The toy buying frenzy has me wondering

[Hermosa]

I've been watching the classified adds here in Utah (www.ksl.com) and could not believe how fast RVs are selling, dealer lots are 1/2 empty, nothing to choose from. I decided to test the waters and detailed up my 2012 Thor A.C.E., fully loaded with the full body paint. I put a pie in the sky price on it as there wasn't any other 30' coaches for sale. My phone blew up, just unreal. I had a guy at the house 30 minutes after I posted the add and he bought it on the spot. It was a super clean rig, perfect in every way, but waaay overpriced. I got 25k over what that thing would have been been worth in the real world. People dropping stupid money on these things. I want to move to a Genesis Supreme toy hauler, but everything is sold, will prolly need to wait until end of season or next year. People are putting deposits on them before they are even build, just stupid. The bigger issue is using them, every place is just packed every weekend, nowhere to go.

 

[Hermosa]

A dealer told me they are focusing on the little shit box trailers right now, they can't keep them in stock, so that's what is being built right now. The larger higher end haulers are on the back burner. Every time i see one on the road, they have the paper tags on them, just purchase. The used market will be flooded in a year or 2 with hardly used rings that people owe more than they are worth. will be interesting.

 

[EmpirE231]

I've been watching the classified adds here in Utah (www.ksl.com) and could not believe how fast RVs are selling, dealer lots are 1/2 empty, nothing to choose from. I decided to test the waters and detailed up my 2012 Thor A.C.E., fully loaded with the full body paint. I put a pie in the sky price on it as there wasn't any other 30' coaches for sale. My phone blew up, just unreal. I had a guy at the house 30 minutes after I posted the add and he bought it on the spot. It was a super clean rig, perfect in every way, but waaay overpriced. I got 25k over what that thing would have been been worth in the real world. People dropping stupid money on these things. I want to move to a Genesis Supreme toy hauler, but everything is sold, will prolly need to wait until end of season or next year. People are putting deposits on them before they are even build, just stupid. The bigger issue is using them, every place is just packed every weekend, nowhere to go.

so you're telling me it's time to list the moho and trailer for sale??

I hat the thought of missing a season in the desert.... because I know it would take a while to find a replacement

 

[Icky]

so you're telling me it's time to list the moho and trailer for sale??

I hat the thought of missing a season in the desert.... because I know it would take a while to find a replacement

I'm going to be selling mine at the start of glamis season and a few other items. I'm ready to move up to something bigger but I can take a season off

 

[bentprops]

A lot of the people I see are still renting. I don't even think buying a house is on their mind at all. I got a theory on they aren't paying rent because they can't get evicted during covid and using that money for new cars and toys.

Thats not true, they have to file for protection and the landlord has to have a federal backed loan. I have close to 400 doors and 99% are paying.

 

[bentprops]

I was too young to be caught up in the last housing crash, but trying to not make those mistakes. Currently refinancing the house, just to save money with these low rates and have no intentions of spending the savings or pulling anything out.

We had no intention of selling our boat either but threw it up after seeing these prices and it sold for 3x more than we paid for it 2 years ago.

If this buying frenzy continues into desert season all the desert toys will be for sale as well.

I’ll admit, it’s been very hard not to spend money right now. Watching everyone buy new toys can make me a little envious, but I know selling now, sitting back and taking a little break from it all will pay off in the end.

Just do the opposite of what everyone else is doing and you'll do great. Everyone is spending its time to save and or liquidate.

 

[YeahYeah01]

so you're telling me it's time to list the moho and trailer for sale??

I hat the thought of missing a season in the desert.... because I know it would take a while to find a replacement

I

Thats not true, they have to file for protection and the landlord has to have a federal backed loan. I have close to 400 doors and 99% are paying.

That's good to hear.

 

[ChumpChange]

Thats not true, they have to file for protection and the landlord has to have a federal backed loan. I have close to 400 doors and 99% are paying.

I’m not sure where you were located that’s not the case in Los Angeles. I don’t have 400 doors personally but I have loans out to many more than that. I’m not saying those tenants are buying toys but they aren’t paying rent either.

 

[78DiMarco]

I agree. My .org is making changes to last well into 2022.

Although I am hopeful for after Election we some some relief.

I think it will be 5 or 6 years before we and or the economy is back to so called normal, if it ever does.... shit is not the same as it was boys.....

