Thinking of buying a boat during pandemic – am I CRAZY?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Topic Author
SomedaySoon
Posts: 9
Joined: Tue Apr 17, 2018 11:05 pm

Thinking of buying a boat during pandemic – am I CRAZY?

Post by SomedaySoon » Sat May 16, 2020 4:57 pm

My wife and I have been going back and forth on purchasing a boat. We recently bought a new lakeside house, and I have been wanting a boat for a *long long* time. Am I crazy to think about this given the current economic climate? The boat I’m looking at is listed at 65k, and I’ve been going back and forth on this endlessly.

More details - we have been in progress of remodeling our new house – looking at 50k to finish the remodel, with a potential further kitchen remodel in the fall (150k).

Pros: Life is short, kids growing up. Wanted this for a long time. My projections say I can afford it.
Cons: RECESSION! Given meta-uncertainty plus remodel, isn’t it better to wait until next year?

Other options – smaller boat (with no bathroom),or buy with financing.

Details on my financial situation below:

Senior manager at a mega-tech. Job appears to be stable (of course there’s uncertainty everywhere).
Salary: ~1.2 Million annual. ( 280k base, 150-200k bonus, ~650 k stock that vests over 5 years).
I’m expecting a $140k bonus in September, plus a vesting of $350k stock (post tax) through Sep/Nov.

Fincancial Assets
Vanguard/eTrade/Betterment: 4.05 Million.
Cash : 605k.

Assets
House 1: Value- 2.5 million. Remaining loan balance: 740k.
House 2: Value – 800k, Remaining loan balance: 180k. (House 2 also rents for approx 25k a year, although I'm not expecting much this year).

In general I have been contributing 350k yearly to investment accounts, and 60-80k on paying off principal on loans. My plan is to retire in 5 years, with a projected spend of 200k year. I normally keep 200-300k cash on hand, although this is higher right now due to the pandemic, plus our remodel.

I didn’t want to make this into a portfolio review so appreciate everyone’s focus on the “boat” question. :D

Thanks

Lalamimi
Posts: 446
Joined: Mon Jun 24, 2019 4:22 pm
Location: Texas

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by Lalamimi » Sat May 16, 2020 4:59 pm

Buy the boat. Make a salesman very happy.

User avatar
Watty
Posts: 19771
Joined: Wed Oct 10, 2007 3:55 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by Watty » Sat May 16, 2020 5:15 pm

am I CRAZY?

The boat I’m looking at is listed at 65k,....

I did not add it all up but you have a net worth of something like $8 million dollars and you are saving around $400K a year including paying down debt early.

The boat will also have significant ongoing costs but you can so easily afford it it doesn't really matter if you are crazy or not since it will barely make a blip in your financial situation.

The only things I would consider are;

1) Is this boat in addition to things like expensive sports cars, RV's, expensive luxury travel, jewelry, etc. You can easily afford anything you want but not everything you might want.

2) Do you have the skills to operate the boat safely even when the weather suddenly turns bad or you are unexpectedly operating it at night because of a delay? There might be a significant learning curve to upgrade your skills so that should be part of your plan. If you don't have a lot of boating experience then it might make sense to learn on a simpler less powerful boat for a year before you buy one where you might be in over your head.

3) Do you have enough time to make it worthwhile? Even if you hire people to do work on it the mechanics of keeping the boat running will still take a lot of time. If you end up spending more time dealing with it than playing with it that might not work out.

4) Are you going to tow the boat anywhere? If so be sure to budget to buy a vehicle that can do that.
Last edited by Watty on Sat May 16, 2020 5:49 pm, edited 2 times in total.

magicrat
Posts: 1010
Joined: Sat Nov 29, 2014 7:04 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by magicrat » Sat May 16, 2020 5:19 pm

What kind of boat! Just curious

magicrat
Posts: 1010
Joined: Sat Nov 29, 2014 7:04 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by magicrat » Sat May 16, 2020 5:20 pm

What kind of boat! Just curious

User avatar
FIREchief
Posts: 4599
Joined: Fri Aug 19, 2016 6:40 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by FIREchief » Sat May 16, 2020 5:23 pm

