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Discussion Starter · #1 ·
Is a 2004 Sylvan 1600sc w/50 hp 2 cycle, Trailer, 40hp minkota foot control worth buying? For 10,500 out the door? I can get a 2.99% interest rate spread over 15 yrs. The warranty of the boat is 10 years, Motor warranty of 3 yr $100 cash back, Trailer warranty of 1 yr.
 

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I went and looked at the boat here:
http://www.sylvanmarine.com/2004/aluminum/explorer1600sc.htm

Seems like a fairly nice rig, providing that its exactly what you're looking for. 2 things I'd want different would be #1) a four-stroke instead of the two, and #2) a higher pound thrust for the bow mount.

The only thing I'd caution against is the 15 year financing. Yes, stretching $10,500 out for 15 years gives you a low payment of $72.46/month.... but it also means you pay $2,542 in interest, which is a whopping 25% total cost of the rig! Plus you will quickly be "upside-down" if & when you decide to sell the boat and upgrade.

By comparison, financing $10,500 for 5 years gives you a payment of $188.62/month. Total interest paid: $817.70 which is roughly 7% of the total price.
 

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geez yoop..a numbers guy! like ur thinkin
 

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Depends on how long you plan to keep the boat, however...

Eastern Yooper's figures are actually a little low if 6% sales tax is not already included in the $10,500.

15 years is a long time to be paying on something that depreciates in value.

When it is 10 years old, you would still owe over $4500. If you were to try to sell the boat when it is ten years old, would you be able to get that much money out of the boat to even pay off the debt?

If you have MS Excel, drop me an email (click below) and I will reply with a spreadsheet that will compare different loan scenarios. If anyone else wants it, feel free to email me.

If you don't have Excel, but you have Acrobat reader, I'll save it as a PDF file and send it to you to look at, you just won't be able to play around with the numbers. But it will show 4 scenarios side by side.

Crawfish

Edit: Oops, I screwed up. Actually, in ten years you would owe less than $4500 in actual principal to pay off (part of that $4500 still left on the loan is interest), but not much less. Remember that loans are structured so you pay mostly interest the first years, then gradually more and more of your monthly payment goes towards the principal.
 

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I won't address the costs or the interest rate but will say that I have the 1900 sport fisherman. I can honestly say that the boat is as solidly built a boat as one could want. The only problem that I have had with the boat is that the metal dash insert/overlay cracked at the lower left corner at the ignition switch. The warranty replaced the dash at no cost. If the boat is the one that you want then I would not hesitate from a reliability perspective.
 

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Post says 40HP. Can't be right. Must be 40 pounds. I have a Sylvan, 17 ft with 90HP Evinrude. Quite a bit heavier boat than this one. My bow mount is MinKota model 812, with I believe 48 pounds of thrust. I don't fish rough water or rivers with current. My bow mount has plenty power. Plus, you can upgrade if you find you need it.

My motor is the DFI 2 stroke. What kind of 2 stroke is this. Evinrude have a new e-tec, that might be better than a four stroke. I really like my Ficht. If all you are after is a dependable motor, to get to where you are planning on fishing, the 2 stroke will do well. Even the old style 2 strokers. A little more noise, very little smoke, but usually very dependable. You would need many hundreds of hours to pay the difference in price.

I like the boat you're looking at.
 

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If you're planning on towing tubes or skiers, you will want more than 50 HP, I believe. I don't need 90 HP for fishing, but the son likes to ski/tube.

My $.02
 

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Find out what the max engine rating is for the boat and go atleast 80% of that. The #1 sales technique for selling boats is to offer them up real cheap, but severly underpowered(The OB is by far the most expensice part of the boat). With a boat like this, once you decide you need more power(and don't kid yourself that you wont "want more"), It's completely impracticle to repower this rig, so your stuck with a underpowered rig. A bigger engine will actually be more fuel efficient as your not running WOT all the time. I've never heard anyone say "I wish I would have got the SMALLER motor"....
 

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The boat he's looking at has a max rating of 75 HP.

Yes a few more horsies would be nice, but a 50 will do the job with no regrets.... assuming the rig will be used solely for fishing.
 

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Yes a few more horsies would be nice, but a 50 will do the job with no regrets.... assuming the rig will be used solely for fishing.
I would mostly agree as long as he sticks with the 2-stroke
 

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Discussion Starter · #12 ·
Eastern Yooper did you do that off the top of your head? Well if you didn't thanks for calculating. If you did that off the top of your head, consider being an accounting advisor.

Thanks everyone.
 

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50 HP DFI? Who makes it? Is it the e-tec? Didn't know there was a DFI that small.
 

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No, can't take credit for doing that off the top of my head.

In point-of-fact, I am absolutely terrible when it comes to math & accounting.

Thankfully, there are amortization calculators available for simpletons like myself.

Good luck on your boat hunting..... :)
 
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