WEYMOUTH, Mass. — As consumer economics adjust to new realities, one trend may be emerging among boat buyers: eschewing credit in favor of cash.
Michael Myers of Boston Yacht Sales in Weymouth told The Patriot Ledger that even though loan interest rates are at about 5 percent, his customers would rather write a check. Wally Eastman of Monahan’s Marine, also in Weymouth, is noticing the same thing.
“It’s a buyers’ market right now. People have money that maybe they took out of the market and they were able to maintain a certain level of liquidity through the recession. They’re paying cash for their boats – writing checks,” Myers said in the article. “People are buying, and we really feel like we’re on the right track. We’ve worked very hard to keep our expenses down so that we can be as competitive as the market allows, and we’re enjoying some success.”
To read the full article, go to: Post-recession boat buyers paying cash