 

[Motor Boater]

I wish I knew a few years ago to buy up all the old deck boats because 15 year old Magic’s are selling for pretty close to what they sold for new. One was listed Sunday and I called Monday afternoon and it was gone. A conquest listed today and I emailed the guy within 2 hours of listing and a few hours later he replied that it was gone. Took him less than 7 hours to sell an 80K boat. Something has got to give at some point.

 

[LargeOrangeFont]

I wish I knew a few years ago to buy up all the old deck boats because 15 year old Magic’s are selling for pretty close to what they sold for new. One was listed Sunday and I called Monday afternoon and it was gone. A conquest listed today and I emailed the guy within 2 hours of listing and a few hours later he replied that it was gone. Took him less than 7 hours to sell an 80K boat. Something has got to give at some point.

Why is everyone obsessed with Magic deck boat prices? Used boat deck boat prices are high because new boats have gone up in price, pulling the used market up with it. New boat prices are not going to go down, neither will used boat prices.

If you bought all the Magic deckbotes available 6-8 years ago and had to pay to store them until you could sell them at today’s prices you wouldn’t even break even on them anyway.

What is going to give? If you want a 28’ deck boat, a 15 year old used one for $80k is the barrier of entry. It is half of $160k+ for an equivalent new one... that pricing seems about right.

 

[Hermosa]

so you're telling me it's time to list the moho and trailer for sale??

I hat the thought of missing a season in the desert.... because I know it would take a while to find a replacement

That's the rub, you can prolly sell and do well, but then you are hard pressed to find a replacement.

 

[Motor Boater]

Why is everyone obsessed with Magic deck boat prices? Used boat deck boat prices are high because new boats have gone up in price, pulling the used market up with it. New boat prices are not going to go down, neither will used boat prices.

If you bought all the Magic deckbotes available 6-8 years ago and had to pay to store them until you could sell them at today’s prices you wouldn’t even break even on them anyway.

What is going to give? If you want a 28’ deck boat, a 15 year old used one for $80k is the barrier of entry. It is half of $160k+ for an equivalent new one... that pricing seems about right.

The reason people are talking about Magics pricing is because if you’ve followed the market over the last 3 or 4 months their prices have come up probably 25K. There are guys buying and reselling after a few months and making $10K. That’s not normal. It’s not just Magic’s. My buddy bought a used Conquest for 115K 2 years ago, he just sold it for 140K. That’s not normal.....

I was obviously joking about buying a bunch of Magic’s.

When I say something’s gotta give I’m talking about the economy. People are doing cash out refi’s again and spending crazy money on toys. That’s exactly what was happening prior to 2007. everyone that has the buy high, sell low mentality will eventually get crushed. I know people that have lost their jobs due to Covid and they aren’t even looking because the unemployment is so good. If nobody goes back to work and the government is paying for everyone to live and drive their boats all day how long do you think that will last?

 

[LargeOrangeFont]

I know most of it was in jest, but used toy prices have gone up because there is no new supply, and people want to use the toys right now. Also people have extra money that they aren’t spending, can’t take vacations, and are not busy with their kids sports.

People are still dumb, but their are major differences between this and 2007.
The “Unemployment Rider” from the feds is now gone.

The people getting unemployment aren’t using it to pay for $100k boats.

 

[EmpirE231]

I know most of it was in jest, but used toy prices have gone up because there is no new supply, and people want to use the toys right now. Also people have extra money that they aren’t spending, can’t take vacations, and are not busy with their kids sports.

People are still dumb, but their are major differences between this and 2007.
The “Unemployment Rider” from the feds is now gone.

The people getting unemployment aren’t using it to pay for $100k boats.

I bet a good chunk getting that unemployment bonus signed up for some 20yr loans on some
Jet skis and little boats / trailers though.

the bigger purchases are people misusing PPP / EIDL and refi money

 

[Riverbound]

the guy we bought our trailer from called me a few times asking if we were interested in selling it back to them and they would give us what we paid for it. normally I would have taken that offer, but I know we wouldn’t be able to find a replacement so have turned him down.

 

[havasuhusker]

I am having a new boat built right now. I'm finally in a point in life financially that I can afford what I want. The prices have indeed gone up (new & used). I don't own my company, so not using PPP funds and I can't for the life of me figure out why someone would do a cash out refi and then buy toys! In talking to my builder, they said they have never been busier. The wife is looking to buy a camper trailer and is almost overwhelmed at how many there are for sale (used). Not a lot of new inventory out there right now.

