Buy Now???

[Mambo42]

A Fleming 55 !
Wow !
Congretulations ! That is a great boat, I think we all have seen the Fleming series on Youtube, it is a dreamboat for me.

As for the cost of owning a boat ?
Yes, it is expensive, but the way I look at it is that I can do two things. I can stay at home, look at the flowers and wish I was somewhere else all the time or
I buy a boat, take her out to sea, visit places and accept that it costs money.

And then I can only think of: 'If you must be regretful, regret what you didn't do, not what you did. A man lets too many smiling opportunities pass him by.”

So wish you a great time on board your new Fleming 55 !

 

[Group9]

I find a freedom in being debt free. We paid cash for our last two boats, and made a conscious decision that we would only have as nice a boat as we could write a check for.

 

[backinblue]

Watching the Venture video, I'm happy to see they chose the correct anchor and chain! Never seen a Flemming I didn't love.

 

[Art]

I find a freedom in being debt free. We paid cash for our last two boats, and made a conscious decision that we would only have as nice a boat as we could write a check for.

Only debt we pay is charge card... paid in full each month... talk about the ease of "plastic cash" with no interest and a $$ %age of nearly every purchase returned!

Of course, then there is always 4/15 each year,,, wherein we all pay faux
interest; called tax!! At the lowest level we can have happen... :lol:

 

[SteveK]

We paid interest on a charge card account one month. We also had a large carry forward credit on another after sending payment to the wrong one.
Yes very convenient, hardly carry any cash anymore.

 

[backinblue]

I rarely have any cash on hand. $100 will last a couple months. Everything goes on credit and gets paid in full each month. The cash back is nice such as 4% for gas at Costco which is not trival when it was $5/gal. Same with Amazon store card. Extra 5% discount on everything I buy. Getting a check soon from Visa for about $1400 for 2022 cash back. Didn't pay a penny in interest, but it's an easy trap they hope you fall into if you come up short some months.

 

[SteveK]

Cash back, never saw that as valuable as air miles.
What am I missing, at 5% it is $50 per $1000 charged.
We went to BVI and almost 90% back on air miles last year collected over two years.

 

[slowgoesit]

I rarely have any cash on hand. $100 will last a couple months. Everything goes on credit and gets paid in full each month. The cash back is nice such as 4% for gas at Costco which is not trival when it was $5/gal. Same with Amazon store card. Extra 5% discount on everything I buy. Getting a check soon from Visa for about $1400 for 2022 cash back. Didn't pay a penny in interest, but it's an easy trap they hope you fall into if you come up short some months.

Yep, we take advantage of that as well, but we last year it capped out at around $9,000, and in 2023 it caps out at $7,000, after which it drops to 1%.
Between gas in the car, and diesel in the boat, with trip to Alaska, we were WAY over the top of the $9k

 

[SteveK]

Yep, we take advantage of that as well, but we last year it capped out at around $9,000, and in 2023 it caps out at $7,000, after which it drops to 1%.
Between gas in the car, and diesel in the boat, with trip to Alaska, we were WAY over the top of the $9k

Where did you buy costco diesel for the boat, a lot of jerry cans?

 

[backinblue]

Yep, we take advantage of that as well, but we last year it capped out at around $9,000, and in 2023 it caps out at $7,000, after which it drops to 1%.
Between gas in the car, and diesel in the boat, with trip to Alaska, we were WAY over the top of the $9k

If you max out you could always get a card from another provider and/or one in your wife's name. I have lots of miles from flying and lots of points from hotels, but never really found them as valuable as the cash back when it comes to credit card usage.

 

[Art]

We paid interest on a charge card account one month. We also had a large carry forward credit on another after sending payment to the wrong one.
Yes very convenient, hardly carry any cash anymore.

I've a fire proof safe with important papers as well as enough Green to hold-on even if all hell breaks loose! Plastic is fun and easy... as long as the system works well. BUT - If/When Necessary - Cash is KING.

And, I always have two money clips in my pocket. One carries smaller bills... the other doesn't. Both show only the green-back side of a $1 dollar bill - only!

 

[sbu22]

In the end, the only time anyone needs a boat is when the one they are on is sinking and the one next to them isn't. Other than that, it's discretionary.

I like that, first time I've read it.

Great, Mike! I stole it.

 

[FIRE]

One important point regarding boat ownership/purchase.
Really, just about anyone can buy a boat these days. You might even say that just about anyone can afford to buy a boat these days.
BUT, (and its a big one). There is a big difference between being able to afford to buy a boat and being able to afford to own a boat.
I will use myself as a perfect example: I am retired, not wealthy but have excellent credit. I've even got a few bucks in the bank to use for a down payment. I'm sure I could get financing for a couple hundred thousand dollar boat. I could probably even make the payments on the loan. But I sure couldn't afford to own such a boat!
There is a big difference between buying and owning!
pete[/QUOTE]

Pete - Now aint that the truth! I run my life pretty financially structured and am risk averse when it comes to wants versus needs. That said I paid cash for the boat and have made and adjusted so many revisions to my boat ownership budget that I am (mostly) confident of its success. I even took the time to "interview" 3 F55 owners to learn the reality of ownership from an owner vs., say the 10% rule.
If that isn't enough I have a 50 page document from a financial advisor showing our life over the next 40 years (assuming I check out at 95) with every $$ input and $$ outlay as best as one can surmise. This "plan" has been updated annually based on the latest information and is great to have if you or anyone reading this has doubts. That said you would need to be willing to divulge the entirety of your financial picture beyond what is under management.

So buying versus owning....I think I am well schooled but ALWAYS look to others to check and recheck my assumptions and math. I am so paranoid that I asked my new accountant to forensically doublecheck the Financial guys numbers to ensure it works. HA! They think I am nuts...but hey it is my life and giant decisions are being made!!

Cheers!