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May 21, 2008

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I agree, no sympathy here - boats are just big play toys and completely ridiculous for most people to own.

I don't get it; what's the big deal? A boat is a vehicle; just sail away and begin a new life of piracy! When's the last time you heard of a pirate getting his boat repo'd?

I know boats are for recreations but still, I have always wanted to calculate the cost of owning a big boat in differently. First, you buy a big motor/boat to move you across the lake faster so you can fish more. How much money does it cost to go 3 miles in 10 min vs 20 min? How much does each pound of fish cost if you assume the boat lasts 10 years?

I own two canoes. The fewer motor boats on the water the better.

I own a motor boat...yes, I know it's a money pit. But it's so much fun, always a great social adventure and awesome way to relax.

I know there are cheaper hobbies...but I love wakeboarding and I want to get my riding years in before I get too old.

Anyway, it's because I've been saving and following advice like what FMF gives out that I feel it's ok for me to own it. I saved a lot, am paying more than what's needed, and knew all the risks going into it.

Shane -

They say the best boat to have is a friend with a boat. Do you happen to live in Northern Nevada and need any new friends? haha I love wakeboarding too. Cheers!

We have a boat ourselves. That said, we DON'T take vacations -- hard to with a working farm, ya know? We have 2 lakes within a 30 minute drive of us and try to get out a couple times a month during the summer....our own 6 hour mini-vacations if you will.

Then too, we paid $3500 cash for our boat last year. There are no payments, and no repo man :) It's in wonderful shape, and should last us for as long as we want.

It might seem a silly purchase, but it made my family extremely happy. Because we live in such a remote, isolated area, it gave us something to do that was still close to home. We don't even spend that much gas since the main objective is finding a secluded cove to anchor and swim and fish in.

I don't think boats are "over the top", but I definitely agree they fall squarely in the "want" category. That said, I want a boat, and I'm saving up for one. Hopefully next summer I'll be able to get myself one -- either that, or a jet ski. I do like Liz's advice: find a friend with a boat.

I've never been a big powerboat fan but I think sailing is about one of the most fantastic pastimes there is. It can get pricey sometimes but I can't imagine a better way to spend a beautiful weekend. I guess it's all about allocating money for the things you love while being frugal on other perks of life you can life without.

As a long time boater myself, I've never thought that boats, in general, were some sort of over-the-top toy. They're about like anything else; motorcycles, 4-wheelers, RVs. If you can actually afford the toy, you might as well enjoy it. The rule is just the same as in buying a house - don't finance something bigger and fancier than you can really afford.

Anyone who makes a purchase needs to realize the impact it can have. I'm a boat owner myself and I have no sympathy for anyone who defaults and looses their toy. Luxury items are no different from our every day basic needs. If there is a chance you can't afford it why are you spending your money on it? I wouldn't buy a new boat right now; I can't afford it nor justify it even if the bank is willing to give me the loan.

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