How to know if you can afford or is getting a boat good?

[Ksam1234]

So I was thinking of getting a boat from a few posts ago and I had everything ready in my mind but I went to go visit my grandparents today and I brought it up and they were very stern on not getting a boat and getting a boat is bad. My grandpa is 90 and lived a hard life, went threw the depression and was active in the war. He came from extremly poor family but made a way and is now pretty well off. But his thoughts was that boats don’t ever return money and to just save save save.. what if your truck breaks or the house needs work or this happens or that.. in his mind a boat is worthless and people should only buy things they can get a return in .. or bc he is rich he thinks everyone should pay cash for things as in just having 25,000$ cash like it’s nothing. Has anyone regretted buying a boat? Things come up and struggled bc of it? Wondering how some people with boats manage or if he is just saying this to scare me. I work a pretty good job and could have afforded the payments but he still thinks it was horrible .. any input would be nice.  

[ww2farmer]

Having a boat is not bad.

 

Having boat payments (or repair bills) that strain your finances is.

 

My policy is:

 

Save money, pay cash,  don't go into debt for a hobby. 

 

Probably why I'll always fish out of slow, small tin boats...but so be it. I do alright.

[NittyGrittyBoy]

Paid cash for a 16ft tin boat, new decking, 24v trolling motor, new impeller in outboard, and I wear them out! Im a river rat for sure, but can go anywhere I want, pond, lake, or river, and fish the occasional tourney

 

In it for about 3k so far, no regrets. I could afford payments on a big fancy fiberglass boat, but I do just fine with my tin one. To each his own. 

[J.Vincent]

Boats and Trucks Depreciate and there is no financial return on investment....but in life we only live once and not everything we purchase gains equity. I think the first factor to consider is: What is the ultimate goal of owning a boat ? Is it to pursue a career as a tournament pro ? To just pursue a hobby ? To emulate the pros? To become a fishing guide ? Pleasure boating ? Or is it a status thing ? Decide first why you want a boat and then determine what you can afford based on current income minus fixed costs like utility bills, mortgage, taxes, phone bill, food, clothing etc etc ....only you know what you are comfortable with paying. 

[Ksam1234]

6 minutes ago, J.Vincent said:

Boats and Trucks Depreciate and there is no financial return on investment....but in life we only live once and not everything we purchase gains equity. I think the first factor to consider is: What is the ultimate goal of owning a boat ? Is it to pursue a career as a tournament pro ? To just pursue a hobby ? To emulate the pros? To become a fishing guide ? Pleasure boating ? Or is it a status thing ? Decide first why you want a boat and then determine what you can afford based on current income minus fixed costs like utility bills, mortgage, taxes, phone bill, food, clothing etc etc ....only you know what you are comfortable with paying. 

I think the same way you do, I only live for a short time and never know. Obviously I wouldn’t go out of my means but I’m sure I could afford it but they just made me second guess myself.  And I would use it as s hobby and pleasure. I love fishing and would go out as much as I could to fish as I do now. Can take my fiancé and dog with me more on the boat as well and have family time. A guy I work with owns a new boat and he explained this to me. He asked what I was looking for as a payment so I told him 200$ a month.. he said ok now double that and if you can afford double then you can get the boat. He went on to explain the double is for maintence and repair 

[J.Vincent]

Here is my opinion , run the idea past your fiancé first : )

[Ksam1234]

1 minute ago, J.Vincent said:

Here is my opinion , run the idea past your fiancé first : )

She doesn’t mind honestly.  Said as long as I can afford it then go for it. She’s pretty supportive

[Derek1]

I’m sure deep down you know what you can afford. Also you do only live once, if you have the means for a boat and want one  get one. Come up with a budget you can honestly afford and go for it. I think sticking to the budget once you start looking will be the hard part. Bottom line you work hard for your money, do things you enjoy with it. No one ever said on their death bed I wish I worked more and saved more money. 

