How much should you earn to ‘afford’ a new bass boat

[bcreek]

1 in 10 "owns" a boat, or 1 in 10 "owes" on a boat. I know guys who always have the latest truck, boat, or equipment but have never owned anything, only made the payments till something new comes along.

[Hickory Legend]

Big question is when do you want to retire??
You can buy a boat and pay the notes like a new car, Just make sure its after you fund your retirement and savings accounts. If not you will be working till your whole life, But have a new boat.

[The Bass Junkie]

I agree with most of this except the making 150k being an idiot if he can’t afford an 80k boat. 150k seems like a lot to most non-BBC types, but a 150k living in the Midwest or South is a lot different than 150k living in most if not all of California, NYC, Chicago or any number of other places in this country. In some places 150k probably has you pegged as lower middle class income.

This...Ive lived a lot of places..and 150k doesn't buy shit in most of them..especially single income. Where I grew up 150k is 2bd 1ba condo living with 2 used cars and no boat... Where I live now id consider it middle class, but no way would I be out buying an 80k boat, plus 2 80k cars and the McMansions people here seem to think they need. In my industry I see a lot of credit reports...the number or trade lines, DTI's, and absolute stupid shit people finance will drive you nuts.

to the original questions...all depends on your debts assets and income.. who gives a shit what others think...and additionally not everyone should wait till they are too old to enjoy life to make an attempt at it. Buried my dad at 52, my step dad at 57. I don't wait for shit..I live life.

[191 champ]

For Dave, you better be able to deliver pizzas out of it.

Delivering pizza by water might make sense where the roads to the lake houses are so convoluted. A Bullet or Allison would be most "efficient".

All joking aside, this thread has been interesting and has made me feel good about myself. Twenty years ago I had 40k in a 401 account, 40k debt with nothing to show for it, four kids, and a new wife. One is a stepchild but dad never paid a penny of child support. By practically any measure listed here I could buy a new boat (okay, a nicely appointed 19' glass). I will continue to use my #3 wash tub but I do plan to buy another BB about two years prior to retirement just to start learning the bigger lakes in my area prior to joining a club. However, there is no way that I will ever buy new.

It all boils down to how you want to spend your money. If I can keep my current job then I should retire making my current pay based upon savings.

As another aside, my stepdaughter wants me to walk her down the aisle when she gets married. That means more than any bass boat.

[Cajun Skeeter]

Apparently more than I make.....I have never bought a brand new boat (or car for that matter) at 54 yrs old. "Gently Used" is my market. However, in true BBC fashion, I paid cash for all of them.

[Bueller]

If a guy making $150,000 a year take home can't afford an $80,000 bass boat he is an idiot and probably really doesn't make 150K. IMO of course.

Here is the best way to do it according to most on here. Start saving up in your 30s, maybe $200 a month. After 10 years and into your 40s you have 24K. Another 10 years goes by and you now have 48K saved up and you are in your 50s. Your kid has grown up in the mean time and has never been fishing with dad yet. Save another 10 years and you are in your 60s and finally have 62 K saved up and although inflation is eating your ass up you could afford to pay cash for a low end rig, say a 19 footer with a 200 hp engine. On your way home after picking it up, your chest starts hurting. You step out of the truck and die in the drive way of a heart attack.

Moral of the story, get what you want when you want it. No one is promised tomorrow and the time spent with your family having fun is the most important thing in life. If you can afford the note and want one, get it while you are young enough to enjoy it.

You truly do not understand how finance and compounding interest work. Your mathematical example literally could not be more incorrect.

[Mcjenson]

Wonder how Dave feels about Bass boats?

“Dave Ramsey and financial experts just like him believe that purchasing a new car is simply unrealistic and disastrous for most people. In fact, according to Dave Ramsey, only millionaires should be buying new cars. According to Ramsey, it is best to buy built on a ratio of your financial situation, and only when you’ve reached millionaire status does the ratio of income-to-car-value become a worthy investment”

Dave is great for people who are awful with money, but man he just oversimplifies everything.

[billnorman1]

I am used. Not quite totally used up. Just bought a very used Basscat, which I hope to (get) fix up, swap my motor onto it and fish until the last 5 years of the motor warranty is up. By then, at 85, I'll probably be totally used up too. After reading the posts on here, I'm retired and I think I make $40,000 or so, so I guess I'm poor.

To answer the question, I'm too poor to afford a new bass boat, and besides, neither of my daughters want to inherit one.

The outside factor is, the way mistakes are being made at breakneck speed in the "free world" Gasoline may cost too much for me to start that 200 hp I'll have to fish with the trolling motor only.

[Lil’erRed]

My rule and advice has been don’t let your monthly bills exceed what you can’t pay in two weeks. If you lose your job and can’t find a job making half. You wasn’t man enuff to admit you was over paid.

