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woodson Offline OP
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A lot of markets are crazy right now and I’m hesitant to jump in now, fearful of paying a potential premium. Had a “local” dealer finally call me back on what it would cost for a Polar Kraft Outlander 186 side console, rigged with 115 drive by wire Suzuki and a galvanized trailer. $31900? I’ve seen the same boat with Honda 115 power for $29500 but that was far from “local”.

I feel like sitting this out and see if markets stabilize? Place a order next year? I want to just say F it and order one now. I can’t expect it till next spring.

What say the Fire about using a home equity line of credit to buy a new boat? I fail to see the downside?

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One does not finance toys. Buy toys you can afford to pay cash for.


"There's more to optics than meets the eye."--anon

"...most of us would be better off losing half a pound around the waist than half a pound on our rifle."--dhg

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Woodson, understand what your saying about wanting the boat. I keep hearing various people on the net saying "now is a good time to get out of cash". Not quite sure what they are talking about, you live closer to the belly of the beast than I do.are they referencing to expected inflation of goods and services or higher interest rates. Or something else? If you jump on the boat I think I'd get it with the same size Yamaha.


" Cheapest velocity in the world comes from a long barrel and I sure do like them. MB "
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I’m with Pal on this.
The idea of borrowing 30K against my house to buy a boat doesn’t sound like a good idea to me.

Boats are high depreciation, high maintenance items.

The used market is full of boats similar to what you want, only 5+ years old and in almost new condition.

Make a plan and start saving. When you have 10K stashed, start watching Craigs list.
When you find the nearly perfect boat and the asking price is 15K, politely offer 10.

You may needs to do this several times but sooner or later you will buy a boat for 10K with no loan.


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Originally Posted by pal
One does not finance toys. Buy toys you can afford to pay cash for.


Originally Posted by Anaconda
I’m with Pal on this.
The idea of borrowing 30K against my house to buy a boat doesn’t sound like a good idea to me.

Boats are high depreciation, high maintenance items.

The used market is full of boats similar to what you want, only 5+ years old and in almost new condition.

Make a plan and start saving. When you have 10K stashed, start watching Craigs list.
When you find the nearly perfect boat and the asking price is 15K, politely offer 10.

You may needs to do this several times but sooner or later you will buy a boat for 10K with no loan.


Solid advice !!


Paul.

"Kids who grow up hunting, fishing & trapping, do not mug little old Ladies"
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woodson Offline OP
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Context? Our house will be paid off in less than 8 years. Using my homes equity at this stage, to me, doesn’t seem like a big deal.

Also I don’t know if anyone has followed the used boat market? It’s insane.

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With biden in the White House everything you do monetarily is a big deal. I felt like a ton was lifted from my shoulders when I paid off my house 5 years early and last week paid off my F-150 a year early. I think in the very near future lotta stuff for a reasonable price will availible if you have the patience to wait. Boat season is about shot in the ass now. Good luck with whatever your decision is. Mb


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High depreciation? My Ranger was 34000 new and I could get 25000 out of it this afternoon still. And I've had 14 years of fun.

If you want a boat, don't let the Dave Ramsey wannabes talk you out of it. Life is short.


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Last edited by woodson; 08/24/21.
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Easy to become enamored with the image of yourself in a brand new boat. But it makes so much more sense to buy only what you can afford--a used boat.


"There's more to optics than meets the eye."--anon

"...most of us would be better off losing half a pound around the waist than half a pound on our rifle."--dhg

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Originally Posted by pal
One does not finance toys. Buy toys you can afford to pay cash for.


Amen. Listen to Dave Ramsey, and change your family tree.

Count everything's value that you own that has a motor in it. If it totals close to 50 percent or more of your annual salary, You are on the train to poorville in retirement.

A house is ok to buy on credit. but that's it.

Remember, the wealthy want you in debt, and your kids, ALL THE TIME.

That's how they stay rich.

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I would never finance a boat.


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If you put Taco Bell sauce in your ramen noodles it tastes just like poverty
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Originally Posted by BKinSD
High depreciation? My Ranger was 34000 new and I could get 25000 out of it this afternoon still. And I've had 14 years of fun.

If you want a boat, don't let the Dave Ramsey wannabes talk you out of it. Life is short.


I agree. I didn’t borrow against the house though. I got my boat financed through my credit union. $42k, put $10k down. Payments are $260 a month. I make several extra payments here and there.

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If that's what you want, and you can afford it, buy it. I don't know your credit situation but you're an American adult and can make your own decisions. I don't have a home equity LOC any more, the terms on it got way out of whack when the costs to maintain it, appraisals mostly, were making it more costly than other forms of credit. Plus taxes are generally low right now as well, which was the main reason for using a HELOC back in the day. I would suggest to you with all the cash laying around, there are probably cheaper ways to finance such a purchase.

I wouldn't finance a boat or anything else for longer than five years. There's that's my tip of the cap to all you Dave Ramsey Disciples. Shall we start calling you DRD's for short?

I had a single side console Starcraft in the 90's and once I've had a full windshield would not go back. I liked the fishability of the Starcraft but the full windshields make for a more comfortable experience.


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That Polarkraft looks real nice. Floor plan like an Alaskan 1800. We've had a lot of fun using ours the last few weeks. Never thought I would buy one but glad we did. Will use it some more in between hunts this fall. And planning next trips now as well. Good luck whichever direction you go.

I do like Dave's advice for a lot of things, but everyone takes a little from here and there when developing what works for them and their family.

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NEVER borrow for toys.


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"By all means, let your kids grow up and get out of the house while you wait to gather enough cash to make memories with them while they're little." is super dumb life advice.


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You do have a good argument there. That's one of the issues I had with Ramsey's advice..

When I was 20 and partying I spent money like a sailor on leave. Some of us at that age thought we'd never live to see 40. So, what do you do? Live it up and stay broke? Or, save a few years and live rich and worry free? Not an easy choice. I wish Dave would talk about this more.
I just saw at least 4 high school classmates die before 50. And many more before them.

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Ramsey’s advice seems to be geared toward folks will little self control. If you follow these rigid rules you will dig yourself out. While that is true, it is also extreme. A key question is how did you get yourself into the hole to begin with? Lack of self control?

It’s kind of like telling an alcoholic they can never have a drink. Nope, they can’t. But that doesn’t mean that advice applies to everyone. If you have the financial means and security to pay the note on a boat, go for it. The way prices have been going lately, the interest you pay on the note will be less than the price increase you will have to pay if you wait a few years.

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Originally Posted by BKinSD
"By all means, let your kids grow up and get out of the house while you wait to gather enough cash to make memories with them while they're little." is super dumb life advice.


Don't be silly. No one needs a brand new boat to have fun with their kids.


"There's more to optics than meets the eye."--anon

"...most of us would be better off losing half a pound around the waist than half a pound on our rifle."--dhg

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