prholley

Im always interested in how some of you guys afford these crazy toys. Im currently looking at a boat for sale at 190k. Im having a hard time rationalizing what each trip to the lake will cost with a 6 month boating season (would equal about 12-15 trips for me). I make decent money, 300k per year, and still cant fathom spending this much on a boat that I cant even stay the night on. Eyes tell me to do it, brain says it doesnt make sense. Maybe I have priority issues?

So my question is what percentage of your annual income did your boat cost? Am I crazy for spending this much?

ckin62

Just curious, what do you do for a living? I read your post to my wife and she said,"you need to know so you can afford the boat you already have". She also stated something about a new Porsche, but that is just nonsense. I'd need that money also for the boat.

Tom A.

Well so far my boats have averaged 10% of the total cost of the boat to operate every year. That does not include loan or catastrophic failures. Fuel(5K), marina(3K), maintenance(2K), wear and tear(??), insurance(2K), etc. cost me roughly $12-15K. These are rough numbers of course. Add a loan payment and you can add another 7K. Well that means I tie up 20K a year without including travel.... wow I could have a new ZR1 Corvette, new Harley, and a new truck..... damn this boat addiction!!!!!!

bluellama

Maybe, but you Adam and I would look pretty silly sitting on your Harley in Kingston drinking beer ........

Marginmn

iTrader: (1)

Like they say, it's not how much you make it's how much you spend. And I would add it is how much you have saved up to this point in life.

Discretionary income: Gross income - taxes - necessities is a much better of gauge of how much boat someone can afford. If someone is still working and has accumulated 20 years worth of savings in the bank he might not blink an eye at spending an entire year's income on a boat. Where as someone making twice his salary who's in debt up to his eyeballs may not even be able to afford the gas for the same performance boat, much less the boat itself.

The question of "Are you crazy or not" depends on your particular circumstances.

jeff32

I guess 300k income a year is above average ! so you sure can buy a boat above average !!!!

I have an old 89 F 357... do the math !!!

Catastrophe

Just in depreciation anyone purchasing something greater than 600k is losing 10k per month.

Airpacker

Think creative financing.

Buy a boat for 500 grand. Take a 20 yr marine mortgage on it.
Pay mainly interest and then subtract that interest amount from your gross earnings amout before you pay your income taxes.

Thats how it was explained to me but that only works in the USA. NO income deductions for mortgage interest payments here

BillR

Those amounts are pretty much dead on for me too. It's the catastrophic failures that throw the figures way off.

prholley

I work in surgical sales, for spine procedures.