I figured I would get better answers here than in the boats section so here is the (I do realize first world) question...I am considering a brand new or very close to brand new Phoenix, Skeeter, Bass Cat, Ranger,(quality) bass boat purchase here in the next year or so. I am saving and will likely be able to pay cash but my question is, is there any advantage to NOT buying a boat outright? I am kind of a Dave Ramsey guy so paying cash for things is what I like to do but I am open to financing if it makes sense. I fish for fun mostly with the occasional tournament mixed in but it is still for fun. I am looking to buy and hold on to the boat for several years until repairs and upkeep warrant another newer purchase. Anyway, I would love to hear some opinions form you folks who have bought a bunch of boats. Thanks in advance.

Nothings wrong with paying cash but moneys cheap right now. When I bought my last boat I had cash but opted to finance at 3.99% for 72mo and paid it off in 36. Played the market with the cash at the time and came out a little ahead.

Kind of depends on what you could/would do with the cash otherwise and if you can afford the monthly payment. If you can get a low enough rate (1-3%) and can afford a short term (<48 months) Then it might be worth it to finance the boat and invest your money in something that will yield more returns than what you'll be spending on interest on the boat...

sir,, pay cash and you have a built in return of at least what the interest on the loan would cost..notice the fellow above said he "played" the market.. It is a risk for sure and better framed as a gamble. I recommend you stick with Dave and pay cash.. although I doubt Dave would approve of a boat purchase at all. haha

Actually Dave owns several boats

If you have a Dave Ramsey mentality towards finances and can easily pay cash for a new boat without disturbing “essential funds” go with your plan and don’t ask financial advise on a fishing forum! JK……….sort of!

I would recommend financing it for as long as you can if you can get 1-3 Percent. put that money in a soon to be savings account that will be paying more interest than your loan. inflation is coming in the very near future which will drive up interest rates.
and my financial advice to most people is, do the opposite of what I say and you should come out smelling like a rose.

Soooooo, you’re saying all this “free money” and out of control debt is actually going to catch up with us/cost us? 🤔🤷🏻‍♂️🤪

If the money is earmarked for a boat and it does not interfere with anything else then just pay cash for the boat. Not too many folks have 50K plus laying around for a purchase like that, for you to be in that position probably means that you don't need any advice form us.

Yes I understand this, just making sure before I write a $60,000-$80,000 check I am not missing something. Like someone might say, “I only keep a boat 3 years so I never buy it out wright” type thing. I have never bought a new boat, mine is a 92 Javelin which I paid $3000 for from someone here several years ago and then have taken care of it. Just asking opinions of folks who have owned many new boats.

I am a simple blue collar shop guy and my wife an ER nurse. We had kids young and they are both up and married and on their own. We have worked very hard, been frugal, and most of all we have been blessed for doing our best to be faithful to the things God would have us do. Thank you for the opinions so far.

Do what you feel comfortable doing. I personally do not understand the Dave Ramsey approach. To me this is for people who struggle to manage their own money, and lack basic financial understandings. Its a simplistic approach.

You're doing the smart thing by saving and not having to take out any sort of loans for the purchase, no matter what the interest rate is. Boats are ridiculous priced right now, but if you'll look for a 1-2 year old top of the line boat, it should save you at least $10K off the top and will still carry a warranty. I bought a 2018 in 2019 and paid $22K less than the original owner, but lost full warranty other than structural on boat. Motor was still under full warranty as 2nd owner. If you need help in making sure boat has been well kept, PM me and I will help you. Sounds like you will know what to look for, but if not, holler. Double check that the warranty transfers to 2nd owner.

Depends on interest rates and what your investments are returning.Let's say I have a particular investment that's earning 14.9%-16% annually, if I can borrow the money sub 5%, why in the round world would I remove cash from that investment. Someone correct me if I'm wrong here.

At the rate the boats are increasing in value, it might actually be smarter to finance. You could invest the amount you’d spend in cash for a boat, earn money on it. Then the boat would likely increase in value faster than the percentage rate you’d pay to borrow. It would be a win win.