What do you owe?

How much do you owe in relation to the boat's current market value?

  • More than it's worth

    Votes: 18 9.2%

  • 75 - 100%

    Votes: 38 19.4%

  • 50 -74%

    Votes: 29 14.8%

  • 25 - 49%

    Votes: 15 7.7%

  • 1 - 24%

    Votes: 7 3.6%

  • PAID OFF!!

    Votes: 89 45.4%
  • Total voters
    196
berth control

berth control

New Member
Nov 16, 2008
886
Saugatuck, MI
Boat Info
1985 270 Sundancer
Engines
3.7 liter Mercruisers
The economy is a hot topic lately, and I was wondering what financial situation other boaters are in. Not trying to get too personal, but I am curious. I tried to make it anonymous, but I am not sure how that works. Oh, and the value is in relation to what you could currently sell it for, so almost anyone with a new boat and not a lot down owes more than 100%
 
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Heh.

The other question is "What % of your current boat value do you spend on running and maintenance costs"

I suspect the SeaRay (1997 boat) is about 20-25%

My 1972 22' sailboat is about 200%.
 
comsnark said:
Heh.

The other question is "What % of your current boat value do you spend on running and maintenance costs"

I suspect the SeaRay (1997 boat) is about 20-25%

My 1972 22' sailboat is about 200%.
Click to expand...

Great question!! This is my first year in this boat, but so far it has been about 75% in maint. and updates. Hopefully next year will be MUCH less. Slip rent, tune - up, fuel, winterizing, and NO UPGRADES! :smt089
 
comsnark said:
Heh.

The other question is "What % of your current boat value do you spend on running and maintenance costs"

I suspect the SeaRay (1997 boat) is about 20-25%

My 1972 22' sailboat is about 200%.
Click to expand...

What do you count as running cost?

The cost of winter storage seems like a obvious thing to count.

The cost of insurance does as well.

How about the cost of the beverage you consume as you are on the hook? What about the cost to have the carpet cleaned that you soiled after you consumed too much?

The extra gas you put in your car as you drove to the marina?

The EVDO air card and monthly service fee for your laptop so you could have internet onboard?
 
Bought the 89 while we still owned the 87 and I've never had a payment. I figure if I can't afford it, I shouldn't own it. That's what has kept me from upgrading to newer boats. Yes, I can afford a newer boat but I don't want to dump that much money into one either. I'd rather take an old 30 footer for $30,000 and risk putting a couple of engines in it. I don't think that will happen, but that would STILL be less money than buying a new one for $200,000 and watching it depreciate to $100,000 in the first 3 - 5 years (or how ever long it takes.). I figure that's a whole lot of money that I can spend on gas too. The newer boats are nice, but a well cared for older boat still has a lot of life in it. We didn't want to sell the 87 because it was such a GREAT boat. It had 400 hours on it, everything worked, it looked good and it was reliable. We're only on our third season with the 89, but it is in great shape as well. Even the surveyor couldn't believe it. He noted a small 1/4 tear in the upholstery near the dinette and that it still had the original plugs in it from 1989! Changed those out last spring!

I think in this economy, a lot of folks are going to be questioning their finances and whether or not they want to spend money to keep up with or exceed the Jones! I'm sure there are a lot of folks that are upside down in their boat payment and other payments for that matter. I feel for them and hope this economy turns around. I want to be able to purchase an 08 or 09 320 - 380 in about 15 years. Somebody has to buy them now so I can buy them down the road!
 
berth control said:
The economy is a hot topic lately, and I was wondering what financial situation other boaters are in. Not trying to get too personal, but I am curious. I tried to make it anonymous, but I am not sure how that works. Oh, and the value is in relation to what you could currently sell it for, so almost anyone with a new boat and not a lot down owes more than 100%
Click to expand...

The issue with this survey is you are likely to get a higher response rate from people who are not in the worst shape.

Those that are upside down are less likely to respond.
 
Presentation said:
What do you count as running cost?

The cost of winter storage seems like a obvious thing to count.

