The boat of a lifetime...

[moparlvr4406]

put yourself in this situation...
You have found the perfect boat...20+ year old boat ...the exact model you have been looking for
all interior, exterior, and electronics upgrades and updates
Repowered with an up in horsepower and updated to fuel injection
all done within the last 2 years with 84 hours on the engines and 1 new transmission
immaculately kept.... babied for the most part...
A boat you may never find again and priced well below market value.
But....
it is right at the high end of what you can afford in total with purchase,surveys,
transportation, registration, slip fees Etc.... and bank financing is out of the question
so you are spending nearly all of your saved cash to make the deal happen.
options...
1. buy the boat (since you will never find another one like this at this price) and let it sit
on the hard several states away until the $$$ for all the extras is saved up.
2. buy the boat and transport it to a home marina to sit on the hard till $$$ are saved up
3. use every dime you have to make it all happen at once and probably not get to use it
except on a very limited basis for a year and "maintain" a moderate lifestyle with a toy
you can't really afford to play with.
4. walk away from it all together and regret not buying this particular boat every time you look at a similar
model at full market value.
5. pray like crazy to win the lottery before it gets sold.

If you were in this position what HONESTLY would you do ??

 

[ZZ13]

There are lots of boats out there that would be an unbelievable deal for me that I could never afford. Heck, if someone offered me a brand new $1M 510DA for $300K, I still couldn't own it. Its all about establishing and following your plan. If your plan was to buy the best boat available that you wouldn't be able to afford to operate, then buy it. If your plan is to be boater on a daily basis, buy one that allows you to do that.

 

[1990-270-da-lover]

I would be doing option #5 consantly even if I didn't buy this boat. But in this case if the dealis as good as you say, I would try to make option #2 work. At least you own her, and I know you will find a way to get her in the water sooner than you think. It won't take long before you won't be able to stand seeing her on the hard. Good Luck! I hope you can work it out.

 

[Deuceornothing]

#2 because you will never really know how much you can cut back other places with money until you have a treat dangling in front of you. My wife and I have survived on a $70,000 pay cut for a year. Things just start to look different and always seem to work out if you are willing to make the cuts needed. Good luck

 

[Lucky's]

You know my opinion Jim, as long as it's one of the options that includes the words "buy the boat" it will work out just fine! You know you will regret this deal if you just walk away from it.


Shaun
Sent from my iPhone

 

[Richie89]

for me, i'd walk. but that's just me. nothing, not even a boat, is worth financial hardships to me. life can be stressful enough, so i wouldn't want to add any more stress. and isn't stress relief exactly what the boat is for anyway? my philosophy would be to get less of a boat and enjoy. the older i get the more i realize that stuff is awesome, but stress free living (even poor on an island somewhere) is even better.

 

[JVM225]

#3 for me as long as it wasn't going to seriously impact my lifestyle or mean that I couldn't pay my bills. If either of those were the case I'd go for #2.

 

[CV-23]

First I would not buy something I could not use. Second fear is this economy is going to crash sooner or later. Third I have my 7am-3pm job 10 months a year, my own company, run the Gas Dock at our club and am the paid Secretary/Treasurer for our boat club. My 7-3 did not buy the boat or maintain it/feed it......my other jobs do that. I would not put myself in a financial nightmare to own a boat. They are a hole in the water I love but I am a realist and my dock only costs $420 a year with electric & water.....call me a cheap boater on a nice river.

 

[JimFromMD]

Go for it, as long as it wont jeopardize your primary responsibilities and assets like your home and or retirement if something were to go wrong... like losing a job, or big medical incident.

 

[Mikemapva]

Jim,

Is there any negotiating room to bring the price lower, or have you already done that? When you mention your savings, do you mean specific savings for a boat, or all of your savings? You mention this boat being at the very top end of what you can afford. I'm not sure how big a range you were working with, but can you find a way to reduce one or some of the costs to get it within your comfort zone, like the purchase, transportation, or slip fees?

