Should I finance a seadoo?

[bryanne419]

I really want a seadoo for the cabin... It would be used by a lot of friends and family. But I don't necessarily have the outright cash, because it's always going to responsible things. I've always been smart with my money. I'm 28 years old, female dentist...I paid for my new car outright in 2007. I have no debt other than my mortgage and student loans... I pay $24,000 a year towards my student loan for the last 4 years, since graduating(dental school is expensive, I had a $200,000 debt, now it's down to $120,000). And I have a mortgage that I pay $1000 a month to and retirement I pay $1000 dollars a month as well(saves on taxes). My parents have never helped pay for things.

I have a few 100 a month that could go to savings/or payments for a seadoo.

But, I feel like my money could always go somewhere more important than to a toy.... Like saving for retirement, paying down my debt, saving for mat leave(I'm self employed), saving for renovations and a new heated garage....

I have a serious boyfriend...but am pretty independent with my money. He doesn't care if I get a seadoo... (Or so he says), he has never ridden one.

But should I just finance one? Or spend 2 years saving, knowing that in the end my saved money would probably go towards my debt/house/life. I've never gone into debt for anything other than school or my house. But I do love toys and sports.

Sorry for the long post.


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[Luv2Camp]

I really want a seadoo for the cabin... It would be used by a lot of friends and family. But I don't necessarily have the outright cash, because it's always going to responsible things. I've always been smart with my money. I'm 28 years old, female dentist...I paid for my new car outright in 2007. I have no debt other than my mortgage and student loans... I pay $24,000 a year towards my student loan for the last 4 years, since graduating(dental school is expensive, I had a $200,000 debt, now it's down to $120,000). And I have a mortgage that I pay $1000 a month to and retirement I pay $1000 dollars a month as well(saves on taxes). My parents have never helped pay for things.

I have a few 100 a month that could go to savings/or payments for a seadoo.

But, I feel like my money could always go somewhere more important than to a toy.... Like saving for retirement, paying down my debt, saving for mat leave(I'm self employed), saving for renovations and a new heated garage....

I have a serious boyfriend...but am pretty independent with my money. He doesn't care if I get a seadoo... (Or so he says), he has never ridden one.

But should I just finance one? Or spend 2 years saving, knowing that in the end my saved money would probably go towards my debt/house/life. I've never gone into debt for anything other than school or my house. But I do love toys and sports.

Sorry for the long post.


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I say go for it! With all of that hard work you did with school and still having to pay back quite a bit, enjoy life a little! Obviously you know your finances better than anyone else so if it means having the loan will strap you where any little issue will derail you, wait. If you have the extra, do it! The smiles (no pun intended) you will get from it will be worth it!!!

 

[LouDoo]

Since you're asking for opinions here's mine. I will be the first to admit that I have not always been frugal or wise with my money and investments. But one thing I have never done is finance toys. That's why I have 18 year old ski's and a 14 year old boat. And even though my toys are not the latest or greatest I think I enjoy them at least as much or more than the next guy. Besides it makes a long winter making payments on toys that your not using. Just my opinion, take it for what it's worth.

Lou

 

[kicker]

Here's my opinion. Your a young guy, get rid of your debt, then be patient, invest the money into something that makes you money and you will be paying cash for toys before you know. It is much more fun going to work for the money you keep, rather then going to work for the bank. By the sounds of it you have been doing a great job at chipping your debt down, which is great.

I'm of the opinion that the toys are a luxury and if you don't have the means to pay for it, you should not have that luxury.

That's just my opinion and don't mean to offend anyone. But you asked. Good luck with your decision. :thumbsup:

 

[Luv2Camp]

I would agree with the last few comments most of the time. However, she is putting $12000 towards retirement each year and is paying down her debt at an incredible pace. She also has a great profession and long term income potential should not be an issue.

Either way you decide, sleep on it a bit. I also do not like loans and that is why my ski is 19 years old and I waited until I had enough to buy my 2012 boat with cash. Loans do get old quickly!

 

[Coastiejoe]

Toys are a luxury for sure. And luxuries come at a cost. I financed mine but paid VERY heavy on them. I put 8 grand down, financed 17 grand (skis and trailer). Paid a grand a month for 7 months then paid them off in cash.

