boatingincalgary

for those that arent rich

55 posts in this topic

So i have a delicate but important question as a inspired boater.

How does everyone afford what they own? I mean that in the purest sense. I'm assuming not everyone who has a chap makes 100k. So how do you do it?

Is it just a simple priority shift? maybe not going on vacations as much or having a new car every few years things like this? Or maybe tacking it onto a house? I ask because i'd love to have something like a ssi220 or sunesta 223 etc but even used it could be very tight

Thoughts?

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Well for me, boating is a vacation. Every time I get out is the best feeling ever.... Like a drug when you throttle up leaving the Marina, the party of a good raft up, and the Bikinis. I dont take many vacations. I still drive my '96 Chev truck. I'd love a new F350 but then I couldn't have a boat. I don't smoke... I don't blow money at the bar but I do like to have a few. I work 1o to 11 hour days. I have a decent house but it's not a mansion but it's not a dump either... Basically focus your money on the things you love most. For me it's boating. Some people may love smoking and drinking with buddies at the bar all night. If that's what they love, all the power to them. My boss is very well off and his passion is his yard.. It's amazing. There are good deals out there. Don't buy now or in the Summer though. That is when everything is at it's highest price. Get very educated on what you want and know the prices. Start looking in November as dealers and private people are looking to unload dead stock so they aren't carrying it over the winter. My favourite time to look and buy has always been Jan and Feb. Sometimes early on, manufacturers offer rebates and boat shows have great financing. I hope you find your dream boat !

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Frugal, hard work, investments, sold some properties at top of market. now we watch what we spend and enjoy the dickens out of boating.

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It just depends where your personal priorities are. I don't drive new vehicles because I don't need new vehicles. There's nothing wrong with it, its just not right for me. Instead of taking 2 or 3 vacations a year, we take one and the boat provides us mini vacations 6 months of the year. Most importantly, I work my tail off. I just have my little 180, but thats what fit our needs and our lake the best.

Of course, the price of the boat is only part of the price of boating. Equipment, gas, food and beverages, hitting restaurants and bars on the lake, etc. It all adds up. And It's WORTH EVERY SINGLE PENNY.

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I am new to boating, and I love it! I do not have the newest or fastest boat on the lake, 1989 Chaparral 2100 SX is a high quality boat that has been cared for. At 43 years old I have some of the luxuries, nice home, later model vehicles etc, and I tithe regularly to church... I won't give any of that up so I bought an older boat. I think it is a trade-off for the latest and greatest vs. form and function...

Paying for the boat is only part of it, as I am discovering. Maintenance, storage and using a boat costs a significant amount of deer... I'd be curious for other owners to chime in on this, but I am budgeting 2K ++ deer per year just to have a boat, and the cost rises as usage goes up. Feedback is requested. I had to put 4 tires on the trailer, replace belllows, gimble bearing and throttle cable this year so far, and my boat is in exceptional condition for its age, always stored under cover.

If I continue to like boating as much as I do now I will likely upgrade as kids get older, (I have 5 kids, and I want to keep them around too).

Good luck with your quest!

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Boating is a luxury and your boat is a toy. It's like another hobby. You do what you can afford to do. Just manage your finances as if it were a business and you get to be the CEO, CFO, CIO, CTO!! Enjoy the power but manage it well or your shareholders (your family) will throw you out of office.

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I hear you Calgary, I've wondered the same thing. :blink:

I've come to the realization that the folks with the big new boats just live at a totally different level than I'll ever be at.

And that's fine.....they've obviously done something different than me and thus can afford to treat themselves better. ^_^

Then there are a few of those out there that are in debt up to their eyeballs.

And that's fine too.....as long as I don't have to pay to bail them out. :wacko:

For my needs, our little boat serves them well. Would I like a new bigger boat?....HECK YA! :blush:

But I really can't see myself as having $75,000 MORE fun than I'm already having.

It comes down to priorities and ability to pay. (I have neither ;) )

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We purchased our first boat (a new 2006 246SSi) and a riverfront home about five years ago after 20 years of marriage and being new empty nesters. We loved boating so much we opted for a used 2006 Signature 310 cabin cruiser about a year and a half later. To us it was well worth the money. We've been married almost 26 years, have always had two incomes and we've always lived within our means. Besides, my wife says it's a lot cheaper than a divorce. :haha-7383:

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Two words

"I can't".

But I've convinced the bank I can and as long as I keep up with the payments I get to play on the boat. Every weekend, rain or shine, we drive to our boat. Once aboard we can (almost) ignore the rest of the world and it is "what we do" and how we justify the cost. But there was a time when I was the rock you could not squeeze blood from and had significant dept and being happy wasn't as option, or so it seemed.

I've learned, after a long painful road, that happiness is self served and sometimes selfish AND selfless. If what I do is something that causes me to be happy then I do it. SOMETIMES despite how others feel and SOMETIMES because of. It is an internaly controlled emotion driven by how you think. Curious how many believe emotion drives thought though. Not true. Not something I wanted to believe cuz it's so much easier to blame everyone/thing else. Yeah sometimes it gets a bit tiresome to hear "well it could be worse" when things are pretty effin bad as they are, but death is the last milestone and, I hear, it ain't so bad either (least I hope so).

