Lots of guys can afford a new one, they're just smart enough to buy used.

People that buy houses and claim to “make money” selling them are fooling themselves. Houses only are profitable if you use them as rent houses or to flip. You pay interest, taxes (lots and lots of them), and insurance. Those things are gone... Non-recoverable. So....in three years you sell it for more than you paid. But, you could have invested that money into a IRA or some other plan and come out better renting a place to live in. Your landlord would pay all the taxes, interest, insurance, etc. and your money would be making money.



I know it sounds crazy....but buying a house, renting it out for profit and leasing a place to live in is a better income generator.

Rich Dad, Poor Dad. 101.



....as for financing a boat for 240 months? Absolutely the dumbest thing I’ve ever heard of. I’m not suggesting “save and pay cash” blah blah blah. That’s a great idea, but not realistic for everyone. I’d say look at what you can afford to spend on a hobby per month, figure an amount that can be financed for that monthly allotment, while taking into consideration resale value at the end of the financing term. The goal is to make a decision that ends with no negative equity during the last 80% of the terms.

If it means buying a $10k-$20$ boat, so be it. It’s fishing.

For the 2020 Vette comment?

Base price is $59999, but dealers are getting a $10k market charge on top of that, just to place an order...and GM ain’t gonna let you order you a base model. The average retail of a 2020 will likely wind up north of $90k.

Oh yeah? I think you forgot to add up all that those rent checks, interest deductions, and a couple of market crashes in that formula.

youre paying interest on the mortgage for the first 2/3 of the loan. Sounds like 20 years of bad investment on a typical 30yr loan.