View Poll Results: Do you own your boat
I paid cash or paid off my boat loan
152
58.24%
The bank owns my boat
109
41.76%
Voters: 261. You may not vote on this poll
Do you own your boat
01-25-2005 | 07:12 PM
#34
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Joined: Oct 2001
Posts: 721
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From: Lake Norman, N.C.
Re: Do you own your boat
Never paid cash for a boat and never will. I only pay cash for investments. Boats are not investments. I enjoy boating and will probably always on one or two, but they will be financed with the least amount possible paid down. If the economy suffers like several years ago after 911, the boat could go, but not other more important things like my house
I have no problem making payments and have a warrranty to cover problems
I have no problem making payments and have a warrranty to cover problems
01-25-2005 | 08:23 PM
#35
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Joined: Jul 2001
Posts: 4,837
Likes: 94
From: oshawa ontario
Re: Do you own your boat
been paid off for a couple of yrs now 
...........I see some great deals out there now (like Todds Active Thunder,that Fountain that Fred had or Mitches AT).......but I cant do it............doug
...........I see some great deals out there now (like Todds Active Thunder,that Fountain that Fred had or Mitches AT).......but I cant do it............doug
01-25-2005 | 08:39 PM
#36
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Joined: May 2004
Posts: 1,783
Likes: 3
From: Slidell,Louisiana
Re: Do you own your boat
Originally Posted by Lofty
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.
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.
Home Equity loan 3.8% plus the mortgage interest as a tax deduct.DO the math
money to cheap to borrow now days,besides if you always pay cash how can you
establish a healthy credit line.I like paying cash for gas,food,sex or anything you cant
see the next day.Just my point of view.
01-25-2005 | 08:48 PM
#37
A to Z
Joined: Apr 2004
Posts: 9,156
Likes: 2
From: KC/LOTO
Re: Do you own your boat
Originally Posted by HotPursuit
That dog don't hunt , Put your 200k in a Legg Mason account earn 14to 17% yearly.
Home Equity loan 3.8% plus the mortgage interest as a tax deduct.DO the math
money to cheap to borrow now days,besides if you always pay cash how can you
establish a healthy credit line.I like paying cash for gas,food,sex or anything you cant
see the next day.Just my point of view.
Home Equity loan 3.8% plus the mortgage interest as a tax deduct.DO the math
money to cheap to borrow now days,besides if you always pay cash how can you
establish a healthy credit line.I like paying cash for gas,food,sex or anything you cant
see the next day.Just my point of view.
i think we are arguing a moot point, we are arguing investment philophsy at this point... if i feel better with my toys paid for, that is what matters, if you feel better with more cash in an account and your toys financed, that is what matters.... i don't think the people who have the option of buying the boat cash are the people that get themselves in trouble... i like the idea of the toys being paid for so that if i need to, they are easliy sold, even if it is under market value at the time, try that with a 300k bank note attatched to your boat...
plus money won't be cheap forever, it will go back up....
01-25-2005 | 09:26 PM
#39
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Joined: May 2004
Posts: 1,783
Likes: 3
From: Slidell,Louisiana
Re: Do you own your boat
They can't change a fixed interest rate,good point when interest rates go up so does
your investment accounts.With 300k in the right investment the earnings may cover
your boat note and if needed can still pay off the loan if need be!!!!!!!!!!
your investment accounts.With 300k in the right investment the earnings may cover
your boat note and if needed can still pay off the loan if need be!!!!!!!!!!
01-25-2005 | 10:37 PM
#40
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Joined: Mar 2002
Posts: 3,459
Likes: 1
From: Winnipesaukee
Re: Do you own your boat
Finance a boat = the fastest way to throw your money away other than the dog track .. ?% for 10-15 years plus depreciation.. No THANKS
I buy my boats after someone else paid full ticket , now cant afford it anymore and sells it to me for a song ..Use it for a couple years and sell it for break even or profit.. My boating costs me fuel and maintenance .
I buy my boats after someone else paid full ticket , now cant afford it anymore and sells it to me for a song ..Use it for a couple years and sell it for break even or profit.. My boating costs me fuel and maintenance .
