what would you boaters do?

[My4winnsLost]

Re: what would you boaters do?

Well the cheapest route is my route, however it's not the most fun. Here goes: Get cancer (that's where I lose most people), have the head crack in a family friend's boat, have him feel sorry for you and not want to spend the money on his boat so he gives it to you, you find a new head and rebuild the motor, you have a really nice boat for the cst of a motor. In my case the boat was an 88 4winns. The fiberglass was perfect, along with the transom and everything else, the interior has been replace two years prior, and the outdrive 4 years prior. However though, I will say going through chemo sucked, and I may have just rather worked and saved my money to just buy a boat. Rebuilding the motor did give me something to do on the days I felt okay though. And being 20 with my own boat impresses the ladies.

 

[gregs]

Re: what would you boaters do?

Man you guys really got me confused now. Just kidding, all of these are valid points. I no longer live in Ohio though. I returned to Georgia after three years up north. So weather is not an issue anymore. Well except for all the rain we've had, And lets not forget the humidity. Really I just need to throw some money into this boat and it will be fine. Its a bowrider and Im a bass fisher. I've already added a platform,trolling motor and seat. They left it setting out in the rain with no cover after they got there new bass boat.This boat is full of now rotten plywood. But with some more hard work and money its got potential.

 

[monoshock]

Re: what would you boaters do?

 

[gregs]

Re: what would you boaters do?

No,Im not that hi-tech on this computer yet.Sorry

 

[Realgun]

Re: what would you boaters do?

Want a new twist on things?<br /><br />Go to your 401K and borow the noney from yourself!<br /><br />My 401K lets me borrow up to half of what I got.<br /><br />So I would buy the boat and pay me the money and the interest too. <br /><br />Wow I get the boat and I actually make more money on the deal how sweet!<br /><br />Oh and I get to play with the boat now not in 6.8 years.

 

[CalicoKid]

Re: what would you boaters do?

If I was new to boating all over again, I would get the hard lessons of boat ownership, operation and care out of the way on an older, paid for boat. That's what I did actually. I never could bring myself around to spending big bucks on a new boat, too much to worry about.

 

[Solittle]

Re: what would you boaters do?

I started out with a 15'er - - did some maintenance and look prettys - - sold it for a modest profit & went to a 16'er, then 17, then 18, then 19 & maybe a few I missed. I had fun doin it and was able to move up on other peoples money. - - - - no down payment, monthlys or loan.

 

[monoshock]

Re: what would you boaters do?

 

[Wimperdink]

Re: what would you boaters do?

Originally posted by monoshock:<br /> Hey Wimperdink, will that thing get on a plane or what?

i'm going to find out probably next week sometime. There is a whole thread on it in restore forum. Canoe in Two Launched <<click here>><br />Dont want to hijack this thread

 

[AguaSki]

Re: what would you boaters do?

Originally posted by Realgun:<br />[QB] Want a new twist on things?<br /><br />Go to your 401K and borow the noney from yourself!<br /><br /><br />Don't borrow from your 401(k). I see people do this all the time and it is one of the worst things they can do to their long-term financial future.<br /><br />1) Paying yourself does not really make sense. Do you pay yourself $10 to wash your car and then think your net worth went up by $10? Of course not. True you saved yourself some cash, but you are spinning your wheels in your savings plan. You need the market to pay you to actually get ahead. Leave the 401(k) money invested, and let the market work its magic.<br /><br />2) When 401(k) assets are out on loan they are also out of the market. If you have a loan balance during a banner year in the stock market, you missed out on a great opportunity to improve your savings.<br /><br />3) 401(k) dollars are usually pre-tax. When you borrow the interest portion of your payment is deducted from the after-tax portion of payroll. Later in retirement you will begin withdrawing from your account that includes the principal and interest you paid off when the loan was outstanding. All withdrawals are taxed as income. This means you paid tax on the interest when it went into your account, and again when you withdrawal the money. Uncle Sam will never double dip taxes from me.

 

[jtexas]

Re: what would you boaters do?

Originally posted by craze1cars:<br /> <br />Do you want to pay $13,200 for a boat, or $9,015 for the same boat? If you feel it is worth $4,185 more for this boat than you need to pay, finance it and you can have it today.

the boat is still $9995; the $4185 is what you pay for the time value of money - it's the premium you pay to have it now instead of 7 years from now. To me, it's worth it. Maybe not on a boat that old, but generally speaking, that's why I don't mind having car payments. Don't have a boat payment, but wouldn't mind it if I could afford it & didn't have this old thing already paid for.

 

[craze1cars]

Re: what would you boaters do?

