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..

[Smokepole]

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.

This is exactly how I feel.  Keep the memories.  Sell the boat.  Move in the right direction! 

[RadSav]

First off I would be surprised if you could get a 10-12 year on a used sport fishing boat.  Second, if you have to get money from the bank to pay off the truck loan your really not paying off the truck loan just refinancing it.  So it sounds to me as though you already have a truck you can't really afford.  Now you want to add to that with a boat you can't really afford.  What happens if you get sick or lose your job?  Are you prepared to lose a boat, a truck or both?

I whole heartily agree with the above mention about the only thing to finance past five years is a house.  And most people these days buy way too dang much house than they need too.  Breaks up families, marriages and leads to all kinds of bad stuff.  The wife and I are quite well off and we have only ever bought one new car.  And that was a previous year commuter for only $7,900.  Financial security has little to do with Mo Money.  It has to do with understanding your income circle and working within your limitations while looking as far into your future as possible.  I've been rich and I've been poor and I found a way to screw them both up until I found out how to live within my personal income circle.

I completely understand the personal connection you have with this boat.  Believe me I do.  I am lucky that my father is still in my life and always there to give advise.  But here is one of the things I always ask myself when I think I might be making a poor decision.  "Is dad going to bash me upside the head if I do this?"  If I think he might I step back and re evaluate my decision.  Usually leading me to pass on the deal.  I take it from your original post that you think your father would have bashed you upside the head if he found you doing this.

Sometimes we have to allow logic and reason to over ride our emotional involvement in an opportunity.  That's not an easy thing to do.  Especially when that emotional involvement has ties to a loved one.  I'm not going to sit here and tell you not to do or even to do something.  That is 100% your choice.  But you are your fathers living legacy.  As he sounds like he was a great man that comes with great responsibility.  Just venture forth in a direction you absolutely know he would be proud of you.  He raised you to be able to make this type of decision.  I'm sure with that you will make the right decision whichever that might be.

[kisfish]

I would say no to the boat but that is easy for me to say because I don't have the connection to it. Good luck.

[Boss .300 winmag]

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.

 

I have two canoes just for this reason, B.O.A.T. I could afford a boat payment, but its not wise for my family. Renting boats, and other water craft is way cheaper to do than owning them for us. Sometimes our possession start owning us, and when that happens life gets to be no fun!

[Austrian Hunter]

It's a party pooper but the guys o here are right.  Don't be Boat poor together with truck poor.  If you can afford it you would not have to refinance anything to do it.  Ask your mom to wait for the situation to better, maybe until you paid off the truck.   

[kckrawler]

Hey, you're the only one who knows what's stashed away in the bank account and has to write the check. If your ATM receipt makes you feel all warm and fuzzy on the inside and you know you can afford the payment, I say go for it  TJ's a great boats and if treated right they will last you a long time.

Nobody on here has financed a boat when they probably shouldn't have, really??? Where'd that BS smiley go...

[Austrian Hunter]

Hey, you're the only one who knows what's stashed away in the bank account and has to write the check. If your ATM receipt makes you feel all warm and fuzzy on the inside and you know you can afford the payment, I say go for it  TJ's a great boats and if treated right they will last you a long time.

Nobody on here has financed a boat when they probably shouldn't have, really??? Where'd that BS smiley go...

I think this is why he gets the opinions, many people including me have bought things I shouldn't have.....

[RadSav]

Hey, you're the only one who knows what's stashed away in the bank account and has to write the check. If your ATM receipt makes you feel all warm and fuzzy on the inside and you know you can afford the payment, I say go for it  TJ's a great boats and if treated right they will last you a long time.

Nobody on here has financed a boat when they probably shouldn't have, really??? Where'd that BS smiley go...

I think this is why he gets the opinions, many people including me have bought things I shouldn't have.....

You want a financial adviser fresh out of college?  Not me!  I want one who has had the time to make a lifetime of mistakes.  How would you possibly know how to avoid making mistakes if you never made one in your life?  As I mentioned earlier, I found a way to screw up being rich.  That was really sort of easy    Sad part was I also found a way to even screw up being poor (as the comedian said - I became PO - couldn't even afford the "O R") My old boss said to me once, "financial maturity is something that has to be beaten into some with a Big Arse stick.  And you boy need a good beating!"   I sure learned a lot from that old bass turd.

[6x6in6]

For me, it would boil down to 2 things.
1) If you plan to keep it for the 10-12 years, and it sounds like you would given the personal ties to it.
2) The interest rate on the loan.

I financed an RV 7+ years ago on a 10 year note.  1.7% interest.  I struggled with the term length too.  Then I did the amortization aspect and realized 1.7% really wasn't that bad.
Rate of return on the fun factor way offsets the little money the bank is making off this.

[Bean Counter]

I'm glad we're bringing vehicles into the discussion, as well.

I bought my first truck for about $20K and it was three years old when I bought it. I paid it off in about 1.5 years but I still didn't like having such a high value depreciating asset. I wound up selling it for $16k two years later, even though it was fully paid off. Then I turned around and bought a similar truck, a few years older and with more miles, for $6k. Couldn't be happier--I have less money tied up in a depreciating asset and I'm less afraid to take it out and beat it up in the woods.

[300rum]

When you can afford it, you won't have to ask.

[tony04]

i only owe a couple grand on my pickup. and i dont nessesarily HAVE to pay off my truck, but it would free up some money. Granted i havent been to the bank yet to see what i qualify for. but im shooting for low payments that i can pay extra on but can make they low payment if i have to..   ive been watching the intersest rates for boat loans go up and they're getting higher as it gets closer to summer so i dont want to wait too long.  and as the boat sits right now, its completly set up, besides a stereo. i forgot to mention that it has scotty electric downriggers. so really the extra cost is basic stuff.  my fuel cost is pretty expensive for traveling to work. i basically work for free one day i week. but i just got a little car that gets double the mileage. so my fuel cost will be cut in half..

[IBspoiled]

I would say consider your mom's position.  Is she financially stable?  Or by selling you this boat under resale and with the building is she strapping herself?  If she could use the money than I say help her sell the boat for as much as she can get and the building as well. 

Or would she consider letting you make the payments that she is making, if she owes on the boat that is?  Just some other thoughts. 

Wife of IBspoiled.