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

[Deleted account]

2 minutes ago, Hook2Jaw said:

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

Oh good, I see a lot of folks paying way too much interest on small discretionary items. Is that one of those bicycle kayaks?

[Hook2Jaw]

@reason, yeah, it's a pedal kayak.  I don't really have big water near me with my largest body of water being about 55 acres.  Plus, it handles the inshore and off the beach saltwater much better than the 1436 Tracker I was using.

 

After I bought my first Hobie my poor boat started collecting dust.  I hope the guy who bought it is getting use from her.

[Smalls]

Your grandfather may have a large savings account, but at 90 years old, what is it doing for him other than sitting there? 

 

Its not not wise to put yourself in a large amount of debt for a boat. But at the same time, what’s the point of life if you’re not enjoying it? Work hard play hard. 

[haggard]

Risk vs. reward. I don't generally believe in "investing" in a boat or a car; they're not investments; they're expenses (kind of like pet cats). Our elders know that because they've been through it before us. The payback isn't monetary; it's the enjoyment and quality of life you get from it. Your elders' reaction is natural, common and often correct. Consider the presentation. "I'm buying a bass boat and I can afford it" vs "I'm buying a bass boat because after reviewing our debt obligations and putting some $ aside for retirement and emergency cash funds we feel comfortable with this."  General rule is don't spend more than you make. That said, some debt is normal and we occasionally cave but pick and choose wisely and don't let your desires get you in over your head.

 

[NHBull]

You can't tell the cost of something  until the accounting  period is over..This is why the less expensive boat is not nessessarily the best.  Resale value over a stated time, + above normal maintenance, subtracted from the purchase price and opertunity cost of the initial  investment, yields the best answer 

 

 

 

 

......screw it, but the lund

[SlappinKraken]

$1300 extra seems like a good amount of spending money so I'd get the boat as long as the interest rate wasn't bad.  Some things I'd make sure I have in place before hand is an emergency fund and retirement savings.

 

I'd recommend having a  savings account equal to about 6 months worth of your expenses. Most likely won't need it, but tough situations are always made worse without preparation.

 

Then I'd suggest saving into a retirement account. If your employer matches up to a certain percent, that would be the minimum I'd do, otherwise 10 percent. Compound interest works best when saving at a young age.

 

[TnRiver46]

I was really lucky and had zero debt out of college. I always thought having no debt was a great thing until I went to buy a house. I had to apply for a credit card and go into debt on purpose in order to get a loan . Pretty stupid process but what can you do ........ if you have no debt they think you are a weirdo 

[Ksam1234]

1 hour ago, SlappinKraken said:

$1300 extra seems like a good amount of spending money so I'd get the boat as long as the interest rate wasn't bad.  Some things I'd make sure I have in place before hand is an emergency fund and retirement savings.

 

I'd recommend having a  savings account equal to about 6 months worth of your expenses. Most likely won't need it, but tough situations are always made worse without preparation.

 

Then I'd suggest saving into a retirement account. If your employer matches up to a certain percent, that would be the minimum I'd do, otherwise 10 percent. Compound interest works best when saving at a young age.

 

Yeah I have a retirement fund. I would include more info but I don’t wanan feel like I brag. But I work at nestle purina. I put 10% into retirement and they match up to 5%. We get a 401k and a pension plan.  And I keep around 8,000$ cash in a “emergency fund”. If needed I could say my take home. I am one of those who worry about things like this.  I always feel something bad will happen or I made a wrong choice that’s why I ask all  of you. Friends whom I never met and good people

[Derek1]

14 minutes ago, Ksam1234 said:

Yeah I have a retirement fund. I would include more info but I don’t wanan feel like I brag. But I work at nestle purina. I put 10% into retirement and they match up to 5%. We get a 401k and a pension plan.  And I keep around 8,000$ cash in a “emergency fund”. If needed I could say my take home. I am one of those who worry about things like this.  I always feel something bad will happen or I made a wrong choice that’s why I ask all  of you. Friends whom I never met and good people

I think your good brother spend some time thinking about what you really want in it and out of it and start shopping. 

[Basseditor]

I’ve owned 8-9 boats since my late 20s. Would I be better off now if I put the payment into a savings account, of course. Would I regret not buying it, yes.

 

I look at all the happy times I’ve had with my children who are adults now. Plus, I have 7 grandsons now. It is our bonding place. We talk life lessons and learn successes and failures together. That is worth every thing to me.

 

 I’m close to retirement. But my body is wearing out. Too many unexpected illnesses and surgeries so if I waited until now to get a boat for my retirement years, I’d have missed so much quality time with family and friends. I guess I have 3-4 years before I won’t be able to go out anymore. It would have been a shame to have missed the last 40 years on the water. I can’t fathom how much I’ve spent on tackle and boats. But nor can I put a price on all of my experiences. 

[haggard]

8 hours ago, NHBull said:

......screw it, bu(y) the lund

What he said :D

 

[Big Rick]

When I bought my boat I determined that it would be my first and last boat. I intended to upgrade components as necessary but to keep the boat itself forever if possible. That said, I made sure it had the exact features I wanted with no compromise on the important ones. I upgraded the outboard and the trolling motor at the beginning. Now, a few years later, it's all paid off and I am still so thrilled with it every time I walk into the garage and see it. I have absolutely no regrets. BUT, I did a LOT of hard research and asked a lot of questions before pulling the trigger. I didn't want to regret my purchase 6 month in. And, I'm so happy to report I wouldn't change a thing. Now, I recently upgraded the trolling motor again and some of the electronics. That was easier to do with the boat paid for. And, it makes my experience with my boat that much better. And in theory, I got a "new" boat experience all over again. 

