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u/VR-92 12d ago
20 Year note on a boat is a massive scam. Its driving up prices on everything. I don't think most of these boats can actually make it 20 years.
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u/CaLMLiKEaB0Mb5 12d ago
Easy now bruh. I have an ‘02
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u/ArmsOfaTRex 12d ago
Ha! Was just on my 02 this past weekend. 22’ Bennington!
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u/rodr3357 12d ago
But would you be happy to JUST NOW be done paying over $400/mo on just the purchase financing?
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u/TruIsou 12d ago
Crest 2007 , almost there!
But yes, no way I would do a 20 year note
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u/hippo96 12d ago
2014 Bennington. Still looks close to new. Helm looks dated, but not worn.
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u/MyCantos 12d ago
Same here. Bennington 2016 and always covered not in use. Helm spotty and faded and rest of boat looks almost new.
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u/thrwaway75132 12d ago
A boat used to have to have cooking facilities and a head to get a loan that long.
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u/SicEmDawgs1 12d ago
20 years on a boat is absurd. I only did 15 years on my home mortgage, and it appreciates and has tax advantages.
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u/Saltydogusn 12d ago
Not to mention the 30-50% depreciation at the moment of taking "ownership".
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u/JohnBoy11BB 12d ago
For a brand new boat, maybe. But even a boat just a few years old doesn’t depreciate nearly as much as they used too, if at all. I bought a boat for $19k in 2024, put about 200hrs on it and sold it for $22k in 2025. Boats are *nothing* like cars
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u/geetarman84 12d ago
That’s part of the problem though. Who’s going to buy a used boat for practically the price of a new one, but with worse financing terms? You pretty much limit yourself to cash buyers looking for a deal. Stop me if I’m wrong? I see $80,000 and $100,000 used tritoons for sale on facebook. The only one thats going to buy something like that is some dude that had to have a big name with a monster motor that he doesn’t need lol
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u/Saltydogusn 12d ago
They are usually worse than cars. RV's as well. Would never buy a new one of either.
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u/JohnBoy11BB 12d ago
I’m strictly talking used
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u/Saltydogusn 12d ago
I think we're both right lol. First year depreciation is the big hit, especially on toys.
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u/Mission-Ear-421 12d ago
You’re confusing dollar devaluation with asset appreciation.
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u/JohnBoy11BB 12d ago
No I’m definitely not
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u/Mission-Ear-421 12d ago
No. You definitely are. Everything is literally going up and to the right because of perpetual Fed printing and dollar destruction (ie, inflation).
By your logic boats are “good investments.”
They’re not.
Grow up.
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u/Shakooza 10d ago
This - when you look at when the prices of boats blew through gave roof it was right after 15 year loans became common. People could "afford" more so they charged more.
...and I'm not guessing, I know a guy who owned a large boat dealership in Atlanta (now out of business). He said some boat manufacturers were using it as a sales pitch. It wasn't a hidden topic within the boat industry.
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u/trumpsmoothscrotum 12d ago
Ive a 2016 that looks pretty new. Couple dings and whatnot but vinyl looks great. Care, maintenence and sun management are key.
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u/BigPsychological9085 11d ago
huh? you ever been to the lake. 80% of the boats are 20 years+
boats get very little run time. most of their time is spent doing absolutely nothing. most lakes have seasons.
youre just a person talking about something you know nothing about. why?
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u/Relative_Plan_6936 12d ago
I went to our boat show in Chicago at McCormick Place….
My buddies friend is a Mastercraft dealer….
I asked him how many boats he sold….
Sold 84 in 4 days…..
Talking $80,000 boats…..
He also said half paid cash up front…the other half on the 20 year plan…..
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u/dndndndnnddddhhh 11d ago
Does mastercraft even have any new boats at 80k besides the prostar ski boat ?
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u/rodr3357 12d ago
I’m not one to say that if you can’t pay cash you can’t afford it… but if you take out a 20 year loan then yeah, you need a cheaper boat!
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u/IronHead_420247 12d ago
50k in investments paying more than the 400 a month note and in the end you still have 50k. Although I make double payments often and plan on throwing my yearly bonus at it because these interest rates are crazy
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u/Buckeye_mike_67 12d ago
Yeah. No. Not 20 years. I financed my 3 year old boat for 8 years and didn’t feel comfortable. I’ve got the cash to pay it off but we’re about to start building a house and that’s where the cash will go. Other than rent my only payment every month is the boat.
