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Saving for Boat Purchase
Posted on 12/8/18 at 5:51 pm
Posted on 12/8/18 at 5:51 pm
I'm taking a new position at work soon. It'll be a nice raise and will allow me to start saving for a new boat. What's the best investment medium to use for this purpose? I'd like to start putting a payment in every month. Savings account? Money market? CDs?
I won't be one of those guys financing a $100K boat over a ten year period.
I won't be one of those guys financing a $100K boat over a ten year period.
7
Posted on 12/8/18 at 6:17 pm to Aubie Spr96
Somebody told me, “what you want is a friend with a boat.”
Then he said,”A boat is a hole in the water that you pour money into.”
However, if you are saving to buy something over a period of months, a money market account is a good option.
Then he said,”A boat is a hole in the water that you pour money into.”
However, if you are saving to buy something over a period of months, a money market account is a good option.
Posted on 12/8/18 at 6:18 pm to Aubie Spr96
I don’t know about saving for it but I really think the best advise I could give you is don’t buy a new boat. Start saving and research exactly which boat you want during that time. Once you start getting close, like 6 months out, start searching for the boat. If you don’t rush and keep looking you will find a barely used boat at a much, much lower price.
Posted on 12/8/18 at 7:09 pm to Hankg
Boats are a horrible purchase and I understand that. The last two that I’ve had, I bought in Dec/Jan with cash. Both instances, I made a good enough deal to sell them years later for what I paid. However, I’ve never had a new boat that was exactly what I wanted and when my youngest graduates college (5 years), by God I’m getting one.
Posted on 12/8/18 at 8:19 pm to makersmark1
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Posted on 12/8/18 at 8:33 pm to Aubie Spr96
Don’t let them talk you out of it. Owning a boat is awesome. Hell yeah it costs money, but frick it, you have a boat.
Posted on 12/8/18 at 8:42 pm to Aubie Spr96
You need to figure how many times a year you will be running it
If less than say 1 a month, or 12 trips a year, forget about it..........
12 trips a year is a lot for most
Yea over the summer you may run it say 6 times.. .then what
If less than say 1 a month, or 12 trips a year, forget about it..........
12 trips a year is a lot for most
Yea over the summer you may run it say 6 times.. .then what
Posted on 12/9/18 at 11:02 am to Aubie Spr96
Don't listen to the poor limp wrists above that can't afford a boat and can't turn a wrench when something inevitably goes wrong.
FWIW Ally has an online savings account with 2% APY.
FWIW Ally has an online savings account with 2% APY.
Posted on 12/9/18 at 11:04 am to Drop4Loss
Not that it means anything to the question at hand, but I tournament fish. I’ll fish about 30 weekends a year. A handful of those trips will be multi day trips. So yes, I get significant use out of the boat which is why I’m tired of used ones and want a new one.
I’ll ask my local bank about a money market account this week. Looks like 2% interest is about the best you can expect.
I’ll ask my local bank about a money market account this week. Looks like 2% interest is about the best you can expect.
Posted on 12/9/18 at 11:35 am to Aubie Spr96
(no message)
This post was edited on 12/21/21 at 11:42 am
Posted on 12/9/18 at 3:54 pm to XanderCrews
Life is short. If you fish that much buy the damn boat. I fish about 50 trips a year. Get a quality hull and maintain it. Sounds like you bass fish so there are several brands that hold their value quite well.
Posted on 12/9/18 at 10:12 pm to Aubie Spr96
I use Amex for our savings account. Apr is 2% right now.
Posted on 12/10/18 at 11:13 am to Aubie Spr96
quote:
Looks like 2% interest is about the best you can expect.
there are several small banks in my market with ~4% interest on a checking account if you use it actively (swipe your card, have direct deposit). max amount seems to vary between about $15k - $25k. check websites for your smaller local banks.
Posted on 12/10/18 at 11:32 am to Aubie Spr96
Don't buy the boat, take half the money you would have spent buying the point, and send it to me, in five years you can send a card thanking me for the money you saved.
Posted on 12/10/18 at 11:51 am to EA6B
quote:
Don't buy the boat, take half the money you would have spent buying the point, and send it to me, in five years you can send a card thanking me for the money you saved.
The same can be said for many hobbies.
Let the man get his boat.
Posted on 12/10/18 at 12:57 pm to slackster
quote:
Let the man get his boat.
the response every time somebody asks about a nonessential purchase is getting lame. if he's posting here, he gets that it isn't a great financial move. but if he can afford it, and it increases his quality of life, it's a worthwhile purchase.
Posted on 12/10/18 at 1:36 pm to lsujro
Yeah I mean the guy didnt ask if he should buy a boat. He asked for tips on the best way to save for it.
Posted on 12/10/18 at 4:45 pm to slackster
quote:
The same can be said for many hobbies.
Let the man get his boat.
Note to self: Do NOT mention the 911 GT3 that I'm looking at.
Sounds like the OP is paying cash for it and he's waiting til his kid finishes school, so have at it.
I'm a car guy - always have been. And even though I'd be ahead by six figures because of depreciation lost over the years, I can't say that I regret any sporty ride that I've bought. Now, if I was fighting a hungry kitten for the chunks left in the bottom of the cat food can, trying to get Dave Ramsey on the phone, I might tell a different story. But if you can afford it and you're buying it with eyes wide open, enjoy.
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