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Do you own your boat?

  • I have a boat for pleasure and I own it outright.

  • I have a boat for pleasure and I finance it.

  • I have a boat for business and I own it outright.

  • I have a boat for business and I finance it.

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Gheenoe NMZ
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308 Posts
I own a bay boat and my Gheenoe outright. Bayboat came from money from selling a sailboat I owned. Knew I wouldn’t use the sailboat much for a few years because we were having my daughter. Rather than letting it sit I bought a powerboat, the bay boat. I have mixed feelings in this and the bay boat is kept 1.5 hours away at my Mom’s house. I don’t use it that much.

my Gheenoe was only $3300 and I paid cash for it.

I can understand financing within means. I have thought about selling both boats and getting another skiff but not sure of that. I also thought about selling the bay boat and getting another sailboat. I am torn!

Truthfuly, it is hard to get time away. My daughter is 4 and my wife has frequent migraines. Time off is precious and it is rare.
 
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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!
Ya man. Gotta live now. If the bank is willing to give me money for some of the rates they have been offering lately, I’m gonna take it. The saying goes “life is short, buy the boat”
 

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2022 Evo
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930 Posts
Ya man. Gotta live now. If the bank is willing to give me money for some of the rates they have been offering lately, I’m gonna take it. The saying goes “life is short, buy the boat”
Amen brother. Doesn’t hurt the rate on the boat was 3.5%. After a chunky down my payment is $3XX a month but I’m sending a lot more while I can. My HELOC is higher that we used for some much needed home improvements so I’m trying to knock that one down even quicker. I do wish I got a skiff 5 even 10 years ago but can’t look back only forward. Taking the kids out this weekend while the wifey has a much needed quiet day to herself. WIN WIN!
 

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Chittum-LM Beavertail B2 Sold Aug 2021
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337 Posts
If you can't pay cash then you probably can't afford to own it. If you buy on credit then "they" own you. That's been my moto and can go fishing any day of the week now.
 

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2021 East Cape Vantage 2022 East Cape Bay 2012 East Cape Caimen
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491 Posts
I own them all outright, along with everything I have.
 
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Chittum-LM Beavertail B2 Sold Aug 2021
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337 Posts
Another way to look at it is if an item was on sale for 5, 10 or 15% off would you buy it? If someone said it's yours at 5, 10 or 15% above price would you buy? Hard to get ahead buying above market price.
 

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297 Posts
The comments don’t really match the voting. Seems like most folks own outright- could be paid off loans, but I’ll bet there are a lot of cash buyers.

I’ve made every financial mistake you can make (plenty of debt, financed toys) then made the correct decision to marry my wife, who’s basically a (very pretty) female Dave Ramsey: Don’t borrow (except for your house).

Life has been far easier since.

But, everyone has their own way of getting along. No judgments on how you handle your boat purchases.

Happy Thanksgiving to all-
 

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reading thru this thread this morning sure brings back some vivid rememberies

i grew up playing on/in the water ... sailing camping fishing hunting ... all activities revolved around water most of the time in some manner

thought that was the way it was s'post2b

my earliest water related/recreational rememberies are of a flat bottomed boat dad and one of his friends built in the back yard(the house we were renting didn't have a garage and neither did his friend' house)

materials were purchased at the local lumber yard over a period of time as $$ became available(so i learned later)

the Larson outboard was a hand me down from my grandfather when he upgraded

we hauled the boat on top of a somewhat dilapidated camping trailer that was also a hand me down

creekin' and river running along w/ some lake trips/fishing were involved

a Sailfish(surfboard w/ a sail) kit was ordered as a family Christmas present and we built it in the living room which was the only place warm enuff for the glue to cure

spring came and sailing was back in dad's recreational repertoire(according to Mom i was conceived on a sailboat on White Rock Lake)

by then i was beginning to pick up on a trend ... skip to me and my boat acquisitions

after marrying in the late 1960's i could still sail w/ dad as well as use the Herter's fishing boat butt wanted to begin my own livery

small cheap iffy fishing rigs were purchased w/ pocket change and used after then while making improvements to them along the way as the $$ became available

then someone would pop off and offer me more $$ than i had invested providing me w/ seed $$ for the next step up the ladder

the work on these projects was as much of the recreational process as the actual water time for several years and the continual upgrading gave me the ability to reach more/different waters

this process continued over the years and during that time i've had some pretty impressive vessels vehicles and other rather impressive toys along the way butt now i'm beginning to get back to the more simple and easier to handle rigs particularly the skiff pictured on my avatar which was spec'd and built out of pocket w/ funds generated by my constant upgrading process

this is not to say i never borrowed to purchase a toy or stumbled into a hole w/ debt(credit card in the early years and not entirely my doing)

butt as mentioned above today's economy and global situation have caused me pause when financial issues are concerned

many have and will continue to borrow funds for recreational purposes and hopefully will not get the rug jerked out from under them

many folks today grew up w/ only rememberies of good times and having IT all and therefore expect to have and have and have ...

they seem to expect to begin life 1/2 way up the ladder or higher and borrowing is their only means to get there

i applaud those w/ steady/dependable wage earning situations who can and do manage to work n play within their ability to make their payments

butt all can't and need to consider climbing the ladder one step at a time beginning on the bottom rung while never endangering their future or risking their family's well being

he/she who dies w/ the most(in number and in value) toys is still dead

just an old man's 2¢ worth based on real life experiences

leon
 

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Been fortunate enough to always pay cash for mine, and pretty much pay for a lot of it by getting good deals on boats and making some $ on them at the selling end. Sometimes I think I enjoy the hunt for a deal more than actually owning em.

We kinda have a mortgage plus 1 as far as what we finance. Currently interest rates house at 2.6% and wifes SUV at .9% , it doesn't seem thats the norm right now so in no hurry to get them paid off or into another one right now.
 
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