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

[Goldstar225]

A hobby doesn't provide a $ return like an investment.  It's a life expense that comes with doing things that give you pleasure or relaxation.  The two jon boats I owned over a 25 year period cost me no more than $2,000.00 to purchase but provided me countless hours of stress relief and pleasure.  Upon retirement I bought the boat I wanted as a gift to myself.  

 

Your granddad lived through hard times and rose above them, financial security being his top priority.  I'm not going to advocate buying a boat that may stress your finances (sometimes we use a best case scenario to justify our wants).   Why not start simple and progress as you can?

[soflabasser]

3 hours ago, J.Vincent said:

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

This is the best advice given so far. 

3 hours ago, Ksam1234 said:

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

Sounds like you are ready to get a boat. Get one that makes both of you happy.

[jbmaine]

Get your Lund. Have fun with it. If your life situation changes Lunds have good resale value. You'll get a good part of your $$ back.

 If your worried about $$ right now save a few bucks and get the Fury instead of the adventure, or wait until Lund has programs going and save a few bucks.

[Hook2Jaw]

Get the boat.  I'm still paying 200 a month on my kayak and I have a fiancee who is supportive as well, just make sure you're supportive of her.  You have plenty of extra money!

[Oregon Native]

Sounds like your very cautious....which is good...if you can wait a year make payments to a special acct for your boat and see where you end up.  At least the payments will be lower. I've had a boat for over 45 years of one type or another and have tried to get rid of one when times were a little tight.  My wife of 45 plus years would have nothing to do with selling the boat.  She says you use it ... you love it and look at the fun you've had with the kids  and now the grand kids.  Tomorrow is a gift not to be taken for granted.....good luck.

[Derek1]

Sounds like you know what you can afford. Save up all winter and get yourself a nice boat in the spring. Put half the money down and keep the rest to have several months payments tucked away already. This way you will always be ahead of it. Sometimes life happens and things get tight this might give you a little time to get back on track without running into big problems. Looking forward to boat pics in the spring. 

[BassNJake]

You'll have to answer some questions, that only you will know the answers for based on your situation.

 

Do you own a home?

When is the wedding, going on a honeymoon?

Kids or plans to have kids?

The above questions are often related to costly expenses in the future.

 

What type of tow vehicle do you have?

How far and how often will you be towing the boat?

Where will you store the boat?

 

Boats are not the only expense, towing and storing can add to additional costs.

 

 

 

 

 

 

 

[the reel ess]

Whatever you buy, just know going in that there is no way to get out of it without taking a bath. The smarter money is probably to buy a gently used one a few years old that has been at least covered. I now have a hulk sitting under my late father's shed. It is more work than it's worth and I'll probably end up just about giving it away. But I paid $4K for it and had a ball for a while. The only ROI is the enjoyment you'll get so use it every opportunity you have. I may someday trade mine in on a pontoon for the wife and daughter.

[Tennessee Boy]

Fishing is good for the soul.   For me personally,  depriving myself of fishing would almost be as bad as depriving myself of family.  Not everyone understands that because not everyone feel that way.  That said, fishing doesn't require a new boat on a 10+ year loan.  My advice is to set up a boat saving account and have $217 a month automatically transferred into it for as long as you enjoy fishing.  In a year or two or three take the money and buy a cheap used boat or kayak and just keep saving every month for the next boat.  You'll be earning interest in the process.  There will always be something tempting you to borrow money.  Your grandfather is a wise man.  He knows borrowing money will make you poor.  Saving money will make you rich.  

[Ksam1234]

1 hour ago, BassNJake said:

You'll have to answer some questions, that only you will know the answers for based on your situation.

 

Do you own a home?

When is the wedding, going on a honeymoon?

Kids or plans to have kids?

The above questions are often related to costly expenses in the future.

 

What type of tow vehicle do you have?

How far and how often will you be towing the boat?

Where will you store the boat?

 

Boats are not the only expense, towing and storing can add to additional costs.

 

 

 

 

 

 

 

I will take his all into consideration. To answer your question though, I do own a home. We plan to get married September of next year but a small 50 or less wedding. Not sure of a honeymoon , no kids bc of a issue she has, she cannot have children. I own a 2013 Chevy Silverado so that can tow and I would keep it at my house to store. 

[12poundbass]

What your grandpa told you was accurate. That being said if you know anything about the time period he grew up in you'll know everything back then and until around the end of WWII was about what you needed. It was mere survival, and saving everything you had so if things went in the tank again you'd have a sort of cushion so to speak. 

