Originally Posted by articfriends

Its a BUYERS market,don't get too upset if someone doesn't take your offer. As many boats are for sale out there I wouldn't give ANYONE close to nada retail. I watch the detroit freepress,powerboat mag classifieds and the classifieds on here and I see the same boats for sale for months even years. Alot of people are so upside down on their boats they have to throw some money in just to sell it and they just won't do it. A good friend had a baja 29 outlaw,was a real clean boat he bought new. He traded his old boat in on it with 600 hours for 6k LESS than what he owed on it. He paid the dealer top dollar for the new 29 plus rolled the negative balance from old boat into his loan. He was stroking like 950$ a month on a 20 year loan. He lost his license for 7 years and had a couple of kids,couldn't even use the boat legally or afford to put gas in it but he still had to make the pmt and keep insurance on it. Had it for sale for 3 years,he finally came to terms with the fact he had to borrow 15k to pay on loan to sell boat(he owed 70,000 but only got 55,000) for what someone would actually pay. He paid almost 35,000 in pmts and 12,000 in insurance while it was for sale. Funny thing was when he first tried selling it for 85,000 he could have easily got 70,000 for it but he was holding out for "the right person" who'd give him what he was asking! So he pizzed away almost 47,000 in pmts and insurance then STILL had to borrow 15 k to sell it,I laughed at him when he finally sold it,should have sold it "right" 3 years ago and been done with it!!!I'm sure ALOT of these other sellers are in same position,Smitty

Originally Posted by wwwTOPDJcom

now he was just plain dumb to get in that far over his head
you said he didn't even have the fuel $ now that's a red flag
negitive equity is just a problem waiting to bite you.