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1/10 Rule for Cars, what about Boats/Yachts?

Started by Irish247, July 15, 2020, 06:53:33 AM

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So, I believe that the 1/10 rule makes sense for cars, though I admittedly haven't used it since buying a car as a teenager. Perhaps on the next vehicle that I purchase in another 10 years so so i'll consider 1/10.

So, on to the boat. What is the recommended spending for a boat?  I'm looking at buying another boat and trying to set a price point. Given that they can range from cheap to insane... how do you set a price point via your income ratio?

I'm in the process of searching for a used 25-30', so while not technically a yacht still pretty large.  I'm currently torn though between getting a cabin cruiser (or similar) to replace my current bow rider or a sail boat. I could just keep the bow rider and add in a catalina 27 (or similar).  Decisions, decisions.

I'm torn because I used to sail in college and have that itch again. However, there is something about a powerboat just point and go. Easy traveling and a lot less work, but more fuel cost for the leisure.

The first step is obviously pay cash for the new boat. What's the suggested ratio?