Used boat prices............OMG

[Snuffy671]

Said it here a 100 times...banks stop cutting 20-30 year notes, prices will come down.

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.

[HawkDriver]

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.

Nope, not a joke.

[DaveBrabec]

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.

[99R93S]

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.

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.

[dean c]

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.

A home is a typically appreciating asset. A boat typically is going to lose money no matter how long you finance it.

[DaveBrabec]

A home is a typically appreciating asset. A boat typically is going to lose money no matter how long you finance it.

New yes. Used are worth more than most paid for them at current pricing

[dean c]

New yes. Used are worth more than most paid for them at current pricing

Notice I said typically

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.

[Mcjenson]

Notice I said typically

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.

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.

[Snuffy671]

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.

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.

[geodebasser]

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.

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.

[99R93S]

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.

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.

[Okie Poke]

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.

I dunno……I keep saying to myself over and over, “I need a boat. I need a boat. I need a boat.”