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Merwin: Quick, Buy a Boat
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The Honest Angler
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July 22, 2009
Merwin: Quick, Buy a Boat
By John Merwin
In case you hadn’t noticed, the boating industry has tanked over the past couple of years along with numerous other sectors of our flagging economy. Major players such as Brunswick are reporting sales declines of 30 to 50 percent, manufacturing lay-offs are widespread, and many boat dealers can no longer find credit with which to finance retail inventories. Consumers, who once depended on home-equity loans to finance their new boats, are no longer buying as they once did.
The latest wrinkle to all this is the declared bankruptcy of Genmar Holdings, the parent company of major boat brands such as WellCraft, HydraSports, and Ranger. Some Genmar subsidiaries such as Ranger insist that both brand and business are still fine, but at the same time acknowledge that, yes, demand for $50,000 bass rigs has indeed declined. Interestingly, FLW Outdoors, the pro-bass tour also controlled by Genmar, was not included in the company’s bankruptcy petition. And just a few days ago, a bankruptcy-court judge gave Genmar/Ranger specific permission to keep paying out promotional expenses--including tournament prizes--which apparently means the $1 million first-place prize in FLW’s grand finale this year remains intact.
The whole credit crunch means it’s a good time to buy a boat--used or new--if you have the cash. Great deals abound. My own boat was a paid- in-cash deal quite a while ago, so I’m still smiling on the water. And that reminds me of the late Will Rogers’ prescription for solving the nation’s traffic problems: Only cars that are fully paid for will be allowed on the highways. Sounds good to me....
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Comments (13)
Mr. Merwin,
Please call my wife and pitch this idea to her. She is the comptroller in our family and my pleading, which has turned into whining, no longer has credibility.
In spite of the obvious economic sense this makes, my plans just won't float.
Dougles....
I went through the same thing with the Treasury Department at home. She finally said I could have any boat for which I could also afford the fuel (gas). This is no small matter. So I wound up with a used 16-footer with a 50 hp Honda that just sips gas and with which I can fish all day on about 5 gallons. She now loves going out in the boat, and we have a great time!
How was your Cape Cod trip?
Been thinking about doin just that, but do i need another expensive hobby? we'll see, if the right deal presents.
Mr. Merwin,
I haven't got to the Cape yet. I'm going the second week of August, newly equipped with a 10' rod, spinning reel with 20# fireline, some sand eel rigs, my duck swamp waders, and lots of hope. Thanks to your ever excellent advice.
My wife is quite fond of fish. If I catch lots, perhaps she will decide to stimulate the economy by allowing me to at least replace my 70 hp gas guzzler 2 stroke with a 50 hp 4 stroke that runs on air.
Though a complete boat replacement makes more sense to me!
Question is, how much money to the top execs rake in every year? They are willing to cut employees and production but won't take a pay cut themselves.
here's what a few top execs from Citigroup earned as extra "rewards"
Citigroup approved in January total incentive and retention awards of $19.3 million for Citi's Global Banking CEO Michael Klein; $12 million in total awards for Citi's Global Wealth Management CEO Sallie Krawcheck; $8.3 million in total awards for Vice Chairman Lewis Kaden; and $10.25 million in total awards for Vice Chairman Stephen Volk.
Now, how much money they could actually get from those things, i have no idea. but, the fact that the company would give that much money to just a few people seems absurd.
I'm not saying that is what Genmar has done, but it brings to light the fact that the ones who make the company millions of dollars a year aren't really getting that they should rightly deserve.
I have a hole in the water which needs a great deal of money poured into it. If anyone is interested in buying a piece of junk boat that doesn't run, let me know. Then I can use your money as a down payment on one of these great deals.
Why would anyone buy a boat when the government is going to make it too expensive to run it, tow it, or fine you for polluting if you operate it? Is owning a boat going to be enough of an excuse to allow the comming commissar of transportation to grant a man a vehicle that will pull a boat? Hope and change is comming to a lake near you. Some people must sacrifice to save the planet. Look how well Elkhart Indiana is doing if you want to see our outdoor future.
Don't discount used deals either. Just traded my ratty 16 foot aluminum Lowe w/ a 40hp Johnson to my Father-in-law for his 19' Smoker Craft. Only 3 more feet, but w/a wife and 2 kids, it feels like we upgraded to a yacht. Doesn't hurt that he's gonna let us take our time to pay him the remaining $2000. Still, he was only asking $4000 for the boat, and that's w/ a 150hp fuel injected Mercury, nice trailer, and dual fishfinders! Plus, I really don't think my boat was worth 2 grand. The economic slump isn't just putting the crunch on 'boat makers', it's squeezing plenty of 'boat owners' as well.
yep already got my boat. between me , my father and my buddy there is no place we can't go. from duck hunting in the swamps to 100 mile canyon runs we have it covered.
I bought & paid CASH!, for a new Hobie Outback w/ Miarge peddle drive. It is a Totally different kind of fishing. I LOVE it! & It's cheap on gas + it's like a tread mill, only you can fish from it. Something to be said for the SIMPLER things in life.
kbkayakin,
Any way to harness a small dog to drive your kayak?
