Re: is your boat paid off or on a loan ?
 

[WHEN BUYING MY 1ST PERSONAL BOAT] My choice was a 87 fountain 33 with side by side seats 370hp trs drives repo for 40,000 take out loan, or a buddys 88 baja 240 ol 330hp mint pay 16,700 cash no loan. I'M HAPPY WITH MY CHOICE :D .THE BAJA, Over the yrs I went from 60mph to 83mph in the same boat went to a lot of overnight places in New England raced it, so 16 yrs no major problems some small a bad bulkhead for the last 5 yrs but I got my moneys worth out of it, putting some glass work in it this winter about 3,000 not bad for a 18yr old boat thats had twice the HP it came with over the last 10yrs, so in my book baja makes a pretty good boat :cool: Oh and for going out and running against bigger boats won 90% of the guys I ran against :p once I had the bigger power , best one was from a x racer who had a 31ft scorpion with trips 2.4s and said at the docks it did 86mph and I walked away from him :p I looked back to see someone punching the fairing :eek:

Re: is your boat paid off or on a loan ?
 

Finance because it is a write off and I can use the money to make more money and not sit in a boat that depreciates. That is the name of the game in my world. I don’t buy anything I can’t pay cash for even though I don’t pay cash for anything that depreciates.

Re: is your boat paid off or on a loan ?
 

To me you pay cash for toys, the write off is nothing compared to the interest you pay :rolleyes: lets be real and if you need a loan then you get a better odds with a second against the house at least in mass you do, cars,trucks,bikes rvs.

Re: is your boat paid off or on a loan ?
 

Paid for, but fuel and ins. feels like a payment.

Re: is your boat paid off or on a loan ?
 

finance a new outerlimits or mti, will only cost you 7k-8k/ month, thats before insurance fuel rebuilds dock hoist, etc

Re: is your boat paid off or on a loan ?
 

Bingo!!!!!!!!!!!!!
Make a home equity loan if possible.
Use the interest as a deduction.
Invest your cash wisley and earn more than your boat interest.
If things change you can always pay off the loan.
No expert just seems to work for me. :D

Re: is your boat paid off or on a loan ?
 

I have a loan on mine but the Pmt. is definately the cheapest part of owning a boat.

Re: is your boat paid off or on a loan ?
 

Still making loan payments :(

Re: is your boat paid off or on a loan ?
 

Utilizing my equity line which basically gives me the freedom to do as I please w/ my boat. Since I don't keep things very long owning it outright isn't that important to me & the interest is deductible not to mention the fact that my equity line has an interest only option which comes in handy if I have some unexpected expenses in any given month.

Re: is your boat paid off or on a loan ?
 

still making payments but the relaxation i get from boating is worth it all!!! :D