Used 26x or new 26m?

[johnnyonspot]

I am very seriously thinking about buying a Mac and thereby exiting the realm of the "lurker." A new 26m, incl. motor and necessary options, will run $25 to $28k depending on the horsepower. A used 26x will run from @ $12k to $20k, including motor. So my question is whether the new features on and improved performance of the 26m and the fact the boat would be new make the added cost worthwhile?

Also, how are these things usually financed? Do lenders allow more than the typical 6 yr loan, e.g., a 10 yr or 12 yr?

[Moe]

Here's my view on that subject. When it comes to financing, all I know is you usually get better rates and longer terms (which means you pay as much or more interest) with new boats. You'll be able to have more toys if you save and pay cash for them, though.

[kmclemore]

This X/M debate has pretty much been discussed to death here and I'd hate to see this become yet another 'us vs them' discussion. I'd like to see us focus on agreement and not disagreement. You know, it almost seems like somebody's planting the same question every few weeks, just to wind everyone here up and watch the fireworks... I don't want to see us drawn into that again, please. My advice is to just use the search facility and see the (*many*) other threads on the topic, and then if you don't see an answer there come back with your questions.

As for the financing, IMHO that's a valid topic as I don't recall that being discussed in detail before, so let me chime in with a few thoughts...

I believe you can finance either an X or an M as a second home (vacation home) so long as it has a stove, sleeping accomodations and a proper bathroom (head), which they do. As such, you should even be able to take out a mortgage I should think, and even write off the interest payments on your taxes.

[James V]

It really depends on your needs and wants.
New? then an M (check your bank on what they say about the loan)
Are you going to use it for offshore or hard long use? if so, the M is a slightly stronger built boat.
Need more room in the aft bunk? then an M.
Price? buy used and replace as needed. (i think that your estimate of the new price for the west coast is a little low. try more like $ 34g+ with a 50hp Merc bigfoot installed)
Which interior do you like the best?
The M and X are very close, It is just what you want or need.
If you buy used, try to get a fresh water only boat. You repair bills may be less, how much? Don't know, maybe not even enough to cover the extra shipping cost to your house.

please note that Moe has sold his

[richandlori]

What about a Used M?? they have been around long enough where you can find them for sale around the US...then you get the "newest" boat you can and still save on the New boat depreciation. Have you checked out the M's advertized on this website?

Link Here

We have the 2004 M and actually like its interrior layout better...so it could be something to consider.

The M has a larger mast/sail area.....

I was just a H & S Yachts yesterday and they were selling a NEW 2006 M for 30K, including 50hp Yamaha and MOST of the factory extras that you would want!

[Mork]

We spent months trying to decide X or M. In the end we went for the X for two reasons. 1 price. ". We prefered the layout.

Nothing much else matters, they are both great boats. Whenever i see another Mac i we always pass the time of day with the crew and they us.

Aint life just dandy!!!

[Bobby T.-26X #4767]

if i could get a real good buy (say...$12K) on a '96-98X, i would consider it over a new M.
it would probably include alot of extras already purchased.
then, i could re-do the cabin, detail the exterior, and add new hardware/fittings if necessary.
re-power (w/ 90 horses), of course.
re-build the trailor. maybe add an axel.
if i could do all of that for no more than $22K total ($12K + 10K), that might work for me.

BTW...IMHO, you'd be a lucky man to find a new M with all the fixin's (including a 50 hp motor that will get you to a whopping 16mph) for under $30K + tax & licensing.

[argonaut]

I have an X and having been on board both am happy with that choice even if I had the cash for a new boat. Nice thing is plenty of folks are happy with wither model and they share lots of components.

Re: finance options, If you have the cash you could set it up to make payments by getting a share secured loan at a credit union instead of paying cash. You are sort of loaning yourself the money. You deposit an amount slghtly greater than the amount you want to "borrow" into a share account. The credit union uses the share account to secure the loan and pays you interest on the unused balance in this account. The net interest rate ends up being very low as the loan is secured. You may borrow at 6% but earn 3% for example. Just an option that reduces your exposure somewhat and lets you get full title.

