I'm going to go by this rule from now on. Next truck will be a big down payment and 3 years. If I can't afford the payments over 3 years I'll just have to save a little longer for the down payment. Now if this damn new vehicle shortage will ever get sorted...Originally Posted by Sam Handwich
2023 Xpress H18 with 115 SHO and Powertech NRS4 21p
8" Bob's Action Jack
Garmin Echomap 12, 10, 9, and LVS34 networked with Netgear Switch
Ultrex
Trick Steps and Ramp N Clamp
Pulled by a 2016 single cab HEMI Ram
Treat others like you want to be treated when on the water EVEN WHEN IN A TOURNAMENT! No fish is worth having a confrontation because you cut someone off or came in on top of someone.
^^ is how I use to do it until I got myself to a position I could pay cash. It's easier to save for the next one with no compounded interest eroding my $$
But the past two years, these assets were appreciating lol. And with low inventory now and into the next few years, I think it's okay to finance a nice boat. Life is short, go fishing!
What about 0% interest?
Just playing DA a bit, because I agree with you for everything but 0% interest.
I’ll tell you what’s crazy, when you consider that $10-20k of that overall boat loan is going for
Extended warranty on the OB.
Power poles
A very expensive trolling motor
Multiple graphs at the bow and dash.
Other electronic paraphernalia.
most of this stuff will be outdated, broken with no parts support from the manufacturer and or worthless when it comes to resale value because they’re so old before the loan is paid off.
Nuts
Rick Pierce said recently on a youtube podcast with Serious Angler Bass Fishing, that the majority of Basscat fiberglass boat sales are to cash buyers.
Back in the day when I was younger I would get a new boat every year or two because I didn't care. I fished tournaments and wanted to have the latest, but I did buy Pro boats which were far cheaper than buying from a dealer so when I sold them I never lost any money. I did that cycle for about 10 years until one day I grew a little older. Sold one of the fastest bass boats on the planet and bought a 17' tin boat with a 90hp Etec. This boat did everything JUST enough to keep me from spending money on another high end bass boat. The tin boat jumped on plane instantly. Was very wide for the model. Built in 18 gallon gas tank that with the E-tec burned gas sparingly. Easy to load/unload. Did 45mph loaded...close to 50 unloaded. Didn't care about stumps, docks, shorelines to beach, and caught more fish out of that boat than the previous high end bass boats. It did everything just enough to have me not miss the glass boats and always worrying about what could happen to them.
The problem (if you want to call it that) is people think they have to have the biggest, fastest, with $25K of electronics that never get used the way they were designed for...just turned on and left on Auto. That is where this all gets to be the way that it is and why some boats are over $100K and people think that they have to have them. As you get older you will understand as well as look back at all of the money that you pissed away on all of this. Just have a sense of humor about it when you do because it will be a LOT of money spent on things that you never "needed" as you will realize finally that all you really "needed" was something that floated and got you from point A to point B reasonably.
If I could buy a pro's boat every couple of years and never lose any money, I'd just keep on buying them, and stay in the latest, greatest boat.
There are still bass fishing boats available at every price range. Guys like to use the loaded out 20 plus footers as their basis for the rant, truth is you can still buy a boat for pretty much whatever you want to spend…and it will still float and catch fish.
Yup, the sport ranges from bank anglers, to kayak and jon boat tournaments, to old used boats, to smaller new boats, to the big loaded out ones. I'm not sure why people love whining and crying about the price of loaded 20 foot plus boats, its certainly not the only option. Just because the pros fish from them doesn't mean you have to, and even some of the pros are running tin boats.
2020 Nitro Z20 Pro Package
Spot-on. But in my case I was wasting money on 19' glitter sleds that had already been pretty much used up. I even put myself in a 1436 with a 20hp that I paid $1500 for and built into a pretty decent rig while I recovered from the financial hole I put myself in fixing someone else's problems. This 1436 did allow me to explore the creeks around here with zero f's given. I cautiously "sent it" and somehow always got out of there at least mostly unscathed.
