Capn James Brett
Veteran Member
- Joined
- May 22, 2012
- Messages
- 84
- Location
- U.S.
- Vessel Name
- Stella Maris
- Vessel Make
- 2004 Grand Alaskan 65
Supposing you had a mortgage... let's say a $300k to $500k mortgage. If you could sell it and pick up whatever equity you had in it, would you ever consider buying a $300k to $500k boat and having a similar loan amount?
My wife and I are going back and forth between a big expensive boat that would replace our mortgage (payments would be a little lower because of equity in the home, but it would still be something upwards of a house payment), or a smaller and cheaper boat with very little debt. Her perspective is that if we're going to do it, we should go all-in and have a very nice boat. Me, on the other hand, am very concerned about the diminishing value of a boat vs. the increasing value of a house, and love the idea of being nearly debt free.
How have you wrestled with this decision?
What an exciting choice you have here.
I bought my trawler 3 years ago, 87 Defever POC and love it. However, I looked all over and thought this boat would be the one I would live on retirement. It's certainly big enough. My thought on your post, you certainly don't need to spend 300-500K for a very nice boat. Mine needed some cosmetic work, had her repainted with awlgrip in Mexico with a Mexican make over and some nice granite work done down there.She looks new now and for a fraction of a much newer yacht.
My point, maybe consider less upfront costs and do some work yourself and avoid the huge depreciation as well.
Good luck and let us know what you decide. Safe travels.
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