Boat Financing

[Ham]

I saved $600 a month for 3 years and had a decent down payment and then paid $600 a month for three years. I did pay it off a few months early, but still. 

[MrGiggles]

5 hours ago, Seth said:

Something tells me that a lot of the guys running new bass boats aren't paying $2k a month in payments for 3 years. 

Something tells me that a lot of people with new bass boats lack basic financial sense too.

There are a lot of variables, but financing a new boat for 10 years without paying it off early is almost a sure way to end up upside down.

[Ricochet15]

My last one was 12 years without asking. 15 seems common a lot of places. Paid it off in 3 but it was nice to have a smaller minimum if something were to come up for a month or 2.

[waterpossum]

There's no hard definitive data available, only an educated guess, but most sites guesstimate about 20% depreciation on a new boat when you take it off the lot. In other words that $50,000 bass boat is worth about $40,000 when the salesman waves you goodbye.

[Hickabilly]

Enjoying all the input, as usual. Thanks!

[Dutch]

You can get a fair idea of how fast a brand depreciates by looking at rigs on NADA.  Pick a rig look at the value at 1 year and then at 2 and 3.  Then compare it to the price of new.

[bassfisher]

Bass pro 7 years

[TroutRinger]

Personally, I'm less concerned with term length as I always pay off early. The security of lower minimums is worth the slightly higher interest rates  

However, I wouldn't finance any depreciating asset if it meant being upside down at any point. That requires buying gently used and a healthy down payment. Let somebody else eat up the dealer depreciation. 

[fishinwrench]

Nothing is truly worth what we have to pay for it, we take it in the rear from all angles.  At least with a boat we get to be happy for awhile.  

Shiney vehicles don't really make me happy.

College tuition doesn't make me happy.

My wife's shoes and other assorted clothing that she can only wear ONCE, for fear that someone might notice she has worn it before, doesn't make me happy.

Insurance and taxes fail to make me smile inside.

Mortgage payment has no orgasmic effect on me whatsoever

Boats make me Happy!  😀

[Gavin]

I like shiny new to me toys, they make me happy. Have only had one brand new vehicle, and one brand new boat in my lifetime though. I'm cheap when it comes to boats & vehicles. I prefer to buy lightly used for cash preferably. Let someone else take the initial hit to value.