Look, you and I both know the kayak you actually want is out of your budget.
A new kayak that’s just pretty good will cost you over $1,500. The kayak that you really want, the fishing boat with pedal drive, or the shiny 16-foot fiberglass sea touring model will set you back $3,000-$5,000. Easily.
In order to get into the kayak that you really want, you need to buy it for less money, pay for it later, and maybe even get it for free.
Sound impossible? Well, it’s not.
This article discusses eight tips to help you buy a kayak cheaper, pay for it later and even get it for free. You’ll need to search out kayaks on sale in the right place at the best time of year. Then, use creative methods to finance them over time. Also, adopt successful bartering strategies to reduce the amount of actual cash paid.
Table of Contents
How to find kayaks for sale that are cheaper than usual
The best advice that I’ve seen to source a kayak at a great price is to find a physically active couple that are going through a divorce and buy their kayak. Cheap.
I expect that it’s pretty hard to systematize that strategy, though.
Let’s discuss some other strategies that are a little more reliable.
Search for season-end kayak sales at local kayak dealers
Granted, not every region has a finite kayak season.
The closer you get to the equator, the longer the kayak season is until finally, kayak season becomes one single, blissful period without beginning or end. In some circles, this is called infinity.
If your kayak season isn’t infinite, then it probably winds down around the month of September.
During this autumnal season, local kayak dealers begin to put unsold inventory on sale.
Note that dealers are different than manufacturers. Manufacturer prices are typically more constant and fluctuate less.
Usually, manufacturers are bigger and better-financed than local dealers. Because of this, it is often easier for manufacturers to source working capital and borrow against their inventory and real estate (assuming that they are not already over-leveraged.)
Local dealers are usually smaller than manufacturers. If they need cash (like to purchase ski inventory ahead of winter season), their best means to free some up is to sell whatever last-season inventory is still sitting around. Making that inventory cheaper frees up cash quicker.
Also, local dealers operate on smaller real-estate footprints. With floor space at a premium, getting a humungous kayak off the floor, even at a steep discount, has value ahead of the winter season.
Larger, well-financed kayak dealers are less-predictable in terms of kayak sales. In these establishments, much is driven by the cash cycle.
If they have had a great sales summer, they may be less needy of cash and therefore less inclined to deeply discount their remaining kayak inventory.
Alternatively, a great summer could also result in deep kayak discounts simply because they have already met their sales and margin targets, so clearing space for winter inventory is more economically palatable.
All of this to say, the pricing dynamics of larger kayak dealers are less transparent to the average consumer.
So, visit local kayak dealers at the end of the kayak season to dependably find lower kayak prices.
Visit kayak rental outfits for end-of-season sales
Kayak rental outfits often place select boats from their fleets on sale at season-end, as well.
If you are in the market for a high-quality used kayak, consider cherry picking a good one out of a fleet sale.
I wrote an article about how to buy a used kayak, including a useful checklist, that could help you purchase a fleet boat.
Negotiate the price of your kayak purchase
Some prices are more negotiable than others. Nevertheless, virtually all prices are negotiable.
If you want to pay less for a new or used kayak, don’t be afraid to ask for a discount. Here are a few points to consider:
Local owner/operator kayak companies are more likely to give you a price discount
Why? Owner/operators are incented differently than employees.
It is easy for an employee to stick to the MSRP and reject any offers that come in below it. Business owners, however, are more in touch with the needs of the operation – particularly with respect to cash.
Cash solves a lot of problems and business owners stress about it. Often a bird in the hand is indeed worth two in the bush.
In other words, there is often value in liquidating inventory to free up cash, even if the liquidation happens at a discount.
So, ask owner/operators for a discount.
It’s easier to get a discount if you don’t suck as a human being
Don’t bang open the double-doors of your local kayak shop and demand a 30% discount simply because you exist.
As they say, it’s easier to attract bees with honey than with vinegar.
Store owners (and sometimes employees, depending on how they are financially incented) are more likely to offer you a discount if you treat them with respect and develop a rapport.
Everyone wants to help a friend. Nobody wants to help a d**k.
Tell a story about why you should pay less for a kayak.
If you have a really good narrative about why you should pay less for a kayak, tell it. Everyone responds to a good story.
Your story could simply be a well-thought-out thesis. It could also be emotional (these are often effective).
If you can spin a great thesis and solidify it with an emotional plea, you will absolutely get a discount. Guaranteed.
Here’s the thing. Don’t make up a story. Don’t lie. If you need to know the reason why, please revisit Point #2 and consider it thoughtfully.
Trade in your old kayak
There are lots of local kayak outfitters that deal in both new and used kayaks. Consider finding one of them and trading your old kayak in when you purchase a new (or another used) one.
