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  1. #21
    Join Date
    Nov 2016
    Location
    Knoxville, TN
    Posts
    797

    Default

    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 180sr3, sold

  2. #22
    Join Date
    Apr 2013
    Location
    Knoxville TN
    Posts
    1,344

    Default

    Quote Originally Posted by KnoxMojo View Post
    Way to bring back a 9 year old thread, lol
    Bringing threads back from the dead and Halloween is over.
    2018 Supra SL400

  3. #23
    Join Date
    Jun 2008
    Location
    Henderson, NV
    Posts
    5,388

    Default

    Quote Originally Posted by MJHSupra View Post
    Bringing threads back from the dead
    apparently this thread was not dead, just sleeping.... for many years....
    '06 Supra Launch 20SSV-gone but never forgotten

  4. #24
    Join Date
    Dec 2018
    Location
    Phoenix AZ
    Posts
    57

    Default

    30 more years til this thread is paid off


    Sent from my iPhone using Tapatalk

  5. #25
    Join Date
    Dec 2018
    Location
    Dublin, Ohio
    Posts
    342

    Default How do you afford them?

    Quote Originally Posted by mgswake View Post
    Take out a 15-30 year loan. Iíve read this same question on the FB groups and there are people commenting they took a 30 year loan. Thatís wild. But the banks are lending it. Seems like a bubble will form and burst eventually.
    How will it burst? These are fixed-rate loans.


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    --
    2019 Craz

  6. #26
    Join Date
    Dec 2018
    Location
    Dublin, Ohio
    Posts
    342

    Default

    Quote Originally Posted by 1967Goat View Post
    I think a lot of people just have a lot of debt. Me, I like to pay cash for things. My 98 Mobius was rough when I bought it last year for $3k. I'm putting money into it and will sell it in a few years for a profit and buy a nicer boat.

    I see it all the time and just shake my head. I live just off a highway going into the mountains. I see folks with a $60k diesel truck pulling a $60k trailer. Some may have paid cash for their toys, but I bet a lot of people are in debt up to their eyeballs. I'm not one to judge, but that is not the way for me.

    I'd like to see their retirement account balances. I am pretty comfortable with my 401k balance. My only debt is my mortgage. The goal is to retire in my late 50's, maybe 60, with $2 Mil in the bank/retirement account. Both my wife and I work.
    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

  7. #27
    Join Date
    Dec 2006
    Location
    Tuscaloosa, Alabama
    Posts
    795

    Default

    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

  8. #28
    Join Date
    Apr 2012
    Posts
    176

    Default

    Quote Originally Posted by Matt0520 View Post
    How will it burst? These are fixed-rate loans.


    Sent from my iPhone using Tapatalk
    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.

  9. #29
    Join Date
    Dec 2018
    Location
    Dublin, Ohio
    Posts
    342

    Default How do you afford them?

    Quote Originally Posted by mgswake View Post
    I like your comment after mine. I really donít 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 shouldnít 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 donít have any firm data to back that up just threads Iíve read on here and the fb groups. But to each their own. Itís not my business or place to judge. Just an observation. Itís good for Wakeboat
    manufacturers sales, and allows individuals to get on the water.
    Oh ok now I get what you mean! Right if they donít have savings and secure employment youíre 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 thatís just a guess.


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    2019 Craz

  10. #30

    Default

    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


    No longer boatless!

    2020 Supra SL450

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