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Old 08-30-2013, 04:33 AM
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Default Buying new or close to new 25-30ft boats. Affordability Question

I see it all the time especially where I live. People spending $50k, $60k all the way up and passed $100k. Like the $300K Edgewater that sold while I was just gawking at a 20ft key west. I am curious though. How are people affording these kinds of boats? is there a trick to this or is it just people way outside my income bracket? Of course I'm not talking about the $300k Edgewater, that's my damn mortgage lol!! I would kill for a 26 or 28ft grady or albemarle but there's no way I could ever afford either unless they were 30 years old. Am I missing something? I'm 32, have a mortgage, 2 very young daughters, a dog, a single truck payment, a great credit score, income is middle high(I usually stop paying into social security around this time of the year). Maybe I enjoy eating too much? lol

Sorry. Guess I'm kind of venting.
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Old 08-30-2013, 04:40 AM
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I feel you. But i learned a while back that people just have different priorities when it comes to how they spend their money. Ive seen guys with awesome boats but not so great places in not so great neighborhoods. Or they dont save money for retirement, or they love paycheck to paycheck but they have a nice boat.

I chose to spend 10k and under on my boat purchase. That got me a well used but nice boat that suits my needs. I have a big ol mortgage and big ol retirement account though.

No other debt outside of my mortgage.

But you also have to remember that some people on the water make 10 times as much as you, just a fact of life.
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Old 08-30-2013, 04:49 AM
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And brand new car in front of a shack too. Happens all the time.Amazing what foodstamps and gov't assisstance does to some. Why work when you get stuff for free.See it all the time.
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Old 08-30-2013, 04:53 AM
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Latest numbers I can find. Cost to raise a child from birth to 18 yrs old. $241,000.

Times two, you have your Grady covered.
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Old 08-30-2013, 04:56 AM
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If your money comes from the work you do directly, you probably won't be affording one of the $100k+ boats. Salary income alone is never going to do it unless you want to live like what's explained above (sweet boat, hot ride, crappy home ... or some combination of). Better get that money making money ... build & sell a successful biz, make some wise investments with significant returns, and don't hoard your money in some savings account or think the 401k is going to do it.

The other option ... live on the boat, eat Ramen noodles, and paddle place to place, but that doesn't sound too exciting to me
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Old 08-30-2013, 05:14 AM
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lol I can see and understand all of your points. Don't get me wrong, I am happy with my 21ft Chris Craft and I do get compliments on it all the time. I also paid cash for it when the time was right and it apparently is worth a few thousand now than when I bought it. I have a good amount in my 401k, IRA, mutual fund investments and 529 for my kids. I won't be touching those for a LONG time. I guess if I were to buy new or semi new they highest I could go comfortably would be $40k on a 5 year plan or $50k on a 6 year with trade in...I just can't see spending that kind of money on what essentially is nothing but a toy to get me in the bay to go fishing.
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Old 08-30-2013, 05:27 AM
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Well, there are some fine boats in that size range that are less than 10 years old that can be purchased for reasonable amounts.

I would never pay for new anyway and eat all that depreciation. Plus used boats usually come with all the options that dealers want to upcharge you for
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Old 08-30-2013, 05:40 AM
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mange priorities. Too many people in my age bracket have died, had strokes, or lost their ability to enjoy life due to an illness... and I'm mid 30s!!! I have NO problem pinching pennies to afford my passion as I may not be able to do it next year. I don't live paycheck to paycheck but I'm not waiting 10 years to save 200k for that new boat so I sacrifice a big fat nest egg too live life now. I've come to terms that I will work for the rest of my life, I just need to manage my lifestyle as my income making ability slows down my lifestyle must change as well.

Which is right... spend or save... not sure. Watched my in-laws work their whole life, make a bunch, save a bunch, now I GUESS they are enjoying it... in between hip surgeries and back pain. When they day comes that I cannot live life to the fullest I want to say "been there done that" not "wish I had done..."
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Old 08-30-2013, 05:47 AM
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Quote:
Originally Posted by sabanist View Post
Well, there are some fine boats in that size range that are less than 10 years old that can be purchased for reasonable amounts.

I would never pay for new anyway and eat all that depreciation. Plus used boats usually come with all the options that dealers want to upcharge you for
This is exactly what I was thinking as well and is the same reason why I haven't bought a brand new car since my last one. Traded a 2006 f150 with barely any mileage for a 2010 dodge 2500 with barely any mileage at damn near half the price of new
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Old 08-30-2013, 05:58 AM
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When I was 31, I was in more or less the same position. I suspect most people on THT have also been where you are at some point.

Make sure you are working smart, stay out of debt, avoid stupid mistakes, and don't be afraid to make a big move if the opportunity is good.
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Old 08-30-2013, 06:54 AM
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Originally Posted by gotojeremy View Post
If your money comes from the work you do directly, you probably won't be affording one of the $100k+ boats. Salary income alone is never going to do it unless you want to live like what's explained above (sweet boat, hot ride, crappy home ... or some combination of). Better get that money making money ... build & sell a successful biz, make some wise investments with significant returns, and don't hoard your money in some savings account or think the 401k is going to do it.

