Overcoming sunk cost?

[Anonymous]

We have decided to sell our stupid boat. The first couple years we had it we used it constantly, it was so novel and fun. Now it’s nothing but a pain. We spent so much initially purchasing the stupid thing, barely used it the last three years, and had to make costly repairs last summer after an incident the one time we did use it (not covered by insurance, of course.) We spent about $30k on it new and will be lucky if we make $5000 (it’s old.) The worst part is we spent close to that making repairs last summer, so in reality, we will break even. But we have to get rid of it before something else breaks and/or the $1000 in storage fees are due. It was a horrible financial decision we won’t make again, and are trying to frame it as a $3000 a year hobby that we’ve enjoyed for the past decade. But it’s really hard to accept. How can we get over this?

[Anonymous]

You just do. It’s not that much money in the grand scheme of things. Think of it as paying for an experience.

[Anonymous]

You got a lot of enjoyment out of it for a couple years, and no one can take those memories away from you. Look at it as an expensive hobby, and a lesson learned. We all have them! For some it's a boat, for some a house, for some a bad marriage.

As time passes you'll stop thinking about it. And in about a year it will just be a distant memory. Stop kicking yourself.

[Anonymous]

Anonymous wrote:We have decided to sell our stupid boat. The first couple years we had it we used it constantly, it was so novel and fun. Now it’s nothing but a pain. We spent so much initially purchasing the stupid thing, barely used it the last three years, and had to make costly repairs last summer after an incident the one time we did use it (not covered by insurance, of course.) We spent about $30k on it new and will be lucky if we make $5000 (it’s old.) The worst part is we spent close to that making repairs last summer, so in reality, we will break even. But we have to get rid of it before something else breaks and/or the $1000 in storage fees are due. It was a horrible financial decision we won’t make again, and are trying to frame it as a $3000 a year hobby that we’ve enjoyed for the past decade. But it’s really hard to accept. How can we get over this?

An old boss gave this advice to a young colleague who barged into the boss's office while we were having a chat, and excitedly announced he proposed to his gf.. "Why Todd? Why? If it flies, floats, or f**ks, rent. Don't buy!". I guess a boat is covered by that advice.

[Anonymous]

It's just like any vehicle. You buy new 30k, in 10 years, almost worthless.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have decided to sell our stupid boat. The first couple years we had it we used it constantly, it was so novel and fun. Now it’s nothing but a pain. We spent so much initially purchasing the stupid thing, barely used it the last three years, and had to make costly repairs last summer after an incident the one time we did use it (not covered by insurance, of course.) We spent about $30k on it new and will be lucky if we make $5000 (it’s old.) The worst part is we spent close to that making repairs last summer, so in reality, we will break even. But we have to get rid of it before something else breaks and/or the $1000 in storage fees are due. It was a horrible financial decision we won’t make again, and are trying to frame it as a $3000 a year hobby that we’ve enjoyed for the past decade. But it’s really hard to accept. How can we get over this?

An old boss gave this advice to a young colleague who barged into the boss's office while we were having a chat, and excitedly announced he proposed to his gf.. "Why Todd? Why? If it flies, floats, or f**ks, rent. Don't buy!". I guess a boat is covered by that advice.

where'd you find that gross piece of advice, stall in the mens room? you troll.

[Anonymous]

Anonymous wrote:You just do. It’s not that much money in the grand scheme of things. Think of it as paying for an experience.

Yep, when you’re in a hole, first stop digging. Keeping the boat at this point is just digging further down.

[Anonymous]

It kept you from making a bigger foolish decision? You're so focused on this, you didn' spend on something else.

[Anonymous]

Sounds like the boat had a good run and was worth it! Time to sell it and move on. Most of the value is in the engine. Boats are basically luxury products so they lose value quickly especially if used in salt water (more corrosive). $30k was a good deal on a boat by the way. Prices are much higher now.

[Anonymous]

I think my husband has had 5 boats since we met over 20 years ago. From day 1, he's told me about an old adage among sailors:

The second happiest day of your life is when you buy a boat, the happiest is when you sell it.

You enjoyed it, move on. Lesson learned on boats.

[Anonymous]

Vlog, Blog, or podcasts about it. You might find an audience to share your misadventures of owning the stupid boat. Find a way to laugh about the experience.

[Anonymous]

Anonymous wrote:Vlog, Blog, or podcasts about it. You might find an audience to share your misadventures of owning the stupid boat. Find a way to laugh about the experience.

Call it “For sail by owner”

[Anonymous]

Two best days of your life, etc etc

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have decided to sell our stupid boat. The first couple years we had it we used it constantly, it was so novel and fun. Now it’s nothing but a pain. We spent so much initially purchasing the stupid thing, barely used it the last three years, and had to make costly repairs last summer after an incident the one time we did use it (not covered by insurance, of course.) We spent about $30k on it new and will be lucky if we make $5000 (it’s old.) The worst part is we spent close to that making repairs last summer, so in reality, we will break even. But we have to get rid of it before something else breaks and/or the $1000 in storage fees are due. It was a horrible financial decision we won’t make again, and are trying to frame it as a $3000 a year hobby that we’ve enjoyed for the past decade. But it’s really hard to accept. How can we get over this?

An old boss gave this advice to a young colleague who barged into the boss's office while we were having a chat, and excitedly announced he proposed to his gf.. "Why Todd? Why? If it flies, floats, or f**ks, rent. Don't buy!". I guess a boat is covered by that advice.

where'd you find that gross piece of advice, stall in the mens room? you troll.

You can't hide the truth! Accept it!

[Anonymous]

Like using the term "sunk" cost in a post about a boat.

Think about it like money you spend on vacations. You never recoup that.