Paying for something you don't use in the winter time is not fun,,,

With the riders you mentions riding it, family and friends, you can't get an older model and not expect to be fixing it. NO ONE will ride it like you as they can't respect the cost. You MIGHT get money for gas every now and then.

So, if family and friends are going to ride it, you need a new or like new later model so you can get years of use with little concern of serious repairs.

If you do go for it, it is easy to see you are disciplined financially speaking. They are cheap to finance relative to the monthly payments.

Now that I am better if financially and know what I know, I won't finance them for anything other than short term.

All that said,,, I LOVE the skis I have. They were not cheap, but I smile every time I hit the throttle,,,

 

[brutal]

A new toy and friends and family riding it doesn't often end well. I've had two ski's banged up by letting others (not so close to me) ride them so no more.

Find a clean used rig, have it thoroughly checked out and pay cash. Think about what you may no longer use/enjoy and sell some things off to help defray the cost if necessary.

 

[KK40384]

I'll tell you that even with all your debt and retirement plans you seem to be doing much better than myself in the finance department. I financed my seadoo back in 08 and I must day that thinking back now it was the dumbest thing I could've done. That said I enjoyed ever second I was on it and didn't really have to sacrifice much to be able to own. So if I pulled it off so can you. What's the point of all that hard work if you can't enjoy life a little? Go for it.

 

[lamajama]

Like others just my opinion but I'd look at the following: assuming that you have the expendable cash flow first....if the interest rate is extremely low - as in 0-1-2% then financing from the dealer can be attractive BUT I personally think you would be better served by buying a machine that's used and saving the depreciation. You can get some very reliable machines at far less cost than new. If it's your first exposure to them as well, you may not like seadooing. Shocking I know :ban: but it could happen. And really don't underestimate the time the machine sits in the off-season while you still pay every month. Less investment means less annoyance at them sitting there. You could also negotiate a low rate line of credit to pay for the machine as well.

All in all, you're an incredible example of how to handle your finances. I think you could use some fun - as long as your disciplined financial planning allows you to enjoy such a toy! :thumbsup:

 

[red2blue]

bryanne419,

You sound like you got your head on straight...or at least you have so far.

Take this for what it's worth coming from a total stranger....ARE YOU OUTA YOUR FREAKIN MIND?!

Payin for somethin on time ain't no big thing...course you are in debt to your eyeballs....still...you are talkin about buying somethin that will depreciate faster than...somethin fast...like a drill..heh.

Seriously...by the time you're done payin the principle and interest on a new ride...that you'll allow everyone and their uncle to enjoy....it'll prolly only cost you personally $200-$300 an hr for you personally to enjoy in it's entire life.

What do you say....still worth it?

If it was me....save your money. Ride demo's and research. If and when the time comes that you just can't help pullin the trigger on a new toy...you'll be better informed as to what you're getting into. Then...you can get yourself a really nice ride...and if the need to provide for the family is still there...get a second...one more in line for the kind of abuse and inexperienced driving it's gonna be subjected too.

Again...if it was me....please don't take offense.

 

[bryanne419]

Thanks for all the responses! That was quick!

I have been doing a lot of research on it and my finances(with taxes and such)... Now, I may have forgot to mention that I broke my leg this year in a hockey game.... I have been Pretty bored, and not looking forward to a summer without baseball, wakeboarding, running and all the activities I love to do. So my mind is going a mile a minute about it all, to find some activity that isn't to hard on the leg!

I have driven a few seadoos, my cousin has one, but it doesnt make it to our cabin often. My dad is considering going halfers with me. He has always wanted to buy one. If that was the case, I'd wait to pay my half outright.
My parents do alright but never spend their money, they do own a mainland lakefront cabin and an island cabin(that I love and hope to buy one day..they inherited it), but I spent my entire childhood summers at the island cabin without any toys just a 90 HP workhorse hauling boat and a 9.9HP boat that us kids could take out whenever, and we thought we owned the world with it.

Things have changed though... My parents got a new boat that I use way too much... Try to fill it with gas every weekend. But definitely taking them for granted, they never say it. So I want something I can contribute, that my dad would love too.

