Wheres the Sweet Spot?

[Sdowiat]

Please bear with me as I preface my question with some background info. I'm a Dave Ramsey kind of guy. I don't finance stuff and I prioritize maxing out my 401k, Roth and HSA. I'm plugging away on my yearly 401k "catch up" amount as I am over 50.

I don't like losing / wasting money... especially spending on something that has a depreciating value. All my vehicles and power toys I keep for the long haul and don't swap up hardly ever at all. I currently have a nice bowrider pleasure boat... but the Bass Fishing / Boating bug has bitten me again and likely this coming spring I'll get that boat shined up and put up for sale.

I realize that what I'm about to ask is a bit of an oxymoron... and I realize that; A boat isn't an investment.. it's a liability that loses value even faster than most other toys although RV's and camping trailers might be close.

I'm going to be looking for a good looking 18+ ft bass boat with at least 150 hp. I'm not especially loyal to any one boat brand although I would prefer a reputable Yamaha or Mercury engine. I want one that's in good shape and ready to go and ALREADY lost a good bit of the value it's going to lose. ( provided it's maintained well from here on.

Do you investment minded folks have an opinion of "Where the Sweet Spot is" in being able to get the most for my $ and while minimizing the depreciation over the coming years in case I want to sell or upgrade later? What brand, ( boat or engine ) length, age? 3 or 4 years old? 10? Find a 20 year old Ranger stored and babied by an older gentleman?

Thanks for your thoughts.

[boneil]

A well maintained boat that's been babied, that's already lost a good bit of value, but will hold onto value in case you want to sell later on. So you want a unicorn.

Dave Ramsey types are not meant for boats unless you can separate the way you think about finances from hobbies. If you want a boat, come up with a budget and go have fun. There's no trophies at death for those who died debt free.

[apenland01]

The biggest issue is maintenance and upkeep. It will cost you more for boat ownership than buying a boat. A newer boat may be less expensive to maintain initially, but they all become expensive to keep running.

I wanted an older boat that was in good condition, but needed a few repairs and upgrades. I found a hull and motor that were perfect for me and I paid cash for it. I upgraded the trolling motor, had the seats recovered and got some used graphs that were a serious upgrade from what was on it.

I got a new prop and a few other comfort things and it's been a great boat. However, I've still had some unexpected repairs and maintenance items that have to be paid on an ongoing basis. It never ends really....

[Sdowiat]

I respectfully disagree.... and suspect that you are just unfamiliar with with Dave and never gave him a real listen. We love hobbies and toy's just as much as anyone else. In fact, I happen to know that "Dave" is a car guy, and one of his favorite toys is a new Ford Raptor.


To us, a budget, ( a set aside dedicated amount ) for a specific toy, hobby is not a drudgery, it's liberating. I can use that amount for that purpose an know that I can afford it, that I've done it with "intentionality" as opposed to going on on a mindless caught up in the moment whim and it allows me to be able to enjoy much more as I know that the important things have been taken care of.

There are no trophies for those who die broke either... but you know what there is? Often there is a really tough time there "Toward The End" because they didn't plan and spend with intentionality back in the middle of life.

[NitroZ7]

I respectfully disagree.... and suspect that you are just unfamiliar with with Dave and never gave him a real listen. We love hobbies and toy's just as much as anyone else. In fact, I happen to know that "Dave" is a car guy, and one of his favorite toys is a new Ford Raptor.


To us, a budget, ( a set aside dedicated amount ) for a specific toy, hobby is not a drudgery, it's liberating. I can use that amount for that purpose an know that I can afford it, that I've done it with "intentionality" as opposed to going on on a mindless caught up in the moment whim and it allows me to be able to enjoy much more as I know that the important things have been taken care of.

There are no trophies for those who die broke either... but you know what there is? Often there is a really tough time there "Toward The End" because they didn't plan and spend with intentionality back in the middle of life.

I would just treat the boat as money you are going to spend and not get back. If you have all of your other finances set just buy whatever you want and not worry about the other stuff. If you will never need the money you spent on the boat then I wouldn't really sweat the depreciation angle if you are using truly disposable income that you can just afford to spend.