Boat Purchase and the future?
09-29-2012, 05:51 PM
#1
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Boat Purchase and the future?
So I'm getting my ducks in a row for my next boat purchase. I sold my last boat to move up to a Top Gun or similar and have been looking at a lot of different boats.
I've also looked at a few 30 to 35 footers for less money but would ultimately be a compromise.
So here's my dilemma:
Step up to $50K to $65K for a Gun or similar 38 footer.
Be conservative and spend $25K to $45K on a smaller yet still very capable boat.
Don't buy anything and just bum rides off friends.
A little financial background:
I have a great job that keeps getting better every day. Business has been really good and we are booked up for months in advance (Commercial roofing company).
My wife has a decent job with good benefits and she's been there for 20 years (waste disposal company serving San Diego +)
My house is paid for as are my cars.
I can pay cash for the smaller boat (after a couple more months of savings) but would have to borrow for the larger boat and I don't like doing that.
I am worried about the future of our country regardless of who gets elected next. With our national debt and out of control spending both federal and state (CA) and our GNP declining with jobs going overseas and our trade deficit, I'm reluctant to spend money on a toy that will depreciate. I am also worried about gas prices and massive inflation.
Without getting too political, it seems this country will continually elect officials who will promise free stuff forsaking the future.
The bottom line is that I can afford another boat but not sure if I should or if I should just stay conservative. Am I being a worry wart? What would be the worst case scenario, I have a boat that would sit in the back yard because gas was too expensive? Or the economy really goes to hell (worse than now) and I have no income, sell the house and live in the boat?
I'm leaning towards the middle ground, $25K to $30K boat (there is a certain ex-race boat I have my eye on). It would be paid for and still capable of running big water and going a decent speed. Even if it lost all its value it would still be less than a fraction of my annual income and a loss I could deal with.
I know you can never really financially justify a boat purchase and in the past I have never wanted to calculate my costs. I always tell my wife that it would be cheaper to rent a helicopter and fly to Catalina than to take the boat. The boat is just a hell of a lot more fun and that's why we spend the money.
I know there are a bunch of OSOers that are blue collar guys like me and not high rollers. Do any of you worry about the future? Or like someone in a movie once said, sometimes you just have to say fock it!
I've also looked at a few 30 to 35 footers for less money but would ultimately be a compromise.
So here's my dilemma:
Step up to $50K to $65K for a Gun or similar 38 footer.
Be conservative and spend $25K to $45K on a smaller yet still very capable boat.
Don't buy anything and just bum rides off friends.
A little financial background:
I have a great job that keeps getting better every day. Business has been really good and we are booked up for months in advance (Commercial roofing company).
My wife has a decent job with good benefits and she's been there for 20 years (waste disposal company serving San Diego +)
My house is paid for as are my cars.
I can pay cash for the smaller boat (after a couple more months of savings) but would have to borrow for the larger boat and I don't like doing that.
I am worried about the future of our country regardless of who gets elected next. With our national debt and out of control spending both federal and state (CA) and our GNP declining with jobs going overseas and our trade deficit, I'm reluctant to spend money on a toy that will depreciate. I am also worried about gas prices and massive inflation.
Without getting too political, it seems this country will continually elect officials who will promise free stuff forsaking the future.
The bottom line is that I can afford another boat but not sure if I should or if I should just stay conservative. Am I being a worry wart? What would be the worst case scenario, I have a boat that would sit in the back yard because gas was too expensive? Or the economy really goes to hell (worse than now) and I have no income, sell the house and live in the boat?
I'm leaning towards the middle ground, $25K to $30K boat (there is a certain ex-race boat I have my eye on). It would be paid for and still capable of running big water and going a decent speed. Even if it lost all its value it would still be less than a fraction of my annual income and a loss I could deal with.
I know you can never really financially justify a boat purchase and in the past I have never wanted to calculate my costs. I always tell my wife that it would be cheaper to rent a helicopter and fly to Catalina than to take the boat. The boat is just a hell of a lot more fun and that's why we spend the money.
I know there are a bunch of OSOers that are blue collar guys like me and not high rollers. Do any of you worry about the future? Or like someone in a movie once said, sometimes you just have to say fock it!
09-29-2012, 06:16 PM
#3
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Very worried... my whole neighborhood is forclosures. Sickening.
09-29-2012, 07:46 PM
#9
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Location: Merritt Island, FL
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GNP is not declining. Along with Europe and South America, it declined briefly during the financial crisis but has bounced back. We have been much worse off on our trade deficit as well in the past and it recovered.
Manufacturing in the US is experiencing a resurgence and now our biggest limiting factor is finding enough qualified and willing people to feed the industry. I've heard it from all manner of business owner that demand is not their issue now. Sad. Labor costs in Asia are rising quickly. China's growth depends on the growth of a middle class. When that middle class emerges, they won't be payed pennies/hr anymore. If they want growth, wages will rise. When wages rise and their environmental abuses catches up to them, it will once again become more cost effective to manufacture as close as possible to the point of consumption.
Summary? Yes, we have have experienced a seriously humbling decade. But the data is not all gloomy. Buy the TG.
Manufacturing in the US is experiencing a resurgence and now our biggest limiting factor is finding enough qualified and willing people to feed the industry. I've heard it from all manner of business owner that demand is not their issue now. Sad. Labor costs in Asia are rising quickly. China's growth depends on the growth of a middle class. When that middle class emerges, they won't be payed pennies/hr anymore. If they want growth, wages will rise. When wages rise and their environmental abuses catches up to them, it will once again become more cost effective to manufacture as close as possible to the point of consumption.
Summary? Yes, we have have experienced a seriously humbling decade. But the data is not all gloomy. Buy the TG.
09-29-2012, 08:03 PM
#10
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"I'm reluctant to spend money on a toy that will depreciate."
Get this thought out of your head when talking about a boat! It is an inevitable fact of life that will not change no matter brand of boat you end up in.
If you can go middle of the road and sleep better at night, do that.
You own the boat. Don't let it be the other way around (financially or psychologically) or it won't be fun.
Boating is supposed to be fun.
Get this thought out of your head when talking about a boat! It is an inevitable fact of life that will not change no matter brand of boat you end up in.
If you can go middle of the road and sleep better at night, do that.
You own the boat. Don't let it be the other way around (financially or psychologically) or it won't be fun.
Boating is supposed to be fun.
