Imagine you own a modest boat that you like to take out on the lake when you go fishing. Your boat serves its purpose — it has space for a case of cold ones and enough room for you and your fishing buddies. It takes some work, but you’re able to maintain her and make repairs pretty much on your own.
Now imagine you’re going by a marina, and you see a small yacht for sale. In a strange fit of daring, you buy it! The owner is offering special financing for the first few years, and it seems like this new boat fits within your budget. What happens?
At first, it’s exciting but we all know the saying: The two best days in a boat owner’s life are the day they buy the boat and the day they sell it.
After a few trips on the water, reality sinks in. The engine fails in the middle of the lake, and you need a tow back to shore. Your friends ask you to take the boat out, encroaching on your fishing time. An issue arises with the electrical system resulting in a costly repair. The upkeep costs are more than you bargained for, it’s manageable for now because of the sale, but that special financing is going to expire.