Join Date: Jul 2000
Thanked 0 Times in 0 Posts
Rep Power: 0
Sooner or Later (a boat)???
Looking for some words of wisdom from the sages. Any one out there who can help??
Here''s the quandry:
I have been diligently saving for "the dream boat" (at least for me - it will probably be an oldish mid 30 footer) for 2 years. I expect to have the 20% downpayment and some initial fix up money at the end of 2004. ($20k cash to buy a $50k boat). While I have sailed several times as a passenger before - I am just learning to actually sail now recently started crewing with a friend in races on a lake. (We came second today - woo hoo).
We are sailing his 1972 Catalina 27.
He will probably be buying a beatiful Tartan 28 this month so we will have a slick new ride - can''t wait.
That means the Catalina is for sale. He needs to get $8000 for it, and with many little improvements and an almost new outboard, its probably a fair price as the boat is in good condition for a 1972 classic. (Only bad thing is old sails - but I won''t be racing - just learning and weekend sails).
So the big question: I could buy the boat outright as well as pay for the slip for a year while leaving a couple of thousand in the boat fund. Obviously I would have to sell before buying the big boat as I will need the $7000 I think I should get to make the purchase.
If I bought the boat, I would gain experience in sailing, boat ownership etc for about 18 months while I continue to save for the dream boat.
BUT - it will eat into my boat fund savings each month with the inevitable running costs - this will delay my ability to buy the big boat anywhere from 4 months to 8 months.
So I must weigh up experience vs the ability to buy my real cruiser at the end of next year - having the money available immediately I find "my" boat vs having to sell an old Catalina 27 before I can buy.
Sorry so long winded but its a lot to think about - I would greatly appreciate any thoughts, comments, suggestions etc.