BEST decision I've ever made in boat ownership was buying my Tracker 175txw with 75hp brand new. It's reliable, cheap and easy to run, nimble, AND PAID FOR. As you say it does everything "just enough" for me to not want to get back into a bigger glass rig. There's nothing that says you can't put big glass boat electronics on a more economical tin rig. We're installing Livescope and a 12" screen on mine today. Mainly only hardcore crappie guys running REALLY good electronics on their tin rig from what I've noticed around here but I'm 99% black bass.
No one can tell someone else how to spend their money but I think financing a boat for 15-20 years with no plans of VERY early payoff is one of the dumbest financial decisions someone can make.
2023 Xpress H18 with 115 SHO and Powertech NRS4 21p
8" Bob's Action Jack
Garmin Echomap 12, 10, 9, and LVS34 networked with Netgear Switch
Ultrex
Trick Steps and Ramp N Clamp
Pulled by a 2016 single cab HEMI Ram
Treat others like you want to be treated when on the water EVEN WHEN IN A TOURNAMENT! No fish is worth having a confrontation because you cut someone off or came in on top of someone.
That’s not exactly what he said. He said the majority of buyers bring their own financing - not using dealer financing. Getting lower interest rates and letting their money work for them. He said (conservatively) about 60% of buyers COULD write a check.
2023 Puma STS
No problem with long notes, just don’t treat them as such. If you need a 15 year loan to afford a boat, you probably shouldn’t have that boat. However if you’re using the 15 year note to give yourself financial flexibility month to
month, but paying off responsibly, no harm no foul.
Many people don’t realize that even paying for a boat cash isn’t always financially the most advantageous.
A long note on a toy is plain stupid hell spending $100,000. on a bass boat is well I won't even go there.. I know if I was to loan some of my many $$ on a boat for a 15 year note I would require at least 50% down.
04 521VX 250 Pro XS
14 521C 250 Pro XS
Not sure about that. Boat loan interest rates didn't used to be too bad as my credit union was usually at 2.99% with no payments for 90 days. Now they are almost double that even with great credit. Things are not that great out there right now and loan interest rates are showing that. Why pay to borrow money if you can just buy what you want (I didn't say need...I said want). I have the last boat I will ever own, same for the car and truck. Prices will never come down so while $100K for a boat is hard to wrap your head now, but it is only going to get worse.
This is accurate. I bought my current boat 6 years ago for $13,000. It’s an 18’ with a 150. For 95% of what I do it’s perfect. Lots of small rivers, lakes and the upper Mississippi. I’ve had it on Lake Michigan and Superior and it did just fine. I’ve added upgrades to it since I bought it. Now having a young daughter it doesn’t bother me if it sits for a bit not being used. I’ll probably hang on to it for a few more years and get a newer boat with a 4 stroke. To each their own.
5 years is my limit for borrowing money for a boat. I determine the amount of the down payment I want to make, decide the amount of the monthly payments I can live with, and stick in/around that price range when purchasing. I’ve never NOT gotten the auto or boat I wanted. I would consider a
6 year note if CR loan rates drop back to the 1.79% to 1.99% range again.
What I won’t consider is “paying cash” for a depreciating asset like a boat or auto. Why would I raid one of my interest generating investment funds when I can borrow someone else’s money at a much lower interest rate than what I’m earning? Makes no sense.
BassCat Sabre FTD
Mercury 150 Optimax
"It's just fishing"
So at the end of they day we all do what makes the most sense to us in our own financial worlds. Huh who woulda thunk
2008 Skeeter 21I. Yamaha 250 Series II.
2011 Toyota Tundra Crewmax 4x4.
That’s why I just bought a 2015 14’ v bottom with a 9.8hp! Yup, another BBCer that paid cash!!
You got to start somewhere!!That’s why I just bought a 2015 14’ v bottom with a 9.8hp! Yup, another BBCer that paid cash!!
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