What to expect for a boat payment?

[reclending]

For the record, I do not post two things in a row. In this case some of the other comments were deleted by the moderator, without us asking. We are trying to be helpful to those looking to enjoy the great outdoors. Some have opposing points of view and that is fine. Good healthy debate is great and enjoyable. Telling someone they are wrong in an OPINION based topic is not good. We can not agree with others opinions, but that other person is not wrong because you do not agree.
We look forward to more open debates. Always available by cell as well, 517-930-2721.
If we can help, let us know.
Thanks,
Ken

[SVT1]

Originally Posted by Frog_Belly

Boat expenses, fuel, insurance, licensing, etc really eat into the costs of boat ownership even if your loan:investment ratio is positive. If you have the money for these expenses you can either save an extra month and buy a cheap boat with cash or you can practice getting really good at shore fishing.

I think your being a bit close minded. If you get a mangeable loan and its puts me on the water with my family every other weekend than that to me if worth the interest I would pay. My childhood was filled with memories of my cottage. Im sure my parents never bought everything with cash and now Im looking forward to creating memories with my family.

Fiscal responsibilty is more than just saving for 365 rainy days.

[btebb]

Originally Posted by SVT1

I think your being a bit close minded. If you get a mangeable loan and its puts me on the water with my family every other weekend than that to me if worth the interest I would pay. My childhood was filled with memories of my cottage. Im sure my parents never bought everything with cash and now Im looking forward to creating memories with my family.

Fiscal responsibilty is more than just saving for 365 rainy days.

Exactly! Time spent with my family has priority.

[eyes11]

I stumbled on dave ramsey on this web site about 2 years ago and read some books and it has been life changing to say the least. PAY CASH or be able to knock out the loan in a very short time. Paid for things just feel better. Also at your age getting started with dave will be one of the best things you've ever done.

[The Brazzale]

I agree with MN Moose. My dad said if you can't pay cash you can't afford it. I of course had to learn the hard way!

I have 2 rules for this site:
1. Never ever pay any attention to Beeman
2. If you want to enjoy life never ever pay attention to the the poor money managers who "only pay cash" !

[97roughneck]

I guess everyone is entitled to their opinion but let's be real for a minute- how many people actually pay cash for everything? I know I haven't. I try to keep my debt confined to APPRECIATING assets (real estate) vs. DEPRECIATING assets (boats). I think it does matter what stage of your life you're in. I've got more days behind me than in front of me.

[ohiojmj]

My tombstone will not read "Wish I Would Have Waited Years to Buy My Boat with Cash While My Boys Grew Up".

I bought my first boat and had the time of my life with my two boys and friends. The next boat...the same story. I'm a conservative money manager at home and believe there is a time and place for loans to leverage my buys for various things including a boat to make life more enjoyable. I was raised by parents that lived through the Great Depression. The country is packed with people that live beyond their means and the root cause is not the loans or credit cards. There are those that unfortunately will never understand personal finance and should probably not get a loan for a boat, or get a mortgage, or have plastic in their wallet.

[millelacskk]

Originally Posted by SVT1

I disagree, there have been a few times that I have borrowed instead of paying cash. For some people they would rather use their cash for other things like investments than buying a boat. Id rather pay the bank interest if my cash is making more interest elsewhere. This is coming from a guy that pays cash for alot of stuff but sometimes I can see why someone would not. Just cause you took out a loan doesnt mean you cant afford it or dont have the cash it may just mean you have more important things to do with your money.

I work in finance and can tell you this is very true....My opinion is that it's OK to finance something as long as you could write a check for it if you chose to - especially at your age. That being said, I took out a loan for my first boat (a 1994 Lund Gran Sport Tyee) for $10,000. It didn't break me, but it could have. Just be careful. Nobody knows your situation better than you.

[Genesisperformance]

Originally Posted by MN_Moose

Before you agree a long lasting commitment, listen to Dave Ramsey. So many people struggle their way through life trying to find a way out of debt. Please don't diminish your success before your career takes off. If you want a boat real bad save up for it and pay cash. Making 60k a year you could save up 30k in a couple years.

http://www.daveramsey.com/tools/new-to-dave/

i went through Daves course at church its pretty awesome, really gave us a new perspective on financial responsibility