SomedaySoon wrote:
Sat May 16, 2020 4:57 pm
We recently bought a new lakeside house, and I have been wanting a boat for a *long long* time. Am I crazy to think about this given the current economic climate? The boat I’m looking at is listed at 65k, and I’ve been going back and forth on this endlessly.
I've never owned a boat and no absolutely nothing (I can prove it!). That said, if you have a lakeside house, couldn't you make due with a much simpler boat? Put around the lake all morning but go back home for lunch, to use the restroom, refresh the cooler, etc? I would think a $65K boat would include a lot of crap that you don't need if you live just around the lake. Kind of like the guy who buys a Corvette to commute to work (I've known several :P )
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

Helo80
Posts: 1530
Joined: Sat Apr 29, 2017 8:47 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by Helo80 » Sat May 16, 2020 5:27 pm

Generally buying a boat is a bad idea, and the saying I've heard is: The best two days of a boat owners life are the day he buys the boat, and the day he sells the boat.

That being said, as long as you don't buy anything too extravagant, it shouldn't make a hill of beans difference in the long run for you.

Helo80
Posts: 1530
Joined: Sat Apr 29, 2017 8:47 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by Helo80 » Sat May 16, 2020 5:33 pm

SomedaySoon wrote:
Sat May 16, 2020 4:57 pm
The boat I’m looking at is listed at 65k, and I’ve been going back and forth on this endlessly.
You can easily afford it.

The other option is to join a boat club and if you find yourself using it constantly, then go buy a boat for yourself. Or, hopefully you know that this $65k boat is going to fit all of your and your family's needs/wants.

User avatar
sergeant
Posts: 1556
Joined: Tue Dec 04, 2007 11:13 pm
Location: The Golden State

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by sergeant » Sat May 16, 2020 5:35 pm

Enjoy your 65k boat. You have my approval. You just might get a really great deal too.
AA- 20+ Years of Expenses Fixed Income/The remainder in Equities.

Poorman
Posts: 119
Joined: Sat Jan 11, 2020 9:57 am

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by Poorman » Sat May 16, 2020 5:39 pm

To each their own. You can afford to try out a new hobbie.

livesoft
Posts: 72115
Joined: Thu Mar 01, 2007 8:00 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by livesoft » Sat May 16, 2020 5:40 pm

The boat is cheap. It is the boat house, the dock with its electric lifts, the boardwalk down to the dock, winter storage, and all the peripherals that are expensive.

I have a few relatives in the boat building business, so get the boat.
Last edited by livesoft on Sat May 16, 2020 5:45 pm, edited 1 time in total.
Wiki This signature message sponsored by sscritic: Learn to fish.

jibantik
Posts: 404
Joined: Fri Nov 24, 2017 1:05 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by jibantik » Sat May 16, 2020 5:44 pm

It will be the happiest day of your life until you sell it. Enjoy!

aaronjb_ME
Posts: 21
Joined: Sat Nov 24, 2018 7:42 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by aaronjb_ME » Sat May 16, 2020 5:56 pm

Is this a net worth/asset humblebrag disguised as a question about a luxury purchase that it's clear you can, without doing any math at all, afford?

I really like that the boat is a very reasonable price, by just about any standards (even Boglehead ones): "$65k". There's literally no discussion to be had here, even factoring in maintenance, associated costs such as mooring fees, and storage.

Some people in your situation buy boats that cost hundreds of thousands of dollars, and if they mange to not go bankrupt, you probably won't either.

Woodshark
Posts: 480
Joined: Fri Jan 07, 2011 4:09 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by Woodshark » Sat May 16, 2020 5:59 pm

We live (retired) at our lakehouse and own a (smaller) boat. Here are a few truths for you.

