I bought my first boat, a Lancer 25, from a local youth sailing organization for $1000. I made a deal with myself. If I wasn't dedicated enough to get her back into commission then I certainly couldn't justify spending more money on a boat. Three years later I was feeling guilty about the $1500 per year I was paying for winter storage. I had a truck after all. All I needed was a trailer to save that money. I found a nearly new trailer I hoped to buy for $3000. It was bought for a Cape Dory 25 that was subsequently sold sans trailer. I told my Wife about it. She said no. I explained that she was not making sense as it would pay for itself in two years! She said that was three times what the boat cost and that she didn't have to make sense. I count argue that point.
Given that I had met my mental bargain...I had fixed up my $1000 boat and sailed her three years...and that avoiding winter storage fees was not an option...after some discussion a larger boat was agreed on. After viewing a number of sketchy looking boats around $10k, my Wife asked if we could spend more for a boat that was in better condition so she could actually see me on weekends. We also decided that we wanted a tee shaped cockpit, as she was uneasy about climbing over the benches to reach the wheel.
We eventually settled on an S2 9.2A as our choice, a boat I recalled liking from boat shows back when I first sailed in 1985. However, we needed to take out a loan (12 years at 8% if i recall correctly...$203.40 per month) to get the boat. We realized some tax savings as a second home, which made me put what I did today off for a while, but i mailed a check today to pay off the loan in full.
I also was able to pay off my Wife's car and my truck, both used. 2013 was a tough year and I don't know if I would or could go through it again, but I am happy our finances were much improved when so many are struggling. We have also significantly increased donations to our local food shelter and other charities.
Given that I had met my mental bargain...I had fixed up my $1000 boat and sailed her three years...and that avoiding winter storage fees was not an option...after some discussion a larger boat was agreed on. After viewing a number of sketchy looking boats around $10k, my Wife asked if we could spend more for a boat that was in better condition so she could actually see me on weekends. We also decided that we wanted a tee shaped cockpit, as she was uneasy about climbing over the benches to reach the wheel.
We eventually settled on an S2 9.2A as our choice, a boat I recalled liking from boat shows back when I first sailed in 1985. However, we needed to take out a loan (12 years at 8% if i recall correctly...$203.40 per month) to get the boat. We realized some tax savings as a second home, which made me put what I did today off for a while, but i mailed a check today to pay off the loan in full.
I also was able to pay off my Wife's car and my truck, both used. 2013 was a tough year and I don't know if I would or could go through it again, but I am happy our finances were much improved when so many are struggling. We have also significantly increased donations to our local food shelter and other charities.
