Boat Paid Off!!

[Fish_whistle_express]

Looking at the boats on the thread I’m guessing people don’t own them outright from the start. Thought it might be fun to have a place to go to celebrate when the boats paid off ! I just got into boating this year and am happy to have my 18.5 K&C now paid off. Boating season will seem so cheap next season! But through marine in front of anything and watch the $$$ rose!View attachment 58357

 

[wavetamer]

Boat are never paid off nor cheap. BOAT= bring on another thousand

 

[Fish_whistle_express]

Of course and they are depreciating assets and a liabilty! But if you can’t afford to run a boat safely you probably shouldn’t own a boat. I’m just happy my wife pushed us to take the step as it’s brought a lot of fun and joy to our lives.

 

[Baxter]

I will be paying for my boat till I die. And I don't care. It was my dream, and sometimes life is not about money, it is about happiness and this boat brings my family and I a lot of happiness and adventures, and we've only had it just over 2 months!

Seriously though, it will be paid off one day, and that will be a happy day indeed, but I am happy to make those payments

 

[RevyG]

I go to work, to make money to go fishing. I go fishing so I don’t kill someone at work. When at work I can’t wait to be on my boat

 

[Ground Tackle]

Oh, I like this thread - as in it has been a discussion under our roof a few times. We had a 16 foot double eagle and it was paid for - then we stepped up in size and though we certainly did not buy new we were upgrading steadily the last few years since we purchased this boat, which has added up to a lot of money (because I stupidly kept track of every receipt.....and added it all up! Was not a good idea and will not do that again.). At first I grumbled about it, my husband did not as he has owned many boats over the years and some commercially and knew the drill - I was the newbie to this! Anyone I grumbled to that were seasoned boat owners said "its a BOAT" and I was "yeah...but.....really this much money" well now after many upgrades, I am loving my boat more and more each year with plans for more upgrades over the next couple of years. Our time on the water which yes came at a price - but at the end of the season we walk away with great experiences which honestly are absolutely priceless - I don't care about the cost as much now as I did a couple of years ago - so far we have made it work and had a great time doing this. And guess what?? This summer I found myself chatting with a person who is new to boat ownership and they were saying how surprised they were at how expensive this was becoming - I caught myself saying without hesitation "Get over it....its a BOAT", Lol. We only go around once and the older you get you really realize that - money comes and goes, your life memories are what you treasure - go out and make some - we made quite a few this summer on our boat and gave some to others that we invited to experience it with us - like I said priceless.

 

[profisher]

I’m just glad I bought my Seasport new back in 1992. I look at sticker prices now and wonder how some guys swing the 24-27 ft alloy boats with all the toys.

 

[Foxsea]

I've been boating and fishing my entire life and when I look back at the money I spent on golf or tropical holidays or other recreational activities, the best money spent was that spent on boating. The best times, the best people, the most fun, the favorite memories are all because of boating. We live in a fantastic place and those without a boat miss the best of it.

 

[Rum Buddies]

lol taking a loan on a massively depreciating asset? Bad idea

 

[capman]

Boats are certainly not an investment but rather another tool for enjoyment. Allows you to get experiences that people without a boat can not have. I got into boating almost 20 years ago starting from a 10' aluminum to now a 24' with all the bells and whistles. Like everyone else, spent tons of money and will keep spending money until I can't ride my boat anymore. The joy it brought to me, my family, and friends are priceless and in the end, that's what matters. My only advice to those interested in getting into a new boat is to make sure you're really committed and capable of using it as frequently as possible. I see boats in the marina worth over 100k or 200k and hardly touch the water in months and that is a shame. Renting is of course is another less expensive option if you not using the boat enough.

 

[Fish_whistle_express]

I've been boating and fishing my entire life and when I look back at the money I spent on golf or tropical holidays or other recreational activities, the best money spent was that spent on boating. The best times, the best people, the most fun, the favorite memories are all because of boating. We live in a fantastic place and those without a boat miss the best of it.

Totally agree I do a ton of camping and have some pricey gear. A $1000 tent is 3
Nights in a hotel. I love getting away from people and the boat is the perfect way to do that. I’ve traveled all over the world and this places holds its own that’s for sure!

