Motor, Ride, Speed, and Gas Mileage - Page 4
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Thread: Motor, Ride, Speed, and Gas Mileage

  1. #31
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    I will agree with you Gary that cash is king for those who have the money to do so or the patience to save for a few years to do so, but in the same regard, that's why financing IS an option. A majority of people don't have lump sums of cash laying around but can afford a fixed monthly payment. And if you budget accordingly for a monthly payment that you CAN afford, then it's a fairly safe play. I mean if I have to save up for 5 years to purchase by putting back a little a month, to me it's the same as financing and making monthly payments, but I'm fishing now instead of dreaming of fishing one day. Also most boat financing requires a 10% down payment to show at least some financial responsibility and ability to save. Now if you don't have any savings, I will say you shouldn't finance anything and probably couldn't finance anyway. Just don't get out of control and blow out you debt to income ratio or finance what you can't afford. Also for people with good credit, you can finance a boat for as little as 3%. JM2C.
    FearandLoathing likes this.
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  2. #32
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    Heck yea, what's an extra $12,000-$15,000 in finances charges anyways. I will never know I am paying it because I am making monthly payments....they can't trick me.

    If you can't write a check for a luxury item, you can't afford it.
    Last edited by gester; 10-17-2014 at 10:52 AM.
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  3. #33
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    Probably about the same as 80,000 to 150,000 in finance charges on my 30 year mortgage. It definitely costs to finance, Truth in Lending breaks it down very clearly and I know exactly what I'm paying for and the interest involved, but a choice I agreed to pay for. If I don't struggle to make monthly payments I think that is the definition of "Afford to" But hell I could be wrong.....
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  5. #34
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    Comparing a Mortgage interest/investment to a boat or vehicle investment is apples to oranges if you ask me. Yes, you pay interest on a mortgage but you're also paying for something that is appreciating in value. As soon as you buy a vehicle or a boat their value plummets as soon as you pull it away from a dealer. I don't think Gary is suggesting not to finance at all, but implying if you are going to invest in a boat don't finance it for so long that your upside down on it for the majority of the life of the note. Personally, If I couldn't afford a boat without going longer than 60 month's(at the absolute max) I wouldn't consider it, same as a vehicle.
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  6. #35
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    Just simply stating that everything we finance has a price. One is obviously a better investment than the other, but they all cost money period. A monthly payment is a monthly payment. I appreciate all the input and trying to help, but at the end of the day I'm impulsive, I like my toys, I've got great credit, and I'll buy/finance what makes me happy, wise decision or not. Happy fishing!
    jcombsiv likes this.
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  7. #36
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    I didn't mean to come across as questioning your judgement, I was simply stating the way I look at things financially. A huge part of purchasing a boat is it's value to you, regardless of what you pay for it(all fisherman that own a boat can attest). I'll be the first to admit I miss boat ownership constantly, being able to hook up and take off on a whim and put a 20lb sack in the boat or a PB is hard to beat, and certainly makes the investment justifiable when it happens. I'm looking forward to being able to do it again myself.
    GrantGoodner likes this.

 

 
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