And add to prices financing rates are going up.
And add to prices financing rates are going up.
Bryan McDonough
2023 Nitro Z21 XL
Nitro Team
Agreed on the impact on demand if 5 year was max loan length. The reason why it boggles your mind is that the people taking out 15-20 year loans for a bass boat are NOT business minded.
More people are making poor decisions. It used to be shameful if you went into personal bankruptcy. The housing crash years ago changed all that. Poor credit and a bankruptcy in someone's background is just now a shoulder shrugger. Also, the view on debt in general has changed significantly. Politicians used to scream at the roof tops about our national debt...both parties now can't seem to wait to spend more despite the mounting debt. This cant go on forever...but I dont have a clue as to answering the question on what the debt limit should be before its untenable. I digress, back on topic.
Finally, I am into my second boat. First was purchased like new but was used (less than 5 hrs) and my most recent one a brand new one. I shopped the used market and couldnt pony up what people were asking for the kind (shape) of boat I wanted. Admittedly I am a stickler for a well maintained boat, but I was surprised at actually how well the nicer bass boats hold their value. One reason why in my opinion is that the continued rise in new boat prices raises the used market value.
BassCat Sabre FTD
Mercury 150 Optimax
"It's just fishing"
It’s rare that a bank will demand fiscal responsibility from someone who wants to borrow more money than they can afford for a longer term than they should. It’s not a bank’s job to teach common sense. If you meet their debt-to-income requirements, and their lending policies allow long term loans, they’ll be more than happy to max out that debt-to-income ratio for you. Credit Unions tend to be much more conservative in their lending practices, which many times will translate into much lower interest rates albeit for a shorter (reasonable) loan term.
Anyone who thinks financing a boat, a luxury, for 10,15, 20 years is a fiscally responsible idea is a banker’s wet dream.
BassCat Sabre FTD
Mercury 150 Optimax
"It's just fishing"
Yep a correction is coming. Same as trucks. When loans stretched out to 72-84 months prices went up!
2008 ChampioN 198 / 225 Opti ProXS! 1999 187 DC Elite / Merc 175 efi & 1989 184 DCR /Merc 175 xri
You've been gut-hooked
2015 Legend V20
250 ProXS
Lowrance HDSLIVE 12s/16
BBC Member since 2003
Cost to be a member of the country club ....
I can't financially belong to allot of things ...
**
Life is kinda hard but it's
better than the other options .. er ..option !
Is getting an older one, and fixing it up, an option?
My son is shopping for a new truck and is a diligent saver and cautious spender. He mostly does the right thing when researching and buying at age of 29 going on 30. He has saved, drove the same truck I provided him for 14 years. Now he's in the market. He asked about 7 year note. I said bad decision. If you can't put money down with trade and not make 5 year loan in the mid to high $400 dollar payment range you can't afford it yet. He valued that and stoped the truck fever moment and is saving his money. Plus his old truck still runs just fine. Dealership was pushing 7 year note to get payment down for him. I can't imagine a 7 year note for a vehicle. He's has a big bonus coming later this year so I expect he will pull the trigger then.
I told him pick to two acceptable colors, ask for the oldest new truck on the lot that's a last year model (new or demo truck) to optimize his buying experience. He's a good listener.
Smart - Its unreal to think of a truck payment of $650+ a month for 7 years. $60K for a loaded truck is nuts. So many are doing It :( I love my truck and would like a new but they are way to much so may just put a new engine in it wen that time comes. $9K a lot better than $60K
2008 ChampioN 198 / 225 Opti ProXS! 1999 187 DC Elite / Merc 175 efi & 1989 184 DCR /Merc 175 xri
Trucks are twice the cost they were 10 years ago, boats are about the same.
Sadly I'm not making twice as much, not even close.
"It's even, but it ain't settled. Let's settle it." Fast Eddie
I still can't believe they actually won...Cubs Fans Everywhere
As been stated. Limit the length of loan prices for recreational items there will be a correction.
Recreational items are not house note investments. At least not this guy. I'll leave it to each their own.
2019 RANGER Z518 - Mercury ProXS 150 4 Stroke
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