I just paid my truck off a couple months ago and basically refinanced my truck through my credit union and pulled a $20k loan off of it so that I could get a lower interest rate than a boat loan. The loan I got is only 4.75% for 5 years. I didn't use the whole $20K so now I give a bit back before the first payment and say I give back $3k then my monthly payment will reflect a $17k loan. Was in my credit union about an hour.devil
I think prices will still come down as this economy sucks and people are having a hell of a time getting rid of stuff, especially when you are selling a boat for $30k and another guy needs to dump it ASAP and is selling the exact same thing for $25k. Its gonna be a buyers market right now and for a while to come.
Its tough times selling anything. I am selling my 22ft toyhauler and am about $2k-$5k less than the next closest comparable toyhauler in year and condition (I am selling for $6k) and I still have people trying to offer me half of what I am asking. Its very frustrating let me tell you, and people never show up and flake all the time. I pick up the occasional honda cheap (used to work at honda and acura) and fix it up and sell for more as I always have but its not even worth it right now unless I am gonna keep it because just trying to sell it is near impossible.
I remember reading your thread not to long ago; sounds like you jumped through some hoops but you probably saved some $$.
Financing seems to be very stringent. Many banks will not loan money on a boat over 6 years old.
Prices for used boats seem to be sticky for the most part, despite the very tough lending environment.
If you want to sell a boat that is say a 2003 model for 25k, it may be nearly impossible for a potential buyer to get financing even for this fairly new boat. So a buyer might have to pay cash, which really limits the # of buyers.
So if it's hard to sells cars, imagine trying to unload a boat or RV as you point out...but again I don't see many dealers offering deep discounts.
To me it feels like a slow motion downward spiral.
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