 

After the war and the rebound of the nation life became more about wants than needs. A good example that was recently brought to my attention from my mom during my house hunting, look at almost all the houses that are say 70 years old and older. One bathroom (usually) and siblings almost always shared a room. Now a days almost everyone has their own room and there are always at least 2 full bathrooms. 

 

Bottom line is if you can afford it and it sounds like you could, go for it.

[WRB]

Your Grampa is right, live within your means.

Money you spend on hobbies should be disposable income, money you don't need.

Someday you will want to retire and live comfortably, that should be your 1st priority.

Tom

[TnRiver46]

1 hour ago, Ksam1234 said:

I will take his all into consideration. To answer your question though, I do own a home. We plan to get married September of next year but a small 50 or less wedding. Not sure of a honeymoon , no kids bc of a issue she has, she cannot have children. I own a 2013 Chevy Silverado so that can tow and I would keep it at my house to store. 

My buddy’s wife was told by a doctor she couldn’t have kids. Now she has 2! You never know 

[Deleted account]

It is not surprising that someone your grandpa's age has that view of money and spending. Going through a decade or so of severe economic chaos and uncertainty will do that.

 

It really is a matter of priorities. "What you can afford" doesn't mean can you swing the payments. There is much more than that, particularly with a boat, where the cost of ownership can be significant. We have a saying in the salt, BOAT stands for Break Out Another Thousand, and "It's a hole where you throw money". 

 

I am not suggesting you not buy a boat, just that you do your due diligence in what's involved. And not to get all Charles Schwabb on you, but every dollar you save or spend affects your financial standing, now and in the future. There are all sorts of formulas for income v discretionary spending, some good some not, but ultimately you know you, your family and your situation best. My suggestion is do the math and work out a budget, and see if it makes sense. Also, There is nothing that says you have to try to keep up with the Joneses, there are several good boats that won't break the bank, and are more affordable to run, remember, the boat you have is always better than the boat you don't have (unless you are going to invite me fishing, then get ALL the options and the 300HP  ).

 

Finally, as a general financial rule of thumb, If you can save 20% of your take home and not touch it, and provide for the mundane day to day stuff, and have a rainy day fund, buy whatever makes you happy. 

[schplurg]

Buy a boat. You'll make it work financially ;)

 

My Dad can't seem to buy anything without calculating its ROI. The guy is worth several million but hesitates buying a fishing license because of the cost and the fact that it's late in the season. He's not really a fisherman but we like to hang out together and he's getting old. Oh well, guess we can't fish together this year! That is just bad.

 

You can't take it with you when you're dead. I'm buying a little used aluminum boat as soon as I can. I want it bad enough and I will make it work. Why work hard if you can't enjoy the money you make?

 

I have no mouths to feed so easy for me to say, sure. But my general philosophy is that you don't know how long you'll be on this Earth, so do what you want as often as possible. Enjoy it.

[TnRiver46]

My coworker tells me a joke all the time : “camping without beer is just sleeping outside” I kind of feel like life without a boat would just be paying bills and taxes. Financing anything is going to cost extra, That’s just the price you have to pay for not having a lump sum laying around. I have probably spent more money on boat repairs than almost anything other than house and car since college. I would have much rather “wasted” all that money on boats than to have kept it in a bank. I have also been given a couple boats throughout my life (it pays to respect your elders!) so my opinion may be worthless but you can always make more money. I say buy two boats! And make sure one of them goes extra shallow!!!!

[VolFan]

Not knowing how old you are or your work situation, I would put that $1300 (ok maybe $1000) per month into a savings account until after the wedding. Then reassess. Life changes a lot in those two years surrounding a wedding.

[Bankbeater]

Ksam1234, I know exactly what you are talking about. My Mom was raised during the depression and thought the same way. It’s not about ROI, or cash vs payments, or anything like that. It’s about saving money just in case....

Best advice I can give you is go through your finances and crunch the numbers. If you can afford a boat and not have a huge monthly payment then go for it. 

[Dirtyeggroll]

My suggestion is to avoid going into debt.

 

I would suggest saving some money for a decent used boat you can buy with cash so you can get out on the water and quell your desire.

 

Plenty of good boats out there in the sub $5-8k range (sounds like you should be able to come up with this much in a reasonable amount of time).

 

If you think you’ll want to upgrade, I suggest to save for an upgrade while you can still get out on the water in the current one.

9 minutes ago, VolFan said:

Not knowing how old you are or your work situation, I would put that $1300 (ok maybe $1000) per month into a savings account until after the wedding. Then reassess. Life changes a lot in those two years surrounding a wedding.

All the more reason to get committed to a boat now before it’s too late!! Haha Just kidding.