[Ksam1234]

2 minutes ago, Derek1 said:

I’m sure deep down you know what you can afford. Also you do only live once, if you have the means for a boat and want one  get one. Come up with a budget you can honestly afford and go for it. I think sticking to the budget once you start looking will be the hard part. Bottom line you work hard for your money, do things you enjoy with it. No one ever said on their death bed I wish I worked more and saved more money. 

I like that and agree. I think my grandpa just thinks different bc like I said he grew up in different times. Went threw the depression and came from nothing. 

[Scott F]

Some people entertain themselves playing golf on weekends, some go out the movies and dinner a couple of times a week. Some go to the casino. If you have enough money to pay all your bills with some leftover to entertain yourself, and you like to fish, spending the money on a boat isn't the worst thing you can do. No, it isn't an investment that will give you a profitable return. Neither does spending $70 a week on greens fees at your local golf course. I bought my first boat 30 years ago when I was 33 (I still have it). I didn't buy it to use every week, I used it mostly on vacation, making payments on it for 5 years. If I had lost my job and couldn't afford the payments at some point, I'm sure I might have regretted the decision to buy. I never spent money on it I couldn't afford. I'm very happy I bought it. It's given me years and years of pleasure. While there is extra money spent on upkeep, It was never ever close to what my payments were. Don't go crazy, buy a boat you can afford. If you go too cheap, you may not be happy with what you bought and wind up replacing it which is going to coat you even more.  

[A-Jay]

Pay cash vs finance; age old question.

May be as much a matter of personal preference as it is one's financial position. 

Some like no payments, some making payments.   

Some like pre-owned, some like new with a warranty. 

 May be No right or wrong here as long as you & yours are willing to endure the results of whatever decision is made.

  First time boat shoppers can be caught off guard by $$$ required to get into a boat.  The term 'expensive' is often used.  

For me, 'expensive' (on anything)  usually means I can't afford it. 

 When attempting to determine a budget for your boat - perhaps put away whatever amount you feel you'd like to spend each month while you're looking and see how it goes.  If it remains unspent, you could be golden.

If you end up 'needing' to expend some or all of those funds, might mean at least at this point, the boat's 'expensive'.

Finally, "The bitterness of poor quality remains long after the sweetness of low price is forgotten".

Good Luck with your decision.

A-Jay

 

 

 

[TnRiver46]

I couldn’t live without a boat and I have spent way too much on fixing them. Oh well I would spend my bottom dollar on it. I was made to be on the water, can’t help it . Canoe is good if you are on a budget 

[Ksam1234]

9 minutes ago, Scott F said:

Some people entertain themselves playing golf on weekends, some go out the movies and dinner a couple of times a week. Some go to the casino. If you have enough money to pay all your bills with some leftover to entertain yourself, and you like to fish, spending the money on a boat isn't the worst thing you can do. No, it isn't an investment that will give you a profitable return. Neither does spending $70 a week on greens fees at your local golf course. I bought my first boat 30 years ago when I was 33 (I still have it). I didn't buy it to use every week, I used it mostly on vacation, making payments on it for 5 years. If I had lost my job and couldn't afford the payments at some point, I'm sure I might have regretted the decision to buy. I never spent money on it I couldn't afford. I'm very happy I bought it. It's given me years and years of pleasure. While there is extra money spent on upkeep, It was never ever close to what my payments were. Don't go crazy, buy a boat you can afford. If you go too cheap, you may not be happy with what you bought and wind up replacing it which is going to coat you even more.  

Thanks for the input. The boat I found was the new 17 ft adventure serious Lund. Payments would have been 217$ a month. After all my bills I have to live including food, clothes gas mortgage etc I had around 1,300 a month extra that is spent on whatever. So I figured 217$ isn’t bad .. just hate to make a bad decision big as that. Maybe I’ll wsit one more year and save up to be in a better spot.  @A-Jay

[A-Jay]

4 minutes ago, Ksam1234 said:

Thanks for the input. The boat I found was the new 17 ft adventure serious Lund. Payments would have been 217$ a month. After all my bills I have to live including food, clothes gas mortgage etc I had around 1,300 a month extra that is spent on whatever. So I figured 217$ isn’t bad .. just hate to make a bad decision big as that @A-Jay

I made a bad decision ? 

