How many of us owe money on our boats?

[Ronnie]

I'm just curious since I just paid off my boat loan and would like to know if I'm in the majority or minority on this. Since the average cost of a new (Yamaha jet) boat was around $30k ten years ago and the new prices range from $30k to $60k ($45k average) now and boat loans can be up to 15 years long for boats like ours I would assume that most of us are still making monthly payments on our beloved boats.

Notes:
1. The question assumes if you owe money on your boat you are paying it.
2. Assume that owning it outright includes co-owning it with your spouse, family member or friend NOT a financial institution.

 

[txav8r]

I took out the 15 year money on the 230 in '09. I put 50% down on it, and paid the remainder off in 2 years. I put all of that when I sold it in the bank. When I bought the 240, I paid cash. We have been on a plan to be debt free for years, all we have left is the mortgage, and it is at 2.75%. Clark Howard says that is free money at that rate and you would be a fool to pay that off...Dave Ramsey says any debt is cement overcoat. The truth is a moving target and if you are lucky enough to pay cash for everything, including toys, your a lucky man (woman). Interest will sink you, it has sunk many a man. With the continued climb in boat prices, I would be hard pressed, even though the new boats are awesome, to raise the bar on the toy money. I will have to replace both vehicles in the next 3 to 5 years, and that is a big chunk of cash too. If I didn't have a boat and a home in the country, I could get out of a pickup truck, and into a more economical vehicle. I don't know how "not to have a pickup"! I know I am hooked, I can't seem to resist modding the boat either...So in answer to your question @Ronnie , your not alone! lol

 

[Speedling]

Loan was the only way I was going to do it.
We justified the jump from the Exciter to the SS and a loan by how much we used it and enjoyed it. The bigger boats are soooo much more family friendly, and the kids absolutly love it. They ask almost every time I put them into the truck if we're gonna take the boat out (it's parked next to the Expedition) and I have to explain to them why we wait for warmer weather.
Speaking of which... Why the heck did we just have two days of 45-50+ weather and I didn't take the boat out? I'm lame....
I still owe $9k for the next 5 years. Looking to move houses and just started private school for the kids so I don't wanna just drop the cash and then not be able to afford some things.

 

[Master-Spud]

Took a personal line of credit for mine, put 10k down, then 50k on the line of credit (Canadian). Plan is to have it payed off in under 3 years. Currently paying 750-1000 a month, with 10k lump sums being applied at my bonus time each year. Not ideal, but also wouldn't call it horrible. Interest rate of 5.49. No low interest rate offers like you guys or would of gone that way.

 

[biglar155]

Loan. Got the 2.9% for 15 years and made a decent down payment. Only way we could fit it in our budget.

I'm not a big fan of loans - especially for a toy - but if we were gonna do it before the kids are all grown and gone (and after that why bother?) it had to be a loan.

Still, the payment is small and the amount of interest over 15 years amounts to a number that we said "Yes, it's worth that much money to have the boat now rather than wait until later." Heck, in one year the price of a new Yami went up by more than the total interest we'll pay on the loan. So I'm not losing any sleep over this one.

 

[Murf'n'surf]

I put down $10k and financed the rest for 15 years. I had the money to pay cash but that money was making waaaaaaay more % than what the GE loan cost me. It has been paid off over the years. I always paid more than the monthly payment and huge chunks here and there.

Looking forward to a new boat really has me scratching my head due to cost. I purchased a Yamaha due to its low cost, owner satisfaction and reliability. When I purchased my boat, they sold for under 30k!! Now at the $50-70k threshold I really will have to consider moving to a used twin outboard vessel in the 24-30' range. So, I will be maintaining my nearly mint 2005 for many years to come.

 

[Julian]

Looking forward to a new boat really has me scratching my head due to cost. I purchased a Yamaha due to its low cost, owner satisfaction and reliability. When I purchased my boat, they sold for under 30k!! Now at the $50-70k threshold I really will have to consider moving to a used twin outboard vessel in the 24-30' range. So, I will be maintaining my nearly mint 2005 for many years to come.

I feel the same way...bought my 2005 used in 2007 and paid cash, but a used 2015 in 2 years would be WAY more than I paid for my boat....we'll just have to see.

 

[Zarrella]

I also paid cash....using the money from the sale of my I/O

 

[rkluck]

I still owe a little. The payments are so small with such low interest it almost doesn't seem to mater. The loan is a great deal as far as loans are concerned but I don't like debt. We expect to have it paid off soon.

 

[Jim Robeson]

I'm in that "D.I.N.K." category...Dual Income No Kids...so we didn't borrow anything.

 

[woodard1983]

Took a loan out when I picked it up, paid it off in the 3rd year of the 7 year loan and have had it free and clear since this May

 

[KXCam22]

I paid cash. Cam.

 

[justason]

i just finished paying off my kids last month for the loan i took from them to buy the 212x..

Now they beat me for gas money. But at least not in the face...... O the humanity

 

[biglar155]

I'm in that "D.I.N.K." category...Dual Income No Kids...so we didn't borrow anything.

Yeah, we're SIFK. Single Income Four Kids!

 

[Jim Robeson]

Yeah, we're SIFK. Single Income Four Kids!

How many times when you ask "what happen here?" do you get "it wasn't me?"

 

[OCMD]

Cash for USED cars and boats. Credit cards for everything else and pay it off every month and take advantage of those Capital One points! It's a vicious cycle of the hard working cheapskate - the banks hate "customers" like me!

 

[mark_m]

Cash for USED cars and boats. Credit cards for everything else and pay it off every month and take advantage of those Capital One points! It's a vicious cycle of the hard working cheapskate - the banks hate "customers" like me!

Banks like systemic revolvers...people like u are deadbeats!

 

[biglar155]

How many times when you ask "what happen here?" do you get "it wasn't me?"

Ahhhh good ol' "Not Me." That kid causes more trouble around the house than you could ever imagine. If I ever get my hands on him...

 

[Tranio]

at 2.99% I financed all off it. Kept my cash.

 

[Shuck Water]

Did a decent down payment and invested the rest ($47,000)....mostly in Apple which at $115/share has my account value at $64,687.49 as of this afternoon.