 

[LargeOrangeFont]

I bet a good chunk getting that unemployment bonus signed up for some 20yr loans on some
Jet skis and little boats / trailers though.

the bigger purchases are people misusing PPP / EIDL and refi money

I’m sure some did buy small types, but I doubt that is the norm. You are talking a small payment there anyway.

 

[LargeOrangeFont]

the guy we bought our trailer from called me a few times asking if we were interested in selling it back to them and they would give us what we paid for it. normally I would have taken that offer, but I know we wouldn’t be able to find a replacement so have turned him down.

Pretty much why I haven’t sold anything.

 

[J&k beer can]

Banks loans are 85% loan to value rate on primary.
Rental property is 75% loan to value rate on cash out refi's.
They are checking everything.. even want letter from mom/dad what kind of child u were...
Houses are selling like crazy..
Addition, remodels, upgrades, are busy.


Major banks have cut giving car loans down..
So I don't think it will be like 07/08..
It may drop some..
Like some said folks are not doing vacations spending 5/10k to other countries... no kids sports etc.. it adds up fast if u have kids on how much it cost for sports stuff...

 

[lbhsbz]

The reason people are talking about Magics pricing is because if you’ve followed the market over the last 3 or 4 months their prices have come up probably 25K. There are guys buying and reselling after a few months and making $10K. That’s not normal. It’s not just Magic’s. My buddy bought a used Conquest for 115K 2 years ago, he just sold it for 140K. That’s not normal.....

I was obviously joking about buying a bunch of Magic’s.

When I say something’s gotta give I’m talking about the economy. People are doing cash out refi’s again and spending crazy money on toys. That’s exactly what was happening prior to 2007. everyone that has the buy high, sell low mentality will eventually get crushed. I know people that have lost their jobs due to Covid and they aren’t even looking because the unemployment is so good. If nobody goes back to work and the government is paying for everyone to live and drive their boats all day how long do you think that will last?

Unemployment is not very good as of last weekend...the extra $600/week is gone.

 

[lbhsbz]

Banks loans are 85% loan to value rate on primary.
Rental property is 75% loan to value rate on cash out refi's.
They are checking everything.. even want letter from mom/dad what kind of child u were...
Houses are selling like crazy..
Addition, remodels, upgrades, are busy.


Major banks have cut giving car loans down..
So I don't think it will be like 07/08..
It may drop some..
Like some said folks are not doing vacations spending 5/10k to other countries... no kids sports etc.. it adds up fast if u have kids on how much it cost for sports stuff...

The buyers of my house came in with 5% down. Out of the 10 offers that I looked at, only 1 had more than 10% down. Several had 0, some were less than 5%.
With the uncertainty right now...and interest rates in the 2.75% range (that what the buyers got...and I just got a call from my loan guy with an offer to refi at that rate)...I can’t see this as a good idea.

 

[2Driver]

We sold our 2004 210 Chaparral in 2013 for 21k. A 2007 popped up in Phoenix Craigslist 28k and it was gone in 3 days.
Some of the old stuff from the late 90’s that is getting purged for top dollar is incredible

 

[LargeOrangeFont]

The buyers of my house came in with 5% down. Out of the 10 offers that I looked at, only 1 had more than 10% down. Several had 0, some were less than 5%.
With the uncertainty right now...and interest rates in the 2.75% range (that what the buyers got...and I just got a call from my loan guy with an offer to refi at that rate)...I can’t see this as a good idea.

Not a good idea, but unless they are gonna go live with family for free... where are they going to live for any cheaper? That is another difference between now and 08.
Their loan costs are locked in and not variable.

 

[lbhsbz]

Not a good idea, but unless they are gonna go live with family for free... where are they going to live for any cheaper? That is another difference between now and 08.
Their loan costs are locked in and not variable.

I meant not a good idea for the banks. It’s a great idea for buyers.

 

[WhatExit?]

That's the rub, you can prolly sell and do well, but then you are hard pressed to find a replacement.