Oh No ! 

I hate it when that happens . . . 

A-Jay

[Scott F]

5 minutes ago, Ksam1234 said:

Thanks for the input. The boat I found was the new 17 ft adventure serious Lund. Payments would have been 217$ a month. 

I know people who spend more than that on cigarettes every month.

[Ksam1234]

6 minutes ago, A-Jay said:

I made a bad decision ? 

Oh No ! 

I hate it when that happens . . . 

A-Jay

No no ! Not you ha. I’m saying if I got a boat and it ended up being bad decision. I just am very unlucky I guess when it comes to certain things.  Sorry @A-Jay with those hawgs you are catching You did good ha.  I guess I’ll just wait one more year like I said and save up. Memories made will be worth it. And will last a lifetime

[A-Jay]

10 minutes ago, Ksam1234 said:

No no ! Not you ha. I’m saying if I got a boat and it ended up being bad decision. I just am very unlucky I guess when it comes to certain things.  

I know - I was just busting your chops ! (sorry)

My advice is to stop sweating it - 

Buying a boat (or anything else) is simply a matter of knowing what you can afford.

And by that I mean once that $$ is expended, you still have plenty to live the way you want, still have disposable reserve funds to address the unexpected as well as being able to still slip some $$ in savings. 

That's my version anyway - yours may be something else.

Whatever it is you need to first know what it is and then be solid on what you want to do and how you want to go about it.

Then it's just a matter to taking care of business.

Honesty and intestinal fortitude will always be helpful.

And if nothing else look at all the free advice & help you can get here from all these strangers - few if any have you ever met . . . . 

A-Jay

 

[Ksam1234]

1 minute ago, A-Jay said:

I know - I was just busting your chops ! (sorry)

My advice is to stop sweating it - 

Buying a boat (or anything else) is simply a matter of know what you can afford.

And by that I mean once that $$ is expended, you still have plenty to live the way you want, still have disposable reserve funds to address the unexpected as well as being able to still slip some $$ in savings. 

That's my version anyway - yours may be something else.

Whatever it is you need to first know what it is and then be solid on what you want to do and how you want to go about it.

Then it's just a matter to taking care of business.

Honesty and intestinal fortitude will always be helpful.

And if nothing else look at all the free advice & help you can get here from all these strangers - few if any have you ever met . . . . 

A-Jay

 

Perfect answer , thanks everyone else to.  

[Smokinal]

You know they say the 2 happiest days of a boat owner's life are the day he buys it; and the day he sells it.

 

Break

Out

Another

Thousand

 

Just kidding...I couldn't live without my boat. Do it man; you'll never go back

[DINK WHISPERER]

Here today, gone tomorrow buddy. I'm not gonna deprive myself of things I want as long as I'm not sacrificing my families needs to get them. Fishing, for me at least is a passion, a love if you will. A boat brings myself, my son and my fishing buddies much joy and is worth every penny. Good luck to you on your decision. 

[slonezp]

[Gundog]

My opinion, if you can afford it, do it. Some people say you only regret the things you don't do like buying stock in Apple Computers in 1980 or buying that 1970 Hemi Cuda. 

[Ksam1234]

3 minutes ago, Gundog said:

My opinion, if you can afford it, do it. Some people say you only regret the things you don't do like buying stock in Apple Computers in 1980 or buying that 1970 Hemi Cuda. 

Oh hell. If I could back and invest in google !! I would own 2 boats lol

[A-Jay]

12 minutes ago, Ksam1234 said:

Oh hell. If I could back and invest in google !! I would own 2 boats lol

Perhaps but you can not go wrong investing in yourself. 

Those rewards can not be purchased at any price.

A-Jay

[Ksam1234]

3 minutes ago, A-Jay said:

Perhaps but you can not go wrong investing in yourself. 

Those rewards can not be purchased at any price.

A-Jay

You sir are a great speaker !