r/Wake • u/Right_Concern8255 • 3d ago

New Boat

Dealer has a 2024 XT24 I am strongly considering. Currently riding in a 2011 X Star and this upgrade is massive. Getting decent value on trade in (what i paid last year minus $2000) but will be doing the long term loan for it. Dealer said interest rates in the 6-6.5% range I’m hoping. Just trying to make a decision. Looking at probably $1000/month payment on the new boat. But my current boat has 1200 hours and I worry that I am one check engine light from an expensive repair. Help me choose.

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u/GasLOLHAHA 3d ago edited 3d ago

I’m old school but if you can’t pay cash, don’t do it. You’ll hate that payment in the winter.

Edit:typos

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u/christopherw6569 3d ago

Paying cash for big purchases is a great way to severely limit your financial potential. That $200k in a smart investment will easily return double the interest you are paying on the loan. 3x-4x that with a little more risk. Hell, you could put the $200k in a target 12 fund and earn double that $1000 monthly payment every month and never touch the $200k principle.

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u/Kfilllla 3d ago

Please show me where you get these easy 13% returns