Same thing with: houses, RVs, trailers, pickups, etc. It's where we're at in this most challenging year

 

[77charger]

The buyers of my house came in with 5% down. Out of the 10 offers that I looked at, only 1 had more than 10% down. Several had 0, some were less than 5%.
With the uncertainty right now...and interest rates in the 2.75% range (that what the buyers got...and I just got a call from my loan guy with an offer to refi at that rate)...I can’t see this as a good idea.

buyers that bought our old home in march put 10k down on 585k purchase price. IMO i was thinking how the hell the bank lets that happen we put 10k down when we paid 190k and that was tight then.

 

[PlanB]

Have a friend that just did (another) cash out refi. Paid off his Harley's, RZR and toy hauler. He is still blowing money taking trips all over the place. I would never pull cash out of my house to pay off depreciating assets, but I have a feeling it's fairly widespread right now. Where else is all this new money coming from to buy new boats and other toys?

 

[EmpirE231]

Have a friend that just did (another) cash out refi. Paid off his Harley's, RZR and toy hauler. He is still blowing money taking trips all over the place. I would never pull cash out of my house to pay off depreciating assets, but I have a feeling it's fairly widespread right now. Where else is all this new money coming from to buy new boats and other toys?

Don't you worry! It is all sounds money, and nothing like 2006 all over again

 

[RCDave]

buyers that bought our old home in march put 10k down on 585k purchase price. IMO i was thinking how the hell the bank lets that happen we put 10k down when we paid 190k and that was tight then.

LOL. And the mortgage brokers say the crazy mortgage deals arent happening....

 

[EmpirE231]

Well I am testing this toy market right now! Just listed my buddies hardly used RZR XP41K turbo in the classifieds..... we will see how long it takes to sell

 

[Cdog]

Have you guys seen these dip shits listing 2 year old Honda 50's for $1800 on FB and the dog pile in the comments section. Comedy gold.

 

[bentprops]

I’m not sure where you were located that’s not the case in Los Angeles. I don’t have 400 doors personally but I have loans out to many more than that. I’m not saying those tenants are buying toys but they aren’t paying rent either.

I won't own anything in cali. Only in landlord friendly states.

 

[Cole Trickle]

Have a friend that just did (another) cash out refi. Paid off his Harley's, RZR and toy hauler. He is still blowing money taking trips all over the place. I would never pull cash out of my house to pay off depreciating assets, but I have a feeling it's fairly widespread right now. Where else is all this new money coming from to buy new boats and other toys?

Seems the norm....

Lots of additions and 100K pools going in right now. Who cares id you refi the house you have lived in for 19 years on another 30. You got what you wanted and the payment stayed the same...lol

I'm sure things will work out come retirement when you still have 20 years left on the note

 

[ChumpChange]

I'm sure things will work out come retirement when you still have 20 years left on the note

As long as my payment is less than my social security income. lololol

 

[ChumpChange]

I won't own anything in cali. Only in landlord friendly states.

Well good thing your post had that information in there when you said @outboard_256 post was not true. I almost thought you were the resident expert with your comment. His post actually is true for some areas, just not yours...99% of the time.

 

[2Driver]

Have a friend that just did (another) cash out refi. Paid off his Harley's, RZR and toy hauler. He is still blowing money taking trips all over the place. I would never pull cash out of my house to pay off depreciating assets, but I have a feeling it's fairly widespread right now. Where else is all this new money coming from to buy new boats and other toys?

Amazing, at the rate history is repeating itself we should be seeing Triceratops running around any day now.

 

[77charger]

Seems the norm....

Lots of additions and 100K pools going in right now. Who cares id you refi the house you have lived in for 19 years on another 30. You got what you wanted and the payment stayed the same...lol

I'm sure things will work out come retirement when you still have 20 years left on the note

You know the reply will be you only live once LOL i have no knowledge in banking and loans but from what i am seeing is 2008 all over again . I sure as heck wouldnt want the same payment at 70 as i did at 40.

 

[outboard_256]

Well good thing your post had that information in there when you said @outboard_256 post was not true. I almost thought you were the resident expert with your comment. His post actually is true for some areas, just not yours...99% of the time.

I personally know of 3 people that have tenants in CA that aren't paying rent and they are trying to evict them but haven't been successful. They aren't happy and the tenants are gone all day meaning they are either working or playing. I am have been lucky as my rental tenants are paying and if they didn't then it would really hurt us. Another reason I am not buying crazy toys now, if I loose my rental income it will have to come out of savings. I did refi and knocked 5 years off the loan and lowered payments by a few hundred. Didn't even think about taking cash out, and I could have easily as I have 400k in equity in the house now.

