FoxNews - Boat Repossession Business Booming

[mickjetblue]

I just saw a news special on Fox News about boat repossessions.
Not good news at all.

Many, many recent boat buyers are not able to keep their boats running,
and can't even continue to make the payments. The problem is at its worst in
Florida, and more than 60% of the boats are being sent to Europe for resale
there.

 

[Chinewalker]

Re: FoxNews - Boat Repossession Business Booming

In Europe they're used to paying $5.00-$10.00 per gallon for gas. I'm seeing a lot of larger boats for sale and going unsold this year...
- Scott

 

[Knot Waiting]

Re: FoxNews - Boat Repossession Business Booming

Sometimes I think the media is the biggest terrorist group out there. They report only on the bad and get everyone thinking the end is before us.

Im sure reposessions are up over last year, so are foreclosures. Many probably go hand in hand like dominoes. Boat sales are up 17% from a year ago around here though. The economy peaked a while back so the only place to go was down. It will return eventually, untill then though the news will continue to remind us that we are doomed.

 

[QC]

Re: FoxNews - Boat Repossession Business Booming

What's the source for the 17% growth data? I am curious where that comes from. Could be some interetsing little data tidbits in there . . .

 

[Geo2008]

Re: FoxNews - Boat Repossession Business Booming

Sometimes I think the media is the biggest terrorist group out there. They report only on the bad and get everyone thinking the end is before us.

Im sure reposessions are up over last year, so are foreclosures. Many probably go hand in hand like dominoes. Boat sales are up 17% from a year ago around here though. The economy peaked a while back so the only place to go was down. It will return eventually, untill then though the news will continue to remind us that we are doomed.

The economy is always in a up cycle or a down cycle. If you don't like it now then just wait a while and it will change. Were you around in the 1980's while the peanut farmer was the pres? Interest rates got up to 18% and this country has also seen the gas crisis before, lines at the gas stations and high gas prices. Don't sweat it, just be smart, don't over extend, batten down the hatches and wait till the storm is over.

Geo

 

[Knot Waiting]

Re: FoxNews - Boat Repossession Business Booming

Chain dealer here by the name of Ed's Boat Sales. Said that he has been selling some of the largest rigs they've ever ordered. Also said the speed fish segment is holding strong. Only decline seems to be in the mid-price family market (ie: deck boats, open bows). Aparently not enough to impact the 17% increase though.