planed buy or Impulse buy

[croixflats]

Has any one bought a boat knowingly you can afford it but all of a sudden unforeseen circumstances aroused and you find yourself strapped to pay fuel, maintenance and the payment of the loan. Thinking of the standards of the economy at the time when you bought the boat.

[aanderud]

Nah, I buy cheap boats.

[sparcebag]

I buy cheap boats also.But in todays economy I can see it happen! look at the housing.

[traveler]

yup...spent 15 K on a boat 2 years ago and now I need it back...boat is for sale in the duluth forum actually. More unforeseen finiancial circumstances than the economy for me.

[upnorth]

Naw...I bought and old beater 7 years ago and I am still running it. Every year I think of buying a new/newer boat and it always comes down to what the heck it still floats and runs good, so it gets put off for another year

[BobT]

I've always paid cash for my boats or for any "toys" for that matter. It's the way I am. I refuse to borrow money for vacations, toys, or basically anything accept a home mortgage or automobile loan. If I can't save the money to buy it, I don't buy it.

Bob

[MNice]

I'm with BobT.

[shizzy]

I bought a cheap old boat for cash. My OL told me If I wanted a boat It was going to have to be cash. it only cost me about a months worth of overtime pay.

if the queen isnt happy, no one is happy....

[looneyducer]

I definitely bought more boat than I can technically afford, but it certainly wasn't an impulse buy. I get a small disability payment from my Uncle, and my wife said I deserved something nice, some small piece of luxury in return for my service. We set up a separate account for the payment, in and out, and I went down and told the dealer EXACTLY what I wanted. I haven't regretted that decision.

[ANYFISH]

yep, this year just bought a newer used boat, wanted an upgrade and found a good deal. At the time we where backlogged at work and had been busier than I had seen in the 10 years I worked here. Now just 5 months later we have been dropped to 32 hours a week and have been laid off for 4 of the last 8 weeks. Just have to cut out the "fun" money spending for a while. I don't regret buying the boat, wife and kids love being on the water.

[solbes]

It certainly plays in the back of your mind. Yesterday we just agreed to buy a new boat, and of course by the time you get it rigged the way you want it, it becomes much more than you were initially planning for. I would have liked to pay cash for this purchase, but we will still be financing more than half of it.

It was not an impulse buy as we had been looking for the last year or two. But the timing of it was sudden, due to problems with our current rig. I think the economy does come into play for most people. We were certainly not looking at some of the fancy Pro-V's or Mr Pike's that I initially wanted. Knowing that gas prices are very unstable, I wanted a boat that could be pulled by a more of a non-tradiitional tow vehicle if absolutely necessary in the future (We currently have a thirsty 8 cylinder Dakota which tows great). In the end we should have a boat that is fish/ski functional, reliable, provides 10-20 years of entertainment for the family, and will not break the bank.

[Down Deep]

Items like boats, vehicles, and those related to the household are planned purchases and for me , thus far, I have been able to own and operate them within my budget. Where I get involved in the impulse buying is for equipment like Locators, Rods, Reels, Crank Baits, GPS, Ice Fishing Gear, etc. Sometimes I drop a $500 bill and when I get home I wonder what was I thinking, but I cool my jets on spending for the rest of the month. In the long run I'm always glad I have the stuff that I buy.

[Sandmannd]

I agree with Down Deep as that's what I do. I've cut back on all the accessories I buy though.

[Coach1310]

Thankfully I was able to pay cash for my boat even though it was an impulse buy. A friend of my dad's had purchased a cabin and a decent 16ft fishing boat came with it. He didn't need it or want it. Got a good deal. Came with 4 seats, a few accessories, inside was in great shape and most importantly, we had enough money in the bank to just pay for it. With this economy there are definitely some good deals on just about any bigger ticket item right now.

[croixflats]

My boat was an impulse buy, that was 12 years ago and it was used and in great shape at a good price. I'm glad I took the chance then because now the oppertunity at an impulse buy is not there.

[cold one sd]

I wouldn't call my last boat purchase an impulse buy because my previous boat was 13 years old. The biggest reason that I bought it was because I wanted to go back to an outboard since I had retired and my other boat was an I/O. I was also in a position to pay cash for it.

[Pherris]

I've always paid cash for my boats or for any "toys" for that matter. It's the way I am. I refuse to borrow money for vacations, toys, or basically anything accept a home mortgage or automobile loan. If I can't save the money to buy it, I don't buy it.

Bob

Ditto

If I cant afford to pay cash I don't buy it. The home mortgage is financed but that is for the tax deduction and the truck is financed but that is because it is at ZERO % interest. I would rather collect interest then pay it.

Debt with interest fees and no tax deduction is basically paying rent on your money. The "impulse" buyer that could not really afford it in the first place is one of the primary drivers for where our economy is at today. OK I will put my soap box away now. Good Fishing!!

[solbes]

But hey, let's remember that without financing very few would be able to afford the brand new boats. And then the used boats at good deals paid with cash would start to dry up

If you can find the exact boat you want used and at a good deal then that's awesome.

[shizzy]

thats the part that usually gets me. I only spent $750 on my boat but I have since spent hundreds on gear and things for the boat. I now have a rule any time I go to Fleet farm or a sporting goods store. I do not grab a cart or a basket. I found I can usually only carry about $100 worth of stuff.

[Farmboy1]

My wife and I decided a long time ago we will owe nothing except a mortgage payment and one other payment. Currently we owe a little on her car yet, my truck paid off, and when her car is paid for, we may be looking for a new boat, as long as our vehicles can get us another couple years. We did the same thing with a new lawnmower last year, had to limp the old one along for a few years until we had saved the money.

I have always said, you can have whatever you want, it is just a matter of importance. My old boat runs good, and does everything I ask of it. Not really big enough for big waves, but gets me by and gets me on the water.

All this comes back to money strategies and how you manage you overall money, not simply what you owe.

[MuleShack]

I now have a rule any time I go to Fleet farm or a sporting goods store. I do not grab a cart or a basket. I found I can usually only carry about $100 worth of stuff.

I might have to adopt this rule....

I bought a larger deep V last season. It wasn't impulse because i was with out a boat for 7 years. So i was basically counting the days until i could get what i wanted. Ended up financing about half of it...still dont regret a thing.

[toughguy]

I have a boat that I can afford but I just can't justify the payment for the amount I use it. I think I'm oging ti sell it next spring and buy a cheaper boat and maybe a sled. Not enough time and not enough good lakes in my area to justify the monthly loan payment.

[Hoffer]

I have a 16 foot 1993 Lund Rebel with a 40HP. I had been looking for over a year for an upgrade - just wanted something newer with a little more HP - yet small enough so that I can still get the boat on and off the lake by myself. After much looking around and comparison shopping I found a 2003 Crestliner fishhawk with a 75 Merc and matching shorelander trailer. It came with everything including a GPS depth finder, bow troller that looks like new and a bow depth finder as well as a full snap cover. It is a 9 out of 10 in every way. It was 8K. I bought it. Somewhat of an impulse buy - since I still have the Lund - but I figure worst case scenario I can fish out of it for 2 years and still sell it for about what I paid for it - so maybe it was impulsive - but shouldnt leave me "upside down" on the value.

As a side note...any of you FMers fish out of a 1650 fishawk?? How do you like it after you have had it for awhile...I used mine only once so far last weekend - and I really like it! Only issue is that I go to Canada for fishing twice a year - and now I am afraid to bring the new boat for fear of it getting a little dinged up - the old Lund has many battle scars - so I dont really mind a few extras on that one :-)