What you see in this picture is real. The photographer didn't instruct the boy to lift his eyebrows skyward and give a hearty laugh while jumping off the back of the boat. This kid, his mom and their friends in the boat were simply doing what came naturally when the shot was taken: having a blast.
You cannot sit on the fence and have this much fun. You either get into a boat or … sit. And there is real wisdom in buying one while the economy is bouncing off the sandbar. That reason is leverage. In boom times, customers have to stand in line for the boat they want — and pay the price the dealer wants for it. But step into any boat showroom this winter, and you'll see just how far that same dealer will go to earn your business. Here are a half-dozen compelling reasons why you should do it.
1. Deals to Die For
The financial principal of supply and demand means that when the economy is in flux, there are screaming deals to be had. And that's exactly the case today. Dealers are anxious to move new boats to escape the monthly finance charges on unsold inventory. Make an offer. You might be surprised by the reaction.
"Now really is the best time to buy," says David Miller, the owner of Dealer's Choice Marine, an Orlando, Florida, dealership. "It's not uncommon to have boats sell for 10 percent off what they went for a year ago — sometimes even $5,000 or $10,000 off the list price."
2. No Pause Button on the Clock
The clock doesn't care about the economy. Relentlessly, moments grow into weeks, months and years — and before you know it, your kids are grown.
"I am basically a Type A character, and I worked long hours and often through weekends," admits Bob Sinclair, retired CEO of Saab in North America. "We had six children, and it was almost impossible to spend quality time with all of them and work the hours I was working. When we went out on the boat, it allowed me to unplug from the work world and cuddle up with the kids."
Bob's wife, Anne, adds, "It was always a nice time to be on the boat. Everybody was just relaxed, and there weren't dishes to do or the television on — it was just good family time away from the cares of the world."
You can't recapture the moments spent sitting on that fence.
3. Boating ISN't a Dirty Word
One of the great human characteristics is compassion. Which is why it might make us feel a little bit guilty to be out washing our new 20-foot bowrider on a Saturday morning while the repo man pounds foreclosure signs into the neighbor's bluegrass. But our good conscience is not actually feeling guilt in this scenario, says California psychologist and True North Leadership founder Dr. Relly Nadler.
"Guilt is not an emotion, it's a predicament," he explains. "If you want to buy a new boat but worry about if you can afford it or what the neighbors will say, you can solve it through a rational decision-making process." In other words, work through the guilt by determining that it's affordable, and then maybe invite your struggling neighbors out for a ride. You'll all feel better for it.
4. Low Cost of Fun
For obvious reasons, the cost of gas and the amount of recreational travel we do are closely linked. But look at the real numbers. Let's say you run your boat three hours per day for two days — and spend five more hours at anchor or adrift. At 10 gallons per hour, that's 30 gallons per day or 60 gallons for the weekend. At $2.50 per gallon, the fuel cost is $150. The cost of weekend admission for a family of four at Disney World ($548-$596) or four box seats at a Seattle Mariners ballgame ($260) shows that boating remains a highly affordable pastime.
5. Don't Believe the Gloomy Credit News
Another great advantage of a soft economy is low interest rates, which means that you can get a lot more boat for your money.
"If someone wants to buy a boat, there's plenty of credit available — it's not like what you're hearing on the news," says Jim Coburn, president of the National Marine Bankers Association. "Dealers know which banks and credit unions have lending programs, and there are plenty of marine lenders out there. But with the capital crunch and the mortgage meltdown, the underwriting process has gone back 15 or 20 years. Be prepared to make a 10 percent to 15 percent down payment, and to be declined or conditioned if you have bad or spotty credit — but having a high credit score over 700 is a positive."
Go to marinebankers.org to access a list of lenders in every area of the country, and prequalify yourself before visiting your dealership.
6. Boating's Positive Mental Outlook
As usual, CNN is on in the kitchen, and after a while, the news has to get to you. When times are tough, the first thing the financial people on TV say to avoid is the luxury purchase, like a boat. "The negativity doesn't help the economy or your health," says Miller. Sitting and listening breeds only more of the same.
Meantime, the market will come back; the time spent sitting it out won't. And think about it: People on their boats do not seem very depressed, do they?
Go ahead and look again at that picture on the previous page.
