Deciding between two boats, G3 185 VF and Alumacraft 185 Trophy

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Not so sure about that...look at all the college educated folks that can't understand those debts/ loans need to be repaid......lol...

Yup, I agree. But can you blame them for jumping on the bandwagon when someone is offering to bail them out. I don't agree with the student loan forgiveness but if I had one and the someone said they would bail me out, it would be hard to say no. Of course there are too many who lack the discipline to avoid putting themselves in serious long term debt.

BTW, did we ever hear what @wallyuwl ended up getting?
 
Gotta be a difficult choice spending that kind of money!!
I mulled over not only the boat but what options I was going to get for over a year before I ordered mine. It's a big decision and ya gotta live with it for a long time...or atleast in my case anyway.
 
Am not a alarmist but given current worldwide events would not even think about buying anything on credit right now. Very much up on what is going on worldwide and here at home. In less than a month things could go south in a hurry. Not meaning to post this as a political statement. Base it on facts and current events.
 
Am not a alarmist but given current worldwide events would not even think about buying anything on credit right now. Very much up on what is going on worldwide and here at home. In less than a month things could go south in a hurry. Not meaning to post this as a political statement. Base it on facts and current events.
I'm not sure that rates will drop in the coming years but prices probably will. The wife and I have been saving to buy a small waterfront lot In NC for a vacation home and eventual retirement spot. Prices have doubled and even tripled on some Im the last 2-3yrs. We're holding off for now I have a feeling the housing market is going to take a turn worse than it did in 2007-8.
 
I think back a little further like in the late seventies. Do you remember what we thought at that time high gas prices not to mention shortages and the housing market took a major hit. Prices dropped on everything and unemployment was insane. Believe given world and home front conditions are just about ripe for a repeat. Given the mentality of either party they will not be able to control the spiral of our economy. They all are to stupid to learn from the past. Some of the checks and balances from our government back during that time just made things worse. Believe this time checks and balances will be a joke given the intelligents of all elected officials. I am so glad am retired and have everything paid for. I can sit back this time and eat my popcorn and watch from the sidelines.
 
I'm not sure that rates will drop in the coming years but prices probably will. The wife and I have been saving to buy a small waterfront lot In NC for a vacation home and eventual retirement spot. Prices have doubled and even tripled on some Im the last 2-3yrs. We're holding off for now I have a feeling the housing market is going to take a turn worse than it did in 2007-8.
Im in the same boat (lol). We were looking for lakefront in Wisconsin or Indiana and you are 100% right. Doubled or tripled in price. I can wait. I own my house outright, so i just keep stacking cash in a 4.95% savings account ;)
 
Am not a alarmist but given current worldwide events would not even think about buying anything on credit right now. Very much up on what is going on worldwide and here at home. In less than a month things could go south in a hurry. Not meaning to post this as a political statement. Base it on facts and current events.

Why would you avoid buying on credit? (not debating. curious on why that would be a mistake if things go south)
 
For myself it would be pointless to buy on credit. I watched during the late seventies and early eighties people who lost everything. Thought they had steady jobs and got laid off. First to go was the toys. Fancy boats and motorcycles were for sale everywhere for a decent price. Then as time progressed they would lose their homes. If they had saved back a little money instead of spending they could have survived. I know people today that make good money but have very little saved. Yes they have nice trucks,boats and other toys but nothing saved up. One hiccup and they would be in a world of hurt. Right now as we speak their are more defaults on new car loans then any other time in history. That says a lot on people's mind set. No thank you I will sit on my little nest egg and enjoy the security Knowing that I have enough saved to survive a major recession. I hope that am wrong about the economy but common sense says am not.
 
Why would you avoid buying on credit? (not debating. curious on why that would be a mistake if things go south)

Most financial advice would say buying any sort of toy on credit is a bad choice. There is some truth in that, you're paying interest to borrow on a depreciating asset, getting shafted both ways essentially. Add in a high interest rate and you can be upside down pretty quickly, especially if the economy slows and prices fall, owing way more than it's worth.

That said, a life lived without a toy here and there isn't one worth living IMO. Some people like to have a warranty and can afford the depreciation, and if someone isn't buying new stuff, there would never be a used market. There are a lot of guys that will buy new, sell when the depreciation is in the sweet spot and upgrade. When you break that method down to a monthly cost to own a brand new boat/truck/motorcycle, it's often not so bad and offers a lot more flexibility than a lease.

Debt is not always a bad thing either. Guys with deep pockets still borrow money, the interest on most loans is often far less than investing it, so it still comes out as a net positive for them. Borrow money, and stick their cash in an ETF to earn 11% every year. It becomes a problem if you are over leveraged and there is no cushion for hardships like job loss, illness, etc., that is where debt to income comes into play.
 
For myself it would be pointless to buy on credit. I watched during the late seventies and early eighties people who lost everything. Thought they had steady jobs and got laid off. First to go was the toys. Fancy boats and motorcycles were for sale everywhere for a decent price. Then as time progressed they would lose their homes. If they had saved back a little money instead of spending they could have survived. I know people today that make good money but have very little saved. Yes they have nice trucks,boats and other toys but nothing saved up. One hiccup and they would be in a world of hurt. Right now as we speak their are more defaults on new car loans then any other time in history. That says a lot on people's mind set. No thank you I will sit on my little nest egg and enjoy the security Knowing that I have enough saved to survive a major recession. I hope that am wrong about the economy but common sense says am not.

