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View Poll Results: Do you have the title to your boat and trailer?
Yes - I have the titles 81 66.94%
No - The bank or someone else has the titles 40 33.06%
Voters: 121. You may not vote on this poll

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Old     (tyler97217)      Join Date: Aug 2004       07-08-2011, 2:51 PM Reply   
There seems to be tons of posts dealing with the benefits of owning or financing your boat. I am sure many don't want to discuss their current financial situations with the rest of the world. Lets do an anonymous poll.
Simple. Do you own your boat and trailer or is it financed? Any part of it. Almost paid off, is still financed.
Old     (boardnxtx)      Join Date: Jun 2009       07-08-2011, 2:55 PM Reply   
Who cares how people pay for their boats? Isn't it about being on the water and having a good time?? How is it going to change the way I feel about being out on the water if Johnny next door has a title in hand, or pays $700/mo for his boat? Either way, that doesn't affect me or my wallet. We need to quit worrying about the petty BS and get on the water and enjoy the more important things in life...Just sayin...
Old     (tyler97217)      Join Date: Aug 2004       07-08-2011, 2:57 PM Reply   
Chance.... I totally agree... If you have been paying attention to many of the threads lately it has been people bickering over they own their boats or finance and which is better. I am not stating what is better or if I care. Just figured we could put an answer to it all and maybe an end.
Old     (boardnxtx)      Join Date: Jun 2009       07-08-2011, 4:39 PM Reply   
I've seen the thread and think people have way too much time on their hands worrying about what everyone else is doing. There will be those that save and buy with cash, some finance as much as possible, some with daddies money, and some without. You'll get answers all over the spectrum, and not one situation will be exactly the same. I guarantee you more people finance their boats than pay cash. It's reality in the world we live in. I congrats those that are able to save and pay theirs off from the get go. That is very difficult to do and those that do should be commended for their efforts. But, with financing readily available, it will happen and most will go that route because it's far easier than waiting a while and paying cash.

For what it's worth, I pay half my boat off and finance the rest. Some may say that if you can't afford to pay cash, then you don't need it. Others will disagree. I don't care who pays for what and how, as long as you enjoy what you are doing with it.

Nothing against you Tyler, just hate threads like these because in the big picture, it doesn't matter. As long as people buy and keep the boat industry alive, we can all continue to enjoy our time out on the water.
Old     (tyler97217)      Join Date: Aug 2004       07-08-2011, 4:49 PM Reply   
geez debbie downer.... just kidding man. I am actually completely surprised at the results so far. I would have figured it would be 10-1 financed as chance said.
Old     (nitrousbird)      Join Date: Sep 2008       07-08-2011, 4:49 PM Reply   
Paid cash for our Malibu and have the title. In Ohio, trailers with an empty weight of under 4,000lbs do not get titles, so I just have the Certificate of Origin for it. Very easy to steal trailers in Ohio - which is why I have full coverage on my old-ass 18' car hauler (well, that and it is super cheap to insure). Not that I live in an area I would worry about it, but more so when I take it to go quading.

Had the title to my last boat I sold. I've actually never sold/traded in any titled item I didn't have paid off/title in hand. Only item we don't have a title for is my wife's car (and at 0.9% interest, 0 down, 60 months on a 2 year old car, why pay it off early). Cash is king, and the less debt the better!
Old     (Jeff)      Join Date: May 2010       07-08-2011, 5:29 PM Reply   
Originally Posted by tyler97217 View Post
I would have figured it would be 10-1 financed as chance said.

If I'd have to venture a guess the majority of people on here have older used boats valued under $25k. I'd guess that the majority of the big ballin' boats that people tend to show off in pics are financed. I have less than $19k in mine including catching up on a lot of maintenance deferred by the previous owner when I bought it last year. Heck, I have less than $30k in my tow vehicle/daily driver and boat. It's all still better than I deserve! Ha!
Old     (badhabit)      Join Date: Mar 2009       07-08-2011, 5:45 PM Reply   
Own it. She 20's years old and cranky as hell...but she's mine and does what I want her to do.
Old     (cadunkle)      Join Date: Jul 2009       07-08-2011, 6:49 PM Reply   
I thought this was a different kind of thread. lol In any event, of course I have the title to my boat. I do not have the title to my trailer or even a registration. NJ is a terrible state and despite having a signed bill of sale and signed transferable registration they would not give me a title or registration for my trailer since nothing was notarized. They had no problem transferring the boat title though. I bought the boat on a Sunday of a holiday weekend, no notaries available and it's insane to even require a notary, especially for a trailer and not a boat and even more so when the trailer is obviously the original trailer that came with the boat.

