re: Question for you baws with boat loans.

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Necessities vs luxuries

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There are bicycles and ubers and lyfts that can get you to work and back, so a vehicle is not a necessity, and owning a home is definitely not a necessity, plenty of people rent instead of own....

ETA: before anyone says this is a stupid comparison, I know it is, but it is no more stupid than saying if you have to take out a loan for a boat, you shouldn't have a boat.

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Absolutely. And how many man hours of upgrades did you have in it and how much money on maintenance. Boats aren't an appreciating asset outside of extremely rare occasions. This idea is foolish, and yes I know it can be done occasionally.

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Yeah I mean I agree it’s kind of outlier and an exception to the rule, but we’ve done it consecutively on 3 boats lol.

Even factoring in regular maintenance and insurance/cost of use still came out way ahead lol.

And if you bought a boat 4 years ago I’d say they appreciated lol. Could have bought a early 2000s 31 contender for $80k then, not touched it and let it sit 4 years, then sell it today for $120k easy

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Yeah I mean I agree it’s kind of outlier and an exception to the rule, but we’ve done it consecutively on 3 boats lol.

Even factoring in regular maintenance and insurance/cost of use still came out way ahead lol.

And if you bought a boat 4 years ago I’d say they appreciated lol. Could have bought a early 2000s 31 contender for $80k then, not touched it and let it sit 4 years, then sell it today for $120k easy

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I would posit that were one to have bought said early 2000 Contender 31 4 years ago and not touched it the engines would be in serious need of some work and would probably not run very well unless they had been properly laid up which is not not touching them...but I take your point. I am not certain you could have bought that boat for $80K 4 years ago but I will rely on your knowledge and suggest that it is a unique situation that would be hard to repilcate on any scale.

I have bought and restored several offshore boats over the years and have sold them for what I felt was a good price and was certainly at the top of the market at the time and at best I broke even on every one of them. I enjoy doing it so I get some benefit but it would'nt be a viable business for anyone let alone someone who is not mechanically sound and has the skills and knowledge to do the work let alone was willing to do it...it is not easy work. I am certain that there have been people who have made money on used boats...I suspect there is even a way to make it a viable business....but it is not common by any stretch, most people lose money on boats that is why they are not considered an investment because the expectation is that you are going to lose money on them...

Well yeah, I never said I’d make a business out of it

I’m just saying it’s possible and really not all that uncommon (especially with todays market for used boats) to make money off a boat. Used market slowly starting to crash and get back to normal, but sometime around when Covid hit it exploded. There were 2001 31 contenders that needed new engines selling for over $150k, which is insane.

Also, when I say “make money” I mean selling it for more than what is invested in it (including maint, upgrades, insurance and ownership costs). I don’t really consider usage costs like bait, ice, fuel, etc. part of cost of boat, mainly because I’d still be spending that just riding on someone else’s boat

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I am not certain you could have bought that boat for $80K

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Most definitely could. shite, if you’re lucky you could find one now for $80-90k. Seen a few pop up in that range lately now that the market is somewhat getting back to normal

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that is why they are not considered an investment

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I agree with this. I would never go in assuming I would come out ahead. Anything I would buy I would have to be OK keeping forever or taking a loss on. I’m just saying if you are smart and get in/out of it at the right times and are handy with maintenance/repairs it seems fairly easy to come out ahead

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bay boat to center console

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what am I missing?

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I’m assumed he is saying bay boat to offshore boat.

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Correct.