in a dilemma..

[tony04]

long story short. my dad passed away a little over a year ago. i have the opportunity to purchase my dads boat from my mom. it was literally his dream boat. its a 2010 19'  thunderjet, with a 350 kodiak and an sd-309 or 312 jet. (cant remember right now) also has a suzuki 9.9 w/electric start and trim. he also added a lowrance hds-5 fish finder/gps, along with some other things like dual windshield wipers and dual batteries. when i first took it out after he passed, it had 6.3hrs (i'll never forget lol) . after last summer i had put on an additional 30hrs. My mom gave me the opportunity to get it for under resale and also get a 3/4 enclosed steel building to house it(24x28 i believe). in order for me to puchase it i will have to get extra $ from the bank to pay my truck off, then finance for 10-12+years. which i hope they will do. i am torn between the amount i have to finance and for the long length of time. its a pretty big commitment. but i feel it will be a great investment because it will be a great family hobby for my kids and i. something we can do almost all year long. (its also got a heater so the kids can stay warm) i guess im looking for some guidence here.. im 27 years old so sometimes i act before i think..  thanks

[shoot-em-dead]

I understand wanting a boat. I understand the sentimental value there is too.  But I can also say that I have been fighting the same stupid 20k in debt for the last 4 years. With a stay at home wife and six children extra money is never there. I get some paid off and then something else comes up unexpectedly and I fall back behind. It SUCKS. My advice would be to stay as far from debt as you can. 

[Mfowl]

Boats are great and a ton of fun! However keep in mind that its not just the $ you'll be paying off to the bank for the next 10+ years. There are a ton of costs that go along with using the boat, fuel, maintenance, gear, registration. As a boat owner myself I can promise you that there is always something to spend some money on where your boat is concerned. I understand the sentimental value as well and if you can swing I would say buy it, sounds like an unbeatable deal. Just don't be surprised to encounter many additional costs. "The 2 best days of being a boat owner are the day you buy it and the day you sell it!"

[BigD]

Some good points already made. I have a rule for myself, the only thing I will finiance for longer than 5 years is a house, anything else must be paid off in 5 or less.

[KopperBuck]

Boat = break out another thousand. Would I ever get rid of mine... No way, not right now. I can afford it. But like folks say, it can cost money. Just like a free horse (which I have and 3 bought).

[Bean Counter]

No, you should not buy the boat. You should feed the pig.

FEED THE PIG!!!!!

I agree with the others to run from debt. If you could pay cash for it or maybe pay it off in a year, that might be different. Are you SURE you'd like and use a boat regularly? A lot of ideas have sounded good to me but when I step back and think it through I often say "wow, that isn't right for me at all."

[wildmanoutdoors]

Id just make sure its the "right" boat for you. Its an inboard, V8 jet boat. So its not really geared to much around here IMO. Its a gas hog for sure, cant take it on the smaller rivers like the Nootch and Sop. So the Cow is really the only place you can run it were the jet is actually needed.

If running BIG rivers is your game then it may be the right boat. You sure dont need it on the Columbia. Its a prop river as much as a jet river.

Im sure you can get a much more suited to you boat for the same amount. Unless your into trailering it for 5 hours to run the snake and such. Which is what its made for. So look at breaking out a few hundred for gas just to trailer it and then filling that thing for a day of fun.

If the heater runs off the main engines coolant you will only be warm when its running. If you fish allot you wont have the main fired. But propane heaters are good for that.

The question is, what do you want to do with a boat???

[snocohunter]

I've had a similar decision looming for a few years with my grandpa's boat. he's not dead, but he can't physically take it out anymore, and gets kinda depressed when we take it it out with him and have to load/unload, etc. He keeps asking when i want to take over payments. He paid $40k for it 8 years ago and still owes around $25k on it. I'd love to have it but can't justify the $300 payment.

[Bean Counter]

I hope there are a lot of onlookers here, asking themselves whether this is a good position to put themselves, and their beneficiaries (children) in. Granted that a boat isn't just a junk status symbol as is a gold watch--a boat is used to create lifelong lasting memories with family and friends. Nevertheless, its obvious that the financial burden outweighs the positives in many cases. A boat might be a great thing for you to have but maybe you need to another five or ten years to clean up and shore up your finances before committing yourself to such an investment.

Feed the pig
 Feed the pig
   Feed the pig

 

[Smokepole]

Do not do it.  My advice is to purchase a boat with cash.  You can find some screaming deals on older boats.  You can have just as much fun in an old boat.  Save up.  Pay cash.  Happiness is achieved by living within your means and enjoying your blessings.  Payments come in 24-7, even when fishing season is closed.  It's no fun having a boat if you don't have the time and money to use it.

[elkinrutdrivemenuts]

If you saved that payment and at the end of 10 years had all that cash in your hand what would you do with it? Blow it on a boat or invest it in something different such as a new house, retirement, college for the kids, etc? Sure the payment may be manageable, but if you had say 20k in the bank, would you deplete your funds on a item that loses money?

[Skillet]

Lots of sound advice here, and I'll  throw my two bits in:

Don't buy the boat to memorialize your father by and then end up resenting it because it takes up so much time and money it prevents you from going on the vacation you want with the kids, getting the wife a reliable car,  etc.  Just take the drain plug from it before your mom sells it, and use that drain plug in a good old boat you paid cash for!  That way a little bit of dad's boat is with you.

[h20hunter]

Don't do it.

Would your dad want you in debt...struggling to pay and maintain...just to keep it?

[Cap.Silver]

I'd say sell the boat and if you can afford it one day get something cheaper ...... T-jets are not the best boats anyway (Not to hurt someone else's feelings)

[tony04]

i figured these were the answers i would get. I understand the other costs that come with it. and i do have alot of debt already. thats why i would have to pay my truck off with the loan. i know my dad wouldnt want me to put myself in that much debt. but its going to be so hard to let the boat go. it makes me tear up just thinking about it... and its a freakin sweet boat! yeah the jet isnt really the right option for my kind of fishing. i live less than 2 miles from riffe lake. which is where i do 90% of my fishing for now. we also took it to chelan which was a blast! i guess the majority of my fishing will be big waters.  yes it does LOVE to suck down the fuel, which i have been told prop engines get alot better fuel economy. so i know that would be a big downfall. fuel is expencive. its just that last summer, we had SO much fun with it. which i am very, VERY thankful for. we spent every possible day on the water.even if it was only an hour after work.  looking back, it was probably the best summwe i had as an adult.. i guess i should just suck it up and let it go..