Is it wise to upgrade or get into boating at this time?

wish2fish

wish2fish

Active Member
Dec 19, 2006
4,278
Locust Creek, Ohio River mm 433
Boat Info
2003 220BR
Engines
5.0 MPI
The stock markets the past few weeks has really got me a little nervous about the entire economy. Seeing the all the world markets taking a hit makes me even more concerned.

I'm a little suprised about the people here talking about buying a boat or upgrading. I don't think I would take on any more expenses at this time. What do you think?
 
Just like the housing market. It is all relative. There is some amazing boat buys right now. Who was it that said "When there is blood in the streets, it is time to buy"
 
It depends, not everyone is being adversely effected by the current global economic crisis. Everyone needs to evaluate their own situation and act accordingly.
 
It's a great time to buy real estate, stocks or even boats, though a boat is a depreciating asset in the best of economic times and you can't expect it to be any better now. And since buying a boat is never really a rational economic decision, we do it for irrational psyshic reasons, and in that way its psychic value can be even greater in times of distress. How's that for rationalization?
 
wish2fish said:
The stock markets the past few weeks has really got me a little nervous...
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Just a little? :lol: We're seeing history in the making. Things that haven't been seen by our current generation. Market moves that make the tech bubble look like child's play. It's a bizarre time. Today alone, the DOW has been up and down like I've never seen it in one session. However, in all that, people are making damn good money. In all that, people are losing lots of damn good money.

For people like us that consider how buying a new boat or trading our current boat will effect our core financial well being in the near-mid-long term, we probably shouldn't be looking to make those kinds of changes.

However, there are plenty that can keep a new boat under a small protected umbrella of financials without it being a factor in whether they can pay their mortgage, take vacations, pay for or have college tuition for their kids, go to the Dr., buy a new TV or have any other impact to their core financial health or without regard for any of the crazy markets. There is a lot of wealth in this country.

BTW, this ads some insight as well.

http://www.tradeonlytoday.com/index...lout-economic-news-impacting-marine-industry-
 
I just bought my new boat at the end of August...and didn't owe a penny on the old one. I do feel that I acted a little impulsively, and perhaps should have waited. However I did get a good deal 29% off the new boat, and a high trade in allowance.

If you have cash and it doesn't tax your reserves there are deals to be had, but selling your old boat may be tough unless you give it away.

Perhaps the optimistic ones here are in a much higher income bracket than I, and therefore are a bit more liquid in these times.
 
We've been looking for a long while now..and I'm glad I haven't bought anything yet. We're pretty insulated from the recent doings of the economy; secure job, no car or boat payments, fixed rate house payment, etc. Food and gas really brought our extra cash down so that's why we've held off.

But now I'm seeing year 2000 260DA's that are being put up for sale at prices that just a year or so ago we were looking at 1997ish 240DA's. Good news for us! So whenever we think this has bottomed out and the used-boat prices have bottomed out, we'll probably bite. But until then, we're rationing our outflow to be able to afford it.
 
With the way that equities are tanking, yearly depreciation on watercraft seems pale.

if you are going to take a loss, it might as well be on something you enjoy!

-JB
 
Boats should represent a small fraction of your overall networth so you do not have to sweat the costs when things go south. And, money is a renewable resource in a country where the potential is almost unlimited. We took a huge hit in the mid 80's almost overnight and in the next 18 months the market was up 29%. While this panic is clearly different, the market will be fine within 5-10 years, probably sooner. The panic selling strongly suggests we are at the bottom. How long we stay there is anyone's guess at this time. I had planned to retire next year and still may do that. Or I may just continue to work which is something I've been doing since I was 13 years old.
 
I think the economy will bounce back - it will take sometime (but today it could also be short lived) - there has never been a better time for the consumer to get the best deals & best interest rates & trade in value is high to, due to no one buying

If you have good credit & it does not put you in financial bind - then go for it - But if your on the edge & it will affect your credit or Financial stability then wait

If the entire economy tanks - most of us will be in the same Boat (SeaRay's) :grin: & they will have to find ways to get us all bailed out
icon_rolleyes.gif
or else all the rich guys here will own everything & we will revolt & burn them at the stake (& take their Bigger SeaRays) :grin:
 
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Fetch ND said:
....
If the entire economy tanks - most of us will be in the same Boat & they will have to find ways to get us all bailed out
icon_rolleyes.gif
or else all the rich guys here will own everything & we will revolt & burn them at the stake :grin:
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Now that is just plain funny :lol::smt043:lol:, but I say forget about the rich ones and start with the politicians:thumbsup:
 
I worry more about some Virus or Asteroid or Mega volcano or http://www.planet-x.150m.com/ getting us before the economy :smt101

& saving money for when you get old is a crap shoot too - most have health problems or end up in a Nursing home etc. & never live the good life - like they could while they are in good health & their kids will buy a new boat (But I could be wrong) :huh:

& if you don't have squat when your old the Gov. will give you housing & food & healthcare & even a free Nursing home bed - save enough for cable TV tho & take lots of pictures for the good memories
 
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chuck1 said:
Now that is just plain funny :lol::smt043:lol:, but I say forget about the rich ones and start with the politicians:thumbsup:
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Politicians are just the puppets that do their dirty work to make sure that the income gap is as large as it can possibly be whilst blindsiding us with BS. Sure, they're guilty, but there will always be more to take their place and do the same. Blaming politicians is like blaming the wood for the collapse of a termite-infested house.

