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, 07:35 PM
  #21
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Default Re: is your boat paid off or on a loan ?

paid for .... but still not completed... pay for parts as i go...in the end it will be worth it...

but , with the market going south on pre owned , i shoulda saved $$$ for the past few years and could be into a newer , larger vessel....at the same price i'm in right now ...

dam crystal ball always in the repair shop when i needed it..
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Old 12-17-2006, 07:53 PM
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Default Re: is your boat paid off or on a loan ?

Paid for my first boat took out a 15yr loan paid off in 8 paid. durango paid for, honda paid cash, boat paid cash, I owe on house and wife's 300cawd
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Old 12-17-2006, 07:54 PM
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Default Re: is your boat paid off or on a loan ?

Both Paid For. I Wouldn't Have It Any Other Way
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Old 12-17-2006, 08:12 PM
  #24
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Default Re: is your boat paid off or on a loan ?

I have mixed feelings on the subject. We paid cash for our boat and all the work we've invested in to it over the last 5 years. I always say that i'd never do that again, but then I look back at all the fun we've had using it. I guess it just depends on how important a boat really is to each one of us.

I have a hard time justifying spending a half a mill, or even $250K, on something that's just gonna be worth less and less each year, when I can invest the same $$$ and conservately earn 15% or better on it each year.
Now I feel like I'm starting to talk like my father did before he passed away several years ago. He told me the older ya get, the wiser you get, or at least you should.

Now, would I do it again????????? Of course I would.
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Old 12-17-2006, 08:25 PM
  #25
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Default Re: is your boat paid off or on a loan ?

everything i own is paid for which isn't much compared to most of you guys but i hate paying interest and i have always lived within my means. ill use a small home equity loan to pay for the next boat and make large payments against it while i have it. I'm a firm believer that if you keep most boats more then a couple of years you will start losing money on them.
 
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Old 12-17-2006, 08:57 PM
  #26
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Default Re: is your boat paid off or on a loan ?

For me liquidity is the key....I am returning greater than 50% cash on cash this year.....Try that with 200K+ tied up in a boat....

I think it also matters if you are in WEALTH CREATION MODE or WEALTH PRESERVATION Mode. In my world WC= leverage, WP= cash....As for me I am a WC man...
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Old 12-17-2006, 09:09 PM
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Default Re: is your boat paid off or on a loan ?

ANY FINANCIAL EXPERT WILL TELL YOU THAT IF YOU CAN'T AFFORD IT ON A FIVE YEAR NOTE YOU SHOULD'NT DO IT. THE FIRST 12 OF A 20 YEAR NOTE IS 95% INTEREST. I PAID FOR MY 37 OL CASH BUT I LOVE IT SO MUCH THAT I WOULD TAKE A 30 YEAR NOTE IF I HAD TO.
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Old 12-17-2006, 09:29 PM
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Default Re: is your boat paid off or on a loan ?

Quote:
Originally Posted by crb76
For me liquidity is the key....I am returning greater than 50% cash on cash this year.....Try that with 200K+ tied up in a boat....

I think it also matters if you are in WEALTH CREATION MODE or WEALTH PRESERVATION Mode. In my world WC= leverage, WP= cash....As for me I am a WC man...

What are you doing to earn 50% on your cash?
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Old 12-17-2006, 09:39 PM
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Default Re: is your boat paid off or on a loan ?

you guys are lucky to have your interest on houses deductible. In Canada, we don't. But we have other good things you don't, like free health care ( I hope I have the right words...)
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Old 12-17-2006, 10:06 PM
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Default Re: is your boat paid off or on a loan ?

Quote:
Originally Posted by Marginmn
What are you doing to earn 50% on your cash?
YEAH DUDE TELL ME TOO !!!!!
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