Originally posted by AguaSki:<br />

Originally posted by Realgun:<br />[QB] Want a new twist on things?<br /><br />Go to your 401K and borow the noney from yourself!<br /><br /><br />Don't borrow from your 401(k). I see people do this all the time and it is one of the worst things they can do to their long-term financial future.<br /><br />1) Paying yourself does not really make sense. Do you pay yourself $10 to wash your car and then think your net worth went up by $10? Of course not. True you saved yourself some cash, but you are spinning your wheels in your savings plan. You need the market to pay you to actually get ahead. Leave the 401(k) money invested, and let the market work its magic.<br /><br />2) When 401(k) assets are out on loan they are also out of the market. If you have a loan balance during a banner year in the stock market, you missed out on a great opportunity to improve your savings.<br /><br />3) 401(k) dollars are usually pre-tax. When you borrow the interest portion of your payment is deducted from the after-tax portion of payroll. Later in retirement you will begin withdrawing from your account that includes the principal and interest you paid off when the loan was outstanding. All withdrawals are taxed as income. This means you paid tax on the interest when it went into your account, and again when you withdrawal the money. Uncle Sam will never double dip taxes from me.

This is dead-on correct. I absolutely cringe when I hear of people taking loans (or worse yet, withdrawls) from their 401K. 401K loans are horribly bad ideas, regardless of how good the fallacy of "paying yourself the interest" sounds. The cost of opportunity lost is far greater. And you're doing nothing more than deferring paying the interest to the government probably 20+ years after your loan has been paid off, and you won't even remember why your withholdings are so high when you start to take the money out in retirement.

 

[Straightup]

Re: what would you boaters do?

I'm boating with a 15 footer as well. I even pondered over this boat, even though it is in like new condition. I probably wouldn't have purchased this one, but everything worked out just right. Now I'm really glad we bought it - we've had waaayyy more fun than what I have invested in it. I see $40,000 Mastercrafts pull tubes - my boat pulls tubes. I see people fish in a lot more expensive boats, but my family of 4 fishes out of my boat comfortably. It's all the boat we need. Do I drool over the new Nautiques... yes. The bank would gladly give me the $ for one too, but the smart choice in my opinion is not to take it. I agree with the majority of those who have posted already and work on your boat this winter and see what you have in the spring. If you're still unhappy with this boat, you can look to buy in the fall. If you really shop hard and do your homework - and are patient, you can find a lot of boat for little $.<br /><br />Jeff

 

[sea wolf]

Re: what would you boaters do?

If u double up on the payments when & if u can afford to, you'll save a lot of $$$$ on interest. But, you have to bite the bullett & do it. If u do, you'll knock a few years off the 10. I'm often temped to buy new. Mine's an '87. But, I don't want the payment. I recently saw an '87 Searay, 26ftr. The boat was cherry, in fantastic shape for an 18 yr. old boat. That I would make payments on!

 

[ramster]

Re: what would you boaters do?

Why a Bass boat? Are going to fish a lot? Are you going to ski, tube, and go on bigger lakes that get rough? New boats break too, and you crinch at every ding that you will unevitably get,(I know I have a new boat). An older boat does have it's advantages, you can just beach it without care of scratching it, mess it up with food, and fish guts. As long as it is reliable, you may have more fun with an older boat. But everyone (especially the ladies) loves my new cushy clean boat, but I am very careful of it, and sometimes wish I had a "beater boat". I have gotten money's worth in family fun, and dont regret my purchase.

 

[olbuddyjack]

Re: what would you boaters do?

And yes... I've been towed in by another boat so I know what it feels like.<br />

Ya know whats worse than that? Gittin towed in and having to make a payment.

 

[SCO]

Re: what would you boaters do?

Whats the good part about the boat. If it's the motor and trailer, and the motor is not too big, maybe you could buy an aluminum hull and put your gear in it. Check out Lowe, alumacraft, xpress, G3. The new motor probably by itself accounts for more than half of the price of a 10000 package. What problems do you have with the motor and what size and make is it? Hows the trailer? Usually they will handle a range of boat lengths, to be determined on Mfgr web sites. I say this because with Aluminum, you will probably need a longer hull for the motor you have since they are lighter. 10 years from now, when you can afford it, buy a new motor and aluminum trailer for your still good aluminum hull! Laso check out the yamaha motor website. They have performance tests listed, and pictures of the rigs. You can get the names of more alum hull mfgrs buy looking at the reports and seeing a hull shape you like.

 

[JasonJ]

Re: what would you boaters do?

Me, I could give a rip if some guy goes blowin' by on a new boat. They are nice, but that shiny boat is not putting more fish in the boat. He just looks better on the way to the fishin' hole. I could see blowin' the loot if you are a tourny fisherman, but for me, I am not going to catch any more fish in a new boat than I would in my current boat. I like knowing that the only time I am spending money is on gas.

 

[dtherrien]

Re: what would you boaters do?

That ranger price is inline depending on the condition and the motor.If there is anyway you can come up with about half of the money and try to get the financing from your bank....pay off in 3-4 years.The way you are pricing is loke through the dealer...paying for 120 months to make it seem like low payments. what you acually pay for something is what the total is at the end of the payoff.<br />I bought a 97 ranger sport 80 1 year ago for 10k next to mint condition. I had the money to spend and i am glad i bought it now.I will have it for along time and will keep it maintained and will enjoy it for many years.

 

[gregs]

Re: what would you boaters do?

I actually got sucked in this week by the looks of a really nice boat. I finally talked myself out of it and tinkered around with mine. It seems to be cooling off a little. I should be able to get alot done.