 

[spring fever]

I sold my Orca last year because of a combination of my age and my fishing partners ill health. I don't regret the 20 odd years I fished from winter harbour down to Barclay sound. Through 2 re-powers-numerous batteries, several electronics upgrades/trailer re builds and insurance it cost a veritable fortune. At 73 I don't give it a thought other than to consult my journals, look at the fish videos once in awhile and think how lucky I was to have fished on such a wonderful boat for so many years in the best years of B.C. sports fishing!! You can't take it with you-and if you have kids and take them that boat and memories will last for 2 lifetimes!!

 

[Newf]

I've owned my boat since 2014 and it was my first one but soon came to learn that even though it was new there's always additional costs. As others have said, many boats sit at the dock, so if you can't afford to use it whenever you want, why buy it? Boating/fishing is like some other recreational activities where you do it for the pure enjoyment you get out of it. In my younger days I use to hunt. Bought a gun, then other small items that I needed. Then bought a trike to get into the woods,,,then a trailer to tow behind the trike,,,,then a trailer to put the trike and trailer on to tow behind my new truck. Next came the quad to replace the trike and then an Argo to replace the quad and then the bigger trailer to carry the Argo and then a bigger truck to tow it. I no longer hunt but I wouldn't trade those days for anything and I certainly didn't do it for cheap meat. I've only owned the boat for a few years and certainly don't keep it for cheap fish. I wouldn't trade the hours I've spent fishing with family and friends for any amount of money. I will have it until I can no longer afford it or until I am physically unable to use it.

 

[Newf]

As others have said, many boats sit at the dock, so if you can't afford to use it whenever you want, why buy it?

Just reread my post and want to apologize for this comment I made. It was not my intent to judge why some people buy boats or why some have boats that sit at the dock. We all have our own reasons why we buy and how we use our boats. Poor choice of words on my part and I should not judge how others spend their hard earned dollars. Sorry if I offended anyone.

 

[brutus]

Me, I would never finance a boat but that just my choice.keeping a boat in good shape, and safe is a payment in it self,the border line insanity of being on the water makes it worth every penny

 

[noluck]

i am a real odd ball, i have never borrowed money for a boat, but i have always built my boats in one way or another

 

[Fish_whistle_express]

Yah, I had just paid off my car when she said she wanted a boat and I was like no payments, never again. Figured save 15k and buy one outright For a first boat, eventually got tired of looking without buying so line of credit for 4 months but had an awesome first boating season. I have no prob with the 3-4K to run it for the year, will start saving now for the next boat!

 

[Gong Show]

Habits are not cheap!
As long as you have a plan and are on the water, you are winning!

 

[Cookie's Cutter]

I've been boating and fishing my entire life and when I look back at the money I spent on golf or tropical holidays or other recreational activities, the best money spent was that spent on boating. The best times, the best people, the most fun, the favorite memories are all because of boating. We live in a fantastic place and those without a boat miss the best of it.

I totally agree with you, southwest BC has some of the greatest boating in the entire world, but people do not appreciate it as much as a $10,000 vacation to Hawaii.

 

[walleyes]

There’s nothing wrong with making payments on a boat if your set up to do that and if it’s important to you.
My wife and I recently bought a new boat and put a portion of it on payments but that’s not a big deal for us. We have an above average income coming into our home, with little other payments. We are at the age when saving for our future is important so ensuring we don’t use that up on a toy and are still able to contribute all comes into play. It all depends on your situation. Again take the wife and I, we don’t smoke, we don’t drink, like nothing. We seldom go out, we run a big garden and eat mostly wild game or home raised food. I mean my boat payments are far less than some people spend on smokes and or drinks in a month. We live a quiet life, most our time is spent with a few close friends and mostly our grown children and grand children. The time that we spend together in a boat to us is paramount and worth a lot. It’s our escape and our indulgence. No guilt or even second thoughts on it for us.
As well our plan is to have our major toys paid for when it’s time for retirement which for me is about 10 - 12 years away that way when it’s time to retire there are no major purchases needed. Why not pay it when your still earning good.