Thanks Sonny1. I also prefer using cash over credit. Being debt free takes discipline. When I asked the question, I was thinking in terms of us retired folk and why current world events should stop you from buying on credit. I agree managing debt is important, even during good economies. There are too many people making minimum credit card payments, late paying bills, and opening new credit cards to pay off the old ones because they bought too much stuff they just had to have. Also important, and something frequently overlooked, is planning for retirement in order to enjoy the golden years.

Most financial advice would say buying any sort of toy on credit is a bad choice. There is some truth in that, you're paying interest to borrow on a depreciating asset, getting shafted both ways essentially. Add in a high interest rate and you can be upside down pretty quickly, especially if the economy slows and prices fall, owing way more than it's worth.

That said, a life lived without a toy here and there isn't one worth living IMO. Some people like to have a warranty and can afford the depreciation, and if someone isn't buying new stuff, there would never be a used market. There are a lot of guys that will buy new, sell when the depreciation is in the sweet spot and upgrade. When you break that method down to a monthly cost to own a brand new boat/truck/motorcycle, it's often not so bad and offers a lot more flexibility than a lease.

Debt is not always a bad thing either. Guys with deep pockets still borrow money, the interest on most loans is often far less than investing it, so it still comes out as a net positive for them. Borrow money, and stick their cash in an ETF to earn 11% every year. It becomes a problem if you are over leveraged and there is no cushion for hardships like job loss, illness, etc., that is where debt to income comes into play.

We can extend that to say don't buy anything considered nonessential, cash or credit, unless you can afford it.

I sure agree there is a balance between buying necessities vs toys and luxury goods. If I worried about depreciation, I wouldn't have most of the hard goods in my house. When it comes to writing a check, less will be spent buying a good used vs new boat. And of course, there is the enjoyment many here get from restoring their boats. Hard to put a $ value on that, but we know it is meaningful. Pure and simple, we have our boats because we enjoy them.

Before the current inflation, buying real estate with a loan would have been a good idea compared to paying cash because mortgage rates were so low. In general, deep pocket guys got to where they are because, besides working their a$$es off, they know how to manage finances, including debt.
 
Am just not comfortable on making a large purchase of any kind right now. Things are just to expensive.

Oh boy, that is the truth. Just about everything is higher. We were just talking about cost of going out to eat. We used to spend in the $30 - $35 range for the two of us at our favorite Chinese restaurant. Now it is $55 -$60.
 
Looked at new boats and just walked away. Three dealerships in Tulsa and none would negotiate price. Really had no interest in buying a new boat but afterwards wife shut up about cost of restoring. Worked for me.
 
Interest rates on loans alone will kill yah! I busted my butt to -get where I am with my credit rating + even being there, lol!
I do understand everyone has to make a paycheck but the interest on a loan today, boat, car, house, truck GOD FORGIVE ME!
But I'd be dead and gone and loan left to my "sig nif" other to continue with _ unless some agreement if i passed it would auto be signed off & paid by my death Ins. Living in NYS is not cheap One of the most expensive states to live in , I eye up the new trucks boats /is it sad to say if i want a new boat i fix my old one all up with fresh stuff make sure it's what I would want if buying sell it and go and buy another used one that catches my eye and that's my new boat! I just can't see my self going into a loan for 20 0r 30 grand to pay back.
 
I have owned 5 boats over the years. The last 4 have been brand new. I don't really care how much money someone else spends on a boat. However for myself, a boat is in my "toy" category of possessions. They are to me "wants" rather than "needs". We may have financed a "need" in the past, but "wants" were always paid for with cash. If we couldn't pay cash for a "want" we either didn't buy it or saved until we could.
 
Interest rates on loans alone will kill yah! I busted my butt to -get where I am with my credit rating + even being there, lol!
I do understand everyone has to make a paycheck but the interest on a loan today, boat, car, house, truck GOD FORGIVE ME!
But I'd be dead and gone and loan left to my "sig nif" other to continue with _ unless some agreement if i passed it would auto be signed off & paid by my death Ins. Living in NYS is not cheap One of the most expensive states to live in , I eye up the new trucks boats /is it sad to say if i want a new boat i fix my old one all up with fresh stuff make sure it's what I would want if buying sell it and go and buy another used one that catches my eye and that's my new boat! I just can't see my self going into a loan for 20 0r 30 grand to pay back.

45 - 50 years ago people would kill for a 10% mortgage. I sure don't want to go back to that. Younger folk don't have the memory of standard 3 year auto loans. 6 to 8 years is normal for them. Not for me. Of course, they don't remember 35 cent gaso either.

Another benefit of buying used, as long as it isn't a pig in a poke, is the enjoyment of fixing it up. That old saying about the journey being just as important has a lot of truth.
 
I have owned 5 boats over the years. The last 4 have been brand new. I don't really care how much money someone else spends on a boat. However for myself, a boat is in my "toy" category of possessions. They are to me "wants" rather than "needs". We may have financed a "need" in the past, but "wants" were always paid for with cash. If we couldn't pay cash for a "want" we either didn't buy it or saved until we could.

Six for me. The last two were brand spanking new. Never took out a loan on any of them.

People's circumstances are different. As long as they have responsible priorities and don't go in blindly, I won't say one way is better than another.
 

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