Jump to content

What would you do?


Go to solution Solved by MN Fisher,

Recommended Posts

Hey guys,

 

Thought it would be fun to explain my situation and WHAT WOULD YOU DO? if you were in my situation.

 

So....currently I have $500 down to order a 2023 Bass tracker classic XL (black/50HP/boat cover). The total is coming out to $18,382. I am PLANNING on just purchasing it with credit cards because my debt/income ratio is too high due to student loans so I am 90% sure I cant finance it.... but I am not in money trouble what so ever.  I can change my mind when the boat comes in and get my money back, no big deal.

 

My dilemma is...I REALLLY want a Ranger 198P but is way out of my current budget. But it is the boat I truly want. So, I am not sure...I am no finance/money guru....lol

 

Should I wait to someday possibly get the boat I want? 

Should I settle for the classic? because honestly it would be settling.

Should I maybe look for another boat completely? a used one maybe?

 

What would you do?

 

Would love to see some different opinions!

 

  • Like 1
Link to comment
Share on other sites

  • Super User
  • Solution

As an old, retired guy I have to agree with Looking45 - don't get yourself into debt that way. Credit cards charge obscene interest - by the time you pay it off, you'll have spent 3x-4x the original cost...is that boat worth $50k-$70k of your money? Pay off your student loan as fast as feasible...then start looking to get a loan for the boat.

 

For now - use that $500 to get a used kayak or canoe...it'll get you on the water. I may be in a boat now...one I rebuilt myself...but for a few years before that I was in a canoe...it can work.

  • Like 8
Link to comment
Share on other sites

  • Super User

Wait till you can afford the Ranger or you will be 2nd guessing your purchase.

actually your already 2nd guessing this. Lol

I understand the appeal of a bass boat but Purchasing one on a credit card is not something you hear everyday.

Regroup and sleep on it.

  • Like 2
Link to comment
Share on other sites

Credit cards are the worst way to pay off things. I use mine and pay it off every month. I can’t see spending 18k for a bost you really don’t want. You could  spend 1500-2000 to get out on the water in a boat.  if you can save up that amount. You also wouldn’t lose much on resale. Then pay off your student loans. Have at the ranger after that.

 

I went from a canoe with a trolling motor to a tracker 160 with a 20hp then put a 60/40 jet on it. The end of this year I hope to be in an 18’ G3 tunnel. That will hopefully be my “forever” boat.

  • Like 1
Link to comment
Share on other sites

I have been in your situation too many times to remember.  All my life I wanted things that stretched my budget.  I always remedied the situation by increasing my income.  Sometimes this meant working a side job. Other times it meant starting a new revenue stream.   I would advise you NOT to put that new boat on a credit card.  Credit card balances are the worst thing you can do for your finances.   A year after you buy this boat it will be just another used boat and you will be upside down on an ever growing loan. Find some more money then buy the boat.   

  • Like 5
Link to comment
Share on other sites

Do NOT use credit cards!

Do NOT settle for something you really do not want!

Keep saving!

Just my two cents.

 

  • Like 8
Link to comment
Share on other sites

6 hours ago, OG SmashSauce said:

My dilemma is...I REALLLY want a Ranger 198P but is way out of my current budget.

 

A Tracker Classic XL is way out of your budget if you're paying for it with credit cards.   

 

Don't do it.  Cut the credit cards up.  You said your debt to income ratio was too high to qualify for a boat loan.  If that's the case your debt to income ratio is too high.   Set a monthly budget.  Save some money, then buy a boat.  

  • Like 7
Link to comment
Share on other sites

  • Super User

Never had a credit card & have no intention of ever having a credit card! 

 

7 hours ago, OG SmashSauce said:

I am 90% sure I cant finance it.... but I am not in money trouble what so ever.

 

Doesn't sound like to me.

  • Like 7
Link to comment
Share on other sites

I run two credit cards and purchase everything using them. I also pay both off, in full, every month. Wife is ticked because my credit score is higher than hers : ) 

 

Why a credit card vs, debit card? I someone gets a hold of my debit card, they can drain my bank account. 


If someone gets a hold of my credit card, I call and report the issue, and no charges to me...new card issued. 

 

Credit card interest is currently @ ~20%....OUCH! 

 

Save your $$$, buy the boat you want...you will not have any regrets. 

  • Like 2
Link to comment
Share on other sites

2 things. number 1 i learned a long time ago with hunting and fishing stuff. wait til you can get what you really want.if not you wont be happy with what you get and will end up spending more in the long run to get what you really want. number 2 I WOULD NOT. put anywhere near that kind of balance on a credit card but thats just me. I would get a used kayak or cheap boat and fish out of it. also since theres more jobs than people to fill them i would consider a prt time job. something related to something you enjoy and put that money strictly in the boat account.

  • Like 1
Link to comment
Share on other sites

Over the years I have learned a few things about "wants".   The fun of buying these things is in the hunt.  Once you have them, they all lose their luster.  I  would be the happiest if all I did was shop for new toys that I kept for six months.  The only thing I have ever kept for longer than a few years was my wife of 57 years.  She's irreplaceable. 