 

[satellitemike]

I am having a new boat built right now. I'm finally in a point in life financially that I can afford what I want. The prices have indeed gone up (new & used). I don't own my company, so not using PPP funds and I can't for the life of me figure out why someone would do a cash out refi and then buy toys! In talking to my builder, they said they have never been busier. The wife is looking to buy a camper trailer and is almost overwhelmed at how many there are for sale (used). Not a lot of new inventory out there right now.

Wow, I havent seen many used ones on the market yet, where is she looking?

 

[havasuhusker]

Wow, I havent seen many used ones on the market yet, where is she looking?

Funny you should ask. She uses FB Marketplace. I decided to take a look at it today, because I have not been involved in the RV search. Well, her view of what is a lot and my, or probably anyone elses, differs immensely. I didn't see much either, or at least what I would consider overwhelming. Bless her heart though, at least she's trying. She's the one buying the RV since I'm the one buying the boat.

 

[c_land]

Have you guys seen these dip shits listing 2 year old Honda 50's for $1800 on FB and the dog pile in the comments section. Comedy gold.

Check out this sweet deal for $9,000.00

 

[satellitemike]

Funny you should ask. She uses FB Marketplace. I decided to take a look at it today, because I have not been involved in the RV search. Well, her view of what is a lot and my, or probably anyone elses, differs immensely. I didn't see much either, or at least what I would consider overwhelming. Bless her heart though, at least she's trying. She's the one buying the RV since I'm the one buying the boat.

Yeah we sold our RV about 4 months ago and tried to replace w one we had our eyes on and they became very scarce and the price jumped significantly!!! We are going to wait till next year when the used market becomes flooded.

 

[WhatExit?]

Speaking of toy buying frenzy...

Another dummy allegedly buys Lamborghini with illegal COVID-19 stimulus money

This time, it's a Texas man, and instead of an Huracan, he chose an Urus. Oh, and a Ford F-350 pickup.

www.cnet.com

 

[Havasu blue label]

It’s coming it will fall hard watch out bankers save your money it’s fake money

 

[LowRiver2]

The boat buying stories are epic:

Guys blowing motors on their deck boat and buying another similar boat because no one can fix their motor (stock 496), until October because they are swamped

One guy bought a used deck boat flip sight unseen, and said he’d have the work done to it (New carpet, gel touch ups) after he was done using it and paid full price. Flip seller scored $15k in four days from flip buy to sell.

A lot of people value time over money and are not worried about what they are getting as long as it gets them out there on the water.

 

[PlanB]

Sounds like the years leading up to 08. In 05 I sold our Top Gun in 8 hours to a guy 3000 miles away, sight unseen. Wired me 50K into my account that day as a deposit. Crazy times, again!

 

[LowRiver2]

I wish I knew a few years ago to buy up all the old deck boats because 15 year old Magic’s are selling for pretty close to what they sold for new. One was listed Sunday and I called Monday afternoon and it was gone. A conquest listed today and I emailed the guy within 2 hours of listing and a few hours later he replied that it was gone. Took him less than 7 hours to sell an 80K boat. Something has got to give at some point.

And half of those $80k deck boats are getting flipped at $90-100k in Havi.
Won’t last long but the demand on deck boats is stupid high right now.

 

[Xring01]

Once the summer is over, the boat prices should come back down closer to reality...

I sold my offshore fishing boat... I had 4 serious buyers, and more hitting me up on private messages, trying to get on the list if the others fall thru, telling me they will pay full asking price.

The guy who bought it, literally went for a 5 minute boat ride, no inspection what so ever, didnt ask for the maintenance records. Then he bought 5 trolling Rod/reels sets up of mine for $2000, Bait Tank and Marling Lures for $400, etc etc etc... He may be coming back for more stuff I have...

 

[Your ad here]

I dont think this can all be blamed on PPP. One of the things to remember is that the dow was at damn near 30k and a ton of people pulled money out of the market when the slide started. These are people who put money in when the dow was at 12k or lower. A ton of money has been made the last 10 years...

That and no one is traveling or going out to eat going to bars etc.... I know my savings has gottten a nice little bump due to covid

I bet a good amount of people timed the market and made out well. So well they are willing to overpay for items because the money came easy. I just rode out the market and am now ahead today then when it was approaching 30k points.