Who are these kids?!?!
Why is it that every time I watch a wakeboard/surfing clip on YouTube it's these kids cruising in a 100K Mastercraft! Who are these kids that can pull that off?
It physically pains me to say this, but...When I was there age, we had my dadís 18ft Crestliner and my soon to be engineering buddies decided nothing could possibly go wrong if we use a 10ft aluminum fence post as a boom and secure it with a series of eye bolt's and ratchet straps!
I later found out the hard way they were wrong. But, Iíll save that story for another day...
These kids you speak of are the MANY privelaged kids you often see at the lake,hanging out ,in front of the fancy houses/cottages. They are many ,no matter where you go. Unfortunetely very few of these kids have a real respect or appreciation for what they have or get to use and often abuse.
I grew up feelling pretty lucky my family had a boat, although never anything fancy ,but who cares,it was what myself ,my family and many friends learned to ski, wakeboard,tube, barefoot etc behind and i know i am forever gratefull to my dad in particular . He taught me it was a toy ,but one to be respected and not taken advantage of. He taught me to be carefull ,waterwise etc,yet to have fun. I learned by following the rules ,regulations etc and wa rewarded in the fact i've been using our boats ,unsupervised,yet safely since i was about 12,BEFORE boat licencing.
I now am the owner of my own boat and now DAD loves to come out on MY boat. Which he LOVES to drive.
What comes around goes around. Hopefully, these kids you see will end up the same.
Got a little off topic, yeah i wish we had a fancier,faster boat back in th day. WHO knows maybe ,i'd be a semiretired WATERSKI pro now,but oh well. WE did and still are having fun and now my kids are enjoying Boating as well. Just not behind 100k....
I dont typically see younger kids driving these boats on our lake. I generally see guys in their 20's and 30's driving them. I know that when I was in my early 20's there is no way that I could have afforded the boat I have now. I really think it comes down to the loans that banks are letting fly these days. You can finance a boat for 15 years, maybe some of you on here are doing this but not me. I make sure that I can pay off my toys as soon as possible. I don't like having debt for something that may or may not get used.
Ok all that being said if banks were not granting loans for 15 years and people were not able to afford these boats do you really think the boats would be as good as they are. The boat manufacturers need money for R&D of new products, that means they need to make the expensive boats some how affordable.
I don't think that no matter how high the quality of the products in the boat and how cool some of the stuff is that there is a justifiable price point of 100k+. There are engineering costs and other things but really..........? I feel like I have a boat that is really good now for the money. I dont see how another 50k would make it any better.
I did a 6 year note on my current boat and may do a 15 on the next. The way I see it is I will have a sizable down payment due to being able to sell my current boat which will be paid off, so out of the gate if I buy brand new (unlikely) I will already NOT be upside down. Then I just keep my payments low to free up money for other things that may come up and then pay extra when I can or feel like it. In any case if a major life event were to happen that I need to offload some liabilities I should be able to sell and come out with a little cash in my pocket due to the size of the down payment.
Not the worst plan in the world. I paid cash for every boat I had before and kind of worked my way up to my first Moomba. But, I'm getting older and my kids are young now. I wanted it now so I financed some of it. Then I sold it and bought a new LSV-- financed a little more of this one. Still never going to be upside down in a boat though.
I think that's the best way to do it. The only 2 things we have financed that can put us in a bind is the house, because frankly i didn't have 200K laying around LOL. I did have my down payment and such.
Originally Posted by kaneboats
Claudia's VW Passat TDI because its a Lease, no point in big down payments or over payments.
My truck as been a long string, i had the 06 F150 paid off in 3 years, traded it for the Black F350 Diesel. Paid 50% down. Then traded it a year later for the new rig and put 30% Down. I owe apx 10G less then its low value on trade in due to making slightly larger monthly payments then needed.
08 LSV i got for roughly 10G under sticker and put 5% down, made payments and kept it in the green. Sold it for enough to put 7% down on the new boat, plus the 15K down payment. Now the Mojo is very in the green and i really only plan to keep her for 4 years before i trade for the big kahuna super blinged out boat. That boat will be a long term boat as ill be in my mid 40s and plan to have some youngins.
In short i don't think it matters if you can pay it all in cash, make payments, or how ever you do it. Just keep the item worth more then you owe so you don't loose on it if you have to sell for some reason. People get into these discussions about paying interest, helping banks, helping the government, and what not.
You only Live Once, enjoy your life how ever you can. Don't be 70 and look back thinking man, if i would have taken a 15 year loan over a 6 year, i could have had my dream boat. Be the guy who is 70 and looks back at all the memories you had on those awesome days off.
^^ THIS x 1000!
Originally Posted by mmandley
Just so not being upside down is not confused with actual costs ...
If you bought a 60k boat outright and sold it 5 years later for 40k, you paid 20k for your cost of ownership.
If you bought a 60k boat, paid 10k down, financed the rest for 15 years and sold in 5 years for 40k .... yes, you would put about 3k in your pocket at the sale because you weren't upside down HOWEVER your cost of ownership is in the 30k range, not the 20k range (60-40).
It's a personal decision for each individual and how much they are willing to pay to play. My boat is financed bc like mentioned above, I wanted the family to enjoy it now. I do find some of the terms on the new boats a little bit of a stretch. I think you will see alot of bank owned boats before long with these 15 and 20 year notes.
The kids driving the 100k rigs around here are supported by parents money.
I'm 25, bought my boat back when I was 21. It was the hardest choice I made but I went Moomba because that's what I my price range would allow me to do. I financed my boat because I thought exactly as above, I have wanted a boat since I was 10 or so and my father and I always dreamed about having one. Well unfortunately, that never happened. So, I chased a dream I had and decided to heck with it. I could afford a monthly payment, so why not go after it. I will admit that it was the best choice I've made. At times, the worst. LOL! I have had so much fun and memories made on my boat that I could not even begin to imagine where my life would be without it.
Yes I had those folks who ragged on me and think my parents buy everything for me, but that is absolutely not the case. My boat was purchased on my own, by myself, and by choices I made.
Now with that said, I was just recently in the market to trade my boat in for a Supra. (I backed out of that deal due to buying a house this year, but thats another story) But I took everything into consideration. My boat currently can sell for maybe a couple grand more than what i owe. Next year may be a different story due to the hours on it, it was over 400 hours on it and was brand new when I got it. It's been taken care of, everything, so I know it's a good boat. However, I may have a harder time selling it next year due to the hours it has.
I was going to go with the 20 year loan for a Supra as the payments would be not much more than what I currently pay, and I was OK with this term due to two main reasons:
1. Exactly as said, you only live once. Get a boat you dream about.
2. I will not have this boat the entire term. maybe 5 to 6 years of it, possibly a tad more, but thats it.
That's my two cents and I am one of the "Younger" folks having a boat, so I had to pop in. :p :) :D