The cost of insurance does as well.

How about the cost of the beverage you consume as you are on the hook? What about the cost to have the carpet cleaned that you soiled after you consumed too much?

The extra gas you put in your car as you drove to the marina?

The EVDO air card and monthly service fee for your laptop so you could have internet onboard?
Click to expand...

Yup. Insurance, registration, Seatow, boat fuel, winterization, spring stuff, maintenance is all in there.

Food is not in there. If I didn't eat on the boat. . we would eat somewhere else. Frankly trivial compared to other costs.

The dicey one is the "extra gas to drive to marina". I have a second property where the boats are kept. That property is a category unto itself. :wow:
 
Presentation said:
The issue with this survey is you are likely to get a higher response rate from people who are not in the worst shape.

Those that are upside down are less likely to respond.
Click to expand...

I'll be the exception rather than rule! I'm so upside down if you dropped me, I land firmly on my head!!!!!!!! I owe about $25,000.00 more than I can sell it for. I've tried.
At this point I'm just trapped into using Frayed knot. It's not so bad, I like the boat, except for it's handling characteristics.
 
Payed cash in 04
I just spent 120.00 on upgrades. (rod holders/squid light)
If the Actors would settle on there contract.
Then I would spend another 1000.00 in upgrades in March. (seats/transducer)
Then the boat is 100% complete.

With maintaince and upgrades I'm probably at 10% of value now.
At one time, I may have been at 30% with the high dollar upgrades.

I will be at 100% of value when I do a repower with the big engine and stronger drive in the future. Totally worth it. :grin:

If you asked me how much I like turning wrenchs now days just for the fun of it.
Those numbers dont look so good :lol:
 
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The Sundeck that is for sale, I owe about 75% of it's CURRENT value. The Sun Sport, only about 50%. I got a real good deal.
 
It is our "camp" on the river. The boat cost about what a vacant lot would cost on the river that close to town. Slip rent and maintenance about the same as property taxes, utilities and maintenance on the camp. Did I mention no grass to mow? Did I also mention that we could change locations like river to gulf coast? Try that with a camp.
 
VinceR said:
It is our "camp" on the river. The boat cost about what a vacant lot would cost on the river that close to town. Slip rent and maintenance about the same as property taxes, utilities and maintenance on the camp. Did I mention no grass to mow? Did I also mention that we could change locations like river to gulf coast? Try that with a camp.
Click to expand...

I thought all the grass grows on the bottom of your boat while slipped in fresh water :smt009:grin:
 
comsnark said:
Heh.

The other question is "What % of your current boat value do you spend on running and maintenance costs"

I suspect the SeaRay (1997 boat) is about 20-25%

My 1972 22' sailboat is about 200%.
Click to expand...
For myself I think the better question is what does it cost to own it and use it. This of course includes running and maintenance cost. As an average over a 15yr period my boat is costing me approx $35,000/yr. Obviously as a percentage of current boat value even at the best time it would be terrible.
 
Own two boats. Would love to sell my 260 Sundancer ! Please see the used boat section. Owe no money on anything I have so I am ready to deal !
 
Presentation said:
The issue with this survey is you are likely to get a higher response rate from people who are not in the worst shape.

Those that are upside down are less likely to respond.
Click to expand...
Agreed. I started the "running aground" poll. I doubt that 40% of Sea Ray boaters have really never run aground. Just like I doubt that 40+% of Sea Rays are paid off. There will always be bias in polls like this...
 
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Yahoo, only 9 more payments left. I planned on cashing in one of my stocks a few months after buying the boat and paying off the loan. Of course I waited too long and the housing market burst. The name of the stock is Standard Pacific Homes, 3/4 years ago the stock was around $44 and had split, today 95 cents.

Ouch.
 
festivus44 said:
Agreed. I started the "running aground" poll. I doubt that 40% of Sea Ray boaters have really never run aground.
Click to expand...

Last time I ran aground, I wasn't in a Sea Ray! :grin:
 
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