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Originally Posted by Delirious
I don't smoke, use drugs or buy drinks at a bar so I figure I save enough to afford the boat. :-D
Buy used. Pay cash. Maintain it yourself.
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This is GREAT! You are the guy who has the commitment and appreciation (as do the other veterans above obviously) to afford the boat, and the right perspective. Do you mind if I quote you on my blog?
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Where do you get that a 20 year old boat depreciates $4,000 per year?
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I didn't say it depreciates that much per year. I said it depreciates that much over the first year without upgrades or maintenance.
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Are you going to sink it after five years or try and sell it?
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I don't quite understand that question. The point is based on keeping it for 5 years regardless of what you do with it. I've seen people die with neglected boats to their name... how much did they recoup? My Rawson was that way. It sat in Dana Point harbor for 20+ years, bottom cleaned and slip paid until the guy passed away and the estate gave it to the Sea Scouts. I don't even want to do the numbers on that one.
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But even so. If you buy it for $20K today and take care or it in 20 years it may be worth $40K at the cost of capital in 2028. So it appreciates. Certainly should hold its own.
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My Rawson, depending on its Geographic Location is worth between 17.5k to 30k. Many boats have EXCELLENT resale value depending on their heritage, reputation, and how much of a coveted boat it is. I paid 2100 for that boat the way it sat.
But it only appreciates, in rare scenarios, that much with maintence, upgrades, and care. You'll spend $20k over that period of time just to maintain and replace components, even if it just sits at the dock most of the time.