I don't get, Bassboat OEMS

[BMCD]

And add to prices financing rates are going up.

[BoilermakerRT178]

If the banks went to 5 year max financing prices would come down... boggles my mind how a business minded person would finance one of the most highly depreciable assets you can own for more than 5 years.? My opinion.

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.

[RazorCat]

Ranger could not pay it's bills. Suppliers lost millions they never recovered. You might make the case that the other Genmar brands pulled Ranger down with them, and Ranger would have been fine if not attached to Genmar, but Ranger was facing millions in floorplan buybacks like all other boat companies in that period. I know people who never recovered money owed them by Ranger, so to say they were fine financially is disingenuous.

Good point.

[RazorCat]

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.

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.

[Bassin_7]

Aren’t the tin’s in the $45k range? Not exactly a bargain by any means.

I was looking at a Lund 1875 Pro Guide, as it brings me back to my days of guiding in Canada. New, fully equipped, that rig was over $50!

[BOW4UM]

Yep a correction is coming. Same as trucks. When loans stretched out to 72-84 months prices went up!

[Legend Chris]

You've been gut-hooked

[haveme1]

Cost to be a member of the country club ....
I can't financially belong to allot of things ...

[LTZ25]

Yep a correction is coming. Same as trucks. When loans stretched out to 72-84 months prices went up!

Same thing happened with college tuition .

[Skunked again]

Is getting an older one, and fixing it up, an option?

[deepanchor]

Yep a correction is coming. Same as trucks. When loans stretched out to 72-84 months prices went up!

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.

[BOW4UM]

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

[cubswin]

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.

[deepanchor]

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.

[grandbassslayer]

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.

Maybe a correction in the types of boats being bought, ie: more 18' than 21', more basic electronics than 4- 12" graphs, but the boats cost what they cost, prices are not artificially inflated due to finance availability.

[fishwest]

You guys dont know what your talking about. Ranger has never been in trouble. Their parent companies were, but because Ranger was solid and always doing well, they sold them to another investor. Ranger was never going bankrupt and was never struggling

100% true.

[deepanchor]

We can agree to disagree.

Maybe a correction in the types of boats being bought, ie: more 18' than 21', more basic electronics than 4- 12" graphs, but the boats cost what they cost, prices are not artificially inflated due to finance availability.

[grandbassslayer]

We can agree to disagree.

[BrianFLA]

ADD Nitro to that list as well..

I call total BS......you can get many great glass rigs in the 18 ft segment for a very similar price to 2008....ie Ranger z185 starting at 34 k....Triton tr189 32k etc etc.....

its when you add 15000 in poles and graphs that the price goes up......even the cheapest graphs today are better than anything from 2008....