Lease vs. Purchase
Cost Analysis: Boat Purchase vs. Chicago Watercraft's Lease-Share
There are a few boat deals out there that sound like a good deal, but
in all reality after the first three years of ownership your boat is
worth only a fraction of the value you are paying out to the finance
company. Boats average between 15-30% depreciation in the first year
and 15-18% in the 2 nd and 3 rd years. In three years you have a boat
barely worth two-thirds to half its value. So let's review your
finances on a boat in the Commander Level.
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$49,000 boat/trailer with 20% down
Loan Payment 12 months
Seasonal expenses
1st year Total Expense
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$9,800
$5,400 (10 year Loan)
$14,070
$29,270
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Loan Payment 12 months
Seasonal expenses
2nd year Total Expense
Boat's Value Dropped 20% to
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$5,400
$14,070
$19,470
$39,200
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Loan Payment 12 months
Seasonal expenses
3rd year Total Expense
Boat's Value Dropped 16% to
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$5,400
$14,070
$19,470
$32,928
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3 yrs of expenses &
costs = $68,210 Vs. 5,830 x 3 yrs =
$17,490
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+ 36% Estimated Depreciation
+ 7 more years of $5,400 payments
+ Boat looks older
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+ No Monthly Payments
+ Hassle FREE Experience
+ New/Upgraded Boats Yearly
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Think of your boat like a Corvette you park in the garage 11 months out
of the year. Unless you are retired or have a company with "of age"
captains, you won't be using your boat more than 25 times per season.
When you consider the amount of time you actually spend on the boat and
the price you pay for your boat (in comparison to your Corvette, condo,
investments, etc.), there's no comparison or financial return. Chicago
Watercraft Lease-Share is the only way to go. |
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