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How to afford the boat you want....

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Old 05-24-2005, 03:06 PM
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Default Re: How to afford the boat you want....

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Originally Posted by Steve_H
lucky sperm club.

lots of very successful self made guys on this board also.

alot of these expensive boats are owned by corporations too. (entertainment write-off)

i would imagine lots of people are in debt up to their eyeballs.(not judging anyone here)

theres also a few guys that buy an expensive boat , make payments on it for 6 months to a year , then get out. if they buy it right , they don't lose much and even make a profit in some cases. better know what your doing if you try that route.

good examples....
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Old 05-24-2005, 03:12 PM
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Default Re: How to afford the boat you want....

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Originally Posted by Steve_H
lucky sperm club.

lots of very successful self made guys on this board also.

alot of these expensive boats are owned by corporations too. (entertainment write-off)

i would imagine lots of people are in debt up to their eyeballs.(not judging anyone here)

theres also a few guys that buy an expensive boat , make payments on it for 6 months to a year , then get out. if they buy it right , they don't lose much and even make a profit in some cases. better know what your doing if you try that route.
don't forget the guys who buy cheap boats and dump a ton of money into them with no hopes to ever get it out.....

and always find a way to write a part of your boat off.. home equity, second home, business... every little bit helps

my next boat will be owned by my company and it will take a big loss next year... if you have any more questions, you can forward my mail to Leavenworth, Ks.....
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Old 05-24-2005, 03:16 PM
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Default Re: How to afford the boat you want....

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Originally Posted by Sean H
don't forget the guys who buy cheap boats and dump a ton of money into them with no hopes to ever get it out.....

and always find a way to write a part of your boat off.. home equity, second home, business... every little bit helps

my next boat will be owned by my company and it will take a big loss next year... if you have any more questions, you can forward my mail to Leavenworth, Ks.....
Your accountant will submit your statement next year with soap on a rope enclosed....
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Old 05-24-2005, 03:20 PM
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Default Re: How to afford the boat you want....

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Your accountant will submit your statement next year with soap on a rope enclosed....

you should talk, why is the IRS calling me about you claiming me as a dependent?
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Old 05-24-2005, 03:23 PM
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Default Re: How to afford the boat you want....

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Originally Posted by Sean H
you should talk, why is the IRS calling me about you claiming me as a dependent?

he told me to do that because all home builders are scum...


after this year, we will most likely be cell mates... I call top bunk!!
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Old 05-24-2005, 03:24 PM
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Default Re: How to afford the boat you want....

You will never have the biggest or fastest boat. As long as you have fun with you family and have your health you have got everything, but a great boat always helps.
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Old 05-24-2005, 03:24 PM
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Default Re: How to afford the boat you want....

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Originally Posted by offshoredrillin
Ok, I'll try to make this my first ever sensible post... What you need to have is the ability to know when to draw the line, big power and big speed means big money, not just to purchase it but to maintain it as well. I have a 42 Cig Tiger, does just over 72, but has a great ride in rough and is a dream to drive. I also have a Formula 311, does just over 70, and also a dream to drive. When buying the tiger I overlooked many boats with big power, as I have had that in the past and I have reached a time in my life that I want turn key reliability. Penis/boat envy will always leave you looking and wishing and not really enjoying your time on the water, if you really want to move up, set up a financial plan to work towards it, figure out exactly what you want/need in a boat and start looking. prices right now will be at a premium, so ride what you have this summer and just keep your eyes open, debt sucks, been there many years ago...hillbilly is right, if you over extend yourself, and something does break, how can you afford to fix it? ...Rob
This is a good post, don't get caught up in the game because it never ends. Find the boat that is calling YOU the one the drives you crazy thinking about it. I'll tell you a quick story, I bought a new 30' Kachina less then 2 years ago and I thought it was going to be my last boat. WRONG, Kachina came out with this new one called a Drone 34 and I fell in love with it the minute I saw it. I lusted for this thing man, I made Louie and an offer and 3 days later I sold my 30. I'm still boatless for another month but then it will be all good. Point of the story is I almost got caught up in the name game and the size / power game but in the end I just went for what totally caught my eye and the people that make it. They are great people whom I regularly hang out with now, it is the boating experience I wanted with good times and good friends.
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Old 05-24-2005, 03:47 PM
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Default Re: How to afford the boat you want....

Kachina Ken your telling me i started by looking at a 24' HTM and after a year got a 35' Cig but i couldn't be happier even though i went from planning on paying cash to financing.
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Old 05-24-2005, 03:49 PM
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Default Re: How to afford the boat you want....

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Originally Posted by Sean H
don't forget the guys who buy cheap boats and dump a ton of money into them with no hopes to ever get it out.....
ill remember that when it comes up for sale
 
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Old 05-24-2005, 03:52 PM
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Default Re: How to afford the boat you want....

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Originally Posted by On The Heat
This post is for everyone on this forum with a $150k+ boat.

I was at the SML Poker Run this weekend in my 28' Nordic Heat (which I feel is a nice boat), and as I look around , I realize that I am very small and very slow at 70 MPH . How do I get into that 37' Active Thunder or 38' Hustler with the twin 525's or 575's? Better yet, how about the 43' Nortech I dream about each night?

I feel I make a good living but I can't seem to swallow a $1500/month boat payment - am I missing something? Of course, my intent here is not to be offensive or in any way, shape or form learn of anyone's income however, I feel like I something is amiss? Is there a trick to taking a loan for the boat of your dreams or do you just have to straight up afford it?

I had a beat on a 32' Sunsation Innovator I found in my price range ($125) however, I am now asking myself if I will be happy when I am still surrounded by larger and still faster boats.

Anyone have $.02 they can throw at me? I will put in towards the down payment on my next boat .
I think the first rule is to never buy a boat that you can't afford. When you really think about how little time we actually spend in them it just doesn't make sense to overextend oneself and lay awake nights thinking about how you are going to pay for the thing.

The smartest boat deal I ever made was to not buy a boat and extend myself until I could afford it - and I waited years and years to buy my first boat. If I had, then I have no doubt that I would not be in the financial position now where I pay cash for my boats.

$125K can get you a very nice - and big - boat. Although it will most likely be a used one if you want to go bigger. Personally, I think it would be much better to have a well taken care of 1998 - 2000 38 foot performance boat than a new 29 footer - which will cost you about the same amount of money. Although I have no idea if they finance boats that old.
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