I’m finally in a position that I can afford to finance this 12’ pro sport fishing canoe for a measly 10 years. While I am excited, I’m questioning how well this rig will handle Mille lacs and superior/Michigan in October?
I’m almost there. I just need a 20 year loan
Has that much changed in the HELOC world? I know they tightened things up a bit after ’08, but I would guess with low interest rates until recently, and higher equity due to values rising (if you already owned), that there are a fair number of boats financed on variable rate loans. My late uncle owned a marine dealership and I can still remember him saying that it was home equity loans that kept him in business.
The HELOC world is alive and well.
With home values skyrocketing, people are gaining equity without really doing anything or “earning” more money in liquid form. They make sense for some people in certain situations, and are a delayed nightmare for others. To each their own.
Does anyone know of families that were bankrupted by their toys? Or even put in a short financial burden from them, and if they were at the end of it all would they tell ya unanimously it was well worth it?
Alot of speculation of all these folks going from heroes to zeroes and I don’t know a single one.
Just curious 
^^^^could not agree more.
Did I miss some comments?? Who’s talking about people going bankrupt owning a boat? Just discussing the ebbs and flows of boat pricing and why it might fluctuate.
Did I miss some comments?? Who’s talking about people going bankrupt owning a boat? Just discussing the ebbs and flows of boat pricing and why it might fluctuate.
I doubt people lost much because of toys, but there were a lot of folks that lost everything because of their “jumbo” mortgages.
I don’t think anyone said that a toy would “bankrupt” said people. They are just an item that is first to go “bye-Bye” for people who need to cut costs someplace in their budget. Staring at 15 year loan on a 2 year old boat that they have used 6 times tends to make the decision easy, even if the payment is only 200 dollars a month.
I have been casually looking lately again and lots of lightly used 2019-2020 rigs popping up for some friendlier prices than just 3 months ago.
Everyone has an opinion on what something is worth I guess, but ultimately the “need to” factor may come in to play on some good buys upcoming.
Does anyone know of families that were bankrupted by their toys? Or even put in a short financial burden from them, and if they were at the end of it all would they tell ya unanimously it was well worth it?
Alot of speculation of all these folks going from heroes to zeroes and I don’t know a single one.
Just curious
No, why did some one say that ? I know people who have strapped them selves with payments and loans to the point they can’t afford to miss a day of work. That’s pretty stupid lol
Yea someone in a sense said that.
Again it doesn’t make me feel good for others to struggle. I also think he is way off from reality in this situation, but that is MHO.
“agree but it makes me feel good to see alot of guys right now choking on these big loans with variable interest rates. Now their 65-100K boat is worth 35-55K and they can’t move it and the chickens are coming home to roost. Lot of ding dongs inflated these prices now it’s gonna hurt.
Big shots and/ or youtube heros takin er in the shorts. Nothing wrong with that.”
Yes,^^^^what he said above. The ones with the upside down loans are gonna be the ones to feel it the worst for sure. Oh well, correction necessary for some will help others.
So no one said that ?
And I have no idea why any one would want some one to struggle. My main point is finding it funny how much every one rushed out and bought when pricess were sky high. I guess they forgot to attend economics class.
I’m not trying to get in the middle of any one’s argument. Just was saying I didn’t see any one say that, and I still don’t
So no one said that ?
And I have no idea why any one would want some one to struggle. My main point is finding it funny how much every one rushed out and bought when pricess were sky high. I guess they forgot to attend economics class.
I’m not trying to get in the middle of any one’s argument. Just was saying I didn’t see any one say that, and I still don’t
So I bought my boat last Sept, does that mean I don’t understand economics?
I bought and sold a month ago and my Economics teacher would have given me an A+.
No, why did some one say that ? I know people who have strapped them selves with payments and loans to the point they can’t afford to miss a day of work. That’s pretty stupid lol
Well said BC. I know a few people who like to live their life in debt up to their eyeballs.. always have to have that new vehicle, shiny boat, the latest iphone, etc. The list goes on.
Not saying there’s anything wrong with people that do that. Some people will say “watch your own bobber”. While there is some truth to that, other peoples poor financial decisions do infact impact others, sometimes immensely. See 2008 as a prime example.
One thing is for sure. Americans LOVE debt.
So I bought my boat last Sept, does that mean I don’t understand economics?