[av]

I would say earn enough to pay all your bills still save then have enough for a boat payment your good, it is to hard to put a number on it cause everybodys monthly bills are different ,

[ThomasD]

Amazes me how many people worry about how others spend their money

[Bass_boat_boy]

in this day in age anyone can afford anything they want, banks will lend people money for anything as long as you can make the payments. In my opinion, a bass boat is a pure luxury item. If I have to put $5000 down and $500 a month for 18 years on a $85k bass boat, wakeboard boat, Porsche etc... in my opinion I can't afford it and 30 years ago it wouldn't be possible. I still remember my buddy buying a brand new ranger 195vs like 18 years ago, we where in our early 20's. He dropped like $55k on this boat and was paying $350 a month for 15 years. After owning the boat for 8 years he owed more then what the boat was worth.... to each their own I guess. This summer is going to be interesting in my neck of the woods north of the boarder when gas hits $2L... the gas bill for boat and truck will be highter the boat and truck payment.

[AKRISONER]

Well guys, from what I’m gathering so far

if you make $100,000 a year, don’t eat out at restaurants, don’t drink beer, cancel Christmas, skip the flowers on Valentine’s Day for the wife, watch an old 20 inch tube tv, sleep on a bag of straw, grow your own vegetables, and pick up a second part time job cleaning Porto potties.

you too, can afford to drive a new bass boat, sounds worth it to me

like any good asset that depreciates 25% the moment you pull it off of the lot, I will most likely never purchase a brand new boat. Let someone else eat that loss and regret their payment and capitalize.

until I see some actual major changes to boats, I.e. electric outboards that work way better than gas, or something crazy that I can’t even comprehend right now, bass boats have basically done nothing but change their decorations and make their buttons go from switches to touch for the past 15 years. The motors are a bit more effecient and reliable, but the most groundbreaking advancements have all been in electronics and they are easy to retrofit onto any boat.

[BMCD]

Geez a question that will have wildy varying numbers

[mean_dean]

The wife and I have an agreement for vehicles and toys. If we have to finance, we never let our payment exceed $400. That means we can get the nicest vehicle (or boat) as long as it fits. Which means we need money down sometimes, or equity, in order to get something nicer. It seems to always put us in a better position each time we get something newer.

Spot on Mike! We will finance but put cash down to get us under that $400 a month mark, just seems like such a nice number. Then I will put an extra couple hundred on it every month or send the tax refund at it to get it paid off in 3 years.

[Deadeye1]

It's all in what you want to do in YOUR LIFE.

For some it's all about stock piling as much Money as you can to Retire Rich. Or Die.

For some it's all about spending your Money to make your Family (wife & kids) happy.

For some it's all about how many Toys you can buy to play with.

For some it's a mixture of Saving Money and Spending enough to Have Fun.

Each One's Way is RIGHT for them.


Can you put a Price on a Long Lived Life?

Can you put a Price on the Smiles on your Kids Face's?

Can you put a Price on the Memories you give to yourself and Family?


You can live your Life to Work for more money or live your Life to Spend with Your Family. You decide.

[bbbill]

No different than any other item. Everyone buys what they can afford.

[jbassman87]

I have never bought a brand new boat and doubt I ever will. Bought two new vehicles and doubt I ever buy another new one. Having said all that, if it is something a person wants to do, there are too many variables to make an assumption on the limit of income required to purchase a new boat.

[Deadeye1]

If a guy making $150,000 a year take home can't afford an $80,000 bass boat he is an idiot and probably really doesn't make 150K. IMO of course.

Here is the best way to do it according to most on here. Start saving up in your 30s, maybe $200 a month. After 10 years and into your 40s you have 24K. Another 10 years goes by and you now have 48K saved up and you are in your 50s. Your kid has grown up in the mean time and has never been fishing with dad yet. Save another 10 years and you are in your 60s and finally have 62 K saved up and although inflation is eating your ass up you could afford to pay cash for a low end rig, say a 19 footer with a 200 hp engine. On your way home after picking it up, your chest starts hurting. You step out of the truck and die in the drive way of a heart attack.

Moral of the story, get what you want when you want it. No one is promised tomorrow and the time spent with your family having fun is the most important thing in life. If you can afford the note and want one, get it while you are young enough to enjoy it.

BOOM There it is.

[Deadeye1]

2500 a month for daycare

me and my wife are still young (I’m 30 she’s 26) and we live within our means… but what you just mentioned is the reason we’ve been pushing off having kids.. 2500 is more than 50% of our monthly take home.. we Just simply can’t afford to pay those daycare costs. Even at half that amount.

I watch 3 of my Grandkids 3-days a week. Mom watches them 2 and Dad does 2, based on their Current Work.

They give me some Money for doing it and I get to see "my boys" and be a BIG part of their life. The Wife and I switch off every other week.

When they asked us to help out they were looking at Daycare for the 3. 2 go to school and 1 stays at home. Even with Dad's Job Place offering Day Care Service it was (at that time a few years back) over $27,000 a Year for Day Care Cost.

If they had to pay that One of Them would need to Quit Their Job because they would be working for almost Nothing once the Day Care Cost is figured in.

It's crazy.