1. Unless you hire it out, you will spend more hours cleaning and maintaining a boat then you will using it.
2. The people who use their boats the most are people who DO NOT live on the water. Once you've lived on the water for awhile, you're get pretty happy with just access to the water from you dock. Not to mention access to the kitchen, bathroom, etc. The desire to take the boat out greatly declines.
2a. 90% of the boats out there get used less than 14 days a year. It's usually cheaper to rent or be in a club.
3. There is always something needing done to a boat. New or used doesn't matter.
4. On the right day with the right weather, there is nothing finer than being on a boat.

sd323232
Posts: 525
Joined: Thu Jun 21, 2018 4:45 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by sd323232 » Sat May 16, 2020 6:02 pm

buy the boat, this will be good for our economy.

RadAudit
Posts: 3859
Joined: Mon May 26, 2008 10:20 am
Location: Second star on the right and straight on 'til morning

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by RadAudit » Sat May 16, 2020 6:04 pm

Helo80 wrote:
Sat May 16, 2020 5:33 pm
The other option is to join a boat club and if you find yourself using it constantly, then go buy a boat for yourself.
How much time do you spend on boats now? One observation - rent your fantasizes.
FI is the best revenge. LBYM. Invest the rest. Stay the course. - PS: The cavalry isn't coming, kids. You are on your own.

Katietsu
Posts: 3519
Joined: Sun Sep 22, 2013 1:48 am

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by Katietsu » Sat May 16, 2020 6:07 pm

I am with the you can afford whatever you want just not everything you might see. From a personal observation point of view, if lakeside means Lake Superior or Lake Tahoe kind of venue then a $65k boat might be appropriate. Having lived on a smallish lake, I do not understand the boat owner’s that whiz by you at high speed multiple times a day as they drive back and forth. I also get nauseous as I calculate the amount of fuel they are burning from both a cost and climate change point of view when an engine with a third the horsepower would be more appropriate, IMO.

I do wonder about your retirement plans though. You seem to be describing a lifestyle that would be hard to maintain on $200k a year. You also seem to be expecting your salary and the value of your investments to continue to rise. Being about five years from retirement myself, I feel that I need to be prepared for incoming cashflow to end tomorrow, be it for a personal reason, eg health of myself or spouse, or a global reason, eg severe economic downturn or worsening pandemic. You obviously are not going to need to worry about being homeless and hungry no matter what, but you could end up needing to dial back it seems.

mortfree
Posts: 2336
Joined: Mon Sep 12, 2016 7:06 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by mortfree » Sat May 16, 2020 6:20 pm

It’s probably a violation to not have a boat if you have a lake house.

dukeblue219
Posts: 754
Joined: Fri Jan 29, 2016 12:40 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by dukeblue219 » Sat May 16, 2020 6:28 pm

Buy the boat. Buy some fun toys for the lake. You can't take the money with you and you only have so long to enjoy it!

buhlaxtus
Posts: 160
Joined: Wed Apr 20, 2016 1:55 am

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by buhlaxtus » Sat May 16, 2020 6:30 pm

Consider donating $65k to a cause who can make better use of it than you. If that doesn't work for you, buy the boat. This is not a serious dilemma.

User avatar
AerialWombat
Posts: 1513
Joined: Tue May 29, 2018 1:07 pm
Location: Cash Canyon / Cashville

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by AerialWombat » Sat May 16, 2020 6:33 pm

.....
Last edited by AerialWombat on Sun May 17, 2020 2:09 pm, edited 1 time in total.

RiotAct
Posts: 26
Joined: Tue Mar 31, 2020 8:21 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by RiotAct » Sat May 16, 2020 6:37 pm

I think you can just afford it, might have to do rice and beans for a couple years though.

inbox788
Posts: 7134
Joined: Thu Mar 15, 2012 5:24 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by inbox788 » Sat May 16, 2020 6:38 pm

SomedaySoon wrote:
Sat May 16, 2020 4:57 pm
My wife and I have been going back and forth on purchasing a boat. We recently bought a new lakeside house, and I have been wanting a boat for a *long long* time....
Other options – smaller boat (with no bathroom),or buy with financing.
Yes, buy the boat or a boat or two. Or maybe add a couple of jet skis. How big is the lake? Bathroom is definitely useful on longer trips.

What size/length? Make/model? for both boats you're considering

What type of boat?
https://www.godownsize.com/average-boat-prices/

Does the $65k boat have a galley and how many does it sleep?

