Like Tree0Likes

Pros and Cons of Leasing a Go-Fast

Reply
Old 04-12-2006, 09:44 PM
  #31
Registered
Trade Score: (1)
 
onesickpantera's Avatar
 
Join Date: Feb 2005
Location: Michigan
My Boats: 1999 Pantera 24 Sport
Posts: 4,261
Default Re: Pros and Cons of Leasing a Go-Fast

Quote:
Originally Posted by tomtbone1993
leasing companys don't own the items, banks do. Its know different then a conventional loan. Its all about predicting the market value of the ITEM at the end of the term.


For Example

You lease a SC Range Rover from me for 24 Months 10K miles a year

MSRP is $93,450.00

Land Rover Capital Gurantees the car will be worth 59% of the original MSRP after the term.

You Finace the 41% diffence plus the money factor AKA "Intrest rate" Thats how the banks make their money..


So if I was going to lease a boat or be a leasor you need to determine the market value at the end of the term...

The Liabilty falls on the person leasing the item, not the bank..


I hope the is a better explanation.....Tom
Exactly! People are confusing leasing with RENTING. Big difference.
onesickpantera is offline  
Reply With Quote
Old 04-12-2006, 10:31 PM
  #32
Registered
Trade Score: (1)
 
onesickpantera's Avatar
 
Join Date: Feb 2005
Location: Michigan
My Boats: 1999 Pantera 24 Sport
Posts: 4,261
Default Re: Pros and Cons of Leasing a Go-Fast

Is it possible to buy extended warranties and keep it covered while you lease it? That would be the only way I would even consider it.

Pay cash for it at $55k. Collect $28-$36k in payments over three years. Sell the boat after the three years for $30k, $35k, ??? depending on condition and replace the boat.

Honestly, IMO the ONLY way you could make it work would be to have warranty and collect LARGE security deposits for damage.
onesickpantera is offline  
Reply With Quote
Old 04-12-2006, 10:58 PM
  #33
FIERCE ALLEGIANCE
Platinum Member
 
Blue by You's Avatar
 
Join Date: Jun 2003
Location: West palm Beach, FL & SML VA
My Boats: 99 KV TOP GUN
Posts: 1,200
Default Re: Pros and Cons of Leasing a Go-Fast

Just what we need... an easy way for more inexperienced boaters, going too fast with little education. If you can't afford to invest in the hobby, then you shouldn't be in it. We're having a hard enough time protecting our rights. I'd say the payoff is not worth it.
Blue by You is offline  
Reply With Quote
Old 04-12-2006, 11:46 PM
  #34
Mod Squad Enforcer
Charter Member
 
Cash Bar's Avatar
 
Join Date: Nov 2002
Location: On the way to a PR near you
My Boats: 2009 Skater 3212- Mad Props-- 27' Conceot CC t/275VRods
Posts: 11,958
Default Re: Pros and Cons of Leasing a Go-Fast

Quote:
Originally Posted by tomtbone1993
leasing companys don't own the items, banks do. Its know different then a conventional loan. Its all about predicting the market value of the ITEM at the end of the term.


For Example

You lease a SC Range Rover from me for 24 Months 10K miles a year

MSRP is $93,450.00

Land Rover Capital Gurantees the car will be worth 59% of the original MSRP after the term.

You Finace the 41% diffence plus the money factor AKA "Intrest rate" Thats how the banks make their money..


So if I was going to lease a boat or be a leasor you need to determine the market value at the end of the term...

The Liabilty falls on the person leasing the item, not the bank..


I hope the is a better explanation.....Tom
Holy shiit, no way I'm ever BUYING a Rover. Two years later it's worth like 38k LESS? I thought f'n boats were a hole. Most 100k boats are still worth more than 55k after 2 years...
__________________
Your OSO connection to great S. Florida Real Estate.
www.gregsellswaterfront.com
Cash Bar is offline  
Reply With Quote
Old 04-13-2006, 12:10 AM
  #35
Registered
Platinum Member
Trade Score: (3)
 
tomtbone1993's Avatar
 
Join Date: Sep 2003
Location: LAKE CONROE, TX
My Boats: 42 FOUNTAIN / MALIBU
Posts: 15,486
Default Re: Pros and Cons of Leasing a Go-Fast

Quote:
Originally Posted by CASH BAR
Holy shiit, no way I'm ever BUYING a Rover. Two years later it's worth like 38k LESS? I thought f'n boats were a hole. Most 100k boats are still worth more than 55k after 2 years...


it would be alot worse in two years if you did a covential finace or stroked a check for it Thats all High end cars not just Rovers...........
tomtbone1993 is offline  
Reply With Quote
Old 04-13-2006, 12:40 AM
  #36
Mod Squad Enforcer
Charter Member
 
Cash Bar's Avatar
 
Join Date: Nov 2002
Location: On the way to a PR near you
My Boats: 2009 Skater 3212- Mad Props-- 27' Conceot CC t/275VRods
Posts: 11,958
Default Re: Pros and Cons of Leasing a Go-Fast

I understand the finance system of leasing. I know the factories (and co sponsored finance) hold abnormally hi residuals. I was just commenting on the supposed myth about boats being the biggest losers.....

