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Boat ='s what percentage of annual income?

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Boat ='s what percentage of annual income?

Old 04-24-2010, 03:49 PM
  #31  
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Well it takes my wife and I to get close to 300k a year and we have had 225k and a 250k boat in the last 9 years but only losing about 175k total on them and now shopping for our next boat in the 150-300k range.

Until the last 18 months we were still ahead and did good on savings but it's been hard latley sure all of you know.

We live on the water in a house we got a great deal on after 9/11 and the boat stays on a lift in season so we use it alot more than 12-15 times a year, the only vacations we take are in Fla. or Bahamas on the boat. I do all the work on the boats myself and we write it off as a second home.

I use to race cars and motorcycles but it only seemed like I was having fun so I quit, plus a crash if I got hurt or not cost a ton.

I am 39 now and all my friends use to give me a hard time about not buying stocks and investing , I always had the stuff they wanted but they had a plan and I was a fool. Well they have NOTHING now, one lost over 5 mil. I lost a 175k and had a ton of fun. I own plenty of cool stuff that is still worth alot and some worth alot more than I paid and I get to touch it when I want, sure I would have to find a buyer and sell if needed but to me it's better than just on paper and now its gone.

Both of my parents died when I was in my early 20's and I have had many other people in my life that saved every dime they could for later in life and now are dead before they got to "retire". I have money for my kids school and the important stuff, everything I owe on is worth way more than I owe.

I havn't found anything that feels as good as pushing the sticks down on 2000-3000 hp then having a drink watching the sun set out on the boat so I will keep spending a stupid amount of money on boats but my screen name should tell you that.


That being said with the way the economy is you can buy a boat today for half or a third of what they sold for in 08 and as long a you keep it nice when we get back on track in 2-4 years I don't think you will lose as much as we have been.
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Old 04-24-2010, 04:34 PM
  #32  
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I think it all depends on other things.

My wife and I live in a 45 year old 1200 square foot rancher. We don't spend money on going out to eat, or taking annual vacations, the newest car we have is a 2002. Instead we focus a fair amount of our financial resources on the boat so I would say our % is higher than most, and I would say our boat PURCHASE price was a higher % of our annual household income than most people.

If you're questioning it - take up golf!!

If I had 300k a year in income - I would be sporting this http://www.offshoreonly.com/classifi...o25200-en.html or a Nortech 50V, and I would probably keep the Cafe Racer and let my little brother who lives in the same neighborhood use it - I don't like the idea of not owning at least one boat with the "1" on the side!!!!
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Old 04-24-2010, 05:59 PM
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Now that you actually have to "prove" what you make these days.....makes me and the account get into battles.

I always just figured that a boat payment is just rent anyways. Never intended to own any of them outright.
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Old 04-24-2010, 06:11 PM
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I guess I did it different to most of you. Gross income around $200k, but went and bought an older boat for under $25k with the plan of spending at least $10 - $15k on it and probably never seeing the money back. But its only $10 - $15k...

No doubt I'll probably move on and into a $60 - $80k boat at some stage. But not until I decide to spend that and pay mostly (if not all) cash.

My point is, its really about cashflow, and the gaurantee of that. What you make now may not be what you make next year or in five years from now.

I've been quite wealthy, and also flat broke. Now I'm comfortable again. All in the last 15 years.

If you're the type to make above average income, chances are you see the world a bit different to the average guy. Most higher income earners are go for it types, and gamble a bit more than the average wage earner.

I have a lot of toys, race cars, Ducati's, Harleys, etc, but all paid for in full. The lesson I learned was to have as much fun as possible, but still be prepared to cash out and take a loss if you need to, in order to raise imeadiate cash if needed.

You can sit on your azz and do nothing and live in the safety zone like most people, or you can go for it and be one of the few who actually enjoy the hell out of life.

As long as you're willing to pay the price for that by cashing out at potentially the wrong time if you need greenbacks on short notice, I say go for it.

You only live once. Enjoy it. Or risk looking back and saying "Man, I wish I would have done that..."

I personally refuse to let the fear of the future change how I live today. Just be prepared that that choice can cost you some cash if you need to sell out quick for any reason.

Its only money. If you lose some, go make some more.
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Old 04-24-2010, 06:34 PM
  #35  
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THIS was really good advice!

Originally Posted by Uncle Dave
Funny dook-! the "wife" sounds like a justifiably hard sell. (smile)

As Far as the - "never buy new thing let some one else take the hit"

Yeah... well sometimes this is true and sometimes its not.

Sometime the big "hit" goes to the second owner.

Boats are a lot like airplanes in that the rebuilds are brutal- cannot be financed, can take multiple mechanic visits to get correct, and can even be dangerous to flat out ignore.

VERY few guys can really afford to maintain high HP engines and therefore the value of the boat falls off as rebuild hours approach. The engine choice(s) you make up front will RADICALLY affect your hourly operating cost.

I can get 2.4 MPG cruising on the ocean and LA to San Diego (150 mile) trip isn't cheap, but isn't brutal either.

Get a used boat AFTER a rebuild and you'll probably be happy
Catch one before- and you'll wince at the bill and the "savings" and joy of ownership vanish.

Before plunking your money down on any used rig make sure you know where it is in relation to the "big spend" and what that will REALLY cost you.




Uncle Dave
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Old 04-24-2010, 08:04 PM
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Life is too short to not own a performance boat.

For me, that is the bottom line. I'm a fairly young guy and had the opportunity to buy the boat of my dreams before I turned 30. Yeah, it was a lot of money but absolutely worth it. As others have said, buying the boat is the cheapest part.

If you want own a performance boat you will definitely be stepping into a different league spending-wise, more than most people can get used to. Even for people who do well, this is an expensive hobby.

My advice-
1. Shop for a great deal, there are plenty out there. Don't be afraid to make offers, as long as you are in the ballpark no one should be insulted.

2. Buy a used boat, let the first owner take the big depreciation hit. I was much more comfortable buying a rig that was a few years older, and spending some of the difference (okay, all the difference!) on upgrades to make sure I got exactly what I want.

3. Stock Merc power. Guys are always tough on bravos, but if you buy HP500s, 525s or even 600s you get bravos. Those motors are essentially bulletproof, and the rebuild on a bravo is not that bad. It is $$$ to get anyone to even look at a #6, and they do break. If you buy used custom power, you just never know what you are getting.
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Old 04-24-2010, 09:25 PM
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What do you guys think low , average , and high income numbers are. I say roughly

Low 30 to 50
Aver 50 to 80
high 80 to 150
150 and up, i say great for you. Get what you want. At that stage you are probally pretty smart finacially.
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Old 04-24-2010, 09:57 PM
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Well chit... I'm low income





This is a good thread... I've seen some good points.
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Old 04-25-2010, 01:18 AM
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there's more to it than money!!

Originally Posted by Allicat38
What do you guys think low , average , and high income numbers are. I say roughly

Low 30 to 50
Aver 50 to 80
high 80 to 150
150 and up, i say great for you. Get what you want. At that stage you are probally pretty smart finacially.
Hardly, (at least in this arena)....


up to 50k is low
50-150k is middle
150-300k is upper
300-500k is starting to live
500k+ now your talking-however now taxes and write-offs are an issue!

Also, you would be very surprised at how some at the 300-1mil. level will squander; probably pretty smart financially-not always the case. trust me....
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Old 04-25-2010, 07:13 AM
  #40  
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Originally Posted by spilman
Hardly, (at least in this arena)....

HAHA - yeah, it is all relative to which forum you are on.....
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