is it smart to finance a recreational boat in new england that costs $30,000 for 15 years at 7%?

its a new trophy 1902 cuddy cabin walk around w/ mercury 150hp used on nights and weekends as can.

Public Comments

1. I would finance that amount for anything more than 5 years. Anything more and you will triple the purchase price.
2. The financing decision should always be separate from the investment decision. Is it wise to borrow 30,000 for 15 years at 7%. It depends... if you think interest rates will be higher than that, yes. 7% is pretty close to the historical avg though. The next issue is ...assuming you had 30,000 should you buy a boat? If that's what makes you happy, absolutely!
3. Buy a rental income house- rent it out leverage the house to buy a boat-a lot cheaper and you get a rental income.