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How to afford the boat you want....

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Old 05-24-2005, 04:02 PM
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Default Re: How to afford the boat you want....

Quote:
Originally Posted by Marginmn
Although I have no idea if they finance boats that old.
They will finance your left nut if your credit score is high enough. I had a friend who has a credit card limit twice what he makes annually. They make it very easy to overextend yourself.
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Old 05-24-2005, 04:03 PM
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Default Re: How to afford the boat you want....

You cannot put a price tag on your precious leisure time...
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Old 05-24-2005, 04:19 PM
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Default Re: How to afford the boat you want....

"Sell your boat, take the cash to vegas, double yoru money, buy a bigger boat. f'in cry baby"
-My GF's suggestion.

its not the size of the boat taht matters, its the motion of the ocean

-Rick ( 36 nortech "overcompensation")
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Old 05-24-2005, 04:22 PM
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Default Re: How to afford the boat you want....

just think of how many people look at your 28 nordic, and dream about that boat. Its all relative.
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Old 05-24-2005, 05:12 PM
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Default Re: How to afford the boat you want....

Quote:
Originally Posted by LostinBoston
just think of how many people look at your 28 nordic, and dream about that boat. Its all relative.
Couldnt have said it better myself

Ive had lots of guys come up to me and say...."WOW! you know someday Im going to own a Fountain......"

another guy who had a older single engine Checkmate came up to me and said "MAN!! a 29 Fountain......thats my ultimate boat!! ........"
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Old 05-24-2005, 05:27 PM
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Default Re: How to afford the boat you want....

Quote:
Originally Posted by masher44
he told me to do that because all home builders are scum...that stecz he is a builder too
after this year, we will most likely be cell mates... I call top butt!!
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Old 05-24-2005, 06:24 PM
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Default Re: How to afford the boat you want....

The guys I know with "big" boats are out maybe once a month, while I'm out every weekend. The simpler and easier it is to use and maintain your boat, the more fun you'll have. Your outlook can get distorted on a board like this because there are quite a few people with quite a bit of money. But there's a lot more people out there who don't have a boat at all.
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Old 05-24-2005, 07:36 PM
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Arrow Re: How to afford the boat you want....

Quote:
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 .
My relative had a 1978 Pantera with a 454 330 HP engine and an Aplha drive (go figure an alpha??) I went out a few times on it...nothing can touch it in this size and price range.


My suggestion:

A 24' Pantera with a 425 HP engine....77k

A 28' Pantera With a 425 Hp engine 105k or 525 Hp for 111k.

Simply wonderful boats and my total pick. Been out in Sunsations too...both great boats...but don't NOT try out a Pantera somehow ...someway

As far as the boats you dream about owning...all great...
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Old 05-24-2005, 08:41 PM
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Default Re: How to afford the boat you want....

You know the saying "the two best days in the life of a boat owner are the day he buys it, and the day he sells it."

Well, that is only true if you buy the wrong boat! Which most people do.

The wrong boat is 1) one you cannot afford, and/or 2) one you cannot use.

Figure out, very honestly, how much money you can afford: how much money can you put in fireplace and burn every month, and not be bothered at all? That is how much you can spend on your boat. Let's say, that is $2000 per month.

A very good condition (new, or very well maintained and still pretty new used) boat will cost you about 15% of the new price every year.

A boat that is at all below exceptional condition will cost you much, much more than that. Never, every buy a boat that is not PERFECT. Note the comments from the fellow who bought the inexpensive 28, and has since spent as much as a brand new 28 to fix it up. Don't do that.

Once you know the numbers, use this equation:

Monthly cost = maintenance + loan + insurance + gas.
maintenance per month = 15% NEW price / 12 months per year
loan per month = 0.5% LOAN amount
insurance = 2.5% replacement amount / 12 months per year
gas = 25 gallons per hour per engine (you are not always going flat out).

For example, using your ability to just torch that stack of 20 one hundred dollar bills every month without a care:

Brand new boat with a single engine:
$70000 purchase price
$ 875 15% annual maintenance per month
$ 420 Loan payments
$ 146 Insurance per month
$ 625 25 gallons per hour x 10 hr per month x $2.5
---------
$ 2066 total per month

As you can see, the loan amount is the trivial expense.
The total is **always** several times as much as your
loan amount.

Let's say you go the used route, and get a 3 year old Fountain 42 Lightning with twin 1000HP engines and six drives ($300,000 new)
but you get this low hour creampuff for a steal: only $70,000, the
same as your new boat. What is it gonna cost?

$300,000 Price of boat when it was new
$70,000 Your sweet deal purchase price
$3,750 Your MONTHLY maintenance budget! It will come in big chunks
$420 The affordable loan payment
$625 The painful insurance payment
$1250 The fuel bill, assuming you still drive as slowly as the little boat, but the two engines need to be fed.
$5420 Total AVERAGE MONTHLY expense.

Of course, some of those months will be $30000, and some will be only $1050 (when you don't even use the boat, just pay loan and insurance).

Plan B, anyone? Works for me ;-)
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Old 05-24-2005, 09:10 PM
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Default Re: How to afford the boat you want....

Guys thanks for this...great responses, very realistic and sensible.

For me, it is about 10% envy, 80% speed and 10% versatility.

Envy - I want to open my engine hatch at a Poker Run. I want that custom gel coat that turns heads. It doesn't need to be as long or powerful as the next however, will catch someone's eye.

Speed - that Spectre that blew by me like I was standing still at 70 MPH hurt me badly. I don't need to run 140, but 90 would be nice.

Versatility - I want to run in the Hampton Roads Poker Run where a leg goes out into the Ocean however, I am not sure my 28' can handle it.

Ironically, I started with that 16' Glastron and have worked my way up over the years. I love my Nordic and my friends remind me all the time how they would love to own something like that.

In the end, it boils down to being smart and not overextending yourself. I took a lot away from this post and want to thank everyone who responded and cleared my vision.

My plan? I will ride the Nordic this summer, grow my business and hopefully show up at SML next year in something slightly bigger. I guess I will have to save the 43' Nortech until I have money laying around me with no where to go.

Last edited by Ca$hed Out; 05-24-2005 at 09:12 PM.
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