Am I nuts?

[mystang52]

Reading between the lines, I'm a bit concerned. I agree with the others that this could be a wonderful way for you and DH to enjoy your retirement together.
But please be sure you have an accurate idea of maintenance and repair costs, and can handle that aspect financially. If that is not an issue, then I also vote to buy it (i.e., at whatever the correct price should be, probably less than 15,000).

[Nemo2]

Quote:

Originally Posted by Bestwifeever How often will you use the boat? How much will it cost you each time to use it (gas, supplies, etc.)? How much will you realistically get for it when it's time to sell it? I now try to break the cost of things down to the per use basis to see if I'd really be getting what I think is value for the money.

When he bought a boat, a neighbor in B.C. told his wife "The first salmon will cost us $20,000.....the rest are 'free'".

[tmm99]

I am actually a bit surprised that everyone (except for 3?) said to buy the boat, only because from the post, I cannot tell how much money is stashed away at all. What OP said, however, does appeal to my emotive side of me.

If the OP is to seriously think about buying the boat, as a couple of people mentioned, it would be essential to figure out how much it will cost to maintain it including the cost of gas, additional cost for insurance, etc.

[LakeTravis]

In 1999, I bought a new single engine cruiser with A/C, queen-sized midberth, head and full galley for $40K. I babied it so much that when I sold it in 2010, the first couple that came to look at it said "We'll take it" without even taking it out for a sea trial. I sold it for exactly half of what I paid for it 11 years prior, and because I used it regularly every month of every year for 11 years, I calculated my true cost of ownership to be slightly less than $6 an hour, not counting fuel - which really wouldn't make a significant impact since I spent a lot of time on the hook in various coves overnight.

The memories alone are worth more than $6 an hour.

Today, I just got back from looking at several used but larger twin engined cruisers in the 9-11 year old range, priced in the $40's to $50's.
(Think SeaRay 290's) They are in nowhere near the condition mine was when I sold it, even though they are being advertised as "excellent".

So yeah, a couple of years later, I'm regretting having sold mine.

Don't regret NOT getting this one. It sounds like you've got the primary reason for making this work covered, and that is - you have to USE it. If you don't use it, it's an expensive proposition. But the more you use it, the cheaper the fun-per-hour becomes.

[Aiming_4_55]

I'm with the mass.... do things that you enjoy with your time.

With that said, be realistic with how long you can really use it based on your/DH's health. If you think you can only use it for 2 - 3 years, does it make sense to buy vs. rent one for the next few seasons? It may cost a liuttle most but you don't have to worry about getting rid of it for a loss.

Just my .02. Enjoy!

Quote:

Originally Posted by Bestwifeever How often will you use the boat? How much will it cost you each time to use it (gas, supplies, etc.)? How much will you realistically get for it when it's time to sell it? I now try to break the cost of things down to the per use basis to see if I'd really be getting what I think is value for the money.

[NW-Bound]

It all boils down to whether a boat owner gets enough use out of it to justify ownership vs. renting.

The OP has had smaller boats before, so they are not someone like me who does not know if he will like boating or not.

I would say that it appears that it would be money well spent, although I do not know what the recurrent operating and maintenance costs are.

PS. About spending money for pleasure, most people on this forum are usually so frugal and tend to be of the extreme delayed-gratification type so that we tend to see our trait in other people. Hence, when someone asks "Can I afford it?", the consensus is most often a lot more generous than what Suzie Orman would say, even without knowing a lot more about the person's financial status.

And about spending money for pleasure, if one waits another 5 or 10 years, the window of opportunity might have passed. We do not get younger. I'd say, rent or own, the OP and her husband need "time on the water". Lots of it and ASAP.

[Purron]

Quote:

Originally Posted by Nobulife We looked at a used boat today and are going to buy it but I wonder if we are nuts to do this or should we go for it.

I suspect you've already made the decision and are looking for confirmation. It's impossible for me to know if it's wise to do this without knowing more about your situation. On one hand, I agree with many who say go for it if it makes you happy. Life is too short and us frugal types often forget to put a premium on the quality of our lives.

On the other hand, I wonder what Suze Orman would say

Whatever you decide, I wish you both the best. If you buy the boat I'd love to see some pictures of you two enjoying life to the fullest!

[Nobulife]

Thanks for all the positive responses. There is a certified cheque in my safe and once we manage to remove the rusted on ball off the back of the truck and replace it with a 1and7/8th we will pick up the boat. I have not been happy recently due to board of director shenanigans in this mobile community that have had a negative effect on our property. Raging against injustice is exhausting and depressing. But the anticipation of this boat has me walking around grinning from ear to ear.
The boat is a 2000 Polaris Contender RIB with a 90hp Honda motor. It was made a few miles from here by a company we know well as we have purchased their small dinghy size inflatables in the past. It is a small company and stands behind their product which is very high quality. They now concentrate on large RIBs for search and rescue etc. My husband has an excellent relationship with the owner and also with a former employee who now has his own repair shop and who actually installed the electricals in this particular boat. If you go to the Polaris website Canada Custom Boats | Inflatable Boats | Polaris Inflatable Boats and click on Contender, then go to the second page you will find some photos of the boat The three to the right that show a couple in yellow jackets are pics of the boat we are purchasing manned by the current owners - the pics were taken by the company owner on the boat's maiden voyage.
The boat is in pristine condition - looks like it just left the showroom. We went out on the lake with it and it was amazing. The owner is totally anal and everything has been maintained beautifully. He had a new sunbrella cover custom made last year for $1400 and has thrown in a lot of other goodies as he is not planning on owning another boat. I guess they don't work so well in the Arizona desert which is where , like any good Canadian, he is heading 6 months of the year.
I figured that to continue what we were doing - going north to the Cariboo twice a year and staying in a campground on lake but staying longer with no job to rush back to would cost us between 3 and 4k per year. With this boat we will be able to drive to a huge lake and one of the best fly fishing rivers in the world(cut throat, rainbows, 5 types of salmon plus steelhead) about an hour and 15 away. So $20 for gas and $5 to launch the boat and have secure parking. A full day fishing and home to our cats and comfortable bed. Reckon we will do this about 100 or more times per year.
Once we get over the novelty of flying down the lake and doing donuts we will use minimal gas to get to the fishing spots and then either park on a sand bank or troll quietly with our electric motor so gas outlay will be reasonable. Storage is free on our own property, sheltered from rain and sun.
Suddenly the future looks great and I had better break out the fly tying gear and tie me some muddlers and tom thumbs.
Will post pics of our first trip on the good ship Saoirse. (That is the Gaelic word for Freedom.)

