View Poll Results: Do you own your boat
I paid cash or paid off my boat loan
The bank owns my boat
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Do you own your boat

Old 01-30-2005, 10:29 AM
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Default Re: Do you own your boat

Originally Posted by Troutly
Hey Buck.....well said
LOL...Thanks "T".

I see this topic and it makes me think of the song by Allan Jackson, "Here in the Real World".

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Old 01-30-2005, 01:41 PM
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Default Re: Do you own your boat

Originally Posted by buck183
We have had discussions like this on several occasions in the past. I always enjoy the views and opinions that come from it. That's what we're here for....give out opinions on a common interest. As always, when it comes to money our opinions can be very strong depending on our financial situation, upbringing, and values in life.

Whenever we discuss this topic someone almost always brings up the rule that ALL must live by or we are fools. "No payments on toys at all"!! For those that are fortunate enough in life to be in these situations this is great. I commend you. You deserve everything you have earned in life. Keep up the good work.

Now for the real world where most of us live......I'll be damned if I'm going to work 60 hrs a week while the rest of the fortunate people in the world go to the lake every weekend. I'm not going to spend the next 10-15 yrs of my life saving up enough money to pay cash for something I can make payments on and enjoy now. My kids will not have the opportunity to enjoy the lake life like I did when growing up. My priorities may change by then. My needs may also change. My spouse and I don't earn 100k a year. We will enjoy the money we make on the things that we enjoy. If we can afford a reasonable boat payment for a few years while we use be it. I get to write the interest off and I'm out the depreciation and upkeep. Everyone is out upkeep regardless. After depreciation I lost 2k in three yrs on my last boat. Oh well!

Let's be nice and remember that we all have different financial situations. Just because one earns more than the next person shouldn't give them the right to tell the less fortunate they are wrong for making payments on toys to enjoy with the family.

My rule....Make payments on it now while I can afford to enjoy it. Just my rule, doesn't have to apply to everyone.

Yup! I am 33 shoping for another boat currently. The boat will be between 150 and 200K. Even if I had all the cash in hand, I would be nuts to exhaust it. 200K liquid (and expendable) is extremely rare at age 33, or at ANY age for that matter. If I were to exhaust my mutuals, savings, income producing real estate and 401K I could raise up a significant amount of the purchase price....... and then have nothing until I am 43 (maybe), except that is of course a 12-14 year old boat. Or I could have the cash stay where it is, earn ME money, continually add to it and enjoy a BADASS boat while I am 33 instead of 50 when I will most likely want something along the lines of a cruiser/houseboat.(or be DEAD for all I know). Life is too short.
Not preaching to anyone but I know what I have now and will have a payment easily over nothing to my name for a number of years. With the field I work in, tomorrow could be much different than today. I want to enjoy my new Fountain/OL/Cig NOW. Not when I am 60 and can stroke a check for it.
You can get a loan for 5.5%. With that 150K to 200K, you can easily earn 5.5% on that money... if you cant, get a new financial advisor.
The stock market has some wonderful buys right now. I am just pissed I own General Electric instead of Gillette
The 645 million Warren made was over the course of 16 years, a typical boat loan period. I know he had mega money into the company but it is all relative.
On this next boat I am going to finance it. Just for giggles I am going to pick a mutual fund, put 10K (or about 5% of the purchase price) in it and see what it does. If you add up 5% (at a minimum) you would be amazed on what that equals out to in 15 years.
Yes there is risk involved but if GE/Pfizer/Microsoft go under it means the world had ended and your boat will not matter.
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Old 01-30-2005, 05:17 PM
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Default Re: Do you own your boat

I agree with you on that 100%.

I think the poll should have been cash or finance. I dont think its accurate because some of the guys that are saying they own their boat outright, means they paid the loan off. I also dont think a home equity loan qualifies as owning the boat because you hold the title. The mortgage company owns the house, so you still owe someone the money.

The question is, did you take a loan or pay cash when you bought your boat. I can understand paying 25k cash for an older performance boat, but when your looking at 100k plus boats, how many of us have that kind of cash sitting around, and why would you want to dump that cash into a boat? Either way, there are lots of good views on this topic.
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Old 01-30-2005, 07:56 PM
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Default Re: Do you own your boat

I paid cash for my boats. The only boat I ever financed was my fishboat back in 1988. Not long after that, I went through a divorce, and you can bet those boat payments were not easy on me, that's why I won't finance one again. I muddled through and saved my credit rating, who can put a price on how much bad credit ends up costing you through the years.

Actually, when I bought my 302, I had about $10k out on credit cards for work purposes (motels, etc). I always pay them off every month, but I carried that 10k for a few months, so I guess it was somewhat financed.
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Old 01-30-2005, 10:00 PM
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Default Re: Do you own your boat

Originally Posted by HotPursuit
Yea baby lets all make some gas money, some risk involved but no pain no gain.
I took a blood bath during the telecommunications bust,dusted off and back in
the saddle. Your Registered CoonAss Keep it Triple

level 3 communications , got in at 50 something, up over 107 got out at , i don't even want to say , with my pants around my ankles . blood bath , nah -
i got tsunamied !!! !!
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Old 01-31-2005, 12:27 AM
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Default Re: Do you own your boat

It would take me 8-10 years to save up enough cash to buy my boat outright and by then the same type of boat i was saving for would cost a lot more. I took a loan and im enjoying the boat ten more years than if i saved up the cash.
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Old 01-31-2005, 01:06 AM
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Default Re: Do you own your boat

whats a boat loan??
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