Re: Do you own your boat
 

I own mine...everytime I get tempted to pull the trigger on a new boat I can't justify paying 12 months out of the year for only 3 or 4 months usage here in N.Y. I do have a question for the future....Does it pay to buy outright or is it best to take advantage of the second home write off ? I guess it is all relative to the inerest rates and your financial situation...what do you guys say?

Re: Do you own your boat
 

if you are going to borrow, might as well get some benefit, either claim it as a second home or use your existing home to finance it....

Re: Do you own your boat
 

I am currently paying the bank for the money they lent me. But I have the title in hand. Next boat will be registered to the marina. Easier to make it a tax write-off as a business expense.

Re: Do you own your boat
 

Some states dont require titles for loans on boats, thats what Im doing. :drink:

Re: Do you own your boat
 

that sounds like a recipe for disaster!! what if you want to sell it and double your money and just walk away?

Re: Do you own your boat
 

Paid cash on the barrel.
Since it was only 13K I cashed in some stocks from my investment account.

Re: Do you own your boat
 

I'm more than half way done with my loan! My fear is that WHEN it's paid for, then the boat payment will turn into repair payment. That's why it almost makes more sense buying (financing) something newer, rather than having an old one that you end up having to fix all the time!

As soon as I paid off my F-350, the trans went! :mad:

Re: Do you own your boat
 

Cash! Always cash. If you don't have the cash you can't afford it. I do know guys with the cash but opt for a loan because it makes good financial sense if you're buying a big ticket ($200k+) boat. But these guys could pay cash if they had to.

It just doesn't make sense to take a loan out if you can't really afford it. What do you do if you blow a hi-dollar motor or chunk a drive? I own mine free and clear, when I need new motors I just build them. I don't have to borrow more money to fix it.

Re: Do you own your boat
 

I have 2 boats 1 I own :drink: 1 I pay bank for :D

Re: Do you own your boat
 

Paid cash!