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View Full Version : Almost the best day ever !



jimmobius
01-12-2014, 11:15 AM
The best day was when I purchased my '05 lsv, next best day was last Friday , paid it off in full ! Now I have the best kind of boat, paid for !
Jim

moombadaze
01-12-2014, 01:16 PM
congratulations on something a lot of peeps never get to do

jpetty3023
01-12-2014, 03:29 PM
can't wait for that day!! congrats


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996scott
01-12-2014, 04:11 PM
Always a great feeling to get something payed off. Congrats!

brad460
01-12-2014, 07:27 PM
Awesome...And it's still worth a lot of money!!

brain_rinse
01-12-2014, 07:48 PM
Congrats, Jim!

zabooda
01-12-2014, 07:55 PM
Strangely enough, I went out Friday and got a loan on my Jeep at 2.99% to do a home improvement in lieu of taking out of my investment that are getting a much better return. Surprisingly, I bought the Jeep in 2010 for $14,900 and the book value is now $22,100.

kaneboats
01-13-2014, 09:57 AM
Think I'll run out and buy a couple of Jeeps today. Good for you! I once refinanced a (paid off) truck to pay for a boat. Way cheaper than a boat loan.

newty
01-13-2014, 12:15 PM
Paid mine off 2 years ago. Love the feeling, congrats!

chadjitsu1
01-13-2014, 02:18 PM
Now that its paid off you have to immediately go back into debt. So what are you looking at buying now. There are really nice options out there and you should be able to get good money out of the boat you have.

I say go big the new Nautique G25 is only 145,000. That should keep you busy working for the next 20 years to pay off.

I cant believe some of these boats prices, absolutely ridiculous. I guess there are a lot of millionaires out there to buy em all

996scott
01-13-2014, 02:44 PM
Think I'll run out and buy a couple of Jeeps today. Good for you! I once refinanced a (paid off) truck to pay for a boat. Way cheaper than a boat loan.

What are boat loans at now anyway? It seams like at the boat show last year they were offering like 20 year loans at like 10 percent! I'm sure that isn't exactly what they were but it seamed like it was some crazy high percentage rate.

wolfeman131
01-13-2014, 02:56 PM
anything over $50k can go to 20yr terms and Atlanta Marine was showing 4.99% rates at the show this weekend.

Wax
01-13-2014, 03:17 PM
anything over $50k can go to 20yr terms and Atlanta Marine was showing 4.99% rates at the show this weekend.

20 years?!?!?!?!?! No wonder people can kind of afford $100k+ boats...

zabooda
01-13-2014, 04:40 PM
The high end market would be doomed if not for the long term loans. I think it moved the price of the boats up as it makes everything "look" more affordable and that is the selling point. It's not realistic and somewhere down the road someone is dishing off their boat at a price to pay off the loan but way over Blue Book. If you want something bad enough, you'll figure out a way to get it. At the same time, boat builders need to know the violatility of the market when the economy has any down turn with the prices that high.

mikenehrkorn
01-13-2014, 04:59 PM
I can remember getting a boat loan for 12 yrs and I thought that sounded like an eternity!!! But as it turned out, I kept the boat for about 11 yrs and still had quite a bit of equity (20-25%) when I traded on my OBV last year. I think the big thing is that boats cannot be used nearly as much as a car (at least not in the midwest) and if well taken care of during ownership (obviously the big "if" in this equation) can still retain much of its value near the end of a long-term loan.

Having said all that I'm not sure that I could take that boat loan at 20yrs when my home mortgage is only for 15yrs!!

kaneboats
01-13-2014, 09:35 PM
Yup, a 10 year old boat in the midwest looks like a 3-4 year old boat in FL, generally speaking. We get a few more hours down here and a little more sun. I've always thought you could make money taking trucks north and bringing boats back.

KG's Supra24
01-13-2014, 09:54 PM
Congrats. I bet that feels great.

jimmobius
01-13-2014, 10:29 PM
Yes it is a good feeling to have it paid for. My last one didn't take too long to pay for and I kept it 10 yrs. Have had this one 6 yrs now , probably will be my last one. Either will give it up in a few years or sell then buy a pontoon ,LOL..
Nice having a $300+ raise.
Jim

chadjitsu1
01-14-2014, 10:33 AM
Buy cars from the south and boats from the north.

zabooda
01-14-2014, 12:54 PM
...............and buy when the economy is tanking. 2009-2010 were excellent years for buying.

Wax
01-14-2014, 01:59 PM
...............and buy when the economy is tanking. 2009-2010 were excellent years for buying.

Yeah I bought my 2000 Supra in 06 or 07 for $23k...tried to sell it in that 09-10 timeframe and I couldn't even get $16k for it. I thankfully kept it. This last spring the $20-25k used boat market was booming like crazy...sold the Supra for $22,500.