Use Craigslist, Kijiji or any number of other used kayak platforms (such as Mountainbuzz.com, Kayaktrader.com, or Geartrade.com) to determine a fair value for your used kayak.
It is likely that a kayak dealer will be able to resell a used kayak at a price that is higher than what you can sell it for. They have authority and credibility that you don’t.
Bear this in mind when considering whether to sell your boat to the dealer or take your chances on the open market yourself.
With all of this said, trading in your kayak obviously reduces the amount of cash you need to deliver to pay for a new one.
Use credit card reward points
If you have accrued reward points and your credit card allows you to allocate them to the purchase of a new or used kayak, then go with God, my friend.
As a sidebar, credit cards usually allow you to use your points to either pay down an existing balance or put the points towards the purchase of something awesome.
Usually, you get twice as much bang for your buck when you put the points towards something awesome instead of paying down your balance.
For example, consider 1,000 reward points in any given rewards program. With it, you can usually either put it towards $10 of awesomeness or pay down $5 of your balance.
Add another zero or two and the difference becomes meaningful.
If you have accrued enough reward points inside of your program, you might be better-served to redeem the points in favour of a new kayak and use cash to pay down/off your credit card balance.
Finance your kayak
Ok. There are an absurd number of ways to approach the idea of getting your kayak now and paying for it later.
However, there are fewer ways to do so in a responsible way. Let’s cover them.
Just so you know, the further you read, the more interesting the strategies become!
Pay for the kayak with a credit card
At this point, I think we all understand the implications of purchasing $2,000-ish worth of kayak on a credit card, with the intention of paying it off over time. What could go wrong?
Well, you’ll pay a lot of interest. Assume that your credit card charges interest at 22% per year (20-25% is typical).
Each year that you don’t pay off the balance, you will pay your credit card $440 in interest.
If you pay the entire balance off at the end of the third year, you will have paid $2,000 for the kayak and $1,320 in interest.
Your kayak becomes 67% more expensive when you finance this way.
You’ll very likely run up your card to its maximum credit limit. If you only carry the balance of the kayak on your credit card, it’s expensive but likely manageable.
Realistically though, how probable is it that you’ll run up the balance of your credit card all the way to its maximum limit?
Spending money can be such a drug and credit cards are the enabler.
Any time you make a big purchase on a credit card without a realistic plan to pay it down soon, you open yourself up to potential future financial hardship.
Nevertheless, purchasing a kayak with your credit card will indeed put you in the cockpit of a kayak you love, sooner than if you had to pay cash. (Of course, this assumes you don’t have the cash.)
Pay for the kayak with a new rewards credit card
Here is a slight twist to the straight credit card purchase method. As far as twists go, this is a good one.
If you purchase the kayak with a new credit card with an introductory 0% APR, then the economics change.
First, you will immediately receive the reward points for your purchase (assuming you do so with a rewards card).
Second, paying off the balance during the introductory period will keep you from accruing credit card-level interest.
Depending on the credit card, the 0% APR period can be anywhere from six to as long as 18 months.
Some cards have a 21-month 0% APR period for balance transfers.
With this last point in mind, you could purchase a kayak on one credit card and then transfer the balance to the new 0% APR card with the plan to pay down the balance in 21 months.
As with all credit cards, you will still have to make minimum monthly maintenance payments. (How’s that for a fine example of alliteration?)
Remember that any new credit card application results in a hard credit pull which will incrementally reduce your credit score for a period of time.
Nevertheless, this is an interesting, more appealing strategy than simply buying a new kayak on an existing credit card.
Pay for the kayak with a secured loan/line of credit.
A secured loan is one that is guaranteed by the value of an underlying asset.
A mortgage is a secured loan. If you stop paying your mortgage, the bank takes possession of your house and sells it to recoup the value of its loan.
Secured loans and/or lines of credit are debt facilities that are usually secured by equity in the value of your house.
If you stop paying the interest on such loans, then the issuer of the credit will take steps to recoup the value of its loan by unlocking the equity in your house.
The benefit of secured loans and lines of credit is that their interest rates are 10-20% lower than those of credit cards.
In other words, where a credit card charges interest at around 22% per annum, an average secured line of credit charges 4.5% (on average, 2021).
This low interest rate makes it much easier to carry and service the interest burden of the price of the kayak for a period of time.
Pay for the kayak with in-store financing
The first thing to note is that in-store financing is organized and provided by larger retailers. It is uncommon for a local kayak dealer to offer in-store financing.
Many sporting-goods stores offer branded credit cards. They work like other credit cards but are intended for use only in their store.
New cards are often accompanied by an introductory low-interest offer. Invariably, their interest rates rise to levels consistent with those of other credit cards.