Someone once told me "Want what you have and be happy and you receive more". I asked "more what". The reply,

"Doesn't matter".

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Two words

"I can't".

But I've convinced the bank I can and as long as I keep up with the payments I get to play on the boat.

+1 on that! 12 year loans work well also!

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There are ways to do anything, if you want it bad enough. I dreamed of owning a cruiser in the 27'-29' range, and started saving and shopping. Two years later I got lucky and found a great deal on a 31' Sig and jumped on it. My wife and I have never regretted it, and realize now that since we upgraded our dream from 28' +/- to a 31 footer, that it's the perfect size for us to keep for a very very long time, and we plan on doing just that. Only problem was, we bought the Sig. before selling the 180ssi, because we didn't want to pass up on the deal. Now the poor 180 has been neglected, and it's not worth near what it should, so I refuse to sell it (give it away basically). We call it our environmentally friendly boat, because we can use it all weekend for a fraction of the cost of fuel as compared to the 310.

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+1 on that! 12 year loans work well also!

......they will do 20 year loans as well....not that I recommend it, but they're out there.

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My Army retirement income pays for my boat addiction. Unfortunately I still have to work for the other stuff. :angry2:

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As long as hear my 15yo daughter say "We need to spend more time on the boat this summer" like she did on Sunday, I'll give up a few other things to keep the boat.

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After the kids graduated from their respective universities, it was like getting a fantastic raise or bonus. For once, the funds were all mine. Time to boat.

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My (first) boat was part of a "mid life crisis" thing for me......I got it as a present to myself after 20 yrs of private practice in honor of my 50th birthday (wonder what Dox is going to get for himself?!). I have always loved the water; fishing, diving, snorkeling, etc., always reminded me of the days my father and I went fishing together.

But to really answer the thread's question; I did overextend myself to get my first cruiser and never ever regretted it. I folded the loan into a home equity loan at a fairly low interest so it's affordable. Then I sold that cruiser at the bottom of the used boat market and then bought my Chappie, again with a low interest loan.

Like others, especially with a cruiser, I watch my expenses carefully. I don't take frequent long trips with it just due to gas consumption.

As said before, it's a great hobby and I look forward to each and every time I go on the boat whether the engines are fired up or not. Something about being on the water...

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Income is all relative. I used to work in banking and typically the more somoene made the less they saved and the more debt they had. Take a Doctor for example, they might make 15k a month but they also might have 2k in luxury car leases/payments, country club memberships, college tuition, etc. Their disposalbe income might be less than someone who makes 50k a year.

I am 27 and I just bought my first boat, I don't make a ton of money but I can afford it because I am single and don't have kids. I also obtained private financing, this keeps the payment off my credit report for debt-to-income reasons and allows the investor a safe investment at a good return and for me a interest rate about 1/2 of what the banks offered.

The main thing is to not over extend yourself, and to budget for the unexpected such as repairs.

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A wise person once said, "there are no pockets in shrouds". In other words, you can't take your money with you when your time comes. So, like others have said, it's all about making it happen if its important to you. We first thought about saving up and buying the boat "someday". But then, the Admiral and I said we need the downtime and escape from our otherwise hectic lives or else we might not make it to "someday". So, we re-prioritized some things, and the rest is history.

Once we're empty nesters, and I sell my practice, I would like to upgrade to a 350 or 370, but that won't be for another 5 years or so.

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How do I afford it? Kind of a long story but in a nutshell.....

I first got "hooked" when I inherited my late father's Lyman 15 footer runabout. That soon just wasn't enough of a boat and I (foolishly) migrated upwards to a 25' Coronet cabin cruiser. I soon learned that you just don't "hook-up-and-go" with a 25 footer so then came the dock space rental, and well, I found that all the expenses were more than I wanted. So after a few years, I reluctantly gave up boating. Then came a marriage and she had no interest in boating. Then after 15 years came the divorce and another lifestyle change (i.e. FREEDOM again). Then a couple of years ago, the bug started nagging again. I knew I couldn't afford (and didn't want to finance) a new boat. I also knew that I wanted something larger than the Lyman BUT easily towed wherever I wanted to go without the hassles of dock leases. I also wanted a "project", something that I could work on, both for the economics and the pride of doing it myself. I have an extensive mechanical and electrical background. So last year, I found my "project". Granted, it was a lot, I mean a LOT, of work and maybe I spent more on her than I had originally intended but now, even though she's not 100% restored, I have my "hook-up-and-go" boat, she's PAID for and I'll always have something to tinker with on her (one of the benefits of an older boat). Would I trade this experience for anything else? Nope. In a word......

Priceless!

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It's all about priorities, income and personal expenses. I'm an average Joe with a college degree and have an average income. I live in a nice but older working class neighborhood with nice neighbors. My house is a standard 3b-2b-2c home that we've been in for 20 years. The payments are nothing like what most of my friends have with their newer fancier homes in the ritzier neighborhoods. Most of my friends make considerably more money than we do, and all have nicer homes. However many comment on how lucky I am to have to have so many toys, which I think is ridicules since I really only have four, my '08 Miata (my third), my new to me '95 Chap, 4x4 tow vehicle, and a couple of RC aircraft.