  • Like 4
Link to comment
Share on other sites

  • Super User
1 hour ago, DaubsNU1 said:

I someone gets a hold of my debit card, they can drain my bank account. 

 

Don't know what bank you're using but I have 3 debit cards, two from a bank & one from a credit union. All three send me a text on every purchase. Plus any unusual transaction the cards are frozen until myself or my wife approve the transactions. 

 

Everything I own is paid for except for my recent purchase of a 2021 Nissan Rogue.

  • Like 4
Link to comment
Share on other sites

  • Super User
1 hour ago, DaubsNU1 said:

Why a credit card vs, debit card? I someone gets a hold of my debit card, they can drain my bank account. 

My debit card is run and operated by the same company my credit card is, VISA.  Has the exact same fraud protection my credit card does too.  I'm not liable for any fraudulent purchases.  Issued a new one just like a credit card if stolen or suspected fraud.

 

Sounds to me like you need to switch debit cards.

 

As for the OP, don't buy a boat with credit cards.  That's a dumb idea.

  • Like 4
Link to comment
Share on other sites

  • Super User
5 minutes ago, gimruis said:

My debit card is run and operated by the same company my credit card is, VISA.  Has the exact same fraud protection my credit card does too.  I'm not liable for any fraudulent purchases.  Issued a new one just like a credit card if stolen or suspected fraud.

 

Sounds to me like you need to switch debit cards.

Double down on this - my credit and debit cards are the same bank as well, and they've been excellent at locking down possible fraud transactions on either.

  • Like 4
Link to comment
Share on other sites

  • Super User

What would I do in your situation?  
 

I would keep saving until I had $1000 set aside for emergencies.  Then I would start paying off my credit cards and other debts.  Then I would talk to a financial advisor about a plan for retirement savings.  Once I was properly saving for retirement, then I would start saving up to pay cash for a used boat.

 

Financial institutions want to loan you money for a boat.  They don’t care if you can afford a boat.  All they care about is can you pay off the debt.  If they won’t loan you the money then you REALLY can’t afford it.  I would be surprised if a dealer would let you pay for a boat with credit cards but if they will it’s a really bad idea.

  • Like 2
Link to comment
Share on other sites

Appreciate all the answers!! The outcome is pretty unanimous...lol

 

DONT USE CREDIT CARDS! got it. 

 

Just side info....yes, tracker lets you buy boats with a credit card.

 

 

Something to think about but as of this moment I think I will get my $500 back when the boat comes in and I will work on some things you guys mentioned. Again, REALLLY appreciate the responses!

  • Like 4
Link to comment
Share on other sites

  • Super User

Your $18K boat at todays average CC interest rate of 24% will cost you $31K if you took 60 months to pay it off. A secured loan at 10% paid off in 60 months will make the boat cost 23K. It's a no brainer. 

  • Like 4
  • Thanks 1
Link to comment
Share on other sites

  • Super User

At this point my opinion would feel like dog piling on your answer.  However you pay, never buy a boat you really don’t want, it’ll never live up to your expectations.  If you want the Ranger, buy the Ranger.  If you can’t afford new, either wait and save or buy used.  

  • Like 2
Link to comment
Share on other sites

  • Super User

There are two types of people in this world.

 

Type 1 -  Looks at a credit card and says “Wow,  I can use this the buy the stuff I want that I don’t have the cash to pay for.”

 

Type 2 - Looks at a dollar bill and says “Wow, I can invest this dollar and it will pay me interest for the rest of my life.”

 

The type 1 people will be working at age 70 to pay the type 2 people who retire and go fishing at age 55.

  • Like 3
Link to comment
Share on other sites

1. You’ll never be happy when you settle.

2. Find a women with money.

 


In real life OG I wouldn’t do it but if I did it wouldn’t be a Tracker with a 50. If I’m going in debt buddy, that d**n thing would be a screw away from a space shuttle 

  • Like 2
  • Haha 1
Link to comment
Share on other sites

28 minutes ago, slonezp said:

Your $18K boat at todays average CC interest rate of 24% will cost you $31K if you took 60 months to pay it off. A secured loan at 10% paid off in 60 months will make the boat cost 23K. It's a no brainer. 

 

the interest rate for me would be 9.99% on the boat usin my cabelas credit card. 

 

 

Link to comment
Share on other sites

Buy a used kayak with that $500, pay down your debt and live within your means. Save a little more and then buy a used boat for $5,000 and keep saving. Then buy your first new boat once you understand how to manage your finances.

  • Like 4
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Unfortunately, your content contains terms that we do not allow. Please edit your content to remove the highlighted words below.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.



  • Outboard Engine

    fishing forum

    fishing tackle

    fishing

    fishing

    fishing tackle

    fishing

    fishing

    bass fish

    fish for bass



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.