What kind of boat might depend on what kinds of activities you're looking to do. Fishing, jet skiing, or parting? Day trips or overnight?

Pontoon Boat Recommendations?
viewtopic.php?t=287368
Last edited by inbox788 on Sat May 16, 2020 6:42 pm, edited 1 time in total.

MWONE
Posts: 45
Joined: Wed Oct 31, 2018 8:33 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by MWONE » Sat May 16, 2020 6:41 pm

That's a tough one. I think you are exceeding your boat budget and should consider a kayak.

mslaw
Posts: 103
Joined: Wed Jun 15, 2011 5:35 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by mslaw » Sat May 16, 2020 6:42 pm

Absolutely love boats. Own a small navy. However, we don’t have pets. Similar commitment, in some ways.

Bought my first boat for $110 and I still own it. So consider starting with small, non motorized boats and working up. Boat insurance usually requires some prior experience.

At this point, I own an embarrassing number of boats. However, they definitely enrich my life, regardless of the financial commitment. Present big boat is better than I imagined. Literally opens up the world.

SethJane42
Posts: 26
Joined: Sat May 09, 2020 5:38 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by SethJane42 » Sat May 16, 2020 6:44 pm

Deleted--I was wrong
Last edited by SethJane42 on Mon Jun 08, 2020 7:01 am, edited 1 time in total.

Scatterbrain
Posts: 33
Joined: Tue Jun 04, 2019 1:58 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by Scatterbrain » Sat May 16, 2020 6:47 pm

Buy the boat. Have fun.

User avatar
mrspock
Posts: 1084
Joined: Tue Feb 13, 2018 2:49 am
Location: Vulcan

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by mrspock » Sat May 16, 2020 6:56 pm

Buy one... I only ask it’s from a company in the s&p 500. We have earnings to pump up! :D

Van
Posts: 706
Joined: Wed Oct 27, 2010 9:24 am

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by Van » Sat May 16, 2020 6:57 pm

It will be the second happiest day of your life.

basspond
Posts: 1337
Joined: Wed Nov 27, 2013 4:01 am

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by basspond » Sat May 16, 2020 7:05 pm

We have a boat we use for both fishing and skiing. We also just take it out for a spin and some of our best times have pulling up to a bar or restaurant and enjoying the atmosphere. Have fun.

Topic Author
SomedaySoon
Posts: 9
Joined: Tue Apr 17, 2018 11:05 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by SomedaySoon » Sat May 16, 2020 7:12 pm

Thanks all ! FWIW - I am in a boat club and have been the past few years. It's been good but has drawbacks -- namely you need to reserve ahead of time and you can never be spontaneous about just taking it out for a spin. The boat club has made me want to be an owner even more.

It is good food for thought if I need that much boat. The main thing driving the price is a desire for a marine head.

Thanks again all...

aristotelian
Posts: 7632
Joined: Wed Jan 11, 2017 8:05 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by aristotelian » Sat May 16, 2020 7:26 pm

Sure, you can afford it. Personally, someone could offer me a boat for free and I wouldn't want it.

TIAX
Posts: 1327
Joined: Sat Jan 11, 2014 12:19 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by TIAX » Sat May 16, 2020 7:34 pm

Why are you still working and buy the boat.

tim1999
Posts: 3690
Joined: Tue Dec 16, 2008 7:16 am

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by tim1999 » Sat May 16, 2020 7:49 pm

I don't even know why you needed to ask us with that income and asset level compared to the price of the boat. Buy the boat if it's what you want. An equivalent comparison would be like me asking if I could buy a good quality new riding lawn mower, and I'm not exactly broke myself.

IMO
Posts: 921
Joined: Fri May 05, 2017 6:01 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by IMO » Sat May 16, 2020 8:34 pm

You make 1.2 million per year and you have a lakeside home and you have children and your looking at a 65K boat which is relatively inexpensive when it comes to something like the current model wakeboard boats.

What does/doesn't a pandemic with self-infected recession have to do with your decision.
I got a boat at a steal of a deal during the last recession.

