Just for reference and in principle, tying up 200k plus in any
asset to save 40K is a foolhardy way to think about investments and your money
. The risk that you are taking with that 200k coming out of your pocket, in that you NEED to get it back in relatively short order, far outweighs a hypothetical 40k in savings.
For instance, being a novice
, how can you be certain of the actual and true value of the asset at time of purchase
? Having a survey is well and fine, but I would surmise that even the best surveyors could vary 20k in their value estimates for a used vessel. Additionally, what is your perspective of the used catamaran
market? As a novice
buyer, you have no way of knowing your chances of selling your particular vessel, in the shape that it will be in after your done, at the price and within the time frame that you require. It could sit on the market for a while, especially if you over paid initially and are asking too much (very likely).
Tying up $200K for a short time period, especially in a boat, is an extremely high risk way to try and save even much more than 40K. High value boat ownership
is better suited, financially speaking, for longer term cruisers.
The only way that you should consider the route
that you are proposing is if you should come across a deal for a vessel that is priced siginificantly under
what its current
market value is estimated to be (by a surveyor
- not you). Only then could you expect to realize some sort of loss mitigation in the expense of your vacation
and the expenses associated with your boat.In this economy, if you really put some effort into it, you may be able to find a deal like this. good luck..