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Thread: How do you afford them?
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11-04-2019, 08:18 PM #21
Way to bring back a 9 year old thread, lol
2018 Supra SA400 aka The Ron Burgandy
2011 Sea-Doo Wake 155
2015 Mojo Surf, sold...2013 Axis A22 Recon Edition, sold...2010 Axis A22, sold...2007 Maxum 1800sr3, sold
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11-04-2019, 09:36 PM #22
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11-04-2019, 10:43 PM #23
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11-04-2019, 11:44 PM #24
30 more years til this thread is paid off
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11-07-2019, 12:16 PM #25
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11-07-2019, 12:25 PM #26
Good thing, none of us have any idea what's going on in someone else's finances. Debt isn't a bad thing if you can afford it, especially currently when money is virtually free.
I subscribe to the 'cash is king' mentality, but I keep the cash in the bank. So when I can mortgage a house at 3%, get a car loan for 0%, or a boat loan for 5%...I do it, that interest rate is the small price to pay for the service...and it's what allows me to keep a large chunk in the bank. Earning interest (above the rates I pay) and as a 'just in case' fund.
I'd much rather have the cash if something bad happens. IDK what that would be since we own a company that's been around since the 1930s but who knows. Owning assets is great, until you have to unload them to sell for unforeseen medical expenses, job hardship, etc.--
2019 Craz
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11-07-2019, 06:44 PM #27Senior Member
- Join Date
- Dec 2006
- Location
- Tuscaloosa, Alabama
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- 815
Well I'm going on 62 years old. I believe my new boat buying days are over and I don't have to pay those prices. I still ski and wakeboard but my runs are shorter and few less. I have been happy with what I have. I'm semi-retired (work when I want to) and plan on keeping it this way.
Jack Beams
'05 Outback DD
325HP EFI Indmar
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11-07-2019, 09:40 PM #28Senior Member
- Join Date
- Apr 2012
- Location
- Lexington, SC
- Posts
- 542
I like your comment after mine. I really don’t know others finances. I just assume some people make enough to pay for these boats outright, others are like you mentioned and finance because they can use the cash in other investments, and those who put a little down and finance for 15-30 years. My assumption is a lot of those who are financing that long probably shouldn’t and if we have another recession, many of those people may not be able to afford their payments. So I guess not really a bubble, just a lot of risk. But I don’t have any firm data to back that up just threads I’ve read on here and the fb groups. But to each their own. It’s not my business or place to judge. Just an observation. It’s good for Wakeboat
manufacturers sales, and allows individuals to get on the water.
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11-07-2019, 10:18 PM #29
How do you afford them?
Oh ok now I get what you mean! Right if they don’t have savings and secure employment you’re right.
From my experience in my area it seems like wakeboat owners are much more buttoned down in terms of careers and finances than other boat owners. But that’s just a guess.
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2019 Craz
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11-08-2019, 07:56 PM #30Senior Member
- Join Date
- Aug 2018
- Posts
- 100
I think there are some other factors to consider as well. To me it seems many younger couples are establishing themselves in their careers and waiting to have kids until they are a little older, late 20's. So 2 working adults with lower expenses have more disposable income and not as much at risk. On the other side of that are families like mine, I'm 48. My wife and I have been in our current jobs for 15 years and are both fairly successful. We pay our mortgage, max out retirement, save extra, contribute to 3 college 529's, etc. etc. We put down a larger downpayment and plan to pay off early. We also cancelled a few creature comforts so instead of increasing monthly expense with a large boat payment we are increasing monthly expenses but a smaller amount overall. If at any time you wonder if this is the right decision because there is concern about making payments if something goes wrong with your financial security then you would probably be better to not buy the boat. Good luck with what ever you decide.
Thanks - D
2020 Supra SL450