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

wish2fish · Oct 10, 2008

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?

chuck1 · Oct 10, 2008

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"

Y.O.L.O. · Oct 10, 2008

It depends, not everyone is being adversely effected by the current global economic crisis. Everyone needs to evaluate their own situation and act accordingly.

Odayssea · Oct 10, 2008

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?

Searay Jim · Oct 10, 2008

wish2fish said:
The stock markets the past few weeks has really got me a little nervous...

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...ndex.php/home/496053-brunswick-fallout-economic-news-impacting-marine-industry-

pacopico · Oct 10, 2008

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.

Gunn · Oct 10, 2008

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.

SeaBird · Oct 10, 2008

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

sbw1 · Oct 10, 2008

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.

Fetch ND · Oct 10, 2008

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

or else all the rich guys here will own everything & we will revolt & burn them at the stake (& take their Bigger SeaRays) :grin:

chuck1 · Oct 10, 2008

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

or else all the rich guys here will own everything & we will revolt & burn them at the stake :grin:

Now that is just plain funny :lol::smt043:lol:, but I say forget about the rich ones and start with the politicians:thumbsup:

Fetch ND · Oct 10, 2008

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

fwebster · Oct 10, 2008

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.

Turtlesboat · Oct 10, 2008

It's like a Kmart blue light special.

Fetch ND · Oct 10, 2008

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

RonF · Oct 11, 2008

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.

billandamy · Oct 10, 2008

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.

tmhudson2 · Oct 11, 2008

billandamy said:
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.

Economists and statisticians call it 'reversion to the mean'.

SearayPaul · Oct 11, 2008

To paraphrase a sage investor in Omaha: I perfer to buy steak at a hamburger price. Looks like even hamburger is on sale at the moment.

Redhook98 · Oct 11, 2008

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:

jason78 · Oct 11, 2008

As many here know due to my recent posts I am trying to find a 225 Weekender. I am looking for 2002-2007 and my budget is 29K down. I thought I had one today for about an hour and then found out the seller apparently was not reading my emails because he told me to "come get it" after I gave him my top offer and when I confirmed, I found out he was talking about his "bottom dollar" price which was 2k in difference. Basically on NADA alone I was offering him about $500 less than current Average RETAIL for the boat just because it was in great condition with maint records. This is not to mention than in about 10 weeks when it turns a model year older it will depreciate another 2K. Anyway, I thought my offer was too high to begin with and I will have to admit I was a little nervous when I thought he had accepted my offer with the market conditions and a little relieved when I found out he was not accepting my offer. I have to say he has to be insane for not taking my offer and I know he really does want to sell the boat so he can buy a Sundancer. Anyway, my point is that in my search for a 225WE most I have seen are priced way over book value and I have found they have been sitting for over a year in some cases. Most people I have made offers to have acted like I am CRAZY for suggesting any offer below high NADA retail value and said they would rather sit on it and let it drop in value. I do have two others I am am talking to who seem to be more in touch with reality so we'll see!! Bottom line is in my experience over the last 90 days, most sellers seem to be caught in a time warp and think the current time is May 2007. The dealers are an exception- I have gotten some very good pricing just not on any boats I have wanted. I want a boat so the search continues........:grin:

waterlogged · Oct 11, 2008

I read a great Warren Buffet quote "When people get greedy, I get nervous. When people get nervous I get greedy."

Kameroo · Oct 11, 2008

wish2fish said:
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?

Everybody has their own comfort level. During the good times, rather than buying new I look to buy deals. While we don't have the newest boat at the marina, we are better prepared to weather the bad times. I've been working a few trade deals recently that have hit a snag with owners who are upside-down on their trades. I would suggest find a deal and put yourself in a position that you can load-shed the boat if you really need to down the road.

mwph · Oct 13, 2008

Follow these 3 rules and you/we will all be fine. They have always & will always work...

1.) Pay cash for anything costing over $300. (Gary's fuel bill is the only exception)

2.) NEVER invest in financial institutions. (Think about it..they are in the business of skimming money) they just not got caught taking too much.

3.) Avoid rude, ignorant, hateful or negative people.

ANYTIME · Oct 13, 2008

This is the best advice I have seen in a long time. :thumbsup::thumbsup::thumbsup:

comsnark · Oct 14, 2008

I suppose if you are carrying a balance and paying interest then putting things like "groceries" on that credit card would be crazy.

Personally, I would think the use of debit cards would create chaos in the checking account: Unless you keep a huge balance, it would be hard to not having the account go negative all the time. At least with a credit card it comes out in one nice shot.

billandamy · Oct 14, 2008

comsnark said:
Personally, I would think the use of debit cards would create chaos in the checking account: Unless you keep a huge balance, it would be hard to not having the account go negative all the time. At least with a credit card it comes out in one nice shot.

It is organization. It is planning what bills get paid on what dates automatically. Been doing it for so long, I can run down the date each and every bill gets paid every month. Today is Amy's student loan payment :smt001

Never been in negative, and the balance isnt huge, as every extra few bucks is transferred out into savings or under my mattress.

Oh (edit) there is an overdraft fund of $2k just in case, but we have never used it.

comsnark · Oct 14, 2008

I charge *everything*.

Boat fuel. Boat downpayment. Bubble gum. Vacations. Nice thing about my card is 1% cash back, credited monthly. I run $3-$6K per month because there is always an emergency or an unexpected expense.

Best thing to come around in the last few years is automatic bill paying -> Pay what I want when I want. Just came back from a few weeks away to find that I don't have to put any bills in the mail this week. Really cuts down on those stupid $0.42 stamps.

billandamy · Oct 14, 2008

The only scary thing is, and I have seen it happen: someone has a financial emergency. Credit cards are at "x". Cant afford to pay it off that month. Next month comes, and they havent caught up yet. Interest accrues. Pay a bit more off. Another emergency comes, or something happens to the market/investments/career.

Now they have a $Xk cc that will not get paid off while now interest accrues. Recipe for disaster, as you can easily search many an example by googling.

I just dont like to have anything extended out that can get cut off. I have seen it, read about it, and almost lived it 12 years ago in my first marriage with an xwife who liked to charge things.

To each their own, if it works for some of you, thats cool. Too scary for me.

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

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