So it looks like I was probably correct on my assumptions. Unless your working with some kind of a professional relationship at the end of the ten year road you will have dug a pretty deep hole. Weather you could afford this or not you will have paid a premium to have a new boat every year.

A bank is not going to let you do a short sale, so you are responsible for the entire remaining balance and they are not about to release the title for anything less.. If you trade, a dealer while showing you some creative numbers, is going to roll the balance owed on your boat into a new note. No one is going to practice debt forgiveness. You bought it you pay for it. I think the guys who do it every year have enough $$$ to make it happen and that's what they choose to spend their money on.

It sounds as if the op is talking about adding his negative equity into each new boat where his last boat would be financed at 170k. If that is the question, then it is not going to happen. Some fancy paperwork might let you get some negative equity added to a new boat but not year after year. A bank just isn't going to do that.

If you want a new boat each year, you'd have to put up a large down payment and finance short term so the equity is paid down before purchasing the next boat our have another large down payment.

It is no current than purchasing a car or anything else. That is why leases have become popular with auto loans. You know how long you are keeping it and how much it will cost for that term.

You'll see some pros or guides do it here. They sell you a boat that they are buying. You pick out colors,etc. They are going to use it for a year and then you'll get it at a pre determine price. Then they do it all over again for the next year.

They might be getting it at a discounted price to offset their cost. I don't think the average fisherman buys like you are suggesting.

I agree with Slade, unless your going serious pro, I cannot see where this would pan out in the long haul. All the avenues end up losing money to a degree, none of the scenarios are going to make money on a 1 year old boat unless you can find someone to pay near the original price, and that is more than likely not going to happen either.

A boat that is a year old and back at a dealership for sale raises a red flag for me right off the bat. Heard quite a few horror stories about quick turn around boats. Fishes 2 tourneys, tears it up, has it fixed and puts it up for sale, no thank you.

Peace and Bent Rods

Dale

I used to get a new one every year, not sure why, if you have the first one paid for it makes it a lot easier, now I trade about every 2-3 years.

Blown_Out Raingear, i.e., bloo_Rainger, if I had your money I would burn mine.

Loans for boats have never made sense to me...that's why I'm chugging around in an '07.

A lot of team boats are done under a ballon note and get the boats at a highly discount and swap boats out year and break even or come out a few $k ahead.

I thought most keep them a few years 3-5 and then buy a new one

In my opinion, if you're not a Pro, a guide, or making a LOT of checks at the tournament level, it makes no sense to pay $75,000 for any boat.

Which explains why most weekend warriors don't buy them.

There are select group of people that can afford to buy new ones as often as they want, and if they have the money to spend, I can't say that I blame them. I buy [censored] all the time that I don't need, I just cant afford a new boat, when I am happy with the one I have.

All that being said, if you are building a mountain of debt, just to have a "newer" boat and you aren't a pro or making a living out of that boat, then in my view that is a huge waste of money and could lead to more financial problems down the road. Think how much better off you would be to keep a boat for 5, 7, 10 years and put that money that was spent in a mutual fund or IRA. Who wants to work until they are 70 to pay off debt?

My take is that if you're doing a lot of guiding or like RT said, doing well competitively, no biggie on the 50K a year.

The other scenario is if it's a small percentage of your income and you like that new boat smell. If I was Mark Cuban, I'd probably do a new boat a year.

I'm sure it was a lot different back when a new 21' boat cost you $30k, the new prices are stupid. Wether you can afford them or not, the price had gotten out of control.

All the time car dealerships will allow people to get upside down in new car loans by paying off their old upside down loan and rolling it into the the new 100% financed loan. Big part of what is wrong with the economy in the USA. Of course the example is set for everybody by the federal government who can legally write hot checks and carry trillions in deficits. I have no crystal ball but when this thing crashes it will be bad. Now, for that lender that allowed someone to get upside down an extra $100,000 in a $75,000 bass boat: can I have their number? I might need a little loan...