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  #111  
Old 06-21-2013, 12:36 PM
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Originally Posted by mikeg205 View Post
Yes the you are correct about the opportunity cost - avoiding the initial depreciation whack by buying used will preserve your leisure activity and enjoyment.... unless of course you choose to compete..
Very true.
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  #112  
Old 06-21-2013, 01:00 PM
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Originally Posted by gsxrjtt View Post
JMLVMI... I agree thanks to the new boat guys.
Agreed, thanks to the new boat guys. If you ha e the money go ahead and buy it new. But man that is just too much of a plunge for me.

If you are young and think you need this before other priorities then you need more help than I can assist with.

Mike was telling me about a guy on the river who lives with his mom but is young and owns a brand new super air nautique, I mean come on. Get your life straight kid.

I'd like to see the value of these boats come back down to a more realistic price. I doubt it costs 50% to make that boat. They are making money hand over fist

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  #113  
Old 06-21-2013, 02:20 PM
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Originally Posted by Nick911 View Post
, young enough to weather several bankrupcies and still be able to retire comfortably,

Also, agree with previous statements: my money works for me to the extent where it is better to make a payment every month and keep my 100K in my pocket.
So is the tea bag that is renting one of my houses right now..........or should I say borderline squatting............
He's weathering a bankruptcy very comfortably in my 2800sf custom home!

I get what you're saying, and if you got the $ to pay it off should the need arise then that's great as long as you do the right thing and pay it off before filing bankruptcy and letting the rest of the hard working folks absorb the cost of your bad decisions or misfortune however the case may be.

I'm more in line with Traxx, except to the extent that I do have 2 houses mortgaged (1 of them not by choice thanks to the irresponsible spending of a great deal of people in the early 2000's).
I do believe that you should only buy what you can afford. For me that means what I can afford to pay cash for (except houses). For others that means what they can scrape togeher to make all the monthly payments!
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  #114  
Old 06-21-2013, 02:35 PM
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Originally Posted by Traxx822 View Post
... I doubt it costs 50% to make that boat...
And I hope people know enough not to pay 100% of the sticker...
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  #115  
Old 06-21-2013, 02:59 PM
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Originally Posted by Thrall View Post
...bankruptcy very comfortably... letting the rest of the hard working folks absorb the cost of your bad decisions or misfortune however the case may be...
...
For this we can thank the greed and avarice of big businesses (financial institutions), our government (elected officials who fail to represent us) and the legal system (or lack of fair and just laws)... Somehow, we lost accountability for our actions along the way. Socialism sucks.

This is one of those rants you could really get going on.

Flip side: Yep, for me the boat is financed and was from day one. That money sits in investments and I'm happy to take the positive delta. That is a financial risk that I'm taking but it has worked out so far to my benefit. If I would have done this a few short years earlier (2001-2004) I would have been slaughtered. As it sits now, I can weather a hit of a certain percentage and if necessary decide to bail and then just pay off the boat. My cars are paid for cash. The house is mostly paid off. I'm getting closer in to my retirement goals. One kid has one foot out the door and the other I get the feeling she will have her college education taken care of; I had kids later in life. This (financing the boat) is not something I would have done 10-15 years ago because I was not in the financial situation to do so. I also keep the boat loan at about resale value so IF I had to it should be a wash or close-enough. Actually, my first boat was paid for with cash but most on here would not have considered it a real boat. Don't get me wrong as I'm not bragging. Nothing in life has been handed to me. I've held a job every day of my life since 14 - in that I (and my family) have been fortunate. I can't take it with me but I can make it work for me to the best of my ability until that time.

Just sayn: Don't put all of us with boat loans into the dead-beat bucket.
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  #116  
Old 06-21-2013, 04:20 PM
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I don't think anyone's a deadbeat if they can afford their payments. I just wouldn't want to pay for something that if I sold it I would break even on after paying what my current boat is worth.

