On Mar 21, 4:44 pm, Charlie Morgan wrote:
On 21 Mar 2007 13:04:09 -0700, (Jonathan Ganz) wrote:





In article ,
Don White wrote:

"Wilbur Hubbard" wrote in message
...
The average idiot buys a boat for say 100K and finances it for ten years.
He fits it out and keeps it in a slip. The fitting out costs 20K, the slip
costs 5K per year, the insurance costs 1K a year. Haulout for bottom paint
1K a year. Fuel 1/2K a year.

After ten years the idiot has spent 250K paying back the loan, 20K fitting
out, 50K slip fee, 10K insurance, 10K haulout, 5K fuel, oil, filters, etc.

345K invested in a 100K boat that perhaps can be sold in ten years for
75K. Net loss of 270K. You pay 27 thousand dollars a year to use your boat
a dozen or so weekends a year. Stupid, just plain stupid!

Think about it.

Wilbur Hubbard

It's probably all relative...
That so called "average idiot" is probably hauling in well over 6 figures a
year.
Is it any worse that a washed up retiree pulling in 20K per year on a Post
Office pension and spending $5K per year on an ugly yellow boat with purple
interior?
Both are probably spending the same percentage of their discretionary income
on boating.

I guess I'm not the average idiot, darn it. I paid cash for my Sabre; thus, no
financing. The upkeep, upgrades, fees, etc. are deductible business
expenses, and I get to go sailing.

My 21 year old boat would sell for about the same as it sold for new. Cash,
however is not the only measure of value. Sure I've spent thousands every year
on upkeep, upgrades and marina fees. So what? I've been taking huge amounts of
value out in the form of enjoyment that more than covers it.

If you bought a car for $25k, drove it for 20 years and sold it for 25k, would
you consider it a loss because you spent all that money on oil changes, tires,
and brake jobs? I sure wouldn't. The use I got out of it for those 20 years has
value.

CWM- Hide quoted text -

- Show quoted text -

Agreed, Charlie.