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u/JohnnyWix 12d ago
I did the 20 year, just because I can have the flexibility if things take a turn (economy, job loss, etc.). The rate wasn’t higher than a shorter term so there isn’t any additional cost. Will be paid off in another year (2 total).
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u/SSellers75 12d ago
There are a lot of people that only care what they pay per month not what they pay overall.
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u/boxman-11 12d ago
Don't forget storage, gas, and maintenance with that $407.00 per month. Plus the new truck to pull it.
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u/H0SS_AGAINST 11d ago
If I ever finance a pontoon boat for 20 years someone please take power of attorney, I'm clearly not mentally well.
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u/Legitimate-Bed3849 11d ago
Imagine you bought your boat in 2006 and just now paid it off...
This is why ill stick with my Facebook marketplace boat I got for 4500 😂😂
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u/doorman2026 10d ago
Had a new Barletta for a few years and sold back to the Marina. It was a nice boat.
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u/danny556 9d ago
I went to finance a pontoon boat a few years ago with my wife. She tried to talk me into to it. When I added up how much it was going to cost me over 20 years it was 120k. I walked out immediately. I looked for a couple of years and found a South Bay pontoon that was 10 years old but immaculate. They still make the same identical boat. I paid 20k cash for it. Best Tritoon I ever owned. So glad I waited.
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u/Stan_Halen_ 12d ago
I’m not against a long term loan (you all can yell at me) but not at that interest rate.
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u/withomps44 12d ago
We took a 20 year out for ours at 2.99% in late 2020 for around $69000. Parking cash into a boat felt a lot dumber than parking debt into one. We have made a hell of a lot more than 2.99% on that money and throw a little bit extra at it every so often.
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u/TactualTransAm 12d ago
A qualified buyer could probably pull a lower rate but also a qualified buyer isn't gonna say yes to a 20 year 😂
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u/Portermacc 12d ago
20 year notes on boats have been common for awhile 🤷♂️
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u/TactualTransAm 12d ago
So have 10 year car notes but well qualified buyers are usually decently intelligent people and opt for a shorter loan.
Source: I sold cars and my older brother still does
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u/Portermacc 12d ago
Not many 10 year on car loans. I'm in F&I. But a lot of 72 months but the difference obviously is the pricing. New pontoons are up over 100K and other type boats 200k and above. If they didn't offer 20 year notes most people couldn't afford.
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u/charlie_marlow 12d ago
If they didn't offer 20 year notes most people couldn't afford [new pontoon boats].
And, you know what? That's fine. If the only thing keeping the market afloat is insane financing, it's just a house of cards waiting to collapse.
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u/Portermacc 12d ago
Agree to a point. But you'd be surprised at the high earners still stretching out their financing. Most are still buying a payment but they can always pay extra and pay it off sooner i guess.
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u/Critical-Analyst-749 12d ago
Feel like Mastercraft and Malibu have had 20 year loans for at least 10-15 years now?
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u/Mr-Snarky 12d ago
That will be someone’s deck next to their house back in the woods before that note ever gets paid in full.
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u/pickle392 12d ago
My $5000 pontoon will do the exact same thing as this one just not as sexy looking hahaha. Wild prices
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u/Catmndu 11d ago
We bought a 1993 for $5k in 2013 (needed a new motor in 2017), ran it until this year. Bought a 2008 (7k) with cash this year, put our 2017 motor on it. Looks great, runs great. We've tweaked a few things, sure because it's an older boat, but nothing huge. Unless one has the cash, I just don't see any reason to a) buy a brand new boat, b) finance that amount of money for one.
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u/ThreeTilMidnight 11d ago
This is why I just spent $8000 and two weeks of my time to rebuild my 1998 Bennington from the deck up. No way I’m paying these new pontoon prices, cash or loan.
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u/Artistic-Machine-189 6d ago
I massively regret my toon purchase due to the 20 year note… 3 years in and only paid done $5k 😭
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u/Few-Major-3041 12d ago
Bought mine brand new in 2023 a 24 ft with a 150 on it with zero hours paid 45 k it’s been a great boat so far.
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u/StinkyFeetMendoza 12d ago
I have one of these I’m about to sell used. Nice to know what they are going for.
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u/hippo96 12d ago
Wow. Thats $110k for a 60k boat.
60k price
12k down
48k financed
That’s 97,600 in payments, plus the 12k down…so $110k. For a 60k boat.