have had VERY bad experiences with used motors. The new motor will give you the peace of mind plus you know what your old boat is capable of doing. Let's face it, a lot of the times when you buy a boat what you are really paying for is the motor and the warrenties that come along with her. Get the new motor and enjoy your NEW boat for a lot less money

Jim · 01-04-2003, 09:31 AM

Netone, The missing part of this equation is what kind of shape is the boat in???

Go to Canada buy a new Merc up there! Saves a ton of money.

Jim

Beer Waggin · 01-04-2003, 10:37 AM

I�m going through the exact same dilemma right now.
I use the heck out of my little brother�s 1978 16� flat bottom w/ an 80 hp pump. He never uses the boat, so if it goes back into the garage, it will sit for years. I use it every weekend for duck hunting, and occasionally when I�m fishing smaller waters. The motor started banging very loudly last weekend. I�m in the process of putting it back together right now (I just took a few things apart to check them out), if it still bangs this afternoon, I�m screwed.
New motor and pump is $8k!
If I had my choice, the boat would have a few more feet in length, and a tiller rather than a center console. I can get a tiller, but adding a few feet to the boat is out of the question. I don�t know what the cost will be if it still bangs this afternoon, but will find out and compare that to the price of a new motor.
All that brings up another question�� would you be willing do dump a couple grand into a 25 year old motor, or replace it with a new one?
I for one like going to the ramp and having the motor start and be reliable every time. If I do dump a couple k into it, what�s next? The nickel and dime thing isn�t worth it to me, I�d rather have a new one that I didn�t have to worry about, but I�d still like a few more feet of boat, so the decision is a hard one.

NETONE · 01-04-2003, 10:51 AM

I have no answer, I know we had a long flip flop conversation over it. I am personally glad I have a strong motor on my sled...but like I told him if it was me I would buy a new or good used motor....long run cost are less, if I purchased a new motor I would ensure that that power would be sooted for my next boat...