I grew up with boats, dad had a 14' runabout that he had for as long as I can remember, and then he bought a 16' Caddo tri-hull when I was in H/S. I learned a lot about boating on those two simpletons, and used that Caddo until well past college. When I finally wanted to buy my own boat, we had already purchased our home, and we had two boys to raise on a single income. I saved my pennies and bought a used 17' Venture Sailboat for cash (I think around 1700 deer). It wasn't much, but I was able to get on the water and the maintenance and fuel was minimal compared to a motor boat, thus I could afford to go the lake often. I leaned to sail on that boat the hard way with no aux. motor in my first season. The second season I picked up a used 3hp twin cyl Johnson outboard (25 deer) and a used lifting motor mount. I refinished the wood on the motor mount, and tore the engine down and re-built it. As it turned out the motor was an antique, 1950's era motor. Once rebuilt it was a great running motor. I had this rig for over 10 years and loved each and every one of them, but I missed motor boating.

When my youngest got serious in music I sold the sail boat and bought him a professional grade instrument because we had gotten to where we only took the boat out once or twice a season, thus our priorities shifted. A couple of years later I was given another Sailboat (day sailor) that needed repairs. I kept it in my boathouse (read RV/boat carport) for a couple of years and could never find the pieces needed to get her seaworthy, so I ended up selling that boat without ever taking her out.

Fast forward to now, the youngest is out of high school, the wife is working and we now have a second income. We still live in our first house and the payments are much easier to make now than they were 20 years ago and thus I figure I can afford the maintenance and the fuel to enjoy a motor boat. My father always told me that when it came to boats and airplanes, the purchase price of the toy was only the down payment, so I've always been keenly aware that while many times I've been in a position to buy a boat, I wasn't always in a position to keep a boat up and running. This rational is also what kept me from buying a cruiser. It is also why I purchased a boat that I was able to pay cash for, and that I could store at home in my R/V carport for free.

Being married for 22 years, and knowing human nature, I knew that if I bought a boat that cost us money on a monthly basis, particularly when we aren't using it, that discussion between the Admiral and I would head in the direction of getting rid of the boat along with its monthly burden. With my setup, when I'm not using the boat, it can sit there with no monthly cost and since I don't have payments or storage cost the Admiral is happy.

The other day my wife said, it seems like you have to work on that thing a lot; between the trailer, the boat, and the "new 2001" tow vehicle. I looked at her and said, to me that's half the fun, the other half is getting to play with it afterwords!

Now, lets go :thl_speedboat:

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I'm probably one of the younger people on here (24) so this topic was a really neat one to get different perspectives on. I'm make decent money and my girlfriend works full time with two boys. I'm in construction and just been really fortunate I guess to always have work even in these crazy times. I work about 11 hours a day Monday threw Friday., I bought a foreclosed property at a steal and we slowly but surly make it our little mansion. I drive great Chevrolet pickups both paid for when I bought them, the girlfriend has a nice Mazda that's been paid off for a few months. We don't go out and party but enjoy the beach and local lakes a lot. Used my dads boat the last few years and just held on to my pennies and bought my older and slightly used boat. No payments so what a monthly payment would have been goes into the fixing and cleaning the boat and paying the fuel and booze bill on the lake. My whole money order is the kids then the house then the girlfriend and then my boat. Its not new but its definitely gonna be a head turner at the lake this weekend. Its worth as much to me as any 30 Footer. Some one told me once that life is what you make it. I try to make mine and everything I get great every day.

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Well, The wife and I have pretty secure jobs. And I saved my a$$ of for four years. Borrowed a few nickles from her and here we are. I bare all the cost of the boat Ins, gas. This will be the first time I'm actaully going to keep track of how much its going to cost for the summer and I'm not sure if I'm going to let the Admiral now that number.... :mellow:

But its family time and on that there is no price.

matt

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I am frugal. I do my own work on the boat including winterization. I mow my own lawn and take care of my own pool and drive a 2004 honda. We don,t take extravagant vacations and we really are over the partying mode. I wouldn't trade it for world. My kids do projects in school and boating in one way or another comes up as a topic.

Al

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Coming out of college we had a lot of debt from the last two years and rented a house close to where my wife worked.

I did the big commute 90 mi a day.

We did that for about 10 years. Had everything paid off in less than two years.

The remaining time we spent saving like crazy.

I ran some numbers on when to buy a house rather than rent and have a mortgage. The lines never crossed.

So we saved some more and ended up buying our house with cash back in 2000. Oddly we got a 30k discount for buying it with cash.

This also let my wife quit work while raising up two new kids that came along 2002 and 2003.

Since then every time we want something we save up and then buy it with cash. (or actually save up along the way).

No heart burn, no worries that way.

It is true you can not take it with you but you can change your family tree.

:beer-7687-1:

-cp

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