 

I said all that to say this. Please take your time and make sure you're happy with the boat you've picked out. Don't rush to buy the first boat you come to. DO NOT be pressured by incentives and special rates as they come and go and will come again. Don't buy a boat just because it fits the budget. You'll forever regret not getting the features you really want. After all, that is the whole point of the boat. The experience and the enjoyment of being on the deck of a boat that is tailored to your desires and style of fishing is beyond description. 

 

Other than that, it seems you just need to make up your OWN mind. You've been given lots of advice from every angle possible. Analyze it to your hearts content then make up your OWN mind and pull the trigger on what ever decision you've made. Above all, be at peace with yourself. And I am more at peace with myself and others when I am on the deck of my boat enjoying God's wonderful creation. There's no feeling like it in the world. 

[Crankin4Bass]

On 11/11/2018 at 7:39 PM, A-Jay said:

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

This is the best quote I've read in a long time! I have remember this when I am tempted to buy cheap gear on sale.

[NYWayfarer]

I have spent a lot of money on stupid things in my life. When I was younger I blew a lot of money playing cards. Could have bought a nice boat back then with that chunk of change.

 

You could always start smaller, like a Jon Boat with a small horsepower motor. Like my economy car gets me from point A to point B a smaller, cheaper option will get you on the water, fishing, just not in style.

 

Keep in mind the other costs of owning a boat that will eat into that $1300 a month disposable income. Storage and or dock fees, fuel, maintenance, etc.

 

 

[EGbassing]

It's up to you, but I would buy it. Also, you might consider a fishing kayak, if you're one of the few that likes fishing out of those. For a few thousand dollars you can get a really nice one with a good trolling motor. An added bonus is the option of launching it in ponds, something you can't do with a bass boat. Good luck bud.

[Tennessee Boy]

14 hours ago, Ksam1234 said:

Yeah I have a retirement fund. I would include more info but I don’t wanan feel like I brag. But I work at nestle purina. I put 10% into retirement and they match up to 5%. We get a 401k and a pension plan.  And I keep around 8,000$ cash in a “emergency fund”. If needed I could say my take home. I am one of those who worry about things like this.  I always feel something bad will happen or I made a wrong choice that’s why I ask all  of you. Friends whom I never met and good people

It looks like you are very responsible with your money.  You were one of the kids that did not eat the marshmallow.  If you don't know what I'm talking about search for "marshmallow test" on youtube.  I'm sure a boat is in your future.  I'll always be in the "never borrow money for a hobby camp" and it has served me well.  My first boat cost $4000.  It produced as many good memories as the nicest Ranger on the water.  I can promise you this.  If you love fishing as much as I do you will love your first boat.  It doesn't matter if it cost $5000,  $20000, or $75000.  

[NYWayfarer]

36 minutes ago, Tennessee Boy said:

I can promise you this.  If you love fishing as much as I do you will love your first boat.  It doesn't matter if it cost $5000,  $20000, or $75000.  

Or $300 for a kayak, or $150 for a used Canoe. You will love getting out on the water and the freedom it gives you from bank fishing.

[Ratherbfishing]

Even as a fishing guide, resort owner, or professional tournament fishermen, a boat is never going to be an "investment."  It will still just be an expenditure.  Having said that, there's no reason a person can't enjoy a portion of their money in the form of a boat.  Just be sure, though, that buying it doesn't put yourself in a place where you are financially compromised.  This holds true for any purchase (or combination of purchases).

 

Remember, though, there is no such thing as just buying a BOAT.  You must have something to pull it with, someplace to store it in, fuel and oil to feed it, and repairs and maintenance costs to keep it running.  Some states may require insurance on it and, oh, yeah, I almost forgot:  You'll have to license the boat and the trailer as well.  This is not to frighten you off but it IS the reality of things.  A kayak is probably the least expensive vessel to transport and maintain.  

 

[Ksam1234]

6 minutes ago, Ratherbfishing said:

Even as a fishing guide, resort owner, or professional tournament fishermen, a boat is never going to be an "investment."  It will still just be an expenditure.  Having said that, there's no reason a person can't enjoy a portion of their money in the form of a boat.  Just be sure, though, that buying it doesn't put yourself in a place where you are financially compromised.  This holds true for any purchase (or combination of purchases).

 

Remember, though, there is no such thing as just buying a BOAT.  You must have something to pull it with, someplace to store it in, fuel and oil to feed it, and repairs and maintenance costs to keep it running.  Some states may require insurance on it and, oh, yeah, I almost forgot:  You'll have to license the boat and the trailer as well.  This is not to frighten you off but it IS the reality of things.  A kayak is probably the least expensive vessel to transport and maintain.  

 

I own a 15 ft old town canoe as of now and that’s what I have been using for years now. It’s nice but to be able to be out on bigger waters and being family and eveything would be nice. My fiancé doesn’t like to sit in the canoe long so she doesn’t go often. She would love a boat, and my dad has back problems so he can’t go in the canoe either. I’ll hahe to keep looking.  I know in February they have a big boating sale close to where I am and every boat brand is there

[Ratherbfishing]

4 minutes ago, Ksam1234 said:

I own a 15 ft old town canoe as of now and that’s what I have been using for years now. It’s nice but to be able to be out on bigger waters and being family and eveything would be nice. My fiancé doesn’t like to sit in the canoe long so she doesn’t go often. She would love a boat, and my dad has back problems so he can’t go in the canoe either. I’ll hahe to keep looking.  I know in February they have a big boating sale close to where I am and every boat brand is there

No reason you can't upgrade if it's feasible.  Good luck!