63 wheelhouses

That how many i counted going south on 47 this morning between hwy 23 & isle.

Amazes me how many of these things are around.

Yup, Middle class america sure is struggling out there.

Dutchboy wrote:

Amazes me how many of these things are around.

It amazes me how obsessed you are with ice fishing without actually doing it.

Eelpoutguy wrote:

Yup, Middle class america sure is struggling out there.

Making Ice Fishing Great Again!

munchy wrote:

<div class=”d4p-bbt-quote-title”>Dutchboy wrote:</div>
Amazes me how many of these things are around.

It amazes me how obsessed you are with ice fishing without actually doing it.

Far from obsessed. Just observant I guess. I’m not much for living with my head in the sand. Took a drive around Mille Lacs this morning and thats what I saw.

Eelpoutguy wrote:

Yup, Middle class america sure is struggling out there.

That’s one way to look at things. I tend to view it differently though. What people are able to loan from banks is in no way a measurement of the middle class’s financial status… especially if they pay monthly on something they use 2 months a year.

I have a buddy who has worked his way pretty far up the chain in a major bank and he has always said that “people wanting what they cannot afford has made me a lot of money”

buckybadger wrote:

<div class=”d4p-bbt-quote-title”>eelpoutguy wrote:</div>
Yup, Middle class america sure is struggling out there.

That’s one way to look at things. I tend to view it differently though. What people are able to loan from banks is in no way a measurement of the middle class’s financial status… especially if they pay monthly on something they use 2 months a year.

I have a buddy who has worked his way pretty far up the chain in a major bank and he has always said that “people wanting what they cannot afford has made me a lot of money”

If they are paying it back then they can afford it, and I hope your Buddy doesn’t brag too much about people “wanting what they can’t afford has made me a lot of money”. If it were me, I would be issuing more thank you’s then rips towards my Customers.

buckybadger wrote:

That’s one way to look at things. I tend to view it differently though. What people are able to loan from banks is in no way a measurement of the middle class’s financial status… especially if they pay monthly on something they use 2 months a year.

The finance industry has done an amazing job at normalizing the practice of financing recreational purchases in the minds of the consumer.

I wonder what percent of ATV, boat, snowmobile, wheel house, etc buyers pay cash rather than finance? I’d have to think that it’s not even a double-digit percentage now?

Terrific for the manufacturers, dealers, and lenders that’s for sure. Has to be a major profit center for them.

Grouse

Well, if we couldn’t finance $30,000 wheelhouses, $50,000 trucks & $60,000 boats what use would we have for a bank? They certainly don’t pay any interest on a savings account.

My money is in a Capital one 360 moneymarket account. took it all out of my local bank because of low interest. heck they even gave me a Grand after I put it all in there and they give me around $100 every month in interest. speak for yourself…..not bad for middle class

TheFamousGrouse wrote:

<div class=”d4p-bbt-quote-title”>buckybadger wrote:</div>
That’s one way to look at things. I tend to view it differently though. What people are able to loan from banks is in no way a measurement of the middle class’s financial status… especially if they pay monthly on something they use 2 months a year.

The finance industry has done an amazing job at normalizing the practice of financing recreational purchases in the minds of the consumer.

I wonder what percent of ATV, boat, snowmobile, wheel house, etc buyers pay cash rather than finance? I’d have to think that it’s not even a double-digit percentage now?

Terrific for the manufacturers, dealers, and lenders that’s for sure. Has to be a major profit center for them.

Grouse

I couldn’t agree more. The idea of borrowing money for a want doesn’t necessarily mean a consumer can OR cannot afford it…which was my premise with the first comment. I’m sure there are wheelhouses that are responsibly financed with large percentages down, good credit, income to debt ratio, etc. I’m sure there are also some financed where payments are made while other expenses are ignored, unpaid, etc.

One cannot argue that a wheelhouse today is easier to get financing for than it was 10-15 years ago (hence my theory as to why there are so many more). Finding easier financing in no means is a measure of what a person can or cannot afford in the “middle class” or how a socioeconomic group is doing. It is a measure of if the bank thinks they can make money off of you.

Finding easier financing in no means is a measure of what a person can or cannot afford in the “middle class” or how a socioeconomic group is doing. It is a measure of if the bank thinks they can make money off of you.

HUH? How do they decide if they can make money off you?
You have a job, you pay your bills. Seems to me alot of people have a job and pay their bills that’s why you see so many wheelhouses amongst other toys.
Bucky, don’t be afraid to say “times are good” and the middle class is doing well. I don’t care what people are saying, want proof? Ride with Dutch when he drives around the Pond and see for yourself.
BTW – Dutch is incorrect it’s $40 K wheelhouses, $75K Pick-ups and $100K boats.

Let the good times roll!!!

Eelpoutguy wrote:

Finding easier financing in no means is a measure of what a person can or cannot afford in the “middle class” or how a socioeconomic group is doing. It is a measure of if the bank thinks they can make money off of you.