Typically, store-branded credit cards operate just like non-branded cards so, review my comments above to understand how they work.
Some retailers however, make things interesting. In the spirit of transparency, those retailers that make things interesting are often structuring credit facilities through Synchrony Bank.
Consider the possible financing arrangements at Lower Gear Outdoors, facilitated by Synchrony Bank.
1. Deferred Interest Plan (They call it the ‘Same as cash plan’). Under this scenario, you buy a kayak from Lower Gear on credit and are granted a six-month deferred interest plan.
In other words, you have six months to pay for the kayak during which time you don’t accrue interest.
However, you do need to pay for the kayak within the six-month window, otherwise you’ll be dinged a high amount of interest, calculated from day one.
2. No money down for 24-36 months with 9.99% interest. This represents an interest rate that is twice as high as that of secured loans but half as high as that of credit cards.
It represents an acceptable, manageable compromise in terms of interest rate and term-to-maturity.
It also represents a loan, requiring a bullet payment at the end of its term (meaning you have to pay off the entirety of the loan on or before its final maturity date).
(Also in the interest of transparency, Synchrony Bank does facilitate similar lending structures for other sporting goods retailers.)
3. Using financing plans creatively. If you look well into the future and see many years of kayaking happiness ahead of you, then read on.
Consider the following strategy to keep you in a relatively new kayak for many years to come while also keeping your financial burden low.
i) Purchase a $2,000 kayak with no money down for 36 months at 9.99% interest per annum.
ii) Over the course of year one, pay $200 interest. That’s $16.66 per month.
iii) Also over the course of year one, save an additional $27.77 per month. That represents monthly cash flow of about $44.00.
iv) Over the course of year two, pay $200 interest and save $333 ($27.77 x 12 months).
v) Over the course of year three, pay $200 interest and save $333.
vi) At the end of year three, sell the kayak for $1,000. That represents 50% depreciation. If you’ve maintained your kayak, you can probably sell it for more.
vii) At the end of year three, use the proceeds of the kayak sale plus the $1,000 you’ve saved to pay off the loan.
viii) Purchase a new kayak on the same economic terms.
This is not a cheaper strategy than that of paying cash. Rather, it is one that reduces your overall financial burden while keeping you paddling in a new, or close-to-new kayak.
At the same time, it imposes discipline, requiring that the balance be paid off before you start again with a new purchase.
Raise money by selling your unwanted stuff
If you don’t have the desire or ability to purchase a kayak on credit, then you need to raise more money. A simple way to do so is to auction off your unwanted stuff.
Everyone is familiar with Ebay and you can go that route if you want to.
The downside is that Ebay requires you to become shipping expert.
This is fine if you are able to successfully sell small things. However, moving your larger items of value is a real headache.
Rather than Ebay, consider Maxsold.com.
Maxsold facilitates and markets local downsizing and estate auctions across the U.S. and Canada.
Simply engage Maxsold to list the items you want to sell online (the minimum is usually about 50 items). Maxsold launches your own personal auction, posting your items online and using its software to track the bid prices.
When the auction is complete, buyers pick up the items they purchased online at your residence or business. Maxsold facilitates this.
Maxsold submits the proceeds of the auction to you.
In turn, you pay Maxsold a flat fee (between $300-$700) plus a 30% commission on sales for organizing the auction and using their software.
Don’t underestimate the demand that exists for used items. Regular people like you and me are often looking for a great deal on tools, or furniture, or art.
Some folks are looking to source great deals and then resell them on Ebay or some other platform where more value can be realized.
Also, the thrift store industry is large and growing. These stores require supply of desirable, used merchandise.
If you sell 50 items that attain an average sale value of $35, after you pay Maxsold their fees and commission, you’re left with about $1,000 to contribute to a new kayak!
Pay for your kayak with money as well as stuff
There are plenty of private kayak owners that are willing to accept not only money but also stuff, in exchange for their used kayak.
Some folks call this ‘payment in kind.’ Others call it bartering.
In order to barter effectively, you need to source desirable products at low prices.
Neighbourhood Facebook ‘Free Items’ Groups
Members of my neighbourhood host a Facebook page that allows anyone in the neighbourhood to offer up items they want to get rid of for free to the rest of the neighbourhood.
A lot of these items have significant value.
I have personally offered up a $500 chandelier and $800 Chariot double bike-stroller, as well as countless toys to the service.
I have also been the recipient of a terrific armoire as well as a slightly sketchy jar of jalapeno honey.
Facebook is a great place to source high quality, local, tradable products for cheap or free.
Be a buyer on Maxsold
We discussed the benefits of selling unwanted items on Maxsold.
