Economy forcing you to sell your boat?!?

[comsnark]

yes, this is a great point. Right now I feel we are in a deflationary period. My money buys more now than it did last year. Cash is king, but all kings must die. So i'm going to spend mine now before it's worthless.

Well. . .fuel is down, but I am not seeing much in the way of price reductions in bread and milk.

I hear you on the "spend it now" approach. I often debate the wisdom of "saving for the future" in the wake of all the investment problems these days.

I remember you posting that "NY is on sale" in December, but frankly I was not really impressed with the Holiday sales.

One department store in particular. . .coupons, markdowns, special reductions. . .but everything had strings attached. By the time you got to a register it seemed like a $30 sweater still cost $35. Oh sure. . .I may have been Marked $125, with a 50% sale, with a 20% coupon, and a special Shopper bonus. But the coupon negated a store charge discount. . . and the sale was only 30% for brand X. . . and it was Wednesday, not Tuesday. . . . . . bottom line is that an item that I thought was worth $30 was costing more than $30.

 

[Turtlesboat]

Well. . .fuel is down, but I am not seeing much in the way of price reductions in bread and milk.

I hear you on the "spend it now" approach. I often debate the wisdom of "saving for the future" in the wake of all the investment problems these days.

I remember you posting that "NY is on sale" in December, but frankly I was not really impressed with the Holiday sales.

One department store in particular. . .coupons, markdowns, special reductions. . .but everything had strings attached. By the time you got to a register it seemed like a $30 sweater still cost $35. Oh sure. . .I may have been Marked $125, with a 50% sale, with a 20% coupon, and a special Shopper bonus. But the coupon negated a store charge discount. . . and the sale was only 30% for brand X. . . and it was Wednesday, not Tuesday. . . . . . bottom line is that an item that I thought was worth $30 was costing more than $30.

You need to learn how to shop.

The list is ENDLESS. We literally go shopping every single weekend. In fact we agreed to not get gifts for each other this Christmas, we would turn it into an entire year of gift buying. I'm getting 50%-90% off on a regular basis. Keep your eyes open and cash in your pocket and you'll snag some sweet stuff.

 

[RazorRobb]

I got a Gore-Tex mooring cover that originally listed for $750.00 for $69.00. Granted my boat is only 18', it's still a great deal.

 

[Woody]

I am one of the fortunate few that still has a good job in these rough times. That being said, if something did happen I would have to sell or give up my house before my boat. I could not make my house payments on unemployment + my wife's salary. We made the mistake of adding on to our house three years ago (instead of selling it for something bigger) and now have a first, second and a HELOC....the plan was to refinance as soon as the renovations were complete however with the downturn in the housing market, we can not refi. and are forced to pay all three payments. I can make the payments without issue now, but without my job we would be on the streets (or in an apartment).

What really pisses me off about the whole thing is that I have put so much work into my house to improve it's value and now all my work is for nothing. I have done 100% of the labor on the following:

Gut the Kitchen
Gut the 1st floor bath
Finish the master bedroom addition (23X13)
Turn a 1/2 bath and 10X10 bedroom into a master bath w/ steam shower, heated floors & jacuzzi
Finish the basement
Build a deck
New landscape

All this work with my own sweat and I don't have a dime of equity to show for it. If I am lucky, I may be able to sell my house for what I owe

It's a discouraging time for sure. I try to look at things from many viewpoints. If in your case you could sell your home for what you owe that means your sweat got you something because your house probably wouldn't sell for that same price without the many improvements you made.

 

[Presentation]

Look, boating as we knew it is done.

If / when the economy recovers so we can afford the boats, the cost of fuel will shoot back up.

A strong economy and low fuel prices are done.

Pick one.

 

[tmhudson2]

If / when the economy recovers so we can afford the boats, the cost of fuel will shoot back up.

A strong economy and low fuel prices are done.

Pick one.

You may well be right; it's certainly an interesting thought.

 

[dr.j]

I bought my house with a down payment which I saved for; I purchased a modest home that I could afford and I paid it off ASAP so I could buy my first boat. That was back in the early 80's. The interest rates were 19% on the morgage. Bottom line; home ownership and boat ownership are a privilege, not a right. The Investment Community, the Bankers and the quest for a triple car garage on a moderate salary placed us were we are today. Think about it; would this have happened in our parents day? Not a chance!

 

[The Bill Collector]

If you're in the "Collections" business, this would be a good time to buy a boat. You know it's a booming industry.:smt021

Things are off 20-30% of dollars collected, but we are getting lots of new accounts just nobody has any money to pay them or they are holding on to that nickel for dear life....
:huh:

 

[rondds]

[youtube]http://www.youtube.com/watch?v=hn5EP9StlVA[/youtube]

Some of you may recall this commercial that ran during the summer of 2005 or 2006 - not sure which. I remember sitting around the marina with the fellas laughing about the guy in the commercial. Of course, it's an ad encouraging you to take another loan (for debt consolidation) but it accurately sums up the predicament facing so many families in this country right now. Ironic that it has proven to be such a harbinger - the only thing it didnt forsee is that same guy then losing his job.

 

[Newbie]

My sound doesn't work anymore so I thought at first it was the ad for male enhancement pills, enzyte. Guess those pills could come in handy by those who took their wife's CC's away now, need another way to make her happy.
SB

[youtube]V1_ZjrcjkSU&feature=related[/youtube]

 

[Nehalennia]

I wish i could put the job I lost on the ignore list. Ya known the job I showed up to early for every day.... the Job I worked hard for every day, the job's alot of the US see's Detroit being "Too lazy" for, being sent to mexico because jose' will do it for 4 bucks an hour. :smt009 and I've got a degree!

EDIT: The media's to blame really. Detroit lost its thunder because some jacka$$ with a magazine was getting like a half a mile per gallon better in his jap made piece of crap and wrote about it. ahhhhh I don't want to get into it here.... lol I could write a book!

Move to Seattle and I'll teach you to be a locksmith. I need a guy who has a clue and is mechanically adept.

 

[RazorRobb]

I live in Seattle, Microsoft layed off 5000 people today. This is the first time in the companies history they've had layoffs.

 

[mrsrobinson]

Yeah, heard that this morning.

 

[kpetry]

I am sorry to hear of folks loosing their boats and toys. Having been in business for myself a number of years now my philosophy was always to get any toys I purchased either paid up front or paid for in a short time so they could not be taken away by a down turn in my business. Too many times I was witness to other business owners putting on the Ritz and buying toys when they should have paid attention to putting money in the bank for a rainy day. I agree with others that trying to move a boat right now is not a wise choice. Values are way down for that. The other side of the coin is that there is prime opportunity to move up if you have the cash to take advantage of a distressed owner looking to move a new boat at bargain prices. I hope everyone gets to keep their toys and gass prices stay cheap. :thumbsup:

+1 here!

 

[Larry&Leisa]

deleted