Originally Posted by
kgfishing
I personally think a big reason why we are seeing the sky rocketing prices is that banks are willing to give a loan on a new boat for 20 yrs. Thats absolutely crazy but its happening. Its the same thing we are seeing with the cost of college education. The colleges know the banks are handing out loans to anyone with a pulse and no limits on how much you can get. The boat manufacturers are doing the same thing. They know the banks are handing out 20 yr loans so they keep running the price up to keep that monthly payment in the $400-$500 a month payment. Simple as that.
The real problem is the depreciation of that new boat over the first year. The banks wont give anything more then a 7 yr loan on a used boat. So that $80-$90k boat just lost $20-$30k as soon as you drive it off the lot. Not many people can afford more then a $60k boat over 7 years. Hence why you are seeing the used boat market hover around that $15-$20k price range for a good 20 yr old boat.