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Finance or buy it?

Riverryder

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I sold my boat. Bought a family boat(tube friendly,wakeboard) for cheap! I’m going to sell
It (I like speed) I have the cash to buy a boat in my range but should i pay half and finance the rest? Pay cash? My credit score is thru the roof. I just don’t know how this works. I know if you can’t afford it don’t buy it but I hated having my money tied up
In a boat(that I sold and made money on)

What’s the take??
I don’t need much. I’m in the 20-30 range. I have the cash to pay for it. But if I finance half is it a good idea?


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CoolCruzin

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Sometimes it’s a good feeling to keep some cash in the bank and not spend it all .
Do what is good for you
 

n2otoofast4u

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You’ll get 300 answers here. Do what makes you feel safe, and do what’s best for your situation. Me, cash in my pocket for buy/sell stuff is king. Interest rates are so cheap on most things, I can make more $ buying/selling a few cars/boats/jewelry etc. over the term of the note that I come out ahead of the interest paid. That doesn’t work for everyone, and may not work for you. Again, I’m my eyes, it’s a personal decision, not a majority rules decision.
 

evantwheeler

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I go by the adage that if I can't pay cash for it twice, I can't afford it (only exception is my house).
 

Rajobigguy

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Personally I like having some liquidity and don't mind paying a little interest to use OPM. That being said I never buy anything that I couldn't pay for cash.
 

Your ad here

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You have 20k and the boat cost 20k. Put 10k down finance 10k. Now you have 10k in the bank... not really... you have a 10k debt but are paying interest to keep the 10k payoff in the bank. Paying money to store money that is already spent but in your possession.
 

Xtrmwakeboarder

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My general rule is to pay for toys in cash, unless I can segregate that amount in cash and earn more than the interest being paid, while being conservative. If something goes sideways, I can pull the cash and pay the note, but it is always "spent" at the time of purchase.
 
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DWC

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@rivermobster is spot on. Everyone’s situation is different. We couldn’t have paid cash for our Nautique or motorbike when we bought it them. The memories that i have from those times are priceless. I wouldn’t change a thing. Don’t regret the interest payments or depreciation a bit.
I wouldn’t buy (finance) something I couldn’t dump in a hurry and a price I’m comfortable with. Not at today’s prices, not at worst case scenario.
I don’t buy new. Not because i don’t like the new toy smell. I’d just rather blow that first year waxing on something tangible.
 

Riverryder

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What kind of boat you selling?
A tige. I thought I would like it but after taking it out the whole not being able to raise the prop to beach it and the fact that it’s slow makes me want to go back to a speed boat.

Its not officially sold yet someone’s gonna water test it this weekend. I have the money to buy another one cash. But hated the fact the money was tied up. Not that I need it. But rates are pretty low for a loan and I would most likely just finance 1/2 of the boat.



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Your ad here

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A tige. I thought I would like it but after taking it out the whole not being able to raise the prop to beach it and the fact that it’s slow makes me want to go back to a speed boat.

Its not officially sold yet someone’s gonna water test it this weekend. I have the money to buy another one cash. But hated the fact the money was tied up. Not that I need it. But rates are pretty low for a loan and I would most likely just finance 1/2 of the boat.



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Wouldn't the money be tied up since you have a debt?
 

ChumpChange

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A tige. I thought I would like it but after taking it out the whole not being able to raise the prop to beach it and the fact that it’s slow makes me want to go back to a speed boat.

Its not officially sold yet someone’s gonna water test it this weekend. I have the money to buy another one cash. But hated the fact the money was tied up. Not that I need it. But rates are pretty low for a loan and I would most likely just finance 1/2 of the boat.



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Did you post it here?
 

Riverryder

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Did you post it here?
No it isn’t officially for sale yet. I bought it recently and in conversation with a coworker he said he wanted to buy it and for me to show him how to use it on Saturday.

If he doesn’t buy it. It will be posted on sites that sell boats.. because according to 2ff this place either you have a boat or no money.. haha




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floatn turd

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No right or wrong answer, just personal opinions.

I like to:
Keep my money in the bank, in case the "shit hits the fan"
Finance at a low rate or throw it on a 0% card.
Pay it off quick
Build my credit
And get reward points (if it's on a card)

But that's just me.

FT
 

DrunkenSailor

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If you earn 10% on an investment with 10k and lose 5% on interest on 10k on a non appreciating asset thats a win.
 
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Pay cash. Owning a boat is not expensive if it's paid for.

Using a boat can get expensive. B.O.A.T. (break out another thousand)
 

gqchris

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I have a rule that I buy my toys in cash. If I can't buy it cash then I can't afford it.

Welcome to RDP. You will fit right in here. I see you are already part of the club here that ONLY pays cash for toys.

A few other clubs here accepting membership currently are the "1/2 Ton Towing Club" and "Never Rent, Always Own" Club........
 
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