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Started By
Message
Financing is OOC
Posted on 5/4/19 at 12:37 pm
Posted on 5/4/19 at 12:37 pm
We're at the beach for the weekend and wife was asking how so many people have nice boats.
$23k down and $1,600 for 20 years for a 27 ft center console.
Good Lord people are stupid.
$23k down and $1,600 for 20 years for a 27 ft center console.
Good Lord people are stupid.
17
Posted on 5/4/19 at 12:39 pm to GEAUXT
Would you be upset with 6.5% return over 20 years? Do you think you can do better? Serious questions.
Posted on 5/4/19 at 12:47 pm to GEAUXT
Fwiw, your complaint should be focused on the actual price, not the financing. $230k is the bigger problem.
Posted on 5/4/19 at 12:51 pm to GEAUXT
Market is going to be flooded with so much of this underwater garbage in the near future it isn’t going to be funny.
Posted on 5/4/19 at 12:56 pm to Koach K
quote:
Market is going to be flooded with so much of this underwater garbage in the near future
Posted on 5/4/19 at 12:58 pm to GEAUXT
LOl. Idiots. My 20 year boat note isn't a dime over $1500 a month. And the second mortgage I took out for the down payment can't be more than 5%. Morans.
Posted on 5/4/19 at 1:01 pm to Lsupimp
Posted on 5/4/19 at 1:11 pm to GEAUXT
Good fricking god.
230k.
And chances are if you don't realize 1600 a month for 20 years for a depreciating asset is a stupid idea, then you're probably too stupid to realize the yearly maintenance on that is going to be north of $1200 and its going to cost $500 to fill up the tank.
230k.
And chances are if you don't realize 1600 a month for 20 years for a depreciating asset is a stupid idea, then you're probably too stupid to realize the yearly maintenance on that is going to be north of $1200 and its going to cost $500 to fill up the tank.
This post was edited on 5/4/19 at 1:12 pm
Posted on 5/4/19 at 1:13 pm to GEAUXT
Why the hell would you want a black boat? That bitch is gonna get hot as a mofo out there on the lake.
Posted on 5/4/19 at 1:18 pm to VolsOut4Harambe
quote:because it's gonna look great with white oakleys
Why the hell would you want a black boat? That bitch is gonna get hot as a mofo out there on the lake.
Posted on 5/4/19 at 1:19 pm to Tiguar
What does a boat like that depreciate?
Posted on 5/4/19 at 1:20 pm to Koach K
quote:
Market is going to be flooded with so much of this underwater garbage in the near future it isn’t going to be funny.
You can't throw a stone and miss a boat for sale for pennies here on the Coast.
Posted on 5/4/19 at 1:20 pm to Tiguar
don't forget the $75k truck to pull the thing.
Posted on 5/4/19 at 1:21 pm to shutterspeed
I didn't think this type of boat financing was that new.
Posted on 5/4/19 at 1:23 pm to Tiguar
quote:
And chances are if you don't realize 1600 a month for 20 years for a depreciating asset is a stupid idea,
Can we please, for once, stop acting like being a depreciating asset actually matters?
Financing or not financing is about opportunity costs and that's that. It's about what else you can do with the money. What you're actually buying doesn't really impact the decision of financing or not.
Put it this way - if you have the ability to pay cash or finance $230k over 20 years @ 6.5%, whether you're buying a boat or Amazon stock doesn't really matter.
Posted on 5/4/19 at 1:24 pm to fightin tigers
quote:I don't know but i'm willing to bet 50% in the first 18 months or so. I don't have a problem with someone financing a toy for a hobby as long as they take care of everything else including funding retirement, emergency fund etc. The problem is the depreciation and being upside down so much so fast. You'd need a 100k down payment to be not buried. At that point just buy one 18 months old with cash.
What does a boat like that depreciate?
Posted on 5/4/19 at 1:24 pm to GEAUXT
quote:
Good Lord people are stupid.
Keeping up with the Jones's is serious bidness.
Posted on 5/4/19 at 1:26 pm to fightin tigers
quote:
What does a boat like that depreciate?
It's the engine(s) that really depreciate. A well taken care of 10 year old fiberglass boat won't be much cheaper than a new one if they've both got brand new outboards on them.
Posted on 5/4/19 at 1:29 pm to slackster
It fricking matters because 4% on a house with land translates to less of a true cost because unless you live in BR, you'll sell it for more than you bought it for 10 years later.
6% on a fricking 230k boat you're going to sell for 70k less 5 years later means you can tack on 14k/year in addition to the interest your dumbass agreed to pay.
You're fricking stupid if you think 4% on a loan for Amazon stock and 4% on a boat loan are financially equivalent
6% on a fricking 230k boat you're going to sell for 70k less 5 years later means you can tack on 14k/year in addition to the interest your dumbass agreed to pay.
You're fricking stupid if you think 4% on a loan for Amazon stock and 4% on a boat loan are financially equivalent
This post was edited on 5/4/19 at 1:31 pm
Posted on 5/4/19 at 1:29 pm to shutterspeed
quote:
You can't throw a stone and miss a boat for sale for pennies here on the Coast.
The two happiest days in a boat owner’s life is the day he buys it and the day he sells it.
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