Boat Financing Poll

[waterone1@aol.com]

Re: Boat Financing Poll

Always cash.

 

[mattttt25]

Re: Boat Financing Poll

jrj- ireally can't tell if you're being a smart*ss or not. if you have a question or comment, share it. i was simply offering my opinion on financing, based on the poster's question.<br /><br />of course, cash is always the best bet. but people don't always have it, especially if they're buying more than a $2800 used bass boat.<br /><br />i can easily afford my new $28K boat on my salary, but don't have the liquid assets to cover it.

 

[phatmanmike]

Re: Boat Financing Poll

hey mattttt<br /><br />JRJ didnt pay 2800 for his boat, i did. and when did i say it was a bass boat?<br /><br />its a 21 foot sportcraft center console with a 225v6 johnson that'll run circles around your grady and probably for less money than your down payment, too

 

[bossee]

Re: Boat Financing Poll

Cash.

 

[prockvoan]

Re: Boat Financing Poll

Cash for all my boats in the pass.Looking into a new one,at $178,000,second home you bet.I will be able to write off the intress.I been going the short forum on taxes and at the point that I need a tax break!Looks like it will be a loan for 20 years with 30% down.

 

[JRJ]

Re: Boat Financing Poll

mattttt25,my boat,cars,loose O/B's etc., have always gone down in value. You say you bought a boat for $28k that will hold its value. I'm asking how do I do that? Am I kicked out of class already I don't finance anything, even homes, and yea my broker hates that So I'm still interested in learning what boat to buy that will hold its value. Thanks

 

[mattttt25]

Re: Boat Financing Poll

i would love to fight with both of you, but it's not worth it.<br /><br />boats obviously depreciate. that wasn't the point. the point is, if you need to finance a purchase, be smart about it. financing a $10K boat for 10 years is plain stupid. your payments won't keep up with the depreciation. that's all i said. no one wants to sell something with a lien on it, clear the lien and also have to send the bank a check.<br /><br />my last boat was bought in 2002 for $12.5K. i sold it in 2005 for $11K. did it depreciate? sure did. did i have to send the bank additional money to clear the lien? nope, they sent me one for $6K.<br /><br />my "new" boat was bought for $28K. $3K down and i finance $25K. if i decide to sell it next year at this time, i'll owe $21,300. good chance i can sell it for that or more? sure.

 

[JRJ]

Re: Boat Financing Poll

That clears it up for me. Wasn't meant to upset you, sorry you took it as such.

 

[m1rodrig]

Re: Boat Financing Poll

I didn't have the money to buy mine cash so I used my Home Equity Line to purchase & that way I can write off the interest I pay.

 

[dal929]

Re: Boat Financing Poll

$149k out the door with electronics. Finance $120k 20yrs 5.25% $827 a month.

 

[byordy]

Re: Boat Financing Poll

Present boat;<br />$800.00 Cash<br />approx $400.00 to repair & outfit<br />21' runabout with 175 HP Evinrude & trailer<br />5.5 HP Johnson on homebuilt kicker bracket<br /><br />Bill...

 

[ZmOz]

Re: Boat Financing Poll

I only buy things I can pay for in cash.

 

[Navigator]

Re: Boat Financing Poll

Boats are a quickly depreciating asset. Pay Cash and get it overwith. If you can't afford, then you really dont need it! <br />I know a lot of people who went to the boat show and thought they got a great deal...Only something like $400 per month. After a year, they realized they used the boat a total of 8 times. After Gas and other expenses, it turns out that each trip cost them roughly $700 dollars. They could have rented a nice boat from the marina for daily rates and come out way ahead. Plus, the maintenance is someone elses problem. They end up selling the boat just to get out of the hole.<br />Bottom line, look at the big picture before you agree to finance your boat.<br /><br />Nav

 

[dka1ser]

Re: Boat Financing Poll

Buy a used boat in the same size you're looking for. Don't waste money on a new one, unless you already KNOW that you're gonna use it daily or weekly. <br /><br />Every boat I've owned has been older than I am, I just spent the most I've ever spent on a boat, because it is a vintage classic in great shape. Last three boats, I spent $1900, $900, and $1100. The $900 was by FAR the best boat I've ever owned. <br /><br />You will still wind up spending the same on maintenance on a 20 yr old boat as you do on one that's only a few years old, or new for that matter as soon as warranty expires. Gimble bearings fail, decks need polishing, oil needs changing. <br /><br />I always laugh at the guys with the $50k ski boat and $50k duelly pulling it, when my old $1900 CVX Glastron out performed their 50k boat, and my $6000 Jeep pulls it just the same! <br /><br />Don't mortgage yourself to the hilt! Spend cash and enjoy it without payments!

 

[Twidget]

Re: Boat Financing Poll

I paid cash, but then, its a fixer upper. It keeps me busy and I have more fun with it than I did my last new one.

 

[Dead Eye]

Re: Boat Financing Poll

My Young Bride bought me mine for cash. $5000.00 What a gal!<br /> Dead Eye

 

[beniam]

Re: Boat Financing Poll

Cash. Used. New Merc-cash.Still saved money. Batavier

 

[danie]

Re: Boat Financing Poll

Anymore of those brides up for grabs?<br />D