I wouldn't ever consider a purchase of a hi-end or exotic new. Only used for this kid. It's the only way I can have more than one toy anyway.
__________________
Your OSO connection to great S. Florida Real Estate.
www.gregsellswaterfront.com
Cash Bar is offline  
Reply With Quote
Old 04-13-2006, 12:45 AM
  #37
Registered
Platinum Member
Trade Score: (3)
 
tomtbone1993's Avatar
 
Join Date: Sep 2003
Location: LAKE CONROE, TX
My Boats: 42 FOUNTAIN / MALIBU
Posts: 15,486
Default Re: Pros and Cons of Leasing a Go-Fast

Quote:
Originally Posted by CASH BAR
I understand the finance system of leasing. I know the factories (and co sponsored finance) hold abnormally hi residuals. I was just commenting on the supposed myth about boats being the biggest losers.....

I wouldn't ever consider a purchase of a hi-end or exotic new. Only used for this kid. It's the only way I can have more than one toy anyway.


i agree
tomtbone1993 is offline  
Reply With Quote
Old 04-13-2006, 08:57 AM
  #38
Registered
 
Chris288's Avatar
 
Join Date: Mar 2002
Location: NY
My Boats: 2005 288 SUNSATION
Posts: 4,124
Default Re: Pros and Cons of Leasing a Go-Fast

Is there anyone out there willing to plunk down 24K / year at 2 grand a month to lease a 30 foot boat ??? that in this part of the country you can only use 8 months ?? I wouldn't even pay 12 K per year... I say if you got 24K to spend yearly on a boat, you aint gonna be tooling around in a 55K 30 super-boat, and if you did have that kind of cash why not buy it ?? what would be the benefit of the lease...
Chris288 is offline  
Reply With Quote
Old 04-13-2006, 09:06 AM
  #39
JC Performance Engines
Gold Member
 
Stormrider's Avatar
 
Join Date: Jul 2002
Location: Long Island, NY
My Boats: 2003 28 Pantera - SOLD
Posts: 8,810
Default Re: Pros and Cons of Leasing a Go-Fast

[QUOTE=cobra marty
Then the cost of your original$55,000 @9%= $5,000/year and the boat will need new engines at a cost of about $20,000 with labor and selling the worn out motors(for twins) So really after 3 years the boat costs you $19k+$15k+$20k=$54,000. WOW I just made $1,000 in three years.[/QUOTE]

Buy in cash... so no 9%.
Single 496 w/ 5yr warranty... so no repower... still 2yrs warranty left on motor.

"If anyone has ever turned a leased vehicle in they are aware of the back charges for all of the nicks and dings."
-exactly, but you leasing out 10 boats may not have the leverage/strong arm tactics GM has.

"that in this part of the country you can only use 8 months ??"
- I think you missed in the initial post... 1/2yr up north, other half down south. Each leasee only pays for 6 months.

I am not trying to make a case that this is smart or will even work. Just helping Noboat make his point.
Stormrider is online now  
Reply With Quote
Old 04-13-2006, 11:20 AM
  #40
Registered
Platinum Member
Trade Score: (3)
 
tomtbone1993's Avatar
 
Join Date: Sep 2003
Location: LAKE CONROE, TX
My Boats: 42 FOUNTAIN / MALIBU
Posts: 15,486
Default Re: Pros and Cons of Leasing a Go-Fast

Quote:
Originally Posted by Chris288
Is there anyone out there willing to plunk down 24K / year at 2 grand a month to lease a 30 foot boat ??? that in this part of the country you can only use 8 months ?? I wouldn't even pay 12 K per year... I say if you got 24K to spend yearly on a boat, you aint gonna be tooling around in a 55K 30 super-boat, and if you did have that kind of cash why not buy it ?? what would be the benefit of the lease...


tax write offs for business, you don't have to track the hours for business vs personal in a lease. in TX you simply write of 90% of the payment
tomtbone1993 is offline  
Reply With Quote
Reply

Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
ohmthis
General Q & A
5
06-26-2007 07:33 PM
Perfectmix
Donzi
6
09-26-2006 12:16 PM
blownincome
Fountain
10
06-20-2006 06:33 AM
LutzParty
Formula
25
08-29-2003 12:23 PM
Montauk Crossbow
General Boating Discussion
7
11-25-2002 09:07 PM



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 03:38 PM.


Copyright 2011 OffShoreOnly. All rights reserved.