I did work so hard in school so that I'd never have to work as hard as my mom and dad did in life. But I'll probably end up not doing it... I'll be smart with my money, I really want to get my debt down!Hilariously, my dad was like just buy a seadoo, the 2%prime interest I have on my student loan 15 grand won't change much.

I think I'll get a hefty down payment together this summer.

Sorry for talking to much. Girls definitely talk too much! Jk


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[AircraftDoc]

Yep

I'm not going to answer you direct question, because you know what you want to do already.

The Seadoo market has not been the greatest for the Dealers. Therefore, there is a lot of last years models.
Pick a model that you want and stick with it. Be ready to walk out of the dealership at least once. You should be able to knock off $2,000 to $3,000 off MSRP with a cheap trailer.

Then there is the used market. People buy Seadoos and then lose interest. At 20 to 30 hrs they are just broke in the ski. If you find used, the forum can advise on how you should inspect it.

Best of luck

 

[brutal]

Wait a sec.

You're a self sufficient girl with a practice, a responsible home owner, financially off to a good start, play hockey, and your parent have nice property to hand down?

Why hasn't BF bought you a jetski already?

P.S. Do you have a tractor?

 

[Brian J]

Toys should not be financed IMO. That's even more true for seasonal toys, in Canada the season is even shorter.

I'd save up and buy one used or rent one on the weekends you want to use it.

 

[bryanne419]

Wait a sec.

You're a self sufficient girl with a practice, a responsible home owner, financially off to a good start, play hockey, and your parent have nice property to hand down?

Why hasn't BF bought you a jetski already?

P.S. Do you have a tractor?

By tractor I'm guessing you mean vehicle to tow the seadoo?

My parents are farmers.
My dad has a truck, a huge heated garage for storage and even a tractor and bobcat. My boyfriend has a truck too. I just drive a car though.

And ya it's my birthday soon, I'll ask him for a Seadoo. It'd never happen... But I can dream!


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[Spimothy Leary]

welll.... I'll go against the grain.

your a young professional, your occupation and income, your discipline speak for themselves.

Buy it !!!! (but see disclaimer and side advice below)

(and this is coming from a guy that hasn't made a payment on anything in 15 years)

Just be smart about it, maybe pick up last years model, maybe pick up a 2 year old used one that still has some warranty left.

Buy it, finance it, enjoy it, YOLO.

PWC's are a blast....

now... with that out of the way... keep one thing in mind, if your new to the PWC world, and your not 100% sure your going to really get "into" riding ski's, then consider just picking up a nice used model, 8-10 yrs old maybe, for about 6K. And find out if you really like ski's, and find out if you'll have people to ride with, that your not bored with repeating the same old waterways over and over..

I say this, because in the 6 ish years i've been riding I've become what what you would consider a WaterBug, I loved riding pwc's the first weekend just as much as I do now 300 weekends later...

however... I've had many many friends, relatives, strangers come and go out of my ride group, the same 4 guys that I ride with today are still riding, but another 20 people have joined our little group, and after 6 months got bored, busy, distracted, had mechanical issues and got frustrated, fought with wives/husbands over water time, etc etc etc... so maybe 20% of "us" that start with pwc's stick with pwc's, and 80% decide after a short while its not in the cards.

if you become one of the 80% then the investment in a new ski will cost you probably 4-5K to get out from under it.

So i'd rather you spend 6K, find out your part of the 80% and sell for $4500, and if you find out your in the 20%, sell it for 4500 and buy a nicer model if you feel the need.

jet ski's can be a LOT like hot tub's and pool tables,,, expensive decorations that you used like crazy for 90 days then never used again... don't buy an expensive hot tub....

FWIW,,, a group of 4 of us went out Sunday to the boat races, 60 miles in the gulf of mexico, , Between the 3 ski's I was with the total payments are about $650 a month (13K 11K and 9K for the respective ski's) Mine is paid for: 2004 4 stroke, paid $3500 cash.. and I had just as much fun as they did... and i'll be honest I make more than any of those three guys I just choose not to spend it on payments.

 

[brutal]

By tractor I'm guessing you mean vehicle to tow the seadoo?

