General run down on a new boat and payment..

[Ptownkid]

At a modest interest rate...I totally agree with Carzin. I don't want to wait 5 years for something that I want to enjoy while i can. Our cottage is a perfect example, we have a 30 year mortgage in order to make the monthly payment small enough. Will we pay ton of interest, yes, but I can't put a price on the years of fun and enjoyment that we'll get out of our cottage.

Life is ever so short.

[haugy]

Are you kidding me! Its attitudes like that keeping our economy in the crapper!

Think about it, when you buy that $70K boat most of us cant afford SC makes money that filters down to their employees, the dealer makes money, the salesman makes commission, the bank makes money from the loan, your insurance co make more money, your state steals(I mean receives) more tax revenue and you get the privilege to captain one of the baddest machines on the lake.

Just don't miss a payment or things will be back in the crapper.

Pssst, might want to re-read my statement to yourself again. Quietly this time. It's very clear without being so.

[KY Steve]

so your saying more people being in debt will help our economy and our country? I'm sorry but that is just wrong.

You must have missed my original post, the last one was sarcasm. I personally stay away from debt as much as possible but borrowing money is not always bad and there are smart ways to structure it. When you do borrow money, do it wisely, do it as cheap as possible and make sure your payments are within your financial means. In other words...use common sense.

[KY Steve]

Pssst, might want to re-read my statement to yourself again. Quietly this time. It's very clear without being so.

Either no one reads the posts or I missed where humor is not allowed in this forum. If you read my first post you can see my second was a JOKE.

Note to self.....nothing but serious comments in the boat payment thread.

[haugy]

No I got it. We really need to be able to put smiley's in our posts easier. I figured it was sarcasm. That's the fun part of my post. There are so many directions you can go with it, it's insane.

Yep, people get upset when they feel their financial decisions are being mocked. They're not being mocked, people just have their own opinions about what is smart or not. There are tons of people who jump out of perfectly good airplanes. While I make fun of them and call them insane, they don't take it personally. They are enjoying what they do, even when others criticise them for it. Maybe people in here need to take the same approach.

Ya whiny buggers!!!

[DAFF]

Even more crazy is how banks will mortgage RV's for 20-25 years...... Talk about putting yourself behind the 8 ball.

Most of all, always create a back up plan in case your finincial state takes a turn for the worse. You never want to be so burrried in dept so you can never escape.

Here in the North boat payments are made directly to Esso, Petro Canada and Texaco.....

[cadunkle]

I always like to examine the opportunity cost of saving before you buy as opposed to the immediate solution of using credit. The boat is a fairly easy exercise. I wait the 5-7 years it would take for me to allocate 30-50k of my savings for a reasonably priced boat, and during that time my body will have aged enough where I may not be able to do all the things I wanted to do when I endeavored to buy a boat. I am also missing all those weekends of fun on the lake with friends and family. Is that worth the wait? In my situation, no. Life is short, and if you factor in the period of time 'most' people can do very active things, it is very short.

This is a fallacy, as you're assuming the only option is a $30k-$50k boat. You can get an inboard that is functional for as little as $2000, or just a working boat for a few hundred. You can get a nice inboard starting around $5000. There's no need to wait 5-7 years and pay $30k-$50k, it is not the only option, though if you act as if it's a $30k+ boat or no boat, then it's easier to justify paying all that interest.

[csuggs]

Easy Boys . . . . . let's remember that everyone has the option to make their own choices. Many borrow money, many pay cash - neither is wrong in an of itself. Each situation is different and everyone's individual priorities are not the same. I prefer to save and pay cash, and do as often as possible, but as situations arise in life (as they do), sometimes I find myself having to borrow . . . just part of life.

Smiles everyone!

[KY Steve]

I think it just gets back to making responsible decisions. If you can afford a monthly payment, you feel comfortable with the payment and your 100% sure you will never default on the loan then the payment is nothing but the cost of entertainment.

I am also a firm believer that life is way too short and you must enjoy it while you can. I have more hobbies and have done more extreme things in the 41 years of my life than a man should be allowed, just ask my wife. Its even better now because I am able to enjoy them with my kids as they get older. I have this quote hanging in my office that I live my life by:

“Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” Mark Twain

[Ptownkid]

Amen Steve, amen.