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We make sure we have the money, then finance them so we don't have to lose that liquid cash. Most of the time the interest is so low, it almost costs you nothing. House is paid off in five years.....then we will have to be careful to not spend all that 'extra' cash'.
Or do a lot of people managed to get financed/credit for each toy?
Just some random thoughts since I live in an area where toy-haulers are seen passing through regularly.
Financed and go in the hole big time. I don't know how many lawsuits i've seen for corvettes and other 50K+ cars. I don't know how many lawsuits i've seen for quads and dirt bikes. I've only seen one boat lawsuit but meh.
But I do see a lot of "deals" at bike dealers that also sell "toys" that would allow a family to have several of these things for what would seem to be a reasonable loan payment per month. If you consider that the kids are WITH the parents having FUN together---not "Wandering the streets" as they say---and many of these people camp or own a "toy hauler" that functions as a cabin AND the pick up---then you save a LOT of money on these hobbies vs some I could think of. Also some people rent these out when they are not using them.
Would I rather spend $$$ every month knowing where my kids are and what they are doing? What's the price of a kid who wanders off and drinks or drugs?
It's true that ATVing, snowmobiling, etc. are activities that the entire family can enjoy if they each have their
own vehicle. I suppose many people do not think of these as "family" activities, more adult activities, but in fact for many families in rural areas they're their main form of recreation.
(Although I've seen a lot less four-wheelers, dirt bikes, etc. going down my dirt road out here to the trails than before, perhaps because the land is all posted now or the kids have all grown up)
When I was young and single and had a decent paying job I financed my toys. Had a 26' sport boat that I ended up building a 675hp motor for, a street/strip car, snowmobiles , dirtbike and a diesel truck to pull them with. As the economy started to fade, my wages started dropping I kept the lifestyle...eventually using more and more credit. One summer I broke the motor in my boat and charged a new one so I could get back on the water. I eventually ended up very far into CC debt. It took years to get out of it. Now I'm 43 married, not a single credit card and the only payment we have is a house. We still have a boat (although much smaller) , some quads and a Polaris RZR, some snowmobiles and an older truck to pull them with. Everything is payed for just not new. I'll pay cash and buy pre owned from now on.
If I had to pay cash for my rides I would not be able to have much of a life. But I can afford payments so debt is my weakness. I have always had debt and always will, but at least I have some fun and reliability while in debt.
I did pay cash for my mobilehome with land so that helps and put 20 percent down on a rental property and get twice what payment is so that helps too.
When I was a kid....I bought WELL USED 2 stroke dirt bikes with what little money I had then.
I bought a brand new Yamaha Razz.
I bought a New Harley Dyna Street Bob, new Yamaha Zuma and a new Polaris Sportsman 500 ATV.
I bought my bass boat 3 years old like new.
The only thing I ever had payments on was my Harley. It was about $15,500 the way I picked it up after ordering. I put about another $3,000 into it before selling it.
I paid cash for all three of my dirt bikes. $8k for my 2010 KTM 300xc, $75K for the 2011 KTM 530exc and $100 for the 1979 Honda Elsinore 250. Have an awesome job I love, the house is paid off, the farm is paid off and rented out. No credit card debt.
My R6, SV650 and car for that matter are all paid for. I never go into debt for toys and at $60k/yr I consider myself an average middle class person.
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