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Old 01-09-2009, 12:51 PM
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all I know is that the last 3 Big boats I have bought were ALL bank repos, and we have done well on all of them. Always paid cash, and sold them @ the amount I had in them or more.
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Old 01-10-2009, 12:33 PM
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all I know is that the last 3 Big boats I have bought were ALL bank repos, and we have done well on all of them. Always paid cash, and sold them @ the amount I had in them or more.
Dean
Sweet idea. I like the "used, but loved" situation of a repo. Concerned about reliability but do the repo's tend to have warranties remaining? Do you have a dealer who does the repos or just word of mouth?

yachtauctions.com is all I know about. They still don't have many go-fasts in their inventory.
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Old 01-10-2009, 12:37 PM
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Don't count on this anytime soon.
It's highly unlikely they will raise prices due to low volume. However, they don't want to lower prices because people will stay away, thinking they will continue to decline. Look at teh auto industry, they didn't drop prices, just raised rebates to draw more sales. It's the same effect but perception is different. Rebates are temporary.

I don't have much experience in the new-boat-buying side, but large rebates are inevitable once credit starts flowing. Then, when things stabalize, they will reduce or eliminate the rebates and . . . wallah. . . prices are high again. Works better on the consumer's psyche.
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Old 01-11-2009, 09:53 AM
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sounds like you got a plan, I agree, keep the toys separate from the house, I have a couple rentals that when it's time to sell will finance my boat upgrade.
Pete, when you are ready to upgrade let me know. I'll make you a deal.
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Old 01-11-2009, 11:13 AM
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only about 20% of the people pay "true" cash for boats

some cash comes from home equity and other people get loans and drop the money into there accounts and pay with check
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Old 01-11-2009, 12:10 PM
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It seems that the recent 'comformists' were people that borrowed more than they could afford because they were comforming to society's trend.

I like consistent, modest growth over bubbles and bursts. Watching the last few bubbles form, I decided that keeping my overhead down and delaying expensive toy purchases, and now it's paying off.

I vey well could steal a large waterfront house on prime land and put a mack-daddy rig on the lift and pay far less than others did a few years ago. But that's my opinion. We'll see what pans out.

But I try to make large toy acquisitions in a manner that allows me to control their disposition, not the market trends or slowdowns.
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Old 01-11-2009, 02:13 PM
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That's a reasonable strategy in a decent market...but saving 6% is like a guaranteed, tax free return. The S&P was down 38% last year. Right now I'm glad I paid cash for mine; if not I would have lost 38% in the market and the depreciation on top of it. The way I look at it I'm now 44% ahead by paying cash.

Paying cash also keeps you from living beyond your means. Like the good old days...save up then buy it.


Payments on toys are a no no for me. Mortgage and utilities payments are the only thing worth paying for monthly.......I've got a 20 year old boat....but it's paid for!!!!
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Old 01-11-2009, 04:10 PM
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This is why the repo yards are full !
No, repo yards are full cause of the banks gave money to people who couldn't afford it, or people fell on hard times.
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Old 01-11-2009, 10:40 PM
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Payments on toys are a no no for me. Mortgage and utilities payments are the only thing worth paying for monthly.......I've got a 20 year old boat....but it's paid for!!!!
And I must say not too many 20 yr old boats as nice as yours Craig
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