"Buying a new boat is a horrible investment"

[slonezp]

8 hours ago, A-Jay said:

~ X2  ~ Isn't that when the Titanic went down ?

A-Jay

 

And by Titanic you don't mean Raiders ex sister in law. ......

[A-Jay]

45 minutes ago, slonezp said:

And by Titanic you don't mean Raiders ex sister in law. ......

Nope ~

A-Jay

[J._Bricker]

Stocks, gold, F.C.O.J. (Trading Places reference), a house are better examples of an investment as you are aware.  A boat isn't, as it is something that you can enjoy with your family, by yourself, or with a fishing partner.  IMO, The boat you're looking at sounds like a reasonable option given your young family. And you'll have a better idea of what you'll want as your family grows and boating needs change.  

 

[Further North]

14 hours ago, Way2slow said:

Further North,  I didn't even know they made aluminum 98 years ago.

Thanks - I'll go back and edit.  Fat fingered it.

[OperationEagle]

Lots of good advice about the excess cost of buying new.

One thing to consider...

Get into the right boat the first time so you won't be itching to buy another boat just to start the depreciation penalty all over again.  The financial penalty is lessened if it can be spread over a much longer timeframe.  Buying a new car is not so much the sin...it's the buying of a new car every two or three years that robs people of their savings.

 

[OperationEagle]

And one more thing...ha ha.  Sorry but this thread and your situation has me thinking.

One thing that is not discussed enough is financial health...typically it s a taboo subject that people are not willing to discuss as it gets too personal.  That's too bad as there is so much to learn from each other.

Everyone also has to assess and be comfortable with their own situation.  I have no idea of what your income (or savings) is....and I am not asking.

The most common advice I give to younger people (and to my own children) is the importance of understanding the math and power of compounding.

If it is important to you to provide for your children's future and your own, saving as much as you can at the earliest point in your lives and appropriately investing it makes a huge difference.  Yes, I know you have to make certain assumptions in terms of the return you can expect, but no matter what your assumption is (as long as it is positive for he long term), it is still true.

Again, no idea of what your situation is, I just wanted to give you something to think about before taking a loan out for such an asset.

Maybe once you reach of point of stronger financial reserves, your thinking will change.  For now, lay out your options that will help you maximize your happiness while allowing you to maintain your personal financial goals.

I know that I stated in a previous post to not buy over and over again to minimize the depreciation penalty...but for your situation finding someone that can help you look for a great deal on a mostly depreciated boat in fantastic shape could make sense.  Something you can build early memories on but wont rob the bank.

Then, years down the road when you feel that you are well on your way financially, you can make a decision appropriate for that stage of your life.

One last PS:  No matter what your decision, involve your wife.  This is a larger outlay of $$ dedicated to a hobby.   Sorry to state te obvious, but a bit different than coming home with a new reel or rod.

Yes you only live once...but it takes planning to live a long good life.   I hope this at least helps you think through what is right for you and your family.