Should I upgrade?

[xxrb2010]

Everything said so far is pretty on point. Yes boats, on average, are a depreciating asset except for a few outliers mentioned in the thread, and they are costly to maintain and enjoy. My advice is: If you can pay cash for your boat and you do not have any other credit, aside a home, at least you will not have any issue with the banking system if your world goes south. This is the only advice I can give you. You are the only one who can make a call on which toys you want to buy. For everyone else, do not read this advice as a general advice to pay cash for a depreciating asset. In your case, I believe that makes sense as your saving history and other asset ownership history show that you have almost no history for both, so no facts to prove that you can pay back a loan. On the other side you can save for a cash payment in a couple of months.

[GMLIII]

Everything said so far is pretty on point. Yes boats, on average, are a depreciating asset except for a few outliers mentioned in the thread, and they are costly to maintain and enjoy. My advice is: If you can pay cash for your boat and you do not have any other credit, aside a home, at least you will not have any issue with the banking system if your world goes south. This is the only advice I can give you. You are the only one who can make a call on which toys you want to buy. For everyone else, do not read this advice as a general advice to pay cash for a depreciating asset. In your case, I believe that makes sense as your saving history and other asset ownership history show that you have almost no history for both, so no facts to prove that you can pay back a loan. On the other side you can save for a cash payment in a couple of months.

This is the most bizarre thread I have seen on this forum, but I agree 100% with your statement. I'm 55 now so I'm on the downhill slide with "Big Boy Toys" even though I still like them. Great advice for the young lads.

[Kenv]

WTF....who would have thought we'd see the day when we told someone that has $250,000......NOT to buy a USED Nautique because it would be cutting it close.....insane. BUT...if you have the crazy rap skillz.......I'd roll the GTR AND the G21. What do you want your legacy to be....Smart with nothing.....or a little coo coo with the Big Baller toys.......I kid....of course.......

[GMLIII]

Still I would think someone would buy a house before a high end wakeboard boat. Come on now!


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[Beg4wake]

I'll give you some advice from a fellow in about the same situation as you. When I turned 29, I went from making 50-60k a year, to 200-250k a year. Only difference is that I had already bought a house (well the bank bought it and I'm currently purchasing it back), and I already have a few retirement plans set up. My honest advice to you, is like others have stated, talk to a financial adviser and set up some plans for retirement. Start that now! I personally would hold off on the boat for at least one more year. Keep saving. Then, after setting up a retirement, building a substantial safety net, and starting a house fund or at least buying a house...then buy the boat! I am definitely one to advocate for enjoying life for the moment because you're never promised tomorrow. At 34, I just purchased my first NEW boat and it was a fully loaded G23, and I don't regret it for one second. It's all about you being happy in life but also planning for the future!

[DaveNH]

Outstanding post Beg4wake! Sound advice and congrats on your success and smart approach to planning at a fairly young age.

[macpres]

If you really want it. Finance it and put enough down so you are even on the loan over time. Check average depreciation on bots and calculate it out. Worst comes to worst you can sell it for what you owe and be free and clear. Assuming the economy stays good. Boat will be worth half that if the economy goes south.

It I were you, also in my early 30's making good money, and have a 2002 SANTE. I would not buy a house, live low, save as much as possible so someday when you have a family you don't still have to work your *** off to pay the bills on the inflated lifestyle you would have.

Having a low monthly nut gives you amazing flexibility, especially as an entrepreneur.


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[swc5150]

A quick funny personal story (although not at the time), I bought a nice little lake home and a new Ski Nautique back in '07. Lost my butt on the house when I sold it, but made $3k on the 196. Anecdotal for sure, but the moral of my story is houses aren't always smart either. What's funny is people thought I was so smart for buying when interest rates and property values were so low, but stupid for buying the boat.

[Jeff88]

Buy it and don't look back! Keep grinding and enjoy some of the best times of your life.


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[mgs917]

I'll give you some advice from a fellow in about the same situation as you. When I turned 29, I went from making 50-60k a year, to 200-250k a year. Only difference is that I had already bought a house (well the bank bought it and I'm currently purchasing it back), and I already have a few retirement plans set up. My honest advice to you, is like others have stated, talk to a financial adviser and set up some plans for retirement. Start that now! I personally would hold off on the boat for at least one more year. Keep saving. Then, after setting up a retirement, building a substantial safety net, and starting a house fund or at least buying a house...then buy the boat! I am definitely one to advocate for enjoying life for the moment because you're never promised tomorrow. At 34, I just purchased my first NEW boat and it was a fully loaded G23, and I don't regret it for one second. It's all about you being happy in life but also planning for the future!

If the OP waits until next year, he should order a boat with the exact same gel and colors as yours! Ha, just wanted to give you a hard time for your other thread.

[prowakeskater]

decided to keep my current boat. got some water time with the prospective G and as awesome as it was, I didn't sense an extreme added benefit of the extra 100k

So instead, I'm sending my SANTE off to get a full detail on Monday. Thinking it will create a similar sense of satisfaction.

also did a small overhaul of my ballast system that has been giving me frequent issues lately which def encouraged my new boat desire...

[markj]

Smart move.

[surroundsound64]

That's awesome. Keep it up and you'll be rollin hard later in life!!!