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Old 01-28-2023, 07:21 AM   #10
O C Diver
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City: Fort Myers, FL... Summers in the Great Lakes
Vessel Name: Slow Hand
Vessel Model: Cherubini Independence 45
Join Date: Dec 2010
Posts: 12,834
I don't see a boat as comparable to a house unless you plan to live on it. You need some place to live. Either your buying or renting. A boat is discretionary spending.

I can think of few things that can change the cost of ownership as much as a boat. The fluctuation in the price of fuel, dockage, insurance, maintenance materials, and maintenance labor costs can truly crush a long term budget for ownership expenses. There have been several threads on the forum about overall annual expenses as a percentage of boat purchase price. If you purchased a boat 4 years ago, I would imagine 2023 is going to be a painful increase to the percentage of the original purchase price.

I don't finance discretionary purchases, but understand the reluctance to liquidate assets, pay capital gains tax, for something you can easily afford. I can also see the advantage of locking in an incredibly low interest rate and making the payments with dividend income as opposed to selling a steadily growing investment. But my gut feeling is that most people who finance boats can't afford them otherwise, and often can't afford to use them during hard economic times.

Ted
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