View Poll Results: is ypour boat paid off or on a loan ?
totally paid off
200
51.55%
I have a loan somewhere that helps me have it.
188
48.45%
Voters: 388. You may not vote on this poll

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is your boat paid off or on a loan ?

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Old 12-17-2006, 05:53 PM
  #11
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Default 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 .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 Oh and for going out and running against bigger boats won 90% of the guys I ran against 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 I looked back to see someone punching the fairing
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Old 12-17-2006, 06:28 PM
  #12
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Default 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 donít buy anything I canít pay cash for even though I donít pay cash for anything that depreciates.

Last edited by crb76; 12-17-2006 at 06:31 PM.
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Old 12-17-2006, 06:37 PM
  #13
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To me you pay cash for toys, the write off is nothing compared to the interest you pay 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.
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Old 12-17-2006, 06:38 PM
  #14
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Default Re: is your boat paid off or on a loan ?

Paid for, but fuel and ins. feels like a payment.
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Old 12-17-2006, 06:38 PM
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Default 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
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Old 12-17-2006, 06:40 PM
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Default Re: is your boat paid off or on a loan ?

Quote:
Originally Posted by crb76
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 donít buy anything I canít pay cash for even though I donít pay cash for anything that depreciates.

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.
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Old 12-17-2006, 06:41 PM
  #17
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Default Re: is your boat paid off or on a loan ?

Quote:
Originally Posted by JC
Paid for, but fuel and ins. feels like a payment.
I have a loan on mine but the Pmt. is definately the cheapest part of owning a boat.
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Old 12-17-2006, 06:47 PM
  #18
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Default Re: is your boat paid off or on a loan ?

Still making loan payments
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Old 12-17-2006, 07:06 PM
  #19
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Default 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.
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Old 12-17-2006, 07:24 PM
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Default Re: is your boat paid off or on a loan ?

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