The other side of the coin is that you can often source amazing deals on Maxsold that you can turn around and use as currency when negotiating the purchase of a used kayak.
In late 2020, my $125 bid was the highest and final bid for an $800, late-model, 55” Samsung TV. I didn’t need the TV as currency for a future deal. Rather, I wanted it for my basement.
But think of the possibilities.
There are always great deals to be had on used power tools, electronics, sporting goods, furniture and art, among many other things.
As I look at a recent completed Maxsold auction in my area, I see a CharBroil propane grill, Powermate generator, Craftsman chainsaw and Craftsman Jack, the combination of which cost about $1,600 new and sold online for $78.00 (used).
It is likely that you could use this basket of goods and kick in an additional $100 to purchase a used kayak from the right private seller.
In other words, you could purchase a $1,000 used kayak while putting down less than $200!
Buying desirable used items from Maxsold on the cheap literally prints currency for you to use in a kayak trade.
8. How to get that new kayak for free
OK, this is where things get really interesting. How can you actually get a kayak for free?
Let’s start with the understanding that you’ll need to do more than just follow the steps that I list. You’ll actually need to execute them successfully.
Let’s go.
Step 1. Hold a downsizing sale. Maxsold is typically a very good service to help with such a sale. If they don’t operate in your area, there are other companies that provide similar services.
This sale will allow you to monetize some of your unwanted belongings and free up some cash.
In the spirit of full transparency, the items that you will be selling were already purchased, or gifted, to you. So, when I say ‘free kayak’, it might be more accurate to say ‘kayak that doesn’t require money from your bank account (or mattress)’.
Your downsizing auction will need to be successful, netting at least $1,000.
Step 2. Become a strategic buyer of downsizing auction goods. Now, turn around and spend some of that money you just made selling through Maxsold on someone else’s Maxsold auction(s).
Spend $200-500 on really desirable items that are conceivably worth much more than that, in a bartering situation.
You’ll need to convince the used kayak vendor that you’re offering them a basket of goods of significant value for their kayak.
A rule of thumb is that you’ll want to be able to show value that is about triple the amount that you paid for the goods at auction.
In other words, if you spent $300 at auction (we’ll assume this is exactly how much you spent), you’ll need to be able to make a strong argument that those goods are valued at about $900-$1000.
Again, the basket of goods could include electronics, tools, sporting and household goods, appliances, or even art. Heck, it could even be a baseball card or a motorcycle.
This might sound like a leap, but I promise it is very doable.
Step 3. Find a used kayak for sale on Craigslist that is fairly-valued at $1,500.
There are lots of them.
$1,500 needs to be the price at which a kayak dealer would purchase it from you.
To de-risk the situation, call up a kayak dealer or two and confirm the price that they will pay for the particular kayak in question.
Of course, you’ll also need to confirm up front that the vendor is receptive to payment in kind, as well as cash.
Go through all the steps associated with assessing a used kayak for potential purchase.
Step 4. Buy the $1,500 kayak for $1,200. Obviously, you’ll need to negotiate the price down from wherever the vendor has it set to $1,200.
However, because you’re offering goods as well as a little cash, there should be flexibility in terms of valuing your basket of goods.
The success of this step in the deal hinges on your ability to weave a compelling narrative.
Once you and the vendor come to terms, deliver the basket of goods, pay $200 and receive the kayak.
Step 5. Visit a kayak distributor in September/October. You have $500 cash in your pocket plus a used kayak that the shop-owner already confirmed she would purchase for $1,500.
As we discussed earlier, September is the best time to negotiate at least 25% off the MSRP of your preferred kayak.
With $2,000 in cash and ‘kayak equity’, you have a high probability of negotiating the purchase of a $2,600 kayak.
Do the deal and bring your new kayak home. High five!
In this example, a couple of side hustles that you can accomplish over a few weekends allowed you to upgrade from a ‘no-money, no-kayak’ condition to a better ‘no-money, great kayak’ position.
I only provided an example. Your efforts could yield better or worse results.
If executed with precision and success, this process is a method that can help you actually get a free kayak.
(If you have been following along carefully, you’ve probably considered that this financing method could be used as a blueprint for buying more items than just kayaks. What about a bicycle, or an ATV or even a car?)
Let your ingenuity run wild!
Parting thoughts about buying kayaks cheaper, paying for them later and getting them for free
Kayaking is a terrific sport, but the boats aren’t cheap.
Sometimes we need to think creatively about how to pay for the hobbies we enjoy.
I would say that we did just that!
We discussed ways to buy kayaks cheaper, different methods for financing them and even a multi-step strategy to get a kayak for free.
I hope something you read in this surprisingly-long article sparked an idea that will help you secure a kayak you love, get you on the water sooner, while keeping your credit burden under control.