Anonymous asked in Cars & TransportationBoats & Boating · 2 months ago

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.

4 Answers

  • fuzzy
    Lv 6
    2 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.

  • Anonymous
    2 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. 

  • 2 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.

  • Anonymous
    2 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.

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