How many of you own your boat?

5150abf

5150abf

Vice Admiral
Joined
Aug 12, 2007
Messages
5,808
Re: How many of you own your boat?

WOW, had no idea, I think someone was right in that the loaners got scared away but what a fiscally responsible group we are.

I am glad not everyone is that way or I would be out of a job, as it is there are at least 150 people a week taking out loans for boats unless they are cashing out $25,000-$50,000 boats.
 
ThreeMileBayWaker

ThreeMileBayWaker

Petty Officer 1st Class
Joined
Dec 17, 2009
Messages
342
Re: How many of you own your boat?

I guess I'm one of those with a lien on mine.... but w/e. We had our last boat for 25 years so I wasn't too concerned. Home is paid off so I have loans on my toys, and I didn't get the 65K Malibu I was drooling over and got a 25K glastron instead.
 
jeffbyrd66

jeffbyrd66

Cadet
Joined
Oct 27, 2010
Messages
26
Re: How many of you own your boat?

Wow I feel so bad as I am a Loaner here in more ways than one........lol did only take a 5 yr loan and getting the note paid in two though. :(
 
dingbat

dingbat

Supreme Mariner
Joined
Nov 20, 2001
Messages
16,319
Re: How many of you own your boat?

I could own it if I wanted to but I prefer to use other people's money right now.

Can't see pulling money out of investments that are returning a yield greater than I'm paying the bank to use their money. That would be penny wise, pound foolish.
 
BTMCB

BTMCB

Senior Chief Petty Officer
Joined
Sep 15, 2009
Messages
761
Re: How many of you own your boat?

The "real" answer to this question is.......the boat owns me! LOL

I had the cash but elected to finance 50% of the purchase price (new boat). Like Dingbat, my money was invested at a higher rate than the finance rate. I certainly understand, and admire, those who refuse to finance a toy - more power to you. But, I see nothing wrong with financing an item so long as you can afford and I don't just mean the payment - I mean the whole ball of wax. Also, IF I were buying something used / older in the "few thousand dollar" range to restore, I agree in that instance - cash only. No right or wrong; good or bad; answer to this one IMHO.

Just my .02. (cash).
 
K

kailec00

Petty Officer 2nd Class
Joined
Jun 7, 2010
Messages
180
Re: How many of you own your boat?

I own mine, never had a loan on it. However I do not see anything irresponsible or wrong with financing a boat or anything else. As long as you can afford the payments then what is the big deal with that. I know a lot of people that financed their boats and they enjoy them just the same as I do.
They sleep just fine at night and do not worry about the payments, because they can afford them. I would finance a boat with out thinking twice about it. I feel that you can not take your money with you so you might as well enjoy it and live life. My kids are taken care of and have money invested for college, if I can afford the payments why not. This does not make someone irresponsible, just means they don?t mind making payments.
 
Captain Caveman

Captain Caveman

Ensign
Joined
Mar 1, 2005
Messages
960
Re: How many of you own your boat?

Financed my bigger boat. Own my two smaller boats. I see nothing wrong with financing as long as you aren't over financed in general. We paid off both of our vehicles before financing the boat.
 
scutly

scutly

Petty Officer 1st Class
Joined
Aug 20, 2009
Messages
368
Re: How many of you own your boat?

im sure in a lot of folks cases, unless you plan and save years in advance financing is your only option for something expensive. lets say you dont have a big wad of cash in the bank but ya got a good stable job. you can choose to drop $100 (more or less) a week financing toys or you could save interest by banking that $100 a week and waiting 5 or 10 years to buy what you want now. :confused: i bet if ya looked at a years worth of new "toy" sales like boats, bikes, campers and whatnot sold to the general public an overwhelming amount of those sales are financed. how do ya think there are thousands of used boats for sale that cost $25000 plus when purchased new? heck my donzi listed for over 40 grand back in 95. how many average middle class americans plop down that kinda coin? just sayin
 
B

Brewman61

Ensign
Joined
Jun 10, 2010
Messages
996
Re: How many of you own your boat?

5150abf said:
I am glad not everyone is that way or I would be out of a job, as it is there are at least 150 people a week taking out loans for boats unless they are cashing out $25,000-$50,000 boats.
Click to expand...

Responsible use of credit is has a huge impact on the economy. There are those cannards "Don't buy new- let the other guy eat the depreciation", "Pay cash for everything possible", etc......
Well if NOBODY bought new ever, the industry would cease to exist, and the cost of used boats would soar.
And if NOBODY borrowed to purchase things like cars, boats, homes, whatever, the sales volume would be much lower, increasing costs as well. Of course that's offset by those who don't use credit responsibly. End result, always live well within your means. Boat payments are within the means of many.
 
rrhodes

rrhodes

Chief Petty Officer
Joined
Jun 24, 2008
Messages
636
Re: How many of you own your boat?

In my case we could not throw $30k+ cash on the table but I was tired of working on older boats and in the long run the fact that I spend a little time every season on maintenance and a lot of quality time on the water make it worth it. A family of 4 will spend $100 eating out and even more if you are going to a movie. During the Summer months I am actually saving money by taking the family out on the water..... Both of our vehicles are financed at 0% and the boat loan payments are made every month, so I figure I am helping the economy....

If you have to struggle to make the payments then it makes no sense to finance a boat because any relaxation and stress relief you would gain goes overboard when you are up all night trying to figure out how to make the payments. Like another poster already said, you can't take it with you.... My life insurance will take care of the family when I am gone so I am going to enjoy my toys while I am still young enough to jump on a tube and act like a kid...
 
dorelse

dorelse

Chief Petty Officer
Joined
Feb 24, 2003
Messages
624
Re: How many of you own your boat?

Own both boats & both cars.
 
Greg Mrozinski

Greg Mrozinski

Ensign
Joined
Aug 17, 2009
Messages
941
Re: How many of you own your boat?

I own my small (restored) boat but have a loan on the motoryacht. But I claim the motoryacht as a second home on my taxes.
 
J

jkust

Rear Admiral
Joined
Aug 2, 2008
Messages
4,942
Re: How many of you own your boat?

We own all of our stuff except the house but could pay it off tomorrow. I sleep better at night that way, right, wrong or indifferent.
 
M

mjgates

Petty Officer 3rd Class
Joined
May 5, 2010
Messages
97
Re: How many of you own your boat?

I own my current boat. Took a loan out on my first boat, well, first as an adult anyways, in 98. It was a repo. Paid it off in 4 years, kept another 7 years and sold it for 3k less than I bought it for last year, so I was able to upgrade through the sale and a few grand I saved up. It's nice to own now since own or not, I'm always sinking money into my hobbies.
 
P

Pacoson71

Seaman Apprentice
Joined
Mar 20, 2011
Messages
36
Re: How many of you own your boat?

Owe on the house, Wifes car, My truck and 2C Cards..... But the boat is paid for! lol
 
You must log in or register to reply here.
Top