Interest Rates

Discussion in 'Washington Fishing Reports' started by TexMojoII, Dec 14, 2015.

  1. Odin7

    Odin7 Odin7

    Location:
    Port Orchard, WA
    Name:
    George
    Boat:
    Duckworth
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    Somewhere along this journey, I figured out that when I financed a big purchase, I wasn't financing my dream, I was financing someone else's.
     
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  2. bparker1225

    bparker1225 Ocean Addiction

    Location:
    Leucadia/Los Zacatitos
    Name:
    Bill Parker
    Boat:
    21' 6" Cabo-Cabo Bill
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    One of the best investments of my life was to buy a boat and finance it. My daughters grew up on that boat they still say on the boat was some of the best times of their lives growing up. One is now a doctor, one a nurse. Twenty five years later the boat is still gong strong I fish and boat at my pleasure. If had waited to amass $35,00O in cash for a boat I would still be saving.
     
  3. BrickShouse

    BrickShouse Alaska Grown

    Location:
    Camano Island, Wa
    Name:
    Erik
    Boat:
    Raider 2484 Cuddy "LazyCoho"
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    This was my exact thought! I grew up fishing in Alaska and all of my best memories were days on the water. If I was to wait to pay cash out right the kids would be grown and the time lost. For me it is worth the 30k in interest to give my family that experience. But we are all in different financial situations its amazing what you can do with just a 10k boat in the Puget Sound!
    [​IMG]
     
    Last edited: Dec 15, 2015
  4. Odin7

    Odin7 Odin7

    Location:
    Port Orchard, WA
    Name:
    George
    Boat:
    Duckworth
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    Not discounting how much fun a boat can be. Times are different than they were when we were younger. Gone are the days of pensions when a young family could finance a dream while someone else financed their future.

    One of my childhood buddies, worked at the Mitsubishi plant in Normal Illinois his entire life. Been working ten hour days, six days a week for the past three years. Well, that is, until they closed it over Thanksgiving. Forever. Something to do with some sort of Pacific trade deal.

    Used to be, you could make long term financial commitments and not worry about whether you would have a job next year. That has changed over the past couple of decades. It is important to think about personal financial security as if no one will look out for your future better than you.

    In the end, everyone has to do what they believe is right for them and that no two persons goals and circumstances are the same. Important regardless to ask where we want to be in ten or twenty years and if the things we believe to be right today will prove to have gotten us to where we want to be tomorrow. At some point, there are no more do-overs.
     
  5. Mpizzle

    Mpizzle Bobber down!

    Location:
    Mt Vernon
    Name:
    Matt
    Boat:
    20’ Glasply
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    I am a proud member of that club. Sometimes less is more with what you are afforded in life.
     
  6. tacklejacked

    tacklejacked Capt./ Ho if I get to drive

    Location:
    Seabeck
    Name:
    Greg
    Boat:
    22 Hewescraft Searunner ET HT
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    You only live once. Save cash for 20 years to buy a boat outright or finance for twenty years and enjoy the shit out of it. Difference is at the 20 year mark when you die either someone will have a bunch of cash and you will be pissed cause you didn't fish, or you die happy with a belly full of tuna and someone you know gets a paid off boat free and clear.

    I choose to live for today.
     
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  7. bparker1225

    bparker1225 Ocean Addiction

    Location:
    Leucadia/Los Zacatitos
    Name:
    Bill Parker
    Boat:
    21' 6" Cabo-Cabo Bill
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    Well I wish I could agree. Everyone's financial situation is different. I am assuming then that you also paid cash for your house? Forty years ago financed our house. The next year housing prices almost doubled in our neighborhood and today they are over 13 times what we paid. If we waited that one year we would have been out of luck and now forget it. The same with boats, the price on many boats have almost doubled in the last decade. If you saved for 10 years- sorry. Then all of a sudden you are old and your kids are grown and gone. Last if I had $500,000 to spend on a boat I would invest it and make 7-10 percent. Then buy the boat at 5% interest and come out ahead.
     
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  8. BrickShouse

    BrickShouse Alaska Grown

    Location:
    Camano Island, Wa
    Name:
    Erik
    Boat:
    Raider 2484 Cuddy "LazyCoho"
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    This is why you see soooo many lightly used boats for sale. Guys save up till the very end and either their health gets them or they just can't handle all of what it takes to run a boat.
     
  9. Titan

    Titan I've posted enough I should edit this section

    Location:
    Sammamish/WA/USA
    Name:
    Kamen
    Boat:
    Dinghy
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    No, it's because of guys who get in debt and go broke when life throws them a curve ball.
     
  10. Elkfins

    Elkfins Ungrateful Prick

    Location:
    Tacoma, WA
    Name:
    Steve
    Boat:
    "Cleanup Required" '99 Grady White 232 Gulfstream
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    It doesn't have to take 20 years to save 40k...
    Not trying to bash anyone who goes out and gets a loan for their boat...
    I'm just saying it's not the best financial plan. From a financial standpoint, Loans are best used as a tool to enrich yourself... otherwise, you are just enriching the bankers. Borrow money, use it to make more money and after the first couple of turns, you can be in a position where you don't have to borrow anymore. Sure, there's some risk but the other option is to work as a slave to the man for your whole life to afford the payments for the house, car, boat, RV, TV, furniture, and whatever else you're financing. Personally, I want to retire when I'm still young enough to enjoy it.

