Tuesday, May 20, 2008

(Bor) row, (Bor) row Your Boat...

Always in search for the real data on the US economy (e.g. food stamps, crime tips for cash), I found this one in the NY Times: recreational boat repos are surging.

Mr. Henderson has been a boat repo man for 20 years and has never been busier than right now. “I used to take the weak ones,” he said. “Now I’m taking the whole herd.” He is repossessing a boat a day.

Just like with houses, many boat owners are finding themselves "upside-down" on their boat loans. With fuel costs soaring, used boat prices are tumbling as fewer and fewer can afford a spin in the water. To make things worse, typical loan amortization schedules result in little principal being paid off in the first years.

A Beautiful Piece of Collateral As It Attempts To Flee The Repo Man

Like I've always said, the best boat is your buddy's boat. Next best is the one you rent by the day or week. And third best is the one you buy at the repo man's sale.

13 comments:

  1. That boat sure looks like it burns a whole lot of fuel; I hope its owner isn't taking it out for a solo spin, that would be wasteful.

    Once the auctions start to stall in the US, most of these boats will have to be exported.

    ReplyDelete
  2. Having owned power boats since the 1960s, I know that used fiberglass boats never go away. In the old days, wood boats rotted and were junked. As such, the oversupply in used boats is enormous. The market for these whales makes the real estate market look benign. In some cases, an owner can't even give the boat away.

    ReplyDelete
  3. Happyest days of a boat owners life: The day they buy and the day they sell.........

    ReplyDelete
  4. There are boat clubs allowing unlimited boat usage (gas is extra of course) at a fraction of the cost of actual ownership.

    Even better, the clubs are all over the US. When you travel (to say Florida from DC), you can use the Florida chapter's boats for free. A number of my friends belong and love the club. The ratios are something like 10 members per boat-- more than enough boats for every day of the year except July 4.

    I wonder how the clubs are doing in this recession?

    ReplyDelete
  5. A boating acquaintance of mine who saw the writing on the wall 3 years ago picked up a sail boat back then. It was relatively cheap even then. Of course, since most drunk nitwits on the lake don't know how to sail it looks like the water may get a lot less crowded for those who can.

    Gotta love wind power in all its manifestations.

    ReplyDelete
  6. In Seattle moorage is outrageous. Maybe some docks will get foreclosed on soon.....

    ReplyDelete
  7. Market down today because of price inflation? have we reached the Bernanke bind, where he has to stop cutting for fear of inflation?

    I doubt it, Bernanke and the whole federal government will do anything to avoid a collapse before the election.

    ReplyDelete
  8. I sold my boat in 1964. Foresight, eh?

    ReplyDelete
  9. You and Financial Armageddon have the exact same post up. What are the odds?

    ReplyDelete
  10. The Armageddon Armada has sailed..

    ReplyDelete
  11. Right on Yoyomo. Power boats are THE most inefficient form of transport ever invented. Sail will rule again. It'll be great!

    Can you imagine! The romance of sail...Modern vessels...Great weather forcasting and course plotting...use the same technology as the round the world race boats.

    To get a cheap passage you can crew. It will be a whole new era in travel. Imagine being a backpacker on your OE and getting on a sailing ship....

    Airports were cool and dynamic but imagine sailing ships. Its no coincidence that singles cruises are popular... the gentle rocking of the boat, a fresh sea breeze, a new friend. Oh I wish I were 23 again. Or am I getting ahead of myself perhaps I would need to be 3 to actually be around at the right time to enjoy the new era.

    Ports will be revitalized and the new focus for cities. I can't wait.

    ReplyDelete
  12. Most of these repo'd boats will be sold in Brazil and Venezula, and some in Dubai and other Middle East countries where the demand is high and the fuel is cheap. Like 17cents a gallon cheap.

    ReplyDelete
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    ReplyDelete