All kidding aside, I love fishing from a kayak, they are great sneak boats.
A friend-of-a-friends father passed away recently,and had all of the latest bass fishin' equiptment known to man. I didn't know it until it was sold ... seems his father had a $45,000 dollar Triton Bass Boat two years old, and he ended up cuttin' it loose for $9,000.
No one could afford to pay cash and the banks weren't lending money. I know I had my squirrel money set aside ...
Deals are all over the place.... if you are looking to buy a plasma screen, a truck, or a PWC or boat... there is no better time, considering that you are not doing too bad yourself but then that is a whole other thing to worry about. But yes, great time to buy, as long as you have the money to buy.
capture your moment in history with the enduring leagacy of art. chad lavin studio. www.lavinstudio.com
Post a Comment
Mr. Merwin,
Please call my wife and pitch this idea to her. She is the comptroller in our family and my pleading, which has turned into whining, no longer has credibility.
In spite of the obvious economic sense this makes, my plans just won't float.
Mr. Merwin,
I haven't got to the Cape yet. I'm going the second week of August, newly equipped with a 10' rod, spinning reel with 20# fireline, some sand eel rigs, my duck swamp waders, and lots of hope. Thanks to your ever excellent advice.
My wife is quite fond of fish. If I catch lots, perhaps she will decide to stimulate the economy by allowing me to at least replace my 70 hp gas guzzler 2 stroke with a 50 hp 4 stroke that runs on air.
Though a complete boat replacement makes more sense to me!
I bought & paid CASH!, for a new Hobie Outback w/ Miarge peddle drive. It is a Totally different kind of fishing. I LOVE it! & It's cheap on gas + it's like a tread mill, only you can fish from it. Something to be said for the SIMPLER things in life.
Dougles....
I went through the same thing with the Treasury Department at home. She finally said I could have any boat for which I could also afford the fuel (gas). This is no small matter. So I wound up with a used 16-footer with a 50 hp Honda that just sips gas and with which I can fish all day on about 5 gallons. She now loves going out in the boat, and we have a great time!
How was your Cape Cod trip?
Been thinking about doin just that, but do i need another expensive hobby? we'll see, if the right deal presents.
kbkayakin,
Any way to harness a small dog to drive your kayak?
All kidding aside, I love fishing from a kayak, they are great sneak boats.
Question is, how much money to the top execs rake in every year? They are willing to cut employees and production but won't take a pay cut themselves.
here's what a few top execs from Citigroup earned as extra "rewards"
Citigroup approved in January total incentive and retention awards of $19.3 million for Citi's Global Banking CEO Michael Klein; $12 million in total awards for Citi's Global Wealth Management CEO Sallie Krawcheck; $8.3 million in total awards for Vice Chairman Lewis Kaden; and $10.25 million in total awards for Vice Chairman Stephen Volk.
Now, how much money they could actually get from those things, i have no idea. but, the fact that the company would give that much money to just a few people seems absurd.
I'm not saying that is what Genmar has done, but it brings to light the fact that the ones who make the company millions of dollars a year aren't really getting that they should rightly deserve.
I have a hole in the water which needs a great deal of money poured into it. If anyone is interested in buying a piece of junk boat that doesn't run, let me know. Then I can use your money as a down payment on one of these great deals.
Why would anyone buy a boat when the government is going to make it too expensive to run it, tow it, or fine you for polluting if you operate it? Is owning a boat going to be enough of an excuse to allow the comming commissar of transportation to grant a man a vehicle that will pull a boat? Hope and change is comming to a lake near you. Some people must sacrifice to save the planet. Look how well Elkhart Indiana is doing if you want to see our outdoor future.
Don't discount used deals either. Just traded my ratty 16 foot aluminum Lowe w/ a 40hp Johnson to my Father-in-law for his 19' Smoker Craft. Only 3 more feet, but w/a wife and 2 kids, it feels like we upgraded to a yacht. Doesn't hurt that he's gonna let us take our time to pay him the remaining $2000. Still, he was only asking $4000 for the boat, and that's w/ a 150hp fuel injected Mercury, nice trailer, and dual fishfinders! Plus, I really don't think my boat was worth 2 grand. The economic slump isn't just putting the crunch on 'boat makers', it's squeezing plenty of 'boat owners' as well.
yep already got my boat. between me , my father and my buddy there is no place we can't go. from duck hunting in the swamps to 100 mile canyon runs we have it covered.
A friend-of-a-friends father passed away recently,and had all of the latest bass fishin' equiptment known to man. I didn't know it until it was sold ... seems his father had a $45,000 dollar Triton Bass Boat two years old, and he ended up cuttin' it loose for $9,000.
No one could afford to pay cash and the banks weren't lending money. I know I had my squirrel money set aside ...
Deals are all over the place.... if you are looking to buy a plasma screen, a truck, or a PWC or boat... there is no better time, considering that you are not doing too bad yourself but then that is a whole other thing to worry about. But yes, great time to buy, as long as you have the money to buy.
capture your moment in history with the enduring leagacy of art. chad lavin studio. www.lavinstudio.com
Post a Comment