The other option ... live on the boat, eat Ramen noodles, and paddle place to place, but that doesn't sound too exciting to me
Gotojeremy has it right. invest, invest, invest. Smartly (if thats a word) thats how almost all rich people make money. and you dont have to be rich to invest. I know firemen that dont make shit really through their job but through wise investments make 200k+ a year, investments are not taxed like income through a job. or start a company as said above but that takes alot of knowledge and work ( not that you cant do it, all about setting up a good business plan). one way to save money is buy a duplex, move in oneside and rent the other side out for the mortgage plus some- that will be atleast also pay the cost of running the house a maybe a few bucks in your pocket aswell.
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Old 08-30-2013, 07:04 AM
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I built my 28 seavee in my backyard. Took me two years and $18,000. I go places that most people with the big $300,000 boats will not go. I call them posers... LOL
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Old 08-30-2013, 07:15 AM
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There's a lot of people in this country. Most don't make a ton of money, but you know what? Some do. If there's 300 million people let's say just for the heck of it that 100 million of them are wage earners. Top 1% is a million people earning very good-to-insane money. that's a lot of people that can afford nice boats.

edit: a couple minutes of research shows that there's ~130 million family units (anything from an individual on his own to whatever size family), and the cutoff for the 1% in family income for 2012 was $370,000/yr., so ~1.3 million people earning $370K or more. Lots o' money out there, in places.

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Old 08-30-2013, 07:30 AM
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grass is always greener. don't let it get to you.
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Old 08-30-2013, 07:31 AM
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Quote:
Originally Posted by Sykes View Post
I built my 28 seavee in my backyard. Took me two years and $18,000. I go places that most people with the big $300,000 boats will not go. I call them posers... LOL
do you have a thread on the build on this website?
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Old 08-30-2013, 07:52 AM
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Originally Posted by bldgengineer View Post
I see it all the time especially where I live. People spending $50k, $60k all the way up and passed $100k. Like the $300K Edgewater that sold while I was just gawking at a 20ft key west. I am curious though. How are people affording these kinds of boats? is there a trick to this or is it just people way outside my income bracket? Of course I'm not talking about the $300k Edgewater, that's my damn mortgage lol!! I would kill for a 26 or 28ft grady or albemarle but there's no way I could ever afford either unless they were 30 years old. Am I missing something? I'm 32, have a mortgage, 2 very young daughters, a dog, a single truck payment, a great credit score, income is middle high(I usually stop paying into social security around this time of the year). Maybe I enjoy eating too much? lol

Sorry. Guess I'm kind of venting.
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Old 08-30-2013, 08:06 AM
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they make more money than you. Is this some sorta mystery to people that requires a thread on this subject every two months on every boating forum ever? rant over. Get a crappier truck then you can have one boat payment instead.
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Old 08-30-2013, 08:39 AM
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Alot of people are living above their means on credit and they are one missed paycheck from real trouble and it happens at all income levels, have you ever seen the airplane repo show? The key is living below your means and not to become house poor and over time you will be able to afford more and more expensive toys.
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Old 08-30-2013, 09:32 AM
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Quote:
Originally Posted by Underslot View Post
mange priorities. Too many people in my age bracket have died, had strokes, or lost their ability to enjoy life due to an illness... and I'm mid 30s!!! I have NO problem pinching pennies to afford my passion as I may not be able to do it next year. I don't live paycheck to paycheck but I'm not waiting 10 years to save 200k for that new boat so I sacrifice a big fat nest egg too live life now. I've come to terms that I will work for the rest of my life, I just need to manage my lifestyle as my income making ability slows down my lifestyle must change as well.

Which is right... spend or save... not sure. Watched my in-laws work their whole life, make a bunch, save a bunch, now I GUESS they are enjoying it... in between hip surgeries and back pain. When they day comes that I cannot live life to the fullest I want to say "been there done that" not "wish I had done..."

Agreed... right down to the inlaws part... save a bunch of money, dont go anywhere or do anything because of back pain and surgeries or just general laziness.
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Old 08-30-2013, 09:45 AM
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I recently visited the manufacturing plant of a top tier boat builder in S.W. Fl. Got a quick tour of the facility and there were probably 35 boats in some stage of production. These are not inexpensive boats. Most were center console or poker run boats and well over $300k.
Currently they are over a year out if you order one today.
I asked what type of people are buying these. Cash, Financed?
Reply was that 90% are paying cash.
Next question was how do this many people in their 30-40's have that kind of dough?

Answer: Most of their parents are getting older and either have passed or handing out the inheritance early. That Generation of hard working people that saved and invested their money wisely is dying off and the kids are getting it.
They also sell of their parents assets, like the homes/property.
Their kids are living it up today. Sad that their parents generational values have not been followed by their kids.

Thinking might be, " I just got 5 million from the folks", " What a little $300 k boat gonna hurt?"

So, hope you have rich parents and are on good terms with them.
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