    Of course, there's always the 3rd option... marry a rich girl like I did.
     
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  11. Barracuda1

    Barracuda1 Master of None

    Location:
    All over this bitch!
    Name:
    Fred
    Boat:
    Defiance 220 EX (BARRACUDA II)
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    Boy! I'm glad you guys said it. I can't compete with some of the big wig money guys on here but my myself, family and friends sure have a great time on the boats I have financed. Sure It's not exactly a secure money return investment but the quality of life is priceless for me and mine. I'm just a working stiff but I'm livin!
     
  12. barrie

    barrie Member

    Location:
    victoria bc canada
    Name:
    barrie
    Boat:
    2008 Seasport 24
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    Well my buddy went the save up the money and buy it outright route. He finally got the boat of his dreams and cancer got him a year later. I charter fished my first "big to me" boat to pay for it. You guys got it good down there with those deductible interest rate loans. Nothing like that here in Canada, unless you make money with the boat, then income tax punishes ya! I would never wait, just ask my buddy's widow.
     
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  13. tambs

    tambs Yo BD! Color Screens-Invented Mid '50s. Jus sayin.

    Location:
    Tri-Cities, WA
    Name:
    Tom
    Boat:
    "Bottom Line" - 25' Carolina Classic SF
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    She have a single sister?? Or perhaps an unhappily married sister? :drool:


    :D
     
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  14. BrickShouse

    BrickShouse Alaska Grown

    Location:
    Camano Island, Wa
    Name:
    Erik
    Boat:
    Raider 2484 Cuddy "LazyCoho"
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    You see this a ton with guys leaving the fire service...30 years of service, go retire and die the next month. You don't want to over extend yourself so its a balance but enjoy your time now because you never know if you will wake up tomorrow!
     
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  15. Odin7

    Odin7 Odin7

    Location:
    Port Orchard, WA
    Name:
    George
    Boat:
    Duckworth
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    Bill, you are a bit older than me and when you started, lived in a different time. I mean this with respect and envy.

    At 53, I'm a little behind you, but got a taste of what you built for me to carry forward. The crowd that followed me into the work force got a glimpse of it and for young people starting families today, the concept of a job with full benefits and a pension is as abstract as the concept of a phone connected to the wall with a wire that you dialed phone numbers that you had memorized.

    Younger people, and I'd say mid 30s and below, might have grown up with Pops having a boat he made payments on that the family enjoyed hours fishing from. They are attached to the concept of this activity, but fail to contrast the nostalgia associated with those memories and the economy that framed the era he lived in against the realities a less certain future holds for them.

    As we approach the boat show, I'm not trying to be a buzz killer. Just trying to keep the thought processes grounded.
     
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  16. tambs

    tambs Yo BD! Color Screens-Invented Mid '50s. Jus sayin.

    Location:
    Tri-Cities, WA
    Name:
    Tom
    Boat:
    "Bottom Line" - 25' Carolina Classic SF
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    My brother and I always planned on cruising the inside passage to SE Alaska, fishing and sightseeing our way from NW WA to Ketchikan, Sitka, Juneau, or wherever time and money allowed. We were always talking, planning, or arguing about the best boat for the trip, etc. A lack of the necessary funds, and to a lesser extent our jobs, prohibited buying a capable craft and taking the time to make it happened, though it could have been accomplished had we done a joint loan deal. All that was buried with him when he was killed in a trucking accident in 2013. Coulda, woulda, shoulda.
     
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  17. Odin7

    Odin7 Odin7

    Location:
    Port Orchard, WA
    Name:
    George
    Boat:
    Duckworth
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    Man, I am sorry to hear this...
     
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  18. Team Sency

    Team Sency Unleash the hounds!!

    Location:
    Black Diamond
    Name:
    Chris
    Boat:
    JuiceBox2
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    As said already...each of us are in different situations and have different plans and dreams...

    All I can say is whatever you buy and however you purchase it...USE it and have great adventures with! So many people blow $$ on stuff hardly use just to have it.

    Balance $$ for tomorrow and for today...besides health and life slipping away...How long will we have fish and seasons to have a boat for at all? Each season anymore is really something to be thankful for.
     
  19. Chtucker

    Chtucker Lowe boat denter

    Location:
    Sunshine State, AKA NOT.. Kirkland, WA
    Name:
    Howard
    Boat:
    Double Trouble 28' Armstrong
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    Only thing you can't buy is time. Don't waste it.
     
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  20. CommanderX

    CommanderX Member

    Location:
    Washington
    Name:
    Doug
    Boat:
    Glasply project
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    I've had two new boats with payments. I found it hard to justify a payment for a hobby. I'm rebuilding a quality boat now with discretionary money which is hard to come by with two college tuitions we are paying for with no loans. My kids will be debt free with a degree and I'll be debt free with an old boat.
     
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