You'll get a great deal of "Bust out another thousand", "best day is the day you sell it" comments on this forum like it's some kind of original never before heard saying. But, buy a 75K car that is a fortune for basic maintenance once it's out of it's 1st 3 yr's, that's all good.

Buy the boat. Enjoy, you kids will only be young once.

bltn
Posts: 782
Joined: Mon Feb 20, 2017 9:32 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by bltn » Sat May 16, 2020 8:53 pm

Katietsu wrote:
Sat May 16, 2020 6:07 pm
I am with the you can afford whatever you want just not everything you might see. From a personal observation point of view, if lakeside means Lake Superior or Lake Tahoe kind of venue then a $65k boat might be appropriate. Having lived on a smallish lake, I do not understand the boat owner’s that whiz by you at high speed multiple times a day as they drive back and forth. I also get nauseous as I calculate the amount of fuel they are burning from both a cost and climate change point of view when an engine with a third the horsepower would be more appropriate, IMO.

I do wonder about your retirement plans though. You seem to be describing a lifestyle that would be hard to maintain on $200k a year. You also seem to be expecting your salary and the value of your investments to continue to rise. Being about five years from retirement myself, I feel that I need to be prepared for incoming cashflow to end tomorrow, be it for a personal reason, eg health of myself or spouse, or a global reason, eg severe economic downturn or worsening pandemic. You obviously are not going to need to worry about being homeless and hungry no matter what, but you could end up needing to dial back it seems.
The overwhelming consensus is that you re rich and can afford a 65,000 boat.
But you re telling us that you get about 450,000 a year in salary and bonuses, and spend 200,000 a year , that tells me you are frugal.
People think that having almost 2,500,000 tied up in houses worth 3,500,000 means one is rich. Actually the more one has in residence value, the more one has in residence expense, and the more money one needs to maintain the lifestyle. With all the lake house remodeling, it sounds as though rentals may be a thing of the past. The boat maintenance will add considerably to your budget.

In your position, I would also be thinking about the long term effect of the pandemic on the economy. The stock market may take more than five years to start making investments pay. The bond market, with the current interest rates, doesn't t seem to have a rosy outlook for the near future. Your personal real estate investment may or may not do well, but the only way to capitalize on any good fortune in this area is to liquidate or rent.

I agree with Katiesu, that maintaining two nice houses and a big boat, and educating children on a budget of 200,000 a year may be a bit tight. Before the boat expense. There is a significant chance that in 5 years you may decide you don t want to retire.

I might consider a smaller boat for now. But I also am frugal. Most would buy the boat, as noted above.

User avatar
cchrissyy
Posts: 122
Joined: Fri May 05, 2017 10:35 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by cchrissyy » Sat May 16, 2020 8:59 pm

do you think now that you live on the lake and can see the water from your patio or deck or whatever, you might lose some of the desire to be actually on the water?

also, do you think the tradeoff of owning vs renting the boat will actually be more convenient? it sounds like renting is a hassle because of the reservation system but owning means you have to organize all the maintenance, and there will still be times when your boat is not available for a spontaneous outing.

User avatar
TxAg
Posts: 1673
Joined: Sat Oct 17, 2009 11:09 am

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by TxAg » Sat May 16, 2020 9:03 pm

You can afford the boat plus two jet skis. Stimulate the economy :sharebeer

Andymoler58
Posts: 101
Joined: Sun Apr 20, 2014 9:10 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by Andymoler58 » Sat May 16, 2020 9:39 pm

I just bought a new cobalt 220s for 65k and I have far less in assets, I’m 37.

It seems like a good hobby and good way to meet people.

I figure I’ll keep it for a while. Boat sales are going crazy right now, check Mbuu stock

User avatar
ClevrChico
Posts: 1684
Joined: Tue Apr 03, 2012 8:24 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by ClevrChico » Sat May 16, 2020 10:44 pm

Go for it. You can always sell it when you're ready.

It's cheaper than an airplane, right? 🙂

User avatar
ClevrChico
Posts: 1684
Joined: Tue Apr 03, 2012 8:24 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by ClevrChico » Sat May 16, 2020 11:05 pm

Duplicate

travelspot
Posts: 59
Joined: Sun Dec 16, 2018 11:40 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by travelspot » Sat May 16, 2020 11:24 pm

Yes you should do this. Boats are great. You have a seven figure income and a house on a lake. You can certainly afford it. Don’t worry about the money. The memories you will make with your family will be worth it.

