How much money is too much?

Neognosis · Ladies Man Joined: 13 Jan 2003 Posts: 17617 City: Webster

My wife and I, combined, make just under 70K a year. We are both at the start of our careers. I am seriously considering putting down 5K on a 36K boat, resulting in monthly payments of 299 for 15 years. We have no kids, one car payment of 320, one small 96$ a month student loan, and a mortgage of 845 a month. I can swing the payments, even doubling up during the summer when the heat is not on.

Am I crazy to even consider this?

moblsv · Outlaw Joined: 11 Feb 2003 Posts: 228

do it

I would be more concerned about the wife's opinion. If she doesn't like the boat you'll be hearing about that payment everytime a small financial crunch comes up. If she's OK with it I wouldn't hesitate

just my opinion based on my recent purchase under similar circumstances

eeven73 · Posted: Mar 21, 2003 7:22 am Post subject:

With current interest rates you will never have a better time
to buy a boat from a monthly cash perspective. Just make sure
you like, no wait love the boat, and are willing to spend the money
to take care of it so you lose less when you trade or sell.

chinkel · Newbie Joined: 13 Jan 2003 Posts: 12

For us, it came down to how much we would use the boat. We bought a 95 Malibu Sunsetter and tested the water for a summer. We were on a boat trip 3/4 weekends and hit the local zoo once every other week. With that much use, we justified selling the 95 and buying the brand new 03 Wakesetter VLX (which arrives Tuesday!)
I agree with moblsv. If your wife is on board, it makes the decision so much easier. I let her pick out the colors and she was happy Smile

Good luck!

OttoNP · Addict Joined: 13 Jan 2003 Posts: 848 City: MI

It is definitely not unreasonable...70,000 is probably about 4083 a month after taxes, so with your expensives that leaves 2822.1, another 300 off that ain't no thing! Just don't forget to max out that roth ira...

Nick
________
MORPHINE REHAB FORUM

Neognosis · Ladies Man Joined: 13 Jan 2003 Posts: 17617 City: Webster

Thanks so much guys. Only thing the wife cares about is having a sundeck to tan on. I'm just a little nervous about spending that kind of money, know what I mean? I really want to do it, though, I'm just having trouble keeping touch with reality, know what I mean? This started out with me looking at an Outback, and, well, you know how things got when I saw that huge 22 foot V-drive.

Breezer · Outlaw Joined: 17 Jan 2003 Posts: 246 City: Austin

If you are having buyer's remorse before you buy, then maybe you should rethink how much you will spend. My wife and I had similar conversations. Our outcome was always the same... "buying a boat is never a smart decision financially" and we decided to make the bad decision anyways and get a boat. We also decided to find a less expensive used boat. We spent a little over 16K. And the day after we bought our boat we had to buy a bunch of life vests, two wakeboards/bindings, and lots of other little boat and wakeboard necessities. And believe me, there are a lot. The question you may ask is, "was it worh it?" Oh YEA! we love it.

Neognosis · Ladies Man Joined: 13 Jan 2003 Posts: 17617 City: Webster

Hey Breezer, what type and year boat did you end up buying?

Breezer · Outlaw Joined: 17 Jan 2003 Posts: 246 City: Austin

I bought I 98 moomba kanga a couple years ago. It is the same as the Outback, but is closed bow. I like it just fine. I have not ever had a pull from one of those high dollar wakeboard boats, so I don't know how good the wake is. I use two sacs on either side of the engine and it is fine with me. My wife and I are both teachers and did not want to take up a big payment.

Neognosis · Ladies Man Joined: 13 Jan 2003 Posts: 17617 City: Webster

Dude, that's great.

Partyb · Posted: Mar 21, 2003 12:30 pm Post subject:

I personally would spend more like 25K for a boat if I was you. You can get excellent used boats for around that price. Also, do not forget about repairs, gas, insurance, etc. The payments are usually the easy part!!

mcfatty · Addict Joined: 13 Jan 2003 Posts: 725 City: Cookeville

Last year when we were pondering a 02 Wakesetter, we went thur all this guilt feelings too.

Since we are out at the lake every weekend during the season, it was a good decision.

Go ahead and spoil yourself.

marcg · Addict Joined: 16 Jan 2003 Posts: 944 City: Salt Lake City

Wheres MONKEY in this Topic???

XTier · Newbie Joined: 21 Feb 2003 Posts: 11 City: Louisville, KY

hate to be the only one with bad news, but you may want to wait a summer or buy something much, much cheaper. Your $36k boat turns into something like $59k w/ interest. Trust me I know how bad you want the boat, but wouldn't you feel better if you could own it out right in a year or two, not 15! My advice would be to knock that damn student loan out asap, if you let it hang around it'ss gonna be part of the family. Just think if you live on $25,000 for a year you could knock out about 20k in debt, or save that twenty and with the five you have now, put 25k down on that 36k boat, pay the rest of in a year or two. I wouldn't say this if I hadn't done it myself, the waiting has been torture, but I believe it will be well worth it when we pick up our 2003 Malibu 23XTi in about 3 weeks and put down over 25k. The wife and I make about 95k a yr, but in a yr and a half we just attacked our debt hard, and paid off over 50k in debt (cars, toys, credit cards) all the good stuff. The payment we have on our boat will be for no more than three years.
I know this post is extremly long so I'll wrap it up., I can honestly say I'm glad we waited, and the wife is extremly happy as well! good luck which ever way you go. It can be done!

Lyte Skin · Outlaw Joined: 15 Feb 2003 Posts: 210 City: San Angelo, TX

Xtier
i need to learn from you but its hard.

me and my brother bought a used boat in good condition and in a couple of years we are gonna sell it for a newer boat. we have put a lot of junk on it and i am pretty confident we will get our money back when we sell it. we take good care of it. and we aren't struggling money wise with this boat its something fun and it gets the job done.
'91 Nautique Excel.

Dees · Posted: Mar 22, 2003 10:22 am Post subject:

if you can get a 5.74% interest rate I would do it. or buy something used and if it's not what you want then trade it in for something new in a year. just dont get upside down on the used boat when you go to trade it in.

do what makes your wife happy, shes more important then anything.