procharged272

Ok, my wife and I are in our late 30's have one child and both have what we consider well above average professional careers for our area. We have been off and on boat owners over the years owning 3 boats (20 Crownline, 272 Baja, and a 24' pontoon). We have always been intrigued by the "go fast" world of boating and poker runs and have been dreaming of someday owning a boat capable of a Key West or LOTO style poker run. We have been looking at Fountains and Formulas for a few years in the 35' - 40' range. We are not wealthy people, just an average couple with a 7 yr. old kiddo. a mortgage and a college savings plan. What's the secret to owning our dream boat? I see younger and younger people owning boats we only dream of and wonder how they hell they do it. I'm not jealous or anything but was wondering if there is some type of strategy that people take to get their dream boats without being highly successful entrepreneurs or being the recipient of substantial inheritances.

mike tkach

Good credit!

TxHawk

Good credit and sacrifices in other areas. I see pictures of boats in the driveway of houses that are likely less than the asking price of the boat. That is if they own a house. I don't have a problem with that, it's a choice.

I look back at what I would spend on a big go fast back in my 20's and as a mid thirty' guy with 2 good incomes I couldn't justify it now. These things are a huge commitment at purchase, use and maintainance. The situation where people own a boat that they cannot afford to fix a catastrophic failure is very real. You don't want to be taking a home equity loan to rebuild a motor on a boat that is financed.

Nate5.0

Inheritance

hard work early that paid off

lotto

determination


they all will get you the boat of your dreams, pick one that applies and enjoy.

Nate5.0

We had our Sonic in our rented town house I couldn't even keep it at. That was a life choice I made and was more than ok with. Everyone has different priorities is all.

TxHawk

I am with you. My 40 blocked the condos on either side of mine when we would park it there to load or unload. My wife and I agree, wouldn't do it different if we had the choice. Good memories before life got serious.

buck35

Pay cash if possible and keep a nice reserve for fuel and unexpected repairs. If a large boat you have to be able to safely tow it and then storage and and maintenance. Learning to do most of your own upkeep will save a ton if done properly.

TylerBurich

I spend way less on my boating lifestyle than the average household spends on junk brand new cars. Maintenance is huge $$ if you can't do it yourself, even more $$ if you don't do it at all.

rak rua

Prioritize.

Sounds like youve got good incomes, congrats to you on that side of things. You're at the right age to enjoy a toy or two but just don't go silly on it. What's more important, a house or a boat? With money, comes responsibility. If you can't save and plan financially then you're money will not go far.

" A fool and his money were lucky to get together in the first place." (Gordon Gecko - Wall Street)

Don't be the fool, boats are expensive to buy and maintain, then they're hard to sell and usually at a pretty hefty loss. Calculate the rough cost of ownership and what you can afford, then lower your spending budget by about 20% and enjoy boating!

Make sure you buy something your wife and 7 yr old will enjoy because they are far more valuable than any boat and there's nothing more miserable than having a nice boat in the driveway that the family can't enjoy.

RR

jtbooten

Sounds like I'm in your same position. Wife and I are late 20s with a 3 year old. Reasonable mortgage. Nice house, nothing over the top. Nice vehicles that are paid for. We arent the type that will need to purchase a $70k Tahoe. I had a 19' jet boat and sold it, which made a good chunk for another boat. I'm very happy with my 27. It was in our price range and in great condition. Didn't put us in a financial bind. Everyone wants bigger and better. So for that cure, in a couple years I'm going to sell it and put that money towards a 35' and again, finance a reasonable amount. Look for stock power. Something that I can for the most part maintain myself. Already have a truck that will handle. Only drive it in bad weather and to pull so it will last for a long time. Not sure if that helps but that's my game plan. Take baby steps and snowball some money towards a bigger boat.