We had the boat itch like you do. Scratch it! We bought a used boat (with a cabin/head) in great condition, and had it for eight years while the kids were growing up. Sold it, have great memories and no regrets.
If you don't do stuff, then you don't do stuff.

tibbitts
Posts: 10760
Joined: Tue Feb 27, 2007 6:50 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by tibbitts » Sat May 16, 2020 11:36 pm

I would buy a boat but am not familiar with models or costs. Being familiar with both a house on a lake and a boat, the boat is really a necessity in that situation. The size of boat you'd want depends on the size of the lake.

JD2775
Posts: 535
Joined: Thu Jul 09, 2015 10:47 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by JD2775 » Sun May 17, 2020 12:50 am

aaronjb_ME wrote:
Sat May 16, 2020 5:56 pm
Is this a net worth/asset humblebrag disguised as a question about a luxury purchase that it's clear you can, without doing any math at all, afford?
That would actually be pretty funny. I don’t think the OP meant it in that way, but it would be funny if they did

Teague
Posts: 2002
Joined: Wed Nov 04, 2015 6:15 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by Teague » Sun May 17, 2020 2:59 am

Might want to double check that your lakes are open, most of ours are closed at this point.
Semper Augustus

Pacific
Posts: 1370
Joined: Tue Mar 06, 2007 8:19 pm
Location: Lost in the middle of the Pacific

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by Pacific » Sun May 17, 2020 3:12 am

SomedaySoon wrote:
Sat May 16, 2020 4:57 pm
My wife and I have been going back and forth on purchasing a boat. We recently bought a new lakeside house, and I have been wanting a boat for a *long long* time. Am I crazy to think about this given the current economic climate? The boat I’m looking at is listed at 65k, and I’ve been going back and forth on this endlessly.
That's a no brainer.

The more important question is can you afford the Cirrus to fly you to the lakeside house?

vested1
Posts: 2103
Joined: Wed Jan 04, 2012 4:20 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by vested1 » Sun May 17, 2020 5:56 am

inbox788 wrote:
Sat May 16, 2020 6:38 pm

Pontoon Boat Recommendations?
viewtopic.php?t=287368
Thanks for the reminder. Just updated.

Prodiver
Posts: 13
Joined: Sat May 11, 2019 11:32 am

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by Prodiver » Sun May 17, 2020 7:08 am

I’ve been a boater all my life.

Same net worth, business owner, almost 70 yo. Owned about 10 boats...

Bought a 90k pontoon 18 months ago with a porta potty to keep the women happy.

Now, have decided to sell it, buy a small Boston Whaler for the kids/grandchildren, and buy a $500 k live a board for traveling. Enjoy life.

aaronjb_ME
Posts: 21
Joined: Sat Nov 24, 2018 7:42 pm

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by aaronjb_ME » Sun May 17, 2020 11:55 am

JD2775 wrote:
Sun May 17, 2020 12:50 am
aaronjb_ME wrote:
Sat May 16, 2020 5:56 pm
Is this a net worth/asset humblebrag disguised as a question about a luxury purchase that it's clear you can, without doing any math at all, afford?
That would actually be pretty funny. I don’t think the OP meant it in that way, but it would be funny if they did
I don't think so either, but it's such an odd thing to ask, especially given the properties OP owns and the assets in total. By writing that post, the OP has port more analysis than is necessary to determine whether a discretionary purchase amounting to about 5.4% of annual gross income, and about 1.5% of total stated net worth.

As someone else said in a different way, owning a lake house without a boat is like owning a car without wheels.

newyorker
Posts: 51
Joined: Sun May 17, 2020 7:59 am

Re: Thinking of buying a boat during pandemic – am I CRAZY?

Post by newyorker » Sun May 17, 2020 12:10 pm

Go for it. Life is short and you are not gonna take extra 65k or any of that 8mil NW to the grave.

Post Reply