Originally Posted by Macopa
Keep saving and avoid hurricane season and make my purchase in the fall (late in the fall). The negative here is that I will be spending $XXX each month in rent instead of putting that towards a boat loan.
If I understand you correctly, you plan to buy a boat in the late fall at latest. Here are the unknowns (for us, I presume you know) :
Rent vs slip vs feasibility to anchor out in your area.
on your apartment factors (month to month, up this month?)
Ability to up and go when the weather
turns. You don't need to go to New Jersey
, but could you realistically even get it to a truly protected anchorage.
Condition of boat... in fact, do even know which boat yet?
Loan issues (keep this to yourself but what are you qualified for?)
Overall, I think the best way to cypher this out is to figure out all the costs you be saving vs all the added expenses.
If you don't have a boat picked out, just keep plodding along. Do lots of research
about the types and features. Know how they are built, what goes wrong with them, how to repair them. Look also for surveyors who specialize in the types of boats you like. Look in the papers and online but DONT RUSH TO DECISION.
It's like investing. The market will be there tomorrow.
If you do have a very particular boat picked out. Talk to the neighbors first not the owner.
As for the investment or not. I think they're about on par.
Hope that helps.