Financing a boat

Was going to say you shouldn't be looking back at your engine when underway regardless of where the water exits. Its really only for checking at idle or at the dock. I put a Faria water pressure gauge on my boat 25 years ago when it was new. At low tide I have to get through a shallow section in the harbour so I tilt the engine up but still can suck up eel grass. I watch this gauge as I'm going over this shallow spot and kick the engine into reverse as soon as pressure begins to drop. Never had the overheat alarm go off and cooked an engine from lack of water. Best $75 I ever spent.
 
On a more serious note looking at pic's of both boats do they have a sticker that states at the maximum number of pimps & red head hookers they hold?
 
Just my personal opinion, boats should be bought with play-doh, not financed. You would be so much further ahead putting that interest payment for a boat towards your mortgage. Use your play-doh on a smaller, inexpensive affordable boat until your mortgage is payed for, then you'll be able to afford a real boat, just saying.
 
That $120,000 boat will cost you $227,520 at the end. The difference between no money down and $25000 down is $200 dollars a month which equates to $48,000 over the span of 240 months. Then you have to figure in the cost of repowering within that 240 months. With interest, almost double the original cost of the boat.
 
Just my personal opinion, boats should be bought with play-doh, not financed. You would be so much further ahead putting that interest payment for a boat towards your mortgage. Use your play-doh on a smaller, inexpensive affordable boat until your mortgage is payed for, then you'll be able to afford a real boat, just saying.

Nailed it. It’s gross how much interest we pay on our mortgage. Get that baby paid off asap!

Nice boat but that payment plan is awful. Ur paying almost a quarter million when it’s all said and done. Financing a diminishing asset = bad idea.
 
You also should calculate in the cost of the lost income had you invested all that interest money and as N2013 suggests, there is no offset for asset appreciation, it is not like you are buying real estate. Few things in life depreciate as fast as a boat or cost as much to operate and maintain unless you can write them off as an expense.
 
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Paid cash in the States in 2008..... never regretted it. I could sell my tinboat for as much as I paid in 2008... the difference between plastic and aluminum..
 
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