Boats bad investments???
#11
Registered
Join Date: Aug 2004
Location: Phoenix, AZ
Posts: 828
Likes: 0
Received 0 Likes
on
0 Posts
Re: Boats bad investments???
You're also overlooking a big factor in the hourly operating cost and overall usage in the same period of time. Figure 25,000 miles on the average car a year. A couple hundred hours on the boat, or trip wise, even if you're out every weekend for a 6 month boating season that still is only around 25 trips or so a summer. Now figure in what the boat costs for the time you're not using it in finance (where applicable), insurance, storage, and maintenance costs. That will skew it off the boat even more.
Last edited by jordy; 01-26-2005 at 10:38 PM.
#12
VIP Member
VIP Member
Re: Boats bad investments???
Either way you are financing a depreciating asset..hence the current fiscal deficit our country is in, you simply cannot finance short term fun with long term payments. Back to the credit thing, I would bet the majority of people that are in financial problems pay for perishable things with credit, after its gone, the bill remains (excepting business expenses gas/oil food etc that are paid monthy per business)
However in comparing the car vs boat, you have to look at miles vs hours, the amount of miles on the car for 365 days per hours on boat. I agree with you in theory, but realistically they arent comperable... The car would usage would far outweigh the boat...Rob
However in comparing the car vs boat, you have to look at miles vs hours, the amount of miles on the car for 365 days per hours on boat. I agree with you in theory, but realistically they arent comperable... The car would usage would far outweigh the boat...Rob
#13
Banned
Join Date: Sep 2001
Location: Deland, Florida
Posts: 25,191
Likes: 0
Received 0 Likes
on
0 Posts
Re: Boats bad investments???
Originally Posted by MILD THUNDER
Cuda, be prepared. Me and the fiance are thinking of going down to St pete beach in march. You offered me a ride last season but i left too early. I would love to bring my boat down for the two weeks with me, but I dont think its a good idea. Either way, meeting up for a drink would be nice.
#14
Re: Boats bad investments???
I could have paid for my boat in cash when I purchased it for $65K, but I choose not to tie up the money in the boat. I used the money for an investment (property). I am financing the boat......I figured I would never have it long enough to pay it off (15yrs) so borrowing the money through a loan is the way to go for me. I send a payment every month and that's it. My money is well spent on property than the boat for investment purposes.
I also think a boat and a car are poor investments. They both depreciate like crazy. A car is purposeful (going to work, etc...) and a boat is leisurely (high maintenence)
Generally speaking, a car is a must, where a boat is not. I would rather buy property or the like and finance my boat and car.
Boats are not a necesity (okay maybe), and are expensive, but I've had some of the best times of my life boating. As long as I can afford to have a boat, I will have one and enjoy it.
I also think a boat and a car are poor investments. They both depreciate like crazy. A car is purposeful (going to work, etc...) and a boat is leisurely (high maintenence)
Generally speaking, a car is a must, where a boat is not. I would rather buy property or the like and finance my boat and car.
Boats are not a necesity (okay maybe), and are expensive, but I've had some of the best times of my life boating. As long as I can afford to have a boat, I will have one and enjoy it.
Last edited by Semper Fi; 01-26-2005 at 11:08 PM.
#15
Charter Member #71
Charter Member
Join Date: Oct 2000
Location: Long Island,N.Y.
Posts: 1,365
Likes: 0
Received 0 Likes
on
0 Posts
Re: Boats bad investments???
Don't forget to factor in the potential of writing the interest off if the boat qualifies.
Not for everyone but a consideration in determining the actual cost and ROI.
Not for everyone but a consideration in determining the actual cost and ROI.
#16
Platinum Member
Platinum Member
Re: Boats bad investments???
Do you guys think there is a select few boats that will stop depriciating? For example a well maintained old 27 Magnum, a classic Donzi or in my case an 85 Cigarette 28 ss. I bought the boat in pretty good shape for what I believe is less than market value. I will continue to put money into the boat but I believe even in a few years when I sell it, I'll be able to sell it for more than I originally paid. Of course I wont get the money I put into it but I think the boat in very good, turn key, well maintained condition will not continue to depreciate. Is this just wishful thinking or is there some truth to this?
#17
Registered
Join Date: Oct 2000
Location: Sussex, WI
Posts: 543
Likes: 0
Received 0 Likes
on
0 Posts
Re: Boats bad investments???
Any hobby is expensive, but you can't put a price on what you get out of them.
Whether you finance a boat, pay cash for it, it does'nt really matter. If it's something you love to do and get enjoyment out of it then do it. 20, 30, 40, years from now, the memories and friends you've made, the time you've spent with your family will matter more than the money.
I've never looked back and said to myself if only I would'nt have went on that vacation, or bought that boat, or motorcycle and invested that money my bank account would be bigger than it is. There have on occasion however been times when I wished I would have tried something but did'nt.
Whether you finance a boat, pay cash for it, it does'nt really matter. If it's something you love to do and get enjoyment out of it then do it. 20, 30, 40, years from now, the memories and friends you've made, the time you've spent with your family will matter more than the money.
I've never looked back and said to myself if only I would'nt have went on that vacation, or bought that boat, or motorcycle and invested that money my bank account would be bigger than it is. There have on occasion however been times when I wished I would have tried something but did'nt.
#18
21 and 42 footers
Platinum Member
Re: Boats bad investments???
Originally Posted by RonS
Any hobby is expensive, but you can't put a price on what you get out of them.
Whether you finance a boat, pay cash for it, it does'nt really matter. If it's something you love to do and get enjoyment out of it then do it. 20, 30, 40, years from now, the memories and friends you've made, the time you've spent with your family will matter more than the money.
I've never looked back and said to myself if only I would'nt have went on that vacation, or bought that boat, or motorcycle and invested that money my bank account would be bigger than it is. There have on occasion however been times when I wished I would have tried something but did'nt.
Whether you finance a boat, pay cash for it, it does'nt really matter. If it's something you love to do and get enjoyment out of it then do it. 20, 30, 40, years from now, the memories and friends you've made, the time you've spent with your family will matter more than the money.
I've never looked back and said to myself if only I would'nt have went on that vacation, or bought that boat, or motorcycle and invested that money my bank account would be bigger than it is. There have on occasion however been times when I wished I would have tried something but did'nt.
#19
Registered
Re: Boats bad investments???
Originally Posted by WesSmith
Don't forget to factor in the potential of writing the interest off if the boat qualifies.
Not for everyone but a consideration in determining the actual cost and ROI.
Not for everyone but a consideration in determining the actual cost and ROI.
EXACTLY!! It's a second mortgage....another $10K in interest to write off!!