[Ksam1234]

12 minutes ago, VolFan said:

Not knowing how old you are or your work situation, I would put that $1300 (ok maybe $1000) per month into a savings account until after the wedding. Then reassess. Life changes a lot in those two years surrounding a wedding.

I’m 28 years old.. getting up there in age hahah 

5 minutes ago, Bankbeater said:

Ksam1234, I know exactly what you are talking about. My Mom was raised during the depression and thought the same way. It’s not about ROI, or cash vs payments, or anything like that. It’s about saving money just in case....

Best advice I can give you is go through your finances and crunch the numbers. If you can afford a boat and not have a huge monthly payment then go for it. 

Yah exactly.. just save save save bc “you never know” so now he is 89 years old and has probably a million dollars but never did anything . And maybe used might be good seeing as it’s my first boat and I’m sure I’ll ding it up a bit. 

 

[slonezp]

Owning a boat is about freedom. I had motorcycles prior to owning boats. Freedom on the open road is nothing compared to freedom on the open water. Freedom to fish wherever and whenever you want (weather permitting) Freedom to chase the big ones in a tournament. Freedom to chase the big ones to show off your trophys. Freedom to chase the panfish for dinner. Freedom to take a kid fishing. Freedom to take your dad(or grand dad) fishing, if, for nothing more than to spend quality time with them. Freedom to drag the wife along so she can tan while you're training to be the ultimate angler. Freedom to take the kids and grandkids out for a day on the water, be it fishing, tubing, or just riding around. Freedom to be one with nature. Freedom to say no to your neighbor who asks you to take him fishing yet offers nothing in return. Freedom just to get the F away from the crap that life throws at you. Freedom to wave at the bank maggots knowing you've got a boat and they don't.

 

No regrets. I spent more money than I needed on more boat than I needed. Were it not for that, the time I spend with my son and my father would be minimal at best. People buy boats for different reasons. My purchase was based more on the needs of my dad than the needs for myself and my son. Dad is pushing 80 and has caught more big fish in the last 5 years than he had 75 years prior. No regrets.

[Ksam1234]

1 hour ago, slonezp said:

Owning a boat is about freedom. I had motorcycles prior to owning boats. Freedom on the open road is nothing compared to freedom on the open water. Freedom to fish wherever and whenever you want (weather permitting) Freedom to chase the big ones in a tournament. Freedom to chase the big ones to show off your trophys. Freedom to chase the panfish for dinner. Freedom to take a kid fishing. Freedom to take your dad(or grand dad) fishing, if, for nothing more than to spend quality time with them. Freedom to drag the wife along so she can tan while you're training to be the ultimate angler. Freedom to take the kids and grandkids out for a day on the water, be it fishing, tubing, or just riding around. Freedom to be one with nature. Freedom to say no to your neighbor who asks you to take him fishing yet offers nothing in return. Freedom just to get the F away from the crap that life throws at you. Freedom to wave at the bank maggots knowing you've got a boat and they don't.

 

No regrets. I spent more money than I needed on more boat than I needed. Were it not for that, the time I spend with my son and my father would be minimal at best. People buy boats for different reasons. My purchase was based more on the needs of my dad than the needs for myself and my son. Dad is pushing 80 and has caught more big fish in the last 5 years than he had 75 years prior. No regrets.

Thank you and thanks everyone for chiming in, money can always be made but memories of loved ones will be cherished forever 

[BassNJake]

22 hours ago, Ksam1234 said:

I will take his all into consideration. To answer your question though, I do own a home. We plan to get married September of next year but a small 50 or less wedding. Not sure of a honeymoon , no kids bc of a issue she has, she cannot have children. I own a 2013 Chevy Silverado so that can tow and I would keep it at my house to store. 

Ok, that makes it a lot easier.

No big ticket items on the horizon.

 

My tourney partners wife always reminds him he spent more on his boat than he did on her ring and the honeymoon.

hahahahhaaaa I told her he really messed up because he could have had a hummingbird with 360 imaging and a MinnKota ultrex if he didnt get married.

 

It seems like you have a good grasp as to what you can afford, you have something to tow it and somewhere to store it.

Loading it up with goodies is a lifelong shopping trip.

 

Good luck and cant wait to hear what you get!!

 

[Deleted account]

On 11/12/2018 at 7:12 AM, Hook2Jaw said:

I'm still paying 200 a month on my kayak....

Must be some kayak.

 

 

[Hook2Jaw]

Just now, reason said:

Must be some kayak.

 

 

Hobie PA14, threw it on an 18 month no interest card.