I got a nice bonus at work so i am able to buy another vehicle (1977-1979 Cadillac Coupe DeVille) or an used boat. What would you get if you were me? Id like another car but a boat would be nice. Let me know what you think or any advice to use the extra money vehicle-related. Thanks a lot.
I’d have to ask you a couple of questions befoe I can give you any advise on what I’d chose.
- Do you “need” another car, or would you just like to have another car?
- Do you water activity. fishing etc.?
- Are you able to tow the boat once you’d get one?
Yeah I have a 2001 Ford F-150 pick up truck with a V8 and towing package so towing a boat isnt a problem. Yeah I like fishing and being on the water. I would like either that car or an used bass boat. Nah I dont need another car but Id like a project to work on and I found a few of the specific car. Thank you for your reply.
So now it sounds like we’re down to an investment question.
- Should you invest time and money in the car, where you could sell it at a later time and maybe getting you money back out of it. OR
- Should you invest time in relaxing, getting away from stress, getting back to nature, peacefulness? Might also make you healthier, so you live longer so you can spend more time with your kids and grandkids.
Working on a car, and I’ve done it, can also be relaxing. But did you notice the first word in this sentence? The word is work. "I strongly believe that a bad fishing day on the lake is still better than a good day at work.
Have fun with whichever way you go.
From personal experience I would suggest putting that bonus into the bank as a retirement fun money account. I am now retired and I have bought that boat with the money I put away earlier and I can enjoy that boat any day any time and do. The money was there when my kids went to college as well, but dad did not need to pay much, they were both outstanding students and I got off very cheap.
If this were me, I’d put the bonus in the bank. Purchase a CD and MAKE money. If you buy a vehicle or a boat you will LOSE money.
Vehicles are not investments, they are expenses.
It sounds like the debate is between two boats–a land boat ( the Cadillac) and a boat that goes on the water. Think about the following: “The earth’s surface is 25% land and 75% water. Therefore, a man should spend 3/4 of his time fishing”. Does this answer your question?
Oh yeah. I like this answer the best.
Hold on, that would be 3/4 of his time fishing or maintaining and fixing the boat.
Why not try for a Caddy that’s about 10 years older, pre-emissions. Go for a land yacht.
Ask a financial adviser first and see if you are OK to buy anything. By that I mean you are all set for retirement/kids college etc. Then if the answer is yes see what is more calming to you, fishing and repairing the boat or fixing the caddy and driving it around the block.
Do what you want, what if you don’t live to retirement.
Joseph and MC:
This is the exact same answer I would give. It is amazing how many people get a “bonus” and consider it extra money. The idea of saving is lost on most of the American public today.
There must be more to life than fishing or maintaining a boat, but I certainly hope not.
You could use it as a down payment on an Amphicar and have the best of both worlds.
Buy the Caddy and enjoy it. For years I bought into this “Save, save, save” for retirement and kids and all that nonsense. But then one day, shortly after my mother passed away, I realized that life is short and I’ll be damned if I’m living like a pauper so that relatives and kids can live off my savings after I’m gone.
Save enough for retirement, maybe put some away for the kid’s college fund (of course, I worked my way through college and so can my kids), but most importantly ENJOY LIFE.
I never understood why people saved so much money, only to have their spoiled brats and greedy relatives spend it once they are gone. When my mother passed on, she only had about $10,000 worth of savings. As the beneficiary I took that money and went to a local community college and setup a scholarship fund in her name. It’s not much, but I was not about to spend her money she worked so hard to save for herself.
So that’s my two cents; and tonight, after work, I’m off to look at a 1986 Cadillac Fleetwood myself. I’d like a 76-era model, but those are so hard to find so I’m going to try and get this 86 and start with it. It’s still a land yacht, but I worked hard for it and I’ll enjoy it!