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Never said anything like that. Buying at the highest price isn’t the smartest financial decision, I’m guessing your bright enough to understand 
Coralatiion with seeing boats that were 12k 4 years ago now running 27k and they don’t sir for sale for 10 minutes. Not a smart buy, in a few years that boat will be worth 6k and they will owe 20. But again I’m guessing your a bright guy and understand what I’m saying.
And again, not all deals are bad deals but there are lots of bad deals out there.
I bought and sold a month ago
What kind of boat did you sell and what did you buy?
Apparently on of those 10%er boats that put you in major dept.
Somehow it didn’t put me in any.
I have owned 7 boats since I was 18 and have used them to upgrade each time.
Apparently the kind that puts you in major debt.
Somehow it didn’t put me in any.
You must be a unicorn.
Don’t you know that 1/20th of the National Debt is from guys buying boats that can’t afford them. 
I know one thing Dutch. I enjoy the hell out of it.
I know one thing Dutch. I enjoy the hell out of it.
Teach me your ways…..
More money one has the less important that decision becomes, to it not even being important.
I know more folks who died early enough not to enjoy toys than I do people who suffered financially with them.
Can’t buy time, but it can buy memories.
More money one has the less important that decision becomes, to it not even being important.
I know more folks who died early enough not to enjoy toys than I do people who suffered financially with them.
Can’t buy time, but it can buy memories.
I agree. A hollowed out tree would serve as a boat for as little as no cost. From there it’s up to each individual to customize his boat anyway they like at any monetary cost they can handle. For right now I like fishing bigger water and safety is on the top of my list of needs. I want a bigger boat with a bigger motor. I like all the creature comforts I can get. When I start downsizing (which will be the next boat) my wants and needs will change. I’m guessing the cost of the next boat will downsize also. But one thing that won’t change is…….I won’t rely on others opinions as to if I’m being wise with my money. That is of course unless somebody wants in on 1/2 ownership, then I’d listen for a little while.
So I bought my boat last Sept, does that mean I don’t understand economics?
Never said anything like that. Buying at the highest price isn’t the smartest financial decision, I’m guessing your bright enough to understand
Coralatiion with seeing boats that were 12k 4 years ago now running 27k and they don’t sir for sale for 10 minutes. Not a smart buy, in a few years that boat will be worth 6k and they will owe 20. But again I’m guessing your a bright guy and understand what I’m saying.
And again, not all deals are bad deals but there are lots of bad deals out there.
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Honestly, yes you did. You said that someone should go back to economics class if someone someone bought a boat last year. And that you also find that entertaining. You can attempt to fool yourself in what you said, or what you implied…maybe you fully didn’t understand what you wrote?
And frankly, I can’t recall one boat which I saw selling for $12K 4 years ago, now “selling” for $27K. Do you mean advertising for $27K? Even so, still haven’t seen one boat that was selling at $12K now selling for more than double now. But, then again, I don’t have hours upon hours to cruise the internet looking at boat prices.
And frankly, I can’t recall one boat which I saw selling for $12K 4 years ago, now “selling” for $27K. Do you mean advertising for $27K? Even so, still haven’t seen one boat that was selling at $12K now selling for more than double now. But, then again, I don’t have hours upon hours to cruise the internet looking at boat prices.
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Back in September 2011 I sold an 04 1800 Pro V with a Yamaha F150. Sold it for 21k. Ordered a new Skeeter the next month. Dealer asked how much I got for my Lund. When I told the salesman what I got his answer was “That more than I could give you in trade”
Well just saw the same model 03 ProV with a 115 with old electronics and TM “advertised” at 27k!!
If he finds a buyer for that I hope he can keep a straight face at purchase time. 
And no I didn’t finance the Skeeter.
Seems the Etec equipped boats are selling for less. Thats always a option for some.
That is a real weird thing to make a person feel good.
And no boat prices are not half the value as they were a couple of years ago. That sir is not happening.
Alot of these folks are the reason you alot of people couldn’t or wouldn’t upgrade in the last few years. So yes, I makes me feel good that these guys are getting what’s coming to them and it in turn is bringing the market back to where it should be. Lots of guys owning a boat and flipping it 2 years later for close to what they bought it for. Good for them, but that’s over.
Maybe not 50% drop but used boats that were fetching 50-ish a little while ago are looking under 40k right now. That is a huge difference, probably closer to 25% actually.
Now us regular folks, or guys that might be a little more sensical, tight, whatever you want to call it can go and get something that we won’t lose our behinds on or have to finance forever.
It’s called supply and demand. Happens to every item.
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