What’s a good yearly income to afford a boat?
So far the only thing I am paying is a truck payment which is $425/month and an apartment At $545/month. But just doing research. What is a good yearly income to afford a $40,000 boat? It’s a particular boat I’ve always wanted.
- ArticAntLv 42 months ago
I see some holes in your dream. First off, sounds like you're splitting the rent with roommates, and assuming it will be the same for the next 10 years. If yes, you're an idiot.
Next, you never disclosed your yearly income. But since you're asking what's a good yearly income to own a $40,000 boat, then it's pretty clear you don't make enough. In fact, I bet you're between 21 and 24 years of age.
Next, if you bought that truck, so you can pull your dream boat, you're an idiot.
Next, you didn't even show you had a plan to store this boat. I highly doubt an apartment will let you park the boat/trailer in their lot, so that means you have another added expense of storing it in a covered-open storage. Let's not forget, that a boat like this, has to be maintained, just like a car. Mechanically, electrically sometimes, and upkeep (like cleaning it inside and out). Otherwise, it will deteriorate and lose value/performance.
Next, you didn't even check to see how much the insurance would be, because that's going to be another expense added to your monthly cost.
Next you have the registration, for the boat AND for the trailer to take care of, which is another yearly expense for the boat. For the trailer, it should be 5, 10, or 15 years, depending where you live.
Next, do you even know how to back a trailer down a boat ramp? If not, you better learn fast.
Next, are you even familiar with the boat laws? If not, you better get acquainted, or you'll be paying for a lot of tickets or getting your tail end kicked in if you don't.
My advice, buy a kayak from Wal Mart. They're 200 bucks American, and easy to learn. Then get rid of the truck, and buy a Subaru with a roof rack to carry the kayak.
Plus you can put the kayak on the balcony or patio of your apartment. It's free.
- squeezie_1999Lv 74 months ago
A power boat is expensive to own. Figure at least 10-20% of the cost of the boat per year to operate and maintain it. I wouldn't consider buying a new $40K boat with a yearly gross income less than $250,000. Seriously.Source(s): Experienced sailor, boat owner with 50 years experience. Owned, bought and sold many boats.
- fuzzyLv 76 months ago
Never NEVER borrow money for a depreciating asset. Houses cost so much & usually go up in value, a boat's value always goes DOWN & they cost a fair bit of cash to maintain.
A boat is a luxury; pay cash for luxuries. if you cant buy the boat of your dreams buy a tinnie with a small outboard & enjoy that; better yet buy a small sail boat. Learning to sail it properly will keep you busy for years.
- Anonymous6 months ago
The answer depends on what ALL your expenses are. You've got more than just those two payments to make. Insurance, utilities, food, clothing, gasoline, etc, etc. If you are incapable of figuring out a basic budget you shouldn't go into any more debt.
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- ?Lv 76 months ago
Pay off your truck, save for a house, buy a house, get to a point where your monthly payment for mortgage/taxes/insurance is less than 25% of your take home pay, then start putting money aside each month toward a boat.
- Anonymous6 months ago
A good income for that boat would be at least 100 - 150k per year, and that's with no other vehicle payments or too many outstanding bills.