Don't let the economy stop you unless you can't afford it period. In a few more years you won't even have the option of owning a recreational boat and you'll have wished you bought one when you had the chance.
 
Boats, stocks, real estate, autos are all "on sale" right about now. If your finances are proper for an investment in a depreciable asset, then I'd rather buy when stuff is on sale than when its a seller's market.
 
It's like a Kmart blue light special.
 
More Financial tips

> Investment tips for 2008 > With all the turmoil in the market today and the collapse of Lehman Bros and Acquisition of Merrill Lynch by Bank of America this might be some good advice. For all of you with any money left, be aware of the next expected mergers so that you can get in on the ground floor and make some BIG bucks. > > Watch for these consolidations later on this year: > > 1.) Hale Business Systems, Mary Kay Cosmetics, Fuller Brush, and W R. Grace Co. Will merge and become: > Hale, Mary, Fuller, Grace. > > 2.) Polygram Records, Warner Bros., and Zesta Crackers join forces and become: > Poly, Warner Cracker. > > 3.) 3M will merge with Goodyear and become: > MMMGood. > > 4. Zippo Manufacturing, Audi Motors, Dofasco, and Dakota Mining will merge and become: > ZipAudiDoDa . > > 5. FedEx is expected to join its competitor, UPS, and become: > FedUP. > > 6. Fairchild Electronics and Honeywell Computers will become: > Fairwell Honeychild. > > 7. Grey Poupon and Docker Pants are expected to become: > Poupon Pants. > > 8. Knotts Berry Farm and the National Organization of Women will become: > Knott NOW! > > And finally... > > 9. Victoria Secret and Smith & Wesson will merge under the new name: > Titty Bang
 
My feeling is that everything is cyclical.

People speak of recession and depression and I say it's a correction. Prices on everything have been rising rapidly (especially real estate) and inflated for too long now.

Economic darwinism. It is the natural spread of wealth in the structure of the way we do business as a free market. Everything naturally wants to balance out.

The problem is, we try and force it to balance out by committing such atrocities as welfare and on the other hand the wealthiest only seek to contain their fortunes, regardless of those below. In result, the middl eclass, the ones that should be "balanced out" bear the job of a pivot.

So we get these wild swings once in a while that even things out again, because that cycle cannot continue.

Hopefully, with a good kick in the arse, we learn.

We shall see, once again, until the next correction.


Oops...edit....and yea, anytime is a good time to buy anything if you have planned ahead. I'd buy a 2009 boat right now if I didnt get one last year because I could get my boat for probably $5k less than I bought mine for.
 
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Fetch ND said:
More Financial tips

> Investment tips for 2008 > With all the turmoil in the market today and the collapse of Lehman Bros and Acquisition of Merrill Lynch by Bank of America this might be some good advice. For all of you with any money left, be aware of the next expected mergers so that you can get in on the ground floor and make some BIG bucks. > > Watch for these consolidations later on this year: > > 1.) Hale Business Systems, Mary Kay Cosmetics, Fuller Brush, and W R. Grace Co. Will merge and become: > Hale, Mary, Fuller, Grace. > > 2.) Polygram Records, Warner Bros., and Zesta Crackers join forces and become: > Poly, Warner Cracker. > > 3.) 3M will merge with Goodyear and become: > MMMGood. > > 4. Zippo Manufacturing, Audi Motors, Dofasco, and Dakota Mining will merge and become: > ZipAudiDoDa . > > 5. FedEx is expected to join its competitor, UPS, and become: > FedUP. > > 6. Fairchild Electronics and Honeywell Computers will become: > Fairwell Honeychild. > > 7. Grey Poupon and Docker Pants are expected to become: > Poupon Pants. > > 8. Knotts Berry Farm and the National Organization of Women will become: > Knott NOW! > > And finally... > > 9. Victoria Secret and Smith & Wesson will merge under the new name: > Titty Bang
Click to expand...

Oh boy, I needed that today, thanks. This is so hilarious that I'm going to print it and pass it around at work Monday.
 
BUY BUY BUY! Just got my 2000 Amberjack 290 (400 hours, ALL options) with a brand new trailer for $31,000. Can't beat that with a stick!

Best time to buy in a long time!!!:thumbsup:
 
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