"Everyone is buying boats'"during the pandemic, and it's causing a short supply

[Lake-Effect]

Originally Posted by poiu

I think it will get ugly. End of November possibly.

Bubbles will be popped, corrections will happen, but most of the people doing the buying right now are pretty flush, I think. It's not a sub-prime crisis with overborrowing like 2008.

[barnakiel]

Originally Posted by r2sail

No Venezuela is a dictatorship socialism

I think you want to leave Venezuela to sort this out for themselves.



Whatever system you think you see there, it was elected by Venezuela people in a democratic process. The same process that so many of us consider taboo.


They have boats too anyways. I have seen some. Mostly old wooden boats. A handful of posh yachts too.



b.

[poiu]

Originally Posted by Lake-Effect

Bubbles will be popped, corrections will happen, but most of the people doing the buying right now are pretty flush, I think. It's not a sub-prime crisis with overborrowing like 2008.

Actually, it’s pretty similar to 2007 as regards debt, but that’s only part of the problem.

[DeValency]

Originally Posted by tomfl

While I have not noticed a huge issue with the supply of boats causing a big increase in prices the same thing can not be said for firearms, as well as ammunition for firearms.

Shelves are empty hours after gun shops restock them. Prices for ammunition have literally doubled and still sellers can't keep them in stock.

There also seems to have been an increase in tragic boating accidents resulting in owners losing their firearms and nothing else.

Wow! We finally found the answer to the mystery thanks to Redit (maybe a little help from Putin too?)
- Thousands of boat accidents due to the covid-19
- All these boats were loaded with firearms and ammunition (how not surprising) sank right away
- So all these ‘captains’ get ashore, collect the insurance payments and rush to the showrooms to get a new boat loaded with fresh firearms.

And I hoped so many new people finally found their ultimate happiness with sailing...

[tomfl]

Originally Posted by DeValency

Wow! We finally found the answer to the mystery thanks to Redit (maybe a little help from Putin too?)
- Thousands of boat accidents due to the covid-19
- All these boats were loaded with firearms and ammunition (how not surprising) sank right away
- So all these ‘captains’ get ashore, collect the insurance payments and rush to the showrooms to get a new boat loaded with fresh firearms.

And I hoped so many new people finally found their ultimate happiness with sailing...

Wow, another comment about a link the poster never bothered to read. Not just Redit but several other sources made it clear the boating accident was a ruse. To wit.

"The meme is that if a BATFE agent arrived at your door to collect your guns, rather than hand them over you would hide them and tell the agent that you lost them somehow, such as in a boating accident."

[Gadagirl]

Originally Posted by a64pilot

You know guys it’s not the 1%ers that’s buying all these used boats and RV’s.
It almost all middle class folks, many are Retired middle class, but we aren’t talking about Mega Yachts and Gulfstream Jets here.

Yes the income inequality has since the 70’s has become greater and greater, but a middle class working slob can accumulate wealth, just they can’t do it with new cars every three years and a half million dollar house and paying others to mow their grass while they play golf at the Country club, and just because you can barely make min. Payments does not mean you can afford it.

Most anyone can save, there was a Janitor at a school I attended many years ago, he was called “copperhead” because he would pick up pennies off of the floor.
Well the story is that Copperhead saved enough to send his son all the way through College, and Copperhead JR doesn’t sweep floors.

Now of course no one saves to go to school, the goal now is to have a nice car, the latest cell phones, nice clothes and not work while you go to school, just to run up a massive student debt getting that art appreciation degree, and then whine that the Government should have paid for your education, while you wait tables after graduation and default on your loan.

I am so, so tired of people bashing the younger generations. It is not an accurate picture that you paint of them. How many do you know personally? If it bothers you so much, have you helped mentor them? Are you/us responsible in anyway for the situation as it is now?

My own children in the past 20 years? ....
*locked down in school wirh no information during 9/11. Some of the children in our community lost parents that day.
*school shootings. So now on top of terrorist drills they also got to experience active shooter drills.
*If their parents avoided the 2000 bubble burst they probably weren't spared the 2008 bubble.
*continuous school shootings and drills
*we claw our way out of a reccesion and then.......

