Last week, we had a post up titled, What Does Boating Tell Us About the Economy?
Yesterday, the NYT had an interesting article about a Boat Repo Man: Times Are Tough, Except in the Repo Business
"Boating was traditionally the pastime of the well-off, but the long
housing boom and its gusher of easy credit changed that. People
refinanced their homes and used the cash for down payments on a
cruiser, miniyacht or sailboat. From 2000 to 2006, retail sales for the
recreational boating industry rose by more than 40 percent, to $39.5
billion, while the average loan amount more than tripled to $141,000.
year, as real estate faltered, the gears went into reverse. The number
of boats sold fell 8 percent. Many boats are fuel hogs, and rising
gasoline and diesel prices meant a weekend jaunt could cost hundreds or
even thousands of dollars. Owners found they could not sell a boat for
what they owed and could not refinance either.
The solution for some is simply to stop paying on Jersey Dreamin’ or Just Do It or Bally Hoo. Then one day they come home and it is gone."
Times Are Tough, Except in the Repo Business
Published: May 20, 2008