Do you own your boat?
1 - 20 of 60 Posts
Own it free and clear. I grew up without much and am reluctant to finance anything. I had a mortgage on first house and borrowed money to start a business but that is about it. Probably would have been more financially beneficial to finance more, but I do not like owing money.
Joined
·
83 Posts
I have 2. Hellsbay skiff paid all mine. Momma’s big 24ft Everglades I have financed a small amount.
I financed a little more than half my Evo. Doubled the payment on the loan to pay off quicker. Didn’t want to deplete my savings to buy outright. Got a great rate so comfortable with situation. 45, 2 little ones, business owner, trying to save, needed to treat myself😇
God bless ya!! You deserve it!!!
Financed half mine. Fixing the pay off my house by end of year, then I’m double / triple paying my boat loan it’ll be gone in a year or two.
This is an interesting topic, especially with today's interest rates and boat prices. I was taught to avoid financing depreciating assets, but you could easily make the argument that many boats have performed well as fishable savings accounts over the last few years.
Joined
·
99 Posts
Financed mine in 2013. Paid it off in about a year and a half. 2003 Master Angler. Financed 12k and put $5k down. Can’t wrap my head around these new boat prices so I’ll probably never sell it.
Joined
·
715 Posts
I built mine, outta pocket. Own it free n clear. 😀
Joined
·
243 Posts
Of the boats I have owned I think I only got a bank note on three and one was stolen less than two years after I bought it.
My finance strategy then, as our situation has changed for the better ( as hoped), was get the longest term/lowest payment available then double or triple pay each month. My theory was if something negative were to happen to or financial situation we could hopefully make the minimum note and keep the toy.
We paid those boats off long before the note was due.
That strategy has been what I have done with everything I have ever gotten a note on. We financed our house originally for 30 years and I think we paid it off in 16 or so.
The last two boats we bought we were fortunate enough to be able to pay cash.
My finance strategy then, as our situation has changed for the better ( as hoped), was get the longest term/lowest payment available then double or triple pay each month. My theory was if something negative were to happen to or financial situation we could hopefully make the minimum note and keep the toy.
We paid those boats off long before the note was due.
That strategy has been what I have done with everything I have ever gotten a note on. We financed our house originally for 30 years and I think we paid it off in 16 or so.
The last two boats we bought we were fortunate enough to be able to pay cash.
Joined
·
1,380 Posts
How was your boat stolen? That's an interesting subject and could be a thread on it's own.
I own my skiff because it was pretty cheap so I just paid cash. I think tho if I was buying one over 30k I would finance some of it depending on the rates offered.
Yeah if I waited until I could comfortably pay for a boat cash I'd be an old man. I try to be responsible with money but I also have to experience this life I'm living otherwise I'll have regrets. I've been lucky that up until now my dad has always had a small boat I had access to as if it was my own but because its kept 2.5 hrs away its a bit of a production to go and use it. I'm so happy I got my new skiff because I can just take it out of the garage and disappear on my days off. I've also had an opportunity to spend more time with my own dad since he recently retired. Hopefully taking the kids out this Friday it will be their first fishing outing on the new boat. I have taken them for a few joy rides. I should have done this 10 years ago!
You get only so many trips around the sun. Make the best of them for you and your family.
We've always had used boats in the family and MOST have been reliable. Went new because I planned on venturing deep in the glades and I'm not the most mechanically inclined. Yes new motors can have issues, but for me the peace of mind of knowing its new was worth it for me and my family. And yes, I did pay the premium, LOL!
Not everyone can spring for a boat cash. There's a difference between overextending yourself financially (common down here in SoFlo) and putting money towards something for entertainment and enjoyment. I've owned 3 vehicles my whole life (I'm 44). I put a lot away for retirement, college for kids, savings, etc. Still have student loans but at a great rate. I deferred getting a new truck to be able to get my skiff and we were due for some home improvements. I should have my skiff paid off pretty soon and then its on to financing my next depreciating asset....my 4th vehicle ever, LOL!
1 - 20 of 60 Posts