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  #117  
Old 06-21-2013, 04:52 PM
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I have a family member that is completely against debt, which is fine, I'm not a huge fan of it either but with rates being so low (i.e. I'm paying 1.36% on my wife's car) I don't see how you can't not take advantage of that. You could throw darts at the NYSE or NASDAQ listings and make more than 1.36%. Whether or not you make payments to a bank you will still have a payment. Take what you paid for your boat in cash, subtract what you sold it for and then divide it out by the number of months you owned it, there's your payment.

Remember, what someone owes on their boat and what their boat is worth are rarely the same figure. If you didn't own anything, that doesn't mean its not worth anything. Granted I'm sure there are some people out there with some negative equity, but that depends on a number of things.
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  #118  
Old 06-21-2013, 04:53 PM
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Well I tried to stay out of this... but as a Banker I see it all day long. Parents have a image to keep up with the "Jones" down the water way or street. This breads to their kids, and now seeing second and third generation of kids learning what they see... they basically spend till they cant get approved to spend more, and then eventually Daddy or the BKC court comes in to aid. In 2-3 years they are back at it again.

That said I would love to own a 120K New X Star... but I will wait 5 years till the depreciation has slowed from a rapid pace, and jump in on a boat.

I have a wealthy wealthy customer who purchased a 100K 2013, 230 Foot Boat no MC, paid 30K down I financed the rest on a Balloon. On the water this weekend his boat was next to a 96 Model of the same Mfg... Knowing both boats both owners... I thought wow for that kind of money it looks exactly the same... My buddy with the older model was like... Wow from the water they look the same age...

Now the 96 doesnt have the fancy transom walk thru, the sink, the toilet etc... but it once again is all relevant to those who care. To the average Joe the boats look the same.

To my point if you can afford a new MC... great have at it... because the more people who buy new... means in 5 years or so I will own their boat. So the economy must carry on...

But for those of you that spend 120% of the 100% you make and live on credit cards... Go see your local banker, cut up your cards and stop the madness before you BKC and we all are paying for your bad mistakes.
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  #119  
Old 06-22-2013, 02:33 PM
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Originally Posted by DBrown2 View Post
... But for those of you that spend 120% of the 100% you make and live on credit cards... Go see your local banker, cut up your cards and stop the madness before you BKC and we all are paying for your bad mistakes...
Why should they stop doing this? They living the good life and if something happens (and it will when one lives on the edge or for that matter over the edge), they simply get to walk away from it.

The sad thing is that they don't understand they are trashing their lives. Oh well, someone has gotta live poor because in the end that is where they are headed. Now some would thing that was a rather mean comment but I've stopped feeling sorry for people who will not help/support themselves. Our government needs to get it out of their minds that for some reason we need to foot the bill for these people. And for Mommies and Daddies who continue to foster/enable this behavior in their children, they typically get their payback as well at some point - my in-laws who are in their seventies have their 40-something daughter living in their basement.
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  #120  
Old 06-22-2013, 03:21 PM
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Traxx822 Traxx822 is online now
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Originally Posted by GoneBoatN View Post
Why should they stop doing this? They living the good life and if something happens (and it will when one lives on the edge or for that matter over the edge), they simply get to walk away from it.

The sad thing is that they don't understand they are trashing their lives. Oh well, someone has gotta live poor because in the end that is where they are headed. Now some would thing that was a rather mean comment but I've stopped feeling sorry for people who will not help/support themselves. Our government needs to get it out of their minds that for some reason we need to foot the bill for these people. And for Mommies and Daddies who continue to foster/enable this behavior in their children, they typically get their payback as well at some point - my in-laws who are in their seventies have their 40-something daughter living in their basement.
I know you are speaking theoretical and not directing it at anyone on here. Even if those types are on here they would never admit it. But everything in the last two posts are dead on correct.

My generation will be the rue of our time. Sadly I can not help them.

I own a company that manages foreclosure properties. I can tell you this. People are disgusting. Some are sad situations. But most are just garbage people who live like garbage.

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