HUH? How do they decide if they can make money off you?
You have a job, you pay your bills. Seems to me alot of people have a job and pay their bills that’s why you see so many wheelhouses amongst other toys.
Bucky, don’t be afraid to say “times are good” and the middle class is doing well. I don’t care what people are saying, want proof? Ride with Dutch when he drives around the Pond and see for yourself.
BTW – Dutch is incorrect it’s $40 K wheelhouses, $75K Pick-ups and $100K boats.

Let the good times roll!!!

Banks make plenty of money off people who cannot afford things, don’t have the best employment history, and don’t pay bills. Subprime lending and its rates are a prime example as a rapidly growing industry. I don’t want to generalize this as all scenarios, but it’s far more common than most realize.

Perhaps I’m just old-school in that seeing a recreational item someone owns/their banks owns doesn’t equate to wealth or how society is doing. There are many people with nice things that are living in a financial house of cards. I do think the middle class is doing fairly well over the past ~5 years. I don’t think that because of the number of wheelhouses I see on the road though.

Back to Grouse’s point – Kudos to the lenders, dealers, and manufacturers. These businesses must be making some awfully good money on all these wheelhouses.

Bucky,
Do you think Banks make more money from people that can afford these items or people that cannot afford them?

I see you got close to saying it, but had to throw the “fairly” in there. I don’t know, I’m in my late 50’s and have NEVER seen the economy this good.

buckybadger wrote:

especially if they pay monthly on something they use 2 months a year.

I think I fair number of people use them in the non-ice fishing season as a portable RV. Not sure how many, but ya spending 20 or 30 grand on a deluxe wheel house when the only use is during winter with thick ice is not a lot of use.

2000+
That’s about how many I saw on LOTW the last 3 days… and I was in one
The fishing sucked but we had a great time in my buddies “new to him” wheelhouse. Maiden voyage and he learned a few things, but was a lot of fun.
He has already reserved a week at Zipple bay state park in June with it. For him, it will be a year round “camper” for fishing and hunting.

buckybadger wrote:

Perhaps I’m just old-school in that seeing a recreational item someone owns/their banks owns doesn’t equate to wealth or how society is doing. There are many people with nice things that are living in a financial house of cards. I do think the middle class is doing fairly well over the past ~5 years. I don’t think that because of the number of wheelhouses I see on the road though.

Only when the tide goes out do you discover who’s been swimming naked. Buffet has spoken.

The middle class has been doing well since 2011. The question to me is not who can rise and fall with the cycle. Instead, it’s did we learn any lessons from The Great Recession? We’ll see the next time the tide goes out.

Grouse

I see you got close to saying it, but had to throw the “fairly” in there. I don’t know, I’m in my late 50’s and have NEVER seen the economy this good.

Yep and remember to re elect Trump!

Did you see me, I would have been going through at that time. Had an awesome family weekend! We use ours year round. Lots of memories. Had to finance roughly half of it, whatever it cost in the end will be with it.

Dutchboy wrote:

That how many i counted going south on 47 this morning between hwy 23 & isle.

Is that all!? Should’ve been on the lake..

I can’t believe the amount of people who finance recreational toys. I personally have never and would never finance a toy (or want). It’s not a question of if the economy will take a turn, but when. When this happens, these financed toys will take a huge hit in value on an already depreciating asset. From my understanding, only credit unions will finance wheelhouses, not sure this is still the case? But the financial institutions financing these recreational toys is a HUGE financial windfall for the industry.

Our house sticks to financing needs; home (to live) and vehicle (to get to work). Ice Castle, fishing boat, duck hunting boat – all paid for in cash.

On that note – check out the stock market this morning…

There’s a simple solution to this: get rid of your kids and the money flows like water! You could buy all the boats, ATVs, ice castles, and other recreational toys your heart desires!

Stock market is a great measure of the economy, if you are in the top 1-10% of wealth in the country. For the rest of the country it means nothing.

Unless you are still waiting for all that wealth to trickle down :).

bullcans wrote:

Yep and remember to re elect Trump!

Where’s the puke emoji?

63 is pretty low! I saw at least that many on 169 heading north on Friday, and Prince’s Bait had at least another dozen in their parking lot. As for the rest of the discussion, life is short, enjoy it while you can!

Financing is one thing…
Financing most everything is another…
Going full term on a loan is a mistake.
All too many do not take the time to consider their option on loans or financial institutions. As another above mentioned, stay away from banks, just run. Look to credit unions and such, they will have better interest rates and patron reward programs.

I foresee a recession coming with so many overextending themselves, too many people are out of check and trying to keep up with the Jonses’ who are putting themselves into debt but all parties are too blind to see it.

I was at the boat show on Saturday. You thought a wheel house was expensive? How about a new fiberglass tournament fishing boat? I honestly don’t know how the common person can afford this.

gimruis wrote:

I honestly don’t know how the common person can afford this.

Just make only 240 easy monthly payments of just over $1000…

Grouse

TheFamousGrouse wrote:

<div class=”d4p-bbt-quote-title”>gimruis wrote:</div>
I honestly don’t know how the common person can afford this.

Just make only 240 easy monthly payments of just over $1000…

Grouse

And by the end of that loan your boat is worth exactly that…..just over $1000….

Agreed.

MNdrifter wrote:

Had an awesome family weekend! We use ours year round. Lots of memories.

Nice job, MNdrifter Looks like a good time!

-J.