I paid 19 for a 2003 20' recently. It was in great shape and I thought it was a good deal. Had updated electronics and TM already.
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I paid 19 for a 2003 20' recently. It was in great shape and I thought it was a good deal. Had updated electronics and TM already.
I have never financed a boat or car in my life. So I am little uneducated. Are you telling me that people are financing bass boats for 20-30 years? Surely you must be joking and I read that wrong.Quote:
Originally Posted by HawkDriver
Boys, boys....life is merely a series of choices. Make them wisely. All people do not get to Make the same choices, a lot of that depends on your.....income. There are many, many people out there knocking down some serious money. They are the ones who can buy A $100,000-$120,000 RIG without blinking an eye. I do not get mad at them. We are all....not equal, even though there is a movement underway, ESG, that tries to tell you we are all equal and we must give more money to those who do not make as much. The ones leading this are all super wealthy....business owners and investment managers....but they ain't giving none of their cash away....they want us giving it away. I started in a bass club when I was working as a laborer in a plant. All the guys had 17-18 ft boats with 150 hp motors on them, the 150 was the limit on bass boats for years...for many tournaments. I could only afford a 14 ft Kingfisher bassboat with a 25 hp motor. The other guys could run 50 miles one way on this Delta and get back with no issue for 3pm. I had to limit myself to 10-15 miles, and be happy. I did not lose many tournaments, and remained happy. My next boat after a few years was a MonArk MacFast 15 ft. ...with an 85 hp motor. I added another 15 miles to my range....but still fished the same close in waters. In 2000, I finally got a TR-20 with a 200. and used it for 18 years. A lot of my buddies at the other plants all had 21-22 ft boats with 250-300 ho motors in them. I bought a 2003 TR-21 in mint shape because of the grandchildren wanted to come with me a lot, and the 19ft boat was more crowded. I sold the 2007 engine with 65 hours OFF THE tr-21 and sold my TR-20, and bought a 2020 Merc 250 hp four stroke for the TR-21...with cash. I am retired now, and that rig serves my needs really well. I have the electronics and troll motor I want on it. Most of the guys I fish against are much younger plant guys, who knock down $100,000 to $200,000 a year. They all have $70,000-$80,000 rigs, $400,000 to $800,000 houses, 2 new vehicles, side by sides, hunting leases, and young kids. Bless them...as long as they do not miss a paycheck. As far as used rigs...get what you can for yours if you decide to sell. Life is merely choices. you get to make them.
Nope, not a joke.Quote:
Originally Posted by Snuffy671
People have been taking 20-30 year loans on boats for a long time. Even when a new boat was 30 k. Keeping my 15 year old boat. Paid cash.
That boat in Canada would be about $100,000 Can. My 2012 Lund at last years Toronto Boat Show has doubled in price, happy with what I have, not even thinking about a new boat !Quote:
Originally Posted by chwebmaker
Well it wasn’t that long ago you could buy a home for 120k and you took out a 30 year note. Why not be able to for a 120k boat. Sure most people won’t actually take 30 years, but I don’t see the issue with having the option. Most people would not be able to afford a 120k loan on a 5 year note.Quote:
Originally Posted by Snuffy671
I submit there are not many people that pay the full term of a 20 year note. Most sell or pay extra on the note. If the rate is good, I could care less about the terms. and I have had 20 year loans b4.
If you can afford a boat payment and operating costs, typically ur not prolly doing that bad on income.
A home is a typically appreciating asset. A boat typically is going to lose money no matter how long you finance it.Quote:
Originally Posted by 99R93S
New yes. Used are worth more than most paid for them at current pricingQuote:
Originally Posted by dean c
Notice I said typically:wink:Quote:
Originally Posted by DaveBrabec
I guess it depends on how old we’re talking, I don’t think it will last much longer if it’s not already starting to change…there’s a guy on here with a 2023 Ranger he paid 116k for…he’s down to 84,900 asking.
IMO a LOT of my generation (Boomer) and older started with small boats and/or a tiller steer motor. In my case a 14’ tin with a 25 tiller that I bought used. My bilge pump was pull the plug while running. I had to wire lights, a trolling motor, and it had one Super 30 Bird depth finder. Before I had a depth finder I had a marked cord with a bolt tied in the end for telling how deep it was. These days an 18’er with a 150 with all the trimmings is entry level.
Time marches on, but nice boats have never been “cheap”.
You need to separate your NEEDS from your WANTS. Ahome is a NEED. A boat is a WANT. So financing for 30 years for a need that will appreciate in value is wise. Financing a WANT for 30 years that will depreciate and which you will end up owing more than it is worth is not wise.Quote:
Originally Posted by 99R93S
Like I said and I’ll say again…match them up with auto loans and watch the prices come down. Because right now your average 18 footer with a 150 cost substantially more than a 1/2 ton truck and has a greater depreciation rate. Obviously this applies to the non-BBC crowd as we pay cash.
I've had 20 year notes before,but not for toys,they've all been for things that generate income,90% of time it's been for land.Quote:
Originally Posted by BMCD
Quote:
Originally Posted by Snuffy671
I disagree. For me a boat was a need. I had a high high pressure job that paid well but still would have required therapy if it wasn’t for the boat to fish in.
Lot's of those lightly used rigs out there right now, some of have been for sale for the entire year. Covid pricing is done, sellers will have to adjust soon enough.Quote:
Originally Posted by dean c
LOL an 18' with a 150 and all the trimmings used to be equivalent to a 20' with a 250 today.Quote:
Originally Posted by n2ratfishin
To the people who look down on those who make payments on a boat...I learned the hard way that money can be better spent making payments on something new/barely used over paying cash for a money pit someone is tired of sinking money into. Many will disagree but there are problems that WILL NOT be noticed unless you pull the floor, tear the motor apart, etc. My "start over" point was buying an old 1436 with a really solid 20hp Mercury. That boat served its purpose for 3 years until I decided it was time to finance a brand new 2016 Tracker 175txw. Paid that 10 year loan off in 5.5 years and now have the boat listed in my signature. 10 year loan again but plan on paying off in less than 5 years. Maybe it will be my last boat, maybe not. I'm a 41 y/o blue collar worker that's probably about to be priced out of anything over 17' with more than 2 numbers on the cowling. NEVER buying used again unless I know the owner and been around the boat since new.
In most cases a boat is not a NEED I’ll agree, but for some it’s a primary hobby and I would say is quite important. I would also argue a home is not a need either. You need a roof over your head yes, but you NEED to own a home. I feel like whether it depreciates or not is irrelevant. If the bank is will then it doesn’t matter. If you’re buying it to keep it forever (30 years makes it pretty forever, or close to) then depreciation doesn’t matter. Same for a home, if you’re buying it to make money on then it’s not a need for certain.Quote:
Originally Posted by Snuffy671
Quote:
Originally Posted by 99R93S
I dunno……I keep saying to myself over and over, “I need a boat. I need a boat. I need a boat.”