I see two ways of owning a boat:
1) you pay for everything up front and get a new boat
2) you pay as you go and get an old boat

Option 1) can be the better value if you have the cash (not an expensive loan) and spare time is scarce.

Option 2) can be the better value if you don't have the cash and can spare the time that goes into fixing things.

With option 1) you get better acquainted with your friends, with option 2) you get better acquainted with your boat.

That's more or less how I see it!