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Thread: 2021 Used Boat Prices
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01-14-2021, 04:30 PM #21
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01-14-2021, 05:06 PM #22
I personally would not tie a depreciating asset to my mortgage.
But the rate is tempting and of course you can write off interest.
Sent from my iPhone using Tapatalk2021 Supra SA 400
2018 Supra SA 400 (SOLD)
Michigan
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01-14-2021, 05:11 PM #23
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01-14-2021, 05:20 PM #24
I often think of that too.
Make the bare minimum payment with hordes of cash in the bank. If things go bad they can have whatever they want back, or you pick and choose which to save with cash on hand lol.
Anyone will give you money when times are good. It’s when times are tough..lol.
Typically from what I learned during the recession, most banks are willing to work with you when you owe 130% of what the asset is worth.
However they are licking their chops to get things back when you owe 50%
Play the game, make the bank take the risk
However. My mind cannot be at ease with those games.
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01-14-2021, 05:23 PM #25
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01-14-2021, 05:30 PM #26
if this was the case we would not have had quite the severe housing crisis back in '08. a lot of people THINK they know what they can afford BECAUSE bank approves the loan. just like buying a house when most lenders will approve you for much more than a person really should be spending...
and to add some fodder to it. boat msrp's are pretty much a joke as well and contributing to things. we bought our boat otd for low80's. msrp was 116k. most any bank out there will take that kind of ltv ratio but is the boat really worth over 100k? nope. and if we went to sell today I'd be surprised if we got much over 85 for it. as used with 20hrs.'06 Supra Launch 20SSV-gone but never forgotten
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01-14-2021, 05:32 PM #27
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01-14-2021, 05:35 PM #28
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01-14-2021, 05:45 PM #29David
2017 Moomba Mojo Max Surf Edition, 2 Pair Wetsounds Rev10s powered by an SD2, 6 pair Wetsounds XS650M and Wetsounds XS12 powered by SD6 all controlled by a WS420. 2 Lumitec SeaBlaze X2 Spectrum underwater lights
SOLD***2008 Mobius LSV, Gravity III , Wake Plate, Z5, Exile SX65c's, Exile XM9s, Exile XI12D, Exile Javelin, Exile 30.2***SOLD
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01-14-2021, 06:11 PM #30
Back in the day when I bought my first couple houses, I recall a “rule of 2.5”, meaning 2.5x your gross income to not be house rich.
I don’t know too many teachers and firefighters having a combined income of $280k lol.
Now In very high cost regions of the country where even small bungalow homes exceed 7 figures, I get that people get longer duration loans and don’t put 10-15-20% into their retirements, and bank on their home to be their retirement plan.
Sent from my iPhone using Tapatalk2021 Supra SA 400
2018 Supra SA 400 (SOLD)
Michigan