Am I crazy for wanting to buy a boat for $5,000?

Question

A boat salesman asked me if I was a boat mechanic. He said if I'm buying a boat for $5,000 I should be. Is that true? Will I be putting more money into the boat than it's worth? I know it depends somewhat on the boat I choose, I'm looking at a jet boat or cruiser type of boat, 18-20 ft. I guess I'm asking, a boat selling for $5,000 - sure problems?

Answer 1

Well I have been a boat owner of 18+ boats for many years and I have found that if they are selling for under 15000 it is going to be a pretty big mess.  If you arent a boat mechanic you probably should be.

Answer 2

It helps if your mechanically inclined, but if you insist on a test ride, of at least 45 min, 15 of that at speed, You should be ok.  There's a lot of good boats out there for $5K. so I wouldn't worry to much, but be prepared to spend at least $1K on fuel and maintenance this year.  Happy boating!!!!

Answer 3

I purchased a 17' center console boat and fished with it for 8 years with no major repairs. Replaced steering cable, had impeller replaced and engine checked by a marine mechanic.  paid $3100 - sold it for $3500.  Saw it last weekend out on the river running strong.

I have known peple that paid $50,000 for a boat and had problems with it the first time they took it out.  And the other end I know people that paid a lot less than $5000 and had a great boat with no problems.  

Just inspect the boat and motor well before purchasing, take it for a test ride, and treat it well with yearly maintainence.  

Good Luck and Boat Safe!!

Answer 4

Annual gear oil change, water pump every couple - three years, wiring/fuel line inspection every few years, keep the batteries charged & topped off.  Once in awhile, rebuild carbs, fuel pump, re-seal lower unit, whatever.  Give it fresh fuel and don't forget the oil.  Something breaks, fix it.

What's more, most any kind of boat repair is well within the scope of the average do-it-yourselfer with some basic tools, some common sense and good engine service manual.

Most people take a boat out & run it hard a few weekends a year, rest of the time it sits around collecting dust and corrosion.  They ignore symptoms that turn small jobs into major projects.  Do that to a car, you'll have the same situation.

Plenty of well-cared-for $5,000 boats out there, they're just older than the $5,000 crappy neglected boats, and in way better shape.

To answer your questions, of course you'll encounter problems -- it's a boat.  But ya don't have to be a boat mechanic.

Answer 5

The guy just wants to sell you a more expensive boat.

Answer 6

the only person that can answer the question is you,  "Are you crazy"?  I guess people asked me that question when I bought vw's for a couple hundred $'s and sold them and made money on them.  If your confident, go for it.