Top 10 Reasons to Buy a Bigger Boat
Think the boat you're considering is big enough? Think again. Throughout the next several days, we're going to post our top ten reasons to buy a bigger boat. Remember: In the end, it's all relative and you should buy the boat that's best for you.
Reason # 10: It's the economy, stupid.
And right now, boat dealers are making deals and individuals are putting boats up for auction to make a quick sale. Sooner or later, sellers won't be looking to make a deal to move inventory or to convince you that it's okay that a brand of boat is on the brink of bankruptcy. Interest rates won't be nearly zero for long. It's a buyer's market, so grab all you can if have the means.
In this recession you can get a lot more boat for your money than you may ever be able to again. History and economic trends tell us that the prices of boats are going to rise significantly once they start selling again, as are the interest rates on boat loans
, or the cost of money.
Reason # 9: Tax Incentives
A real estate blog in the Washington Post reminded me recently that boat owners have an excellent tax advantage available to them. That is, of course, if they already own a home and if the boat is big enough.
So if youíre on the fence between a boat that has these amenities and one that does not, there could be a financial incentive to you in April if you go with the bigger boat with all the extra stuff.
Boats that have a head and a galley (thatís a bathroom and a kitchen area for you newbies) may qualify as a second home in the eyes of Uncle Sam, possibly allowing you to deduct the interest on your boat loan