My parents are farmers.
My dad has a truck, a huge heated garage for storage and even a tractor and bobcat. My boyfriend has a truck too. I just drive a car though.

And ya it's my birthday soon, I'll ask him for a Seadoo. It'd never happen... But I can dream!


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The tractor thing is from a joke.

 

[Grapeescape]

You sound like a smart girl. Let the friends and family buy the Seadoo. Personally I would not finance one so that others can drive it. There could be huge liability claims should someone drive one of these toys and hurt themselves or others. I won't let anyone drive my machines but gladly take anyone for a ride.
PS my son needs a girlfriend and you sound like you are on the right path.

 

[bryanne419]

Thanks guys!

I'm going to save a little money. Get a great down payment or buy used. To do that it's just staying a little late at work, seeing more people. Maybe a few Saturdays.

I'll look for some newish used seadoos.
There are two 2013 for sale in my area with warranties I noticed. Both asking $15000(cdn) with trailer. One is a GTS130 with 10hrs... 4yrs on warranty and 2 extended years. I kind of wanted higher HP but have never driven a 130.

And a 2013 RXP-X 260 with trailer, cover and depth finder. 45hrs.

And dare I say 2013 Yamaha VXR.. With no info.


And I guess now I know where to look if my bf and I break up over this whole seadoo thing...



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[Luv2Camp]

Thanks guys!

I'm going to save a little money. Get a great down payment or buy used. To do that it's just staying a little late at work, seeing more people. Maybe a few Saturdays.

I'll look for some newish used seadoos.
There are two 2013 for sale in my area with warranties I noticed. Both asking $15000(cdn) with trailer. One is a GTS130 with 10hrs... 4yrs on warranty and 2 extended years. I kind of wanted higher HP but have never driven a 130.

And a 2013 RXP-X 260 with trailer, cover and depth finder. 45hrs.

And dare I say 2013 Yamaha VXR.. With no info.


And I guess now I know where to look if my bf and I break up over this whole seadoo thing...



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Have you looked at the new Seadoo Spark? $5-7K range plus tags, title, etc...

 

[JFizzleJR]

Have you looked at the new Seadoo Spark? $5-7K range plus tags, title, etc...

Just stumbled on this thread and was going to mention that exact sentiment. I test rode one last weekend and IMO it is well worth the price for what it is.

 

[Grapeescape]

Bryanne

I hope that 15,000 price tag was for the 2 skis together.
Personally i'd stay away from supercharged models(premium gas $$$, maybe too fast LOL) and find a good late model used 155. Absolutely nothing wrong with the Yamaha's which require much less maintenance than Seadoo.Still on the fence as to which machine I like better.
Last year i picked up mint 2012 50 hr GTI SE155 with 3.5 years warrantee and Triton alum trailer for $9000 Canadian in Kingston, Ontario so that $15,000 price is super high as they can be had for much less new.
Friend picked up 2011 identical machine with trailer for $8200 just a month ago.
Keep looking on Kijiji all of Ontario if that is where you live.

 

[Greg]

And I guess now I know where to look if my bf and I break up over this whole seadoo thing...

Haha! Let us know and we will start the SeadooForum.com dating service.

 

[Djm2U]

Haha! Let us know and we will start the SeadooForum.com dating service.

Wanted Woman to ride Propless on my seadoo with me!

On the serious side I got a good used seadoo for $2500.00 with a new trailer and have tons of fun with no payments.

 

[Luv2Camp]

Wanted Woman to ride Propless on my seadoo with me!

On the serious side I got a good used seadoo for $2500.00 with a new trailer and have tons of fun with no payments.

The issue is that IF you like the spark AND you really cannot wrench, a used Ski is just not worth it compared to the 2up Spark. With the cost of a used Ski and just some common things that can/will go wrong with a used ski, one may find that for just a grand or a little more after repairs, they could have had a brand new one. Now if you can wrench and do not mind the potential down time that can happen, cannot beat a used ski... Paid $1100 for my 95 GTX with trailer and had 100 hours on it. I have put about $1300 in upgrades and repairs (Stereo, depth finder, Aqua boarding step, etc) and besides the little bit of smoke due to the RV or lower case seals, the thing runs like a champ.