Financing older boats

low bum

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Sterling Hayden. Reading his book Wanderer now. Amazing. He also said if you have the money for the trip, wait until your fortunes change before you start.

A genuine badass.
 

SloopJonB

Super Anarchist
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Also a genuine pain in the ass.

If you know "3 Days of the Condor", the scene where Cliff Robertson is asking CIA boss John Houseman about "his" war, Houseman says "I sailed the Adriatic with a movie star at the helm", that refers to Hayden - it's what he actually did.
 

Crash

Super Anarchist
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this is a sinful thread

My dad would be pinwheeling in his grave if he thought I had ever borrowed money for a boat

two more rules I have also inherited


No TV in the morning

No alcohol until after 6pm
It depends. For awhile, at least here in the states loans were so cheap (ie interest rates so low) that it made sense to take a loan on the boat, and put your cash on the market. That time may be coming to an end now, at least for awhile…
 

low bum

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Tennessee
Also a genuine pain in the ass.

If you know "3 Days of the Condor", the scene where Cliff Robertson is asking CIA boss John Houseman about "his" war, Houseman says "I sailed the Adriatic with a movie star at the helm", that refers to Hayden - it's what he actually did.
Oh, I don't doubt it. I'm sure he was an "acquired taste" that most people could never acquire. Can't say I would like to ship with him but he's a good writer.
 

kent_island_sailor

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This thread reminds me of the quote by Hayden Sterling that someone on SA cited...

"To be truly challenging, a voyage, like a life, must rest on a firm foundation of financial unrest. Otherwise you are doomed to a routine traverse."
At a certain age that kind of thing is very entertaining. I am past the age where wondering what I am going to be able to eat is fun, YMMV.
 

low bum

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I think that mindset is useful to keep on hand to avoid "safety creep" where there is always a reason to delay so that yet another milestone of preparation can be reached. But yeah, there are a lot floating examples of poverty and ignorance out there. Panhandlers with dreadlocks, sharing their groovy love and body odor. And I say that as a life long Deadhead.
 

slug zitski

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It depends. For awhile, at least here in the states loans were so cheap (ie interest rates so low) that it made sense to take a loan on the boat, and put your cash on the market. That time may be coming to an end now, at least for awhile…
Yah

I think that’s called ..opportunity cost ..

better to take out a loan, then put your money to work elsewhere

dangerous game to play , but many do
 

low bum

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Tennessee
If you know "3 Days of the Condor", the scene where Cliff Robertson is asking CIA boss John Houseman about "his" war, Houseman says "I sailed the Adriatic with a movie star at the helm", that refers to Hayden - it's what he actually did.
Thanks JonB - this led me down a fascinating gopher hole. I love "The Paper Chase" and always thought Houseman was some crusty New Englander - probably hung out with Old Joe Kennedy drinking bootleg Scotch - only to find out that he was Romanian and born Haussmann.
 

kent_island_sailor

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I think that mindset is useful to keep on hand to avoid "safety creep" where there is always a reason to delay so that yet another milestone of preparation can be reached. But yeah, there are a lot floating examples of poverty and ignorance out there. Panhandlers with dreadlocks, sharing their groovy love and body odor. And I say that as a life long Deadhead.
For sure things can go too far. The list of what is "required" to sail from A to B has grown exponentially over the years to the point it is like NASA planning a mission to Mars.
That wasn't really what I meant, more like arriving in a foreign port with no income, no job, no money, and a boat that needs repairs. Some of my best adventures as a young lad involved various underfunded trips and all kinds of improvisations and misadventures.
I once got suspicious that my crew were spending money like drunken sailors because they were and demanded all their cash. Between everyone we had $70 and were hundreds of miles from home. The decision to leave that day after buying $65 worth of gas was an easy one! Fun times :D
* too old for that now
 

SloopJonB

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Thanks JonB - this led me down a fascinating gopher hole. I love "The Paper Chase" and always thought Houseman was some crusty New Englander - probably hung out with Old Joe Kennedy drinking bootleg Scotch - only to find out that he was Romanian and born Haussmann.
I assumed the same thing - he was a hell of an actor to create a "real" image for himself like that.
 

SloopJonB

Super Anarchist
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Great Wet North
more like arriving in a foreign port with no income, no job, no money, and a boat that needs repairs. Some of my best adventures as a young lad involved various underfunded trips and all kinds of improvisations and misadventures.
It was carefree youth that made those experiences good, not the poverty.

The reason people don't do it when they get older is that they learn a few things over the years.
 

Ajax

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If the boat is to be a home, I don't see it any differently than financing a mobile home.

Sure, it'll depreciate over time but it's your home. It won't gain equity like a home fixed on dirt but it also won't cost nearly as much. The interest rate plays a big part in the calculus.

I wasn't planning on buying my boat and had my money tied up in other things. I took out a small loan and paid it back in a few months. Interest paid was negligible. There's really too many moving parts to make a blanket statement about financing a boat.
 

kent_island_sailor

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Kent Island!
If the boat is to be a home, I don't see it any differently than financing a mobile home.

Sure, it'll depreciate over time but it's your home. It won't gain equity like a home fixed on dirt but it also won't cost nearly as much. The interest rate plays a big part in the calculus.

I wasn't planning on buying my boat and had my money tied up in other things. I took out a small loan and paid it back in a few months. Interest paid was negligible. There's really too many moving parts to make a blanket statement about financing a boat.
I am not sure why financing a boat is any worse than financing anything else. Can you afford it? If so, no worries. If not, don't buy it.
 


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