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Is 20k alot to lose on a new boat?

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Old 12-06-2002, 08:59 AM
  #11
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No worries. You should feel very good about what you got for it.

Losing 17.4% over 3 1/2 trouble free years is awesome on a boat.
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Old 12-06-2002, 09:03 AM
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You should be dancing on the table. Well done!
 
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Old 12-06-2002, 09:25 AM
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I purchased my first and only boat (so far) brand new. I paid $40k out the door for it in 1997.
I saw the same boat in the back of PB for $49k, I think someone is smoking crack , but a legitimate price would be somewhere around $35-39K. It all depends on how you buy it... if you get a great deal you won't lose too much. Unfortunatley when I purchased the boatI was young ,stupid and wanted a boat bad so I bought it zero down
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Old 12-06-2002, 09:34 AM
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Look at it this way, that's way less than many people's 401k's lost in the last 3 years.
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Old 12-06-2002, 10:40 AM
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I bought a new boat back in 2000. Looking back, I wish I had bought a boat that cost 5 times as much. No matter how much it went down in value it would have been a better investment than the stock market. Let's see, I sold SUNW stock to buy the boat at $52/share ... today it's $3.71/sh.
 
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Old 12-06-2002, 10:46 AM
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Hells Bells, what are you complaining about?

I don't know any RV or other vehicle that retains 83% of it's original value after 3 years.

I also did a quick calc:
3 yrs storage insurance, etc- 18k
240 hrs fuel @ 30 gal/hr 2 $ 2gal= 14 k
Deprec= 20k
total 52 k / 240 hrs = $ 216 /hr

This is the answer that us boaters could never rationalize, so we don't try.

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Old 12-06-2002, 12:33 PM
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Hey Wannabe - delete that post before somebody's wife see's that! You're gonna get one of us shot!
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Old 12-06-2002, 01:27 PM
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Well Done!!!
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Old 12-06-2002, 02:13 PM
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Just some more "valuable" evidence to buy used only.....
Let someone else take the initial hit on the new price. Just my $.02
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Old 12-06-2002, 04:13 PM
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It's all relative. like gambling.. does a guy go to the quarter slots or $50 black jack table for example.

look at truck leases. my residual is 55% after three years

I bought a timeless Formula for $30 something. will sell it 4 years older for $30 something.

Sales incentives play in our human nature with temptations like 0 down etc.

Some people criticized Formula for their "buy down principal" financing with low interest early (lower that typical bank financing) then a standard rate after 5 yrs or so.

you have to use this "benefit?" and PAY the extra principal that would equal your future payment after 5 years so that if you choose, you can sell the boat and not be upside down.

some complain that they cant sell their boat for payoff (while they actually made only the minimum payments for the first two years) and then blame Formula????

it' s just being wise with your money and understanding your future financial situation when you want to sell or come into hardship.

it would be great to see a chart of percentage of new price vs years old for various boat makes. one could tabulate this from the blue book data. I would guess Formula and Cig are up there high.

One could use this data to determine what price, and what year boat you can ACTUALLY afford the depreciation on.

just some blabbing............. thanks for listening

17% seems great for 3+ years and hopefully that was your point )

looking back at your thread ... I think that was your point. maybe you just wanted some more ammo to calm the wife.

what's next or did you spend the money already?
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