Like Tree0Likes

Cash or Debt

Reply
Old 01-06-2009, 07:37 PM
  #1
Useless member of society
VIP Member
Thread Starter
 
LaughingCat's Avatar
 
Join Date: Feb 2004
Location: Tampa, FL
My Boats: '00 Scarab Sport 302, '03 Lip-Ship Cigarette Gladiator
Posts: 2,943
Default Cash or Debt

I'm a firm beleiver in paying cash for big ticket items. Have longed for a 36-42' Skater/Nor-Tech/Spectre Cat with canopies. i just can't bring myself to finance a purchase like that. Instead, i went and bought a decent family boat - 30' Scarab Sport. My intention is to get a sweet pad on teh water in the next 1-2 years, taking advantage of the soured real estate market. Then, with the family satisfied, we'll get the over-powered Cat.

My question to all of you is, who paid cash for their super boats and who financed most/all of the purchase. I'm curious if the current economic slowdown has hampered your lifestyle bacuase of large payments on the toy.
__________________
"Beelzebub has a devil put aside for me." - Queen
LaughingCat is offline  
Reply With Quote
Old 01-06-2009, 08:01 PM
  #2
naplesimage.com
VIP Member
Trade Score: (1)
 
jayboat's Avatar
 
Join Date: Feb 2003
Location: SWFloridaH2O
My Boats: Every One In Sight
Posts: 18,213
Default

As soon as I'm finished printing it, I plan to pay cash for my Skater.

__________________
Roostertail does not lie.

NAPLES IMAGE Photo Galleries

NAPLES IMAGE PHOTOBLOG
jayboat is offline  
Reply With Quote
Old 01-06-2009, 08:08 PM
  #3
Gold Member
Gold Member
 
Ona-Mission's Avatar
 
Join Date: Apr 2008
Location: Tampa, Fl.
My Boats: boatless
Posts: 739
Default

Good plan... I financed... money was too cheap. Do what make ya feel good. One question???? Does "family Satisfied" mean that you are new to the family thing? Hope your wife feels the same as you. My Girlfriend (now wife) told me that she could help make the payment on a boat. I told her that she can tell people it's her boat also, but only if she recognizes I'm buying without her help and she has no say in any final decisions. We should stay together for a long time.
Ona-Mission is offline  
Reply With Quote
Old 01-06-2009, 08:10 PM
  #4
Platinum Member
Platinum Member
Trade Score: (1)
 
scottw's Avatar
 
Join Date: Apr 2006
Location: Wenonah, NJ
My Boats: Switzer 250SS
Posts: 611
Default

Why pay cash for a big ticket item. Invest that money and let it work for you. Use the banks money. Just my 2cents worth.
scottw is offline  
Reply With Quote
Old 01-06-2009, 08:11 PM
  #5
Gold Member
Gold Member
 
Ona-Mission's Avatar
 
Join Date: Apr 2008
Location: Tampa, Fl.
My Boats: boatless
Posts: 739
Default

Quote:
Originally Posted by jayboat View Post
As soon as I'm finished printing it, I plan to pay cash for my Skater.

can I borrow the plates when your finished? I found an Apache I would LOVE.
Ona-Mission is offline  
Reply With Quote
Old 01-06-2009, 08:36 PM
  #6
Useless member of society
VIP Member
Thread Starter
 
LaughingCat's Avatar
 
Join Date: Feb 2004
Location: Tampa, FL
My Boats: '00 Scarab Sport 302, '03 Lip-Ship Cigarette Gladiator
Posts: 2,943
Default

I'm a buy-and-keep person. Also, own a large financial planning practice and work with clients on paying down debt as they built towards, enter and sustain retirement. Being debt free at 36 years old with plenty in the investment accounts and plenty of 'tangible assets' allows me to sleep at night regardless of what the political hacks do with our country.

Having the family satisfied means we get the big house. We sold our starter home a few years ago, moved into a sweet, new 3 story town house in Hyde Park. You could say my rent is subsidized. The owner is terribly upside down, cannot sell it and the market for rents doesn't allow her to fully cover teh big payments, fees, taxes and insurance.

So each time we are out on the boat and one of you knuckle-draggers blows by in your Skater or Nor-Tech, she knows I'm dying to move up. But ther is something to be said for having your own house to install the lift behind. right now, I installed it behind my father's place.
(He couldn't understand why i bought a 13,000# lift for this boat. When i wake his geriatric neighbor at 3AM with my 42' of liquid adrenaline, he'll get the point.)

In the meantime, I do wonder if our beloved sport will see further declines because of bad financing before recovering. for me, I look forward to someday stroking a fat check to buy the boat.
__________________
"Beelzebub has a devil put aside for me." - Queen
LaughingCat is offline  
Reply With Quote
Old 01-06-2009, 08:45 PM
  #7
Registered
 
Join Date: Sep 2008
Location: Newark, DE
My Boats: 2002 38'Ocean Express Catamaran
Posts: 967
Default

I did some financing and will use some "Play Money" out of the sock drawer.. I would finance the whole thing like one of the other members said but I wanted my payment to be manageable if something was to go south in my business!!
mmareno is offline  
Reply With Quote
Old 01-06-2009, 09:16 PM
  #8
S.O.B (single O/B) now
Platinum Member
 
t500hps's Avatar
 
Join Date: Sep 2004
Location: Richmond VA
Posts: 7,921
Default

I never know what my income will be from one year to the next (business owner). I feel I must have the toys completely paid for so I don't have to sweat payments during bad years (like 2008).
t500hps is offline  
Reply With Quote
Old 01-06-2009, 09:25 PM
  #9
Registered
 
Join Date: Feb 2004
My Boats: 34 superboat
Posts: 166
Default

Dam by Thur. I'm putting my beer on a credit card.
midwest272 is offline  
Reply With Quote
Old 01-06-2009, 09:32 PM
  #10
Registered
 
Join Date: Jan 2008
Location: Lake George NY
My Boats: 2011 Spectre 36 CC, 2014 formula 37 PC
Posts: 420
Default

If i go down!!! Im going down in Flames!!! Nuff said!
Carguy08 is offline  
Reply With Quote
Reply

Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
hammereab
General Boating Discussion
1
07-14-2002 02:10 PM
Sydwayz
General Boating Discussion
19
03-03-2002 09:30 PM



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 08:15 AM.


Copyright 2011 OffShoreOnly. All rights reserved.