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| always pay things off like boats/cars etc faster than they are depreciating unless you are going to hold on to them until they are paid off. The last thing you want is to be upside down on a loan, i.e. you pay 30k for a boat, but after 5 yrs of "cheap" payments you owe 25k on the loan but the boat is only worth 20k. you are upside down 5k. not good.
pay things off like that faster than they depreciate. imo try like heck to not have a payment at all on a boat. how fun is it to pay for something you only use a small part of the year and how many times. take the total out of pocket costs it costs you to own for a year, gas, payment, insurance, upkeep etc etc, divide that by the number of times you had it on the water and see how that sits with you.
I did that for a ski boat I had and the number I came up with made me sell it! | |
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