Regardless, I still have the tag from my last boat's trailer and the new owner never registered it or NJ didn't update their records because they still send me renewal forms in the mail every year, so I just keep renewing that trailer registration. I've learned one thing, in NJ when it comes to vehicles it doesn't matter how legitimate your transaction is, your best bet is to lie and fudge your paperwork. Also dress nicely and go to a slow DMV with old ladies working and be charming to them. If you're lucky and play your cards right you might be allowed to transfer a title, renew your registration, or whatever trivial thing you came to do.
Old     (bear)      Join Date: Apr 2005       07-08-2011, 7:37 PM Reply   
Who cares what other people do with their money. It's no ones business and there is no right or wrong answer as to financing or not. People really need to stop judging others and trying to prove their point of view is the best. I'm sure I'm going to get blasted for saying it but oh well. Yes i know everyone can have their own opinion but when people critizes other on the forums for their desicions it rubs me wrong. Good pull though!
Old     (brett564)      Join Date: Jul 2006       07-09-2011, 12:23 AM Reply   
Mine is owned, but I completely understand being financed.
Old     (kgd)      Join Date: Jun 2002       07-09-2011, 12:52 AM Reply   
Nothing wrong with not holding the title. I have been on both sides and it just depends where you are in life. I want to enjoy the journey! No sense in saving up for some point in your life you may never see. That said, you need to be reasonable and not extend yourself beyond your means. I wouldn't refinance my house to buy a boat but on the other hand I would consider a home equity loan so I might be able to deduct the interest provided I was confident in my ability to repay the loan.

You can't put a price on the time you spend with those important in your life and there is no better way to enjoy that time than on the water! The best deal is to have friends with boats as they then have all the risk...

Old     (jayson_49)      Join Date: May 2007       07-09-2011, 6:58 AM Reply   
Old     (jayson_49)      Join Date: May 2007       07-09-2011, 7:35 AM Reply   
after reading this post and the other about what people do for a living.... seems as though most folks that own their boats, etc outright and paid straight cash for them live in a state other than California. Cost of living is definitely higher here in Cali than other way I could have paid for mine in full. everyone's situation is different and doesn't make anyone better than the next.
Old     (chris_schweda)      Join Date: Dec 2006       07-09-2011, 10:07 AM Reply   
I put half down and paid the rest in 6 months On my 04 san210 I want the new 230 but will not do it until I can pay cash.
Old     (tyler97217)      Join Date: Aug 2004       07-12-2011, 7:21 AM Reply   
If this is true numbers I am totally shocked. I would have expected the opposite.
Old     (tonyv420)      Join Date: Jul 2007       07-12-2011, 7:35 AM Reply   
Nope, and who cares! I'm riding and spending my cash the way I want. Owning ur boat outright does not make you any better than the rest of us poor fellows with a payment. Do I wish it was paid off? ya, you bet I do! Oh well, I guess this is what keeps me going to the J.O.B (knowing I can ride on my days off)
Old    SamIngram            07-12-2011, 8:30 AM Reply   
C. In Arizona boats don't have titles...
Old     (501s)      Join Date: Feb 2010       07-12-2011, 8:53 AM Reply   
Man, people should just relax with the comments on the OP. He just put up a poll to see what the average wakeworld user (not your average boater, WW users are definitley more into wakeboarding) was doing to own their boats (cash or finance). Nothing more. I think he just wanted to see what the numbers were like, I doubt he was concerned with each individual case or anything. Jeez, whats the point of a forum? To share info and opinions and discusss things like this. Owning a Boat is a Big decision and an even BIGGER financial commitment. More so for some then others and it always helps to know what others are doing.
Old     (MattieK27)      Join Date: Mar 2010       07-12-2011, 9:07 AM Reply   
I find the poll results extremely hard to believe.

First off, most of the boaters I know owe on their boats, its how everyday people own such expensive toys. Second, many people that have the cash to pay off a boat don't do so because they want flexibility for future expenditures, and because having the loan on the financial portfolio creates a tax break. (Similar to people taking out home improvement loans for the tax benefits)

Maybe the towboat crowd operates differently than the rest of the boating demographic, but I doubt it...
Old     (tyler97217)      Join Date: Aug 2004       07-12-2011, 9:34 AM Reply   
Levi - Thanks and you are correct. Hence the reason I made it anonymous and never even disclosed where I fit in cause I don't think it is any ones business either.

Matt - I am with you that I find it hard to believe as well. I have a bunch of friends with boats and they don't own theirs to my knowledge, but it is anonymous so not sure why people would not answer truthfully.
Old     (Jeff)      Join Date: May 2010       07-12-2011, 10:16 AM Reply   
I believe the poll results because I think you're probably making bad assumptions about the value of the average forum member's boat. Do another poll and I'd be willing to bet most peoples' boats are valued less than $25k (Many significantly less) and they either paid cash or have since paid off any liens.

My boat was $13,300 and I put another $5k or so into it over the last year (Maintenance, tower, ballast, bimini). There's no way I could have afforded a new boat without a loan so I opted for a 10 year old used one. The other advantage to the route I chose is depreciation. If maintained my boat will likely never depreciate below what I paid for it. If I had gone for a new boat not only would I be paying for interest on a loan but I'd be eating way more $ in depreciation.


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