The following generation has had to overcome more than you were ever confronted with. Yes they do save, if they can. Yes they have morals and values and dreams as well. Yes they scrape to get training and education and jobs and careers. I should know because I'm a proud momma of 3 incredible children that overcame and continue to overcome every fing obsticle thrown in their way! And they are doing quite well. And their friends are doing quite well. But unfortunately there are some families we know that could use a leg up. But we don't judge them as making stupid financial decisions. They, like a lot of people have had a tough turn of events. They are not buying phones and cars. They are trying to make their way. That's my perspective. I'm not privy to who you come in contact with.

[wolfgal]

in regards to this conversation about an uptick of people buying boats (and cars and other stuff), this video sheds light.

Roger Hirst is my favourite market-junky right now, along with Lyn Alden...

in this Big Conversation discussion, he addresses the possible "flations" (inflation, deflation, stagflation, disinflation...), and places the uptick in household spending following the lockdown within the overall economic context.

he also points to who is borrowing, who is spending and sheds light on who these people are: those who can...

https://www.youtube.com/watch?v=KrAzoeFDASg

[GL-WindPower]

Originally Posted by Singularity

He doesn't own a boat.

Yeah but he’s a millionaire and has two homes, he’s also a bigot, surprised his dumb followers haven’t caught on yet, guess I answered my own question why they haven’t caught on yet

[Chief Brody]

Originally Posted by r2sail

No Venezuela is a dictatorship socialism

LOL...you walked into that one, didn't you?

[smj]

Originally Posted by GL-WindPower

Yeah but he’s a millionaire and has two homes, he’s also a bigot, surprised his dumb followers haven’t caught on yet, guess I answered my own question why they haven’t caught on yet

At 78 years old owning 2 houses and being worth maybe 1.5-2 million is not considered rich by any means

[Lake-Effect]

Originally Posted by smj

At 78 years old owning 2 houses and being worth maybe 1.5-2 million is not considered rich by any means

It would be considered being well-off, or financially secure. I'm sure he'd agree with that. He was a Dr after all, so that's hardly unusual wealth.

We're accidental millionaires simply because of the cost of housing in our area. Hooray, I guess.

[DeValency]

Originally Posted by Gadagirl

The following generation has had to overcome more than you were ever confronted with. Yes they do save, if they can. Yes they have morals and values and dreams as well. Yes they scrape to get training and education and jobs and careers. I should know because I'm a proud momma of 3 incredible children that overcame and continue to overcome every fing obsticle thrown in their way! And they are doing quite well. And their friends are doing quite well. But unfortunately there are some families we know that could use a leg up. But we don't judge them as making stupid financial decisions. They, like a lot of people have had a tough turn of events. They are not buying phones and cars. They are trying to make their way. That's my perspective. I'm not privy to who you come in contact with.

+1 on this response! We had a very busy thread here on the declining number of younger sailors (owning a boat) - the overall conclusion was the lack of resources and free time. They just need to work much harder for a lower buying power. The rising cost of living, education, healthcare etc etc over the years, stays way above the average increase in income.

My own three kids are doing well, maybe as years ago my analysis was that the more successful (productive!) areas are going to be life and computer sciences and I was even able to somewhat convince them - yet, they need to work hard for the increased cost of living.

The key is more justice in accessing better education. This also brings more young kids to sailing as part of the programs and around with hope that one day they will become the real buyers of sailboats - not the inflated community of jet skiers and motorboaters bubble that created the original post here.

[gymrat]

So since it is the end of the season...buy a sailboat now and store it for winter? Assuming this is going to be around for a few years, prices will foreseeably spike up again next spring.

Or wait it out and don't put money into a boat now? Ontario there are not too many good options that are clean boats and the clean ones are selling for higher than they sold for at the beginning of the year.

Choices, choices.

[Lake-Effect]

Originally Posted by gymrat

So since it is the end of the season...buy a sailboat now and store it for winter? Assuming this is going to be around for a few years, prices will foreseeably spike up again next spring.

Or wait it out and don't put money into a boat now? Ontario there are not too many good options that are clean boats and the clean ones are selling for higher than they sold for at the beginning of the year.

Choices, choices.

If you have the cash, and a cheap place to store (and also to work on) a boat over the winter, it would make sense to snap up a bargain now. Otherwise I would wait til the spring. Six months is an eternity in this currently chaotic economy.

Anyway, most Great Lakes boats will be out of the water by Nov.

[DeValency]

When you find the right boat for your specs, condition and budget you better do the deal. Winter storage cost is marginal (and at any case repetitive year by year) to the cost of the boat. As any boat may need some refitting, the winter will be the time to do it.