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How to afford the boat you want....

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Old 05-24-2005, 09:32 PM
  #61
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Default Re: How to afford the boat you want....

you can take that nordic on that leg, it can handle it.
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Old 05-24-2005, 09:41 PM
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Arrow Re: How to afford the boat you want....

I saw a brand new 2004 Baja recently 30' Outlaw on a trailer with 375's for 90 K out the door. Now that's a true 30'er that will do 70+. Rock solid construction.
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Old 05-24-2005, 09:59 PM
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Default Re: How to afford the boat you want....

Great thread. This is the only relevant thing I can add...
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Old 05-24-2005, 10:09 PM
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Default Re: How to afford the boat you want....

Quote:
Originally Posted by On The Heat
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.
you're a smart man, and when the time is right for you to have the biggun, you will...Rob
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Old 05-25-2005, 12:16 AM
  #65
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Default Re: How to afford the boat you want....

Quote:
Originally Posted by u4ea32
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 ;-)
I think your numbers are a little worst case scenario personally, don't you think???
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Old 05-25-2005, 12:19 AM
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Default Re: How to afford the boat you want....

One other thing I wanted to mention, after I took my 30 that was a single engine in the Pacific it was all over , I knew I needed twins and a steeper hull along with some mass. My 34 will get me to Catalina safely no matter what time of day it is.
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Old 05-25-2005, 05:49 PM
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Default Re: How to afford the boat you want....

Best advice for go-fast lovers: marry well!
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Old 05-25-2005, 06:07 PM
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Default Re: How to afford the boat you want....

Make more money
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Old 05-25-2005, 06:14 PM
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Default Re: How to afford the boat you want....

6:15pm
Who's still at work????
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Old 05-25-2005, 07:33 PM
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Default Re: How to afford the boat you want....

Quote:
Originally Posted by Tantrum
6:15pm
Who's still at work????
clocked out at 6:10
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