[richandlori]

I don't think you can find a NEW M under 30K with the all the goodies including a 50HP or I would have bought one! The 30K deal at H&S Yachts is 30K for the New boat/50hp but Taxes and licences are EXTRA! I found my 2004 M nicely equiped with NO MODS but all the factory things I wanted (excluding bimini) for $27,500 with a Honda 50 still with two years left on engine warrently and jumped all over it! I just used the warrenty last week to replace a broken engine mounted trim adjuster switch.

[johnnyonspot]

I certainly did not mean to foment dissent between the X and M owners; guess I thought we were all adults here.

As far as the price of a new M being $25k to $27k, that was without tax/license, and including only the bare essentials of the extras, i.e., $22-23k for boat and necessary add-ons, then another $5-8k for a motor. Is this naive?

I am intrigued by the idea of getting a "home" mortgage to pay for it and will look into that. I think I am leaning toward the X due to price. Reading the company web site, though, they make it seem like the M is such a big improvement over the X. Then again, they say their boats can be pulled by a large family sedan and even show a Crown Vic pulling the M in their video, and we know that's a bunch of mularkey. So how much creedence should the propaganda about the M being such a huge improvement be given?

[Chip Hindes]

I believe you can finance either an X or an M as a second home (vacation home) so long as it has a stove, sleeping accomodations and a proper bathroom (head), which they do.

Although with the habitation requirements met, Uncle Sam allows you to treat the Mac as a first or second home for tax purposes, I am unaware of any financial institution that allows you to finance one like a home. The reason is, with some few exceptions, homes don't depreciate, so the bank is taking minimal risk allowing you 30 years to pay. Not so with boats, which are financed more like cars than like homes.

On the other hand, extended loans are possible. I originally financed my new '01 X on a 10 year loan. Though the interest rate was far from favorable, it was better and the maximum term longer for a new boat than for used. I have since refinanced (interestingly, the same boat refinanced as a used boat) for a shorter term and much better rate.

Shop around for loans. You would be astounded at how much difference there is between differenct financial instituions for exactly the same boat.

I agree as well you will have a difficult time finding a new M with even minimal options and a 50HP motor for much under $30k.

[Jim Bunnell]

I certainly won't defend all of Roger's advertising hype, but when I bought my demo 2003 M, it was delivered from Nebraska to Michigan by a Crown Vic.

[Hamin' X]

I am also, looking for the right Mac to come along. You know the one. It's tail is wagging as it looks up at you with it's tongue hanging out. That's the one that you just have to take home with you. That being said, I will not finance my Mac, even with the idea of deductions as a second home. Let's see---I give the bank $1k so I don't have to give the Government $300. Math doesn't add up for me. However, I realize that there are those people that are going to finance anything. For those people, I offer the following rate quotes from my Credit Union:

Variable New & Used Boat Loan Rates
7.25% APR
Initial rate; rate after 5 years is Prime + 0.25% variable 12 year loan amortized as 20 years; up to 70% LTV $40,000 - $100,000

7.49% APR
Initial rate; rate after 5 years is Prime + 0.49% variable 12 year loan amortized as 15 years; up to 75% LTV $40,000 - $100,000

7.9% APR
Initial rate; rate after 5 years is Prime + 0.9% variable 12 year loan amortized as 15 years; up to 80% LTV $40,000 - $100,000

8.9% APR
Initial rate; rate after 5 years is Prime + 1.9% variable 12 year loan amortized as 12 years; up to 85% LTV $40,000 - $100,000

Fixed New Boat Loan Rates
5.9% APR Up to 84 months $5,000 - $25,000
6.25% APR Up to 120 months $25,001 - $39,999

Fixed Used Boat Loan Rates
5.9% APR Up to 84 months $5,000 - $25,000
7% APR Up to 120 months $25,001 - $39,999

[Bill at BOATS 4 SAIL]

I got two new 2006 MacGregor 26M's in on Thursday, 12,1,05.
One of those is still available. The other one is going to West Virginia.
I'll sell it for $18,900, including the surge brakes on the trailer, and the swim ladder already installed.
Other Mac options are discounted 20%.
It would look great under your Christmas tree.