[Nobulife]

All the mentions of fishing and beer remind me of one of the funniest things I ever witnessed on a lake. We were soberly trolling around Bluey Lake while nearby was a boat load of guys drunk as newts at 9 in the morning. We were getting royally skunked at this lake so what happened next was both funny and frustrating. We watched as a huge rainbow leaped out of the water right beside the booze boat and landed right in the middle of the stunned and inebriated gang. One of them had the presence of mind to nail the 5lber with a beer bottle and they had their catch of the day. I would imagine that story is still earning them free drinks to this day!!!!!

[RISP]

A Principal at Capgemini Consulting once told me his rule to stay wealthy was "No third house, no second wife, no first boat". But I'm sure he was referring to MUCH bigger yacht-type boats, so make sure you have a great time, and don't worry.

[LakeTravis]

"So $20 for gas and $5 to launch the boat and have secure parking. A full day fishing and home to our cats and comfortable bed. Reckon we will do this about 100 or more times per year."

In that case, your cost-per-hour is negligible.

[Meadbh]

I hope the good ship Saoirse will not be sailing on Slave Lake LOL!

[Purron]

Quote:

Originally Posted by Nobulife A full day fishing and home to our cats and comfortable bed.

Another cat lover

Best wishes to you. Hope you have lots of great times and look forward to seeing pictures of your boat and cats

[Texas Proud]

It seems like you have already bought the boat, but to me the price seems high for what I see...

[obgyn65]

My advice also.

Quote:

Originally Posted by REWahoo With the situation you describe I doubt holding on to that $15k will make a big difference in your future financial security. If it were me I would buy the boat and go fishing.

[Nobulife]

The boat cost 32k when new in 2000. The motor was changed out at a cost of 9k, new custom cover last year 1400. Our price includes depth sounder, gps, all ropes, anchors, rod holders, safety gear etc plus the trailer. We checked prices against those at a local dealer who only sells high end inflatables and the price is definitely appropriate if not a little low for a boat that is in such good condition. An older RIB in excellent condition is a better buy than purchasing a new model - even from Polaris. The material used, Hypalon, is no longer available in the quality and denier that used to be used. This is due to China flooding the market with boats made from inferior quality Hypalon which has forced a downward trend in quality throughout the market.
A plain 10ft Polaris dinghy, used, with no motor , trailer or accessories can fetch $3000 - these boats tend to hold a lot of their value. And don't forget I am in Canada where everything is more expensive than in the USA.

[sailor]

Hmm, now I'm little reluctant - IIRC conservative life claims for Hypalon dinghies were in 15-20 years range (less for boats used every day).
The boat you are looking for is already 12 years old.
Are you ready for a lot of gluing?

[Nobulife]

We looked at a 1996 contender first and rejected it in mostly because all the seams needed re-gluing. My DH is a seams fanatic. The boat we bought has great seams- no lifting anywhere. It has never been left in sunlight and the hypalon has been washed and sprayed with 303 after every outing and deep cleaned once a year with Shield. We will be keeping it under shelter year round and also using the custom cover. Lifespan is determined to a great extent by the treatment a boat receives so I am pretty confident that the boat will last as long as we can manage it which would be 10-15 years if our health holds out. With the people who built the boat being just down the road sourcing qualified assistance if and when necessary won't be a problem.
It was interesting to see two of the same model boat on the same weekend and see the difference between one that has had only one owner who was fanatical in his care for his boat and the other which had been through many hands and obviously had had little maintenance and some pretty rough repairs. The prices were only 2k apart but the difference in value was oceans wide.

[Nords]

Quote:

Originally Posted by sailor Our "direct" annual sailboat expenses are in $300 range and would be even cheaper, if my kids stopped breaking spreaders

Time to introduce them to the concept of the "bosun's chair" for mast maintenance-- and after they're aloft, you can take a broad tack...

[NW-Bound]

Talk about fish jumping onto a boat reminded me of the jumping Asian carps that have invaded the Mississippi River. I read that though they are bony and require know-how to fillet, the meat is good eating and tastes like cod.

They are big, really big, and will jump into your boat when frightened or disturbed by the boat motor. According to the EPA, "reported injuries include cuts from fins, black eyes, broken bones, back injuries, and concussions."

The Attack of the Jumping Asian Carp - Reel Shot TV - YouTube

Crazy Jumping Fish in River - Fishing Made Easy! - YouTube