I agree with Bill that you need to stick with whatever your plan was. Personally, I'm too risk averse to use all of my savings for anything that is not a necessity, but you're the one that would have to live with your decision.

Mike

 

[Air O'Nautical]

Us boaters are crazy,

That's the problem looking at boats you (we) shouldn't!!

There is alway a "great never going to see again deal" around if your looking.

Stop looking and be happy with what you have.......I would probably buy the boat but, my wife would talk some sense into me....by just saying NO!

There WILL be another boat, when you know you can swing it.

Good luck,

 

[Metabo]

Just ask what our government would do in a similar financial situation and do the opposite.

Metabo

 

[BritLady]

What's the Admiral's take on all this? We all know that generally the ladies of the house have the biggest impact on major purchases of any kind. If it would not impact my everday lifestyle too much i.e. still pay mortgage and bills etc., I would go for it, but most women are not as boat mad as some of us However, if it meant finances would be REALLY tight, even I would reconsider because this ecomony is going to go further downhill, especially when the US $ ceases to be the currency of choice for other countries (which is happening right now). Good luck in whatever you decide

 

[DustinL]

It's hard not to get something you really want when you are so close to it. Personally I would have to walk on this one. You mention financing is not an option? Is that personal or do you think no one will finance a 20+ year old boat, cause there are companies out there that will with good rates. Bottom line, it would be great to have the boat of your dreams. But if you are questioning all this now I reccomned you walk. Buying a boat is the least of the money you will spend. Owning and operating is the biggest expense. Even though it has new power with low hours, all it takes is the loss of one engine and your done. And this can very well happen. Remember it's mechanical it can break down. Whatever you decide best of luck and hope it all works out to the good for you.

 

[AMFM3]

Jim,

like Shaun, you know what I think. I'd buy the boat, but that's me.

I think that you have to take your hesitation into account. What is it that is making you hold up the decision? Is it what you have included in your post or something else? If there's something you can't put your finger on, then you gotta figure that out.

If its just what's in the post, and you can recover savings at a decent rate, I say buy it, haul it and use it as a floating condo for the first year. I know how impressed you are with this boat.

Mark

 

[Carbo]

The moment you buy the boat and place yourself in a tight financial spot, some seemingly random event will occur and put you in a world of hurt. Sorry to be so pessimistic. I would refer you to this particular version of Murphy's Law which states: The chance of the bread falling with the buttered side down is directly proportional to the cost of the carpet.

You are forewarned, proceed as you will.

 

[Woody]

If my son presented this to me I'd tell him to keep the boat he has and the cash that he worked so hard to save. A bad case of 'the wants' is often regretted.

 

[JimG]

If this money you saved was for a boat, then hell yea, buy it! Spend it all!

Otherwise, if this money saved is also part of your living expenses for the future... walk away, look for something more in your price range.

 

[Summer Fun II]

Go for it Jim, You only live once !!. :thumbsup:

 

[northern]

True Story
In 2002 I started to look for a new bigger boat. There was an Italian 60’+ double hull mahogany, twin V12, all stainless steel tanks including water tanks, no rot, and all systems were good for sale at fraction of replacement cost or other 60 foot boats. It had been owned by a very wealth person who had donated to a charity. The charity want to get rid of it but could not sell it for more than the depreciated value. New owner could not flip it and make a profit. I talked to them a few times then asked if I could call the previous owner. They arranged it. The first question he asked was what did I make. He then told me he spent 50,000 on the boat a year for fuel and maintenance. Very nice person, he saved my rear as I was just starting my business and the 50,000 a year probably would have bankrupted me.
In retrospect if I had bought it stored it and waited until I could afford to run it, the boat would have probably cost me 100,000 to put it back in the water then the 50,000 a year to run. We would be eating frozen vegetables for a long time.
If it was an investment that would make me money I would find the funds to make it happen.
Tuff decision. If 2008/2009 was to happen again what would it do to you? Would you be selling the boat for less than you paid?