How do you afford it?? Boat that is!

poter

poter

Well-Known Member
Joined
4 Feb 2002
Messages
2,127
Location
Still going south currently in Corsica for winter
www.fairhead.com
I was just reading some of the posts on here regarding a new boat test which cost £279K.

I am just intrested in how any one with a normal type job can possibly afford the asking prices of something like this.

If we take it that say you are well above an average earner (say the top 1 or 2%) & even after all the usual costs, you end up with say 20 or even 30K to dispose of in a year, how on earth does that translate into a new 45' moboat at 270k+.
The running costs, will also be horrendous, in fact probably close to the disposable income of 99% of us!

I must be doing something wrong. /forums/images/graemlins/confused.gif

poter
 
[ QUOTE ]
I must be doing something wrong. /forums/images/graemlins/confused.gif

poter

[/ QUOTE ]

Clearly you need to get into GPS Systems Consultancy...... /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif /forums/images/graemlins/shocked.gif /forums/images/graemlins/shocked.gif /forums/images/graemlins/smile.gif /forums/images/graemlins/smile.gif
 
Re: How do you afford it?? Boat that is!

tee. hee. LOL


yes I like that...... /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif /forums/images/graemlins/wink.gif
 
I think the disposable income of the top 1 or 2% is a bit more than you're suggesting
Many boats are purchased with proceeds of a business sale or inheritance
Quite a few boats are shared between friends or family members
Loans are cheap if you don't pay back the capital, but that's risky if you suffer depreciation
 
Depends on your definition of "normal job". Senior positions in big financial institutions can attract healthy salaries: think £150k+. Slight problem is the huge responsibility, long working hours, the loss of your soul to the company, and that you're either flush (good thing) or flushed (bad thing) by 40.

Alternative plan, start your own business, work your guts out on no salary for a decade or two, hope to get a lucky break, expand, then sell the business.

Actually doing your normal job (however well you do it) will not normally lead to the £279k boat, unless a rich relative passes away and remembers you.

As an example, a fellow graduate now owns and run about 10 student houses, plus a thriving nursery. If he were to sell up, he would surely raise 1m+, but instead dresses in old t-shirts, smelly trainers, and was last seen driving a battered diesel Astra. Nobody said it had to be hi-tech...

dv.
 
I know a chap who lives on 10% of his salary and gives the 90% away. He lives VERY well on that 10% aswell. Large detached house in very esclusive area, two luxury cars, daughter has ponies, etc.etc. Also if you sell a business for 2 or 3 million then bingo. If like me you have parents who have lived in poshish part of South East and paid off mortgate 20 years ago, then the estate could easily be worth in excess of a million (not me though I'm afraid), several lottery millionaires every month, footballers and golfers and tennis players, and people like a friend of mine whose bonus from the city where he works as a trader, is comfortably in excess of 200k every year.

Also, although there are indeed lots of shiny expensive yachts around, I suspect that if you added up all the boats over 100k along the south coast, they still wouldn't come close to filling up the car park at Bluewater. It's all relative!
 
If you take a quick look at the bios of some of those on this forum w/big boats, you'll see "MD," Director," etc, but I still wonder how they can afford multi K pound boats, unless they are paying themselves big bonuses and very big salaries. Before retirement I was paid a very large salary by UK standards, but could not afford - or would not take out a loan to cover something that cost more than an average house - and depreciated. I'm off to the Lounge, now! /forums/images/graemlins/smile.gif
 
Been self employed sparkie for almost two years now, speciality is marine and automation, but bought my boat with proceeds of house sale (predicted a crash that didn't happen) , now just working on building the business, so I wouldn't say many owners are flush, just prioritise what earnings they spend on boats the same as someone prefers hotels or expensive entertainment
 
How do you afford it??

Anyone with a normal job doesn't afford one. Whatever a normal job is.

A very senior exec. in a large PLC or similar might expect to buy one out of his bonus (I notice the Cheif of Standard Life could have, except he chose not to take the cheque, must have been too embarrassed by performance). By the nature of these people, they should be able to afford the running costs out of normal pay.

Other than that, work for yourself, get (or make your own) lucky break.

Who was it who's formula for riches was 'rise early, work hard and strike oil'?
 
Buy a 3 bed semi 29 years ago £10k, spend years doing up then live in it up to today, mortgage nowt, don't smoke or gamble, drink very little. Work your wotsits off to build 3 businesses, employ lots of people on "normal salaries", sell the businesses when someone is willing to buy, have 2 heart attcks, then start again and build up the final business (you hope).

Then take fathers inheritance, a mortgage no bigger than you would have had if you'd moved house to something "normal" people expect you to have as a successful business man and buy a boat @ a bit more that £300k. Then use all disposable income feeding it, berthing it and buying toys!! Mind you just bought another toy to add to the "Damn" fleet, so I never learn, more news in the new year.

P /forums/images/graemlins/wink.gif
 
I wonder if there is a relationship between boat value and income.
Does some one want to set up a poll? I would if I knew how. /forums/images/graemlins/confused.gif
 
Working for yourself is no guarantee of a big salary. Problem is I pay 17.5% to the VAT man and 40% to the tax man. That does not leave much for spending on boats!

I always wondered how people afford (or justify) spending a million on a big Fairline or Sunseeker. Recently I did some work with a sales rep from Sunseeker who told me a lot of clients are rich businesmen, but they tend to buy the boats on finance rather than with cash. Money spent on a boat is dead money and they would rather invest the money and take a loan.
 
Couldn't agree more, few mates of ours with nice size boats, are in property development and are currently mortgaging "The Stock" to live and keep the boats.
 
I guess it depends on your definition of "top 1%" - 5 years ago, the top 1% earned more than £62,500 per annum, and I don't have the up to date figures.

I sell my soul to the company for a lot more than that, but still my old Windy is what I can afford without any debts.

I guess that means the big stuff is Co Director / Chairman / Owner etc. and there are few of those on here.

The other thing is that in marinas, there are a lot of consortium owned craft - but looking at them, you'd never know. And again, for someone with little time on their hands, there is the chartering alternative. Get the boat to wash its own face!
 
Re: How do you afford it??

John Paul Getty, i expect. But money can't buy happiness. Well, that's a lie actually, probly specially made up by or for people more skint than they want to be.
 
Re: How do you afford it??

Even with the cheaper end you winder how people afford it. Legacy, scrimp and save and do stuff yourself. And that is the Joe Average salaried employee. But outside the expensive new boat league, compare boating costs per month with a Premisership roundball ticket each weekend and you are not really that different from the non boater.
 
You must log in or register to reply here.

Share this page

Top