Covid pricing on toys

[Blacksheep10]

I look for the used powersports market to TANK in 6 months to a year. It will be similar to the housing market fiasco of 2008. Everybody got money they weren't used to having and went and blew it. Now there are a ton of jobs that won't come back. We shall see. I know i'd love to end up with a Turbo S in a year or so...lol

A correction will happen. Other people’s money runs out. Rents/mortgages still eventually are due. When that shoe drops, we will have a large overall problem, but toys should be cheaper. Just sold 4 seater, toyhauler, selling kids race machine and RS1, trying to sell 40’ pusher. Getting out of toys, saving cash and maybe silver (late on that, unless we see 50$ again) and waiting for these good deals to drop out again.

 

[Sandy Johnson]

People are idiots and under the impression that their missed payments on the mortgage are simply going to be tacked on to the end of the loan, which it’s not. A balloon payment of all missed payments will be due.

Ah, I don't think that's true. When everything hit and I didn't know which way the economy was going to go, I hit up my bank (Wellsfargo) to stop paying my mortgage for three months. I figured I'd put that three months into savings for a rainy day. After three months, I tried to contact the bank to see how this was all going to get trued up. It took them a while to get back to me, probably because I was one of the first to jump on the opportunity, but they finally gave me a few options. I don't remember all of them because I didn't care that much. One was tack the missing three months onto the end of my loan. I signed some paperwork saying that I understood and agreed to pay the extra three months at the end of my mortgage and that was it. We have an extra three months of payments chilling in our savings just in case. Win win.

 

[TiTRD]

My buddy owns a motorcycle shop locally. He says he's been slammed with business since covid started. Everyone's out riding. Same thing when I talk to people at local bicycle shops. Demand for new bikes is through the roof and people are constantly in trying to buy one or get their old bike serviced.

On the trails I mountain bike on, there has been tons of extra people about 5 miles in. Go deeper in and they all disappear because bikes are hard

I bought my Commencal right before the bullshit hit. Got it in a week at normal price luckily.

 

[Rockbuggy84]

Ah, I don't think that's true. When everything hit and I didn't know which way the economy was going to go, I hit up my bank (Wellsfargo) to stop paying my mortgage for three months. I figured I'd put that three months into savings for a rainy day. After three months, I tried to contact the bank to see how this was all going to get trued up. It took them a while to get back to me, probably because I was one of the first to jump on the opportunity, but they finally gave me a few options. I don't remember all of them because I didn't care that much. One was tack the missing three months onto the end of my loan. I signed some paperwork saying that I understood and agreed to pay the extra three months at the end of my mortgage and that was it. We have an extra three months of payments chilling in our savings just in case. Win win.

This is exactly why I don’t take anything you say seriously.

You’re one of the most misinformed idiots ever and use your personal scenario as what’s happening across the board.

You obviously don’t realize that countless people not paying their mortgage don’t qualify for the payment deferral, but go ahead and keep preaching on subjects you know nothing about.

Please stop quoting me.

 

[Norm]

People haven’t been paying mortgages and rent since they stopped foreclosure and the eviction process. They’ve been blowing their money on toys and vehicles. This has severely inflated the cost of everything.

People are idiots and under the impression that their missed payments on the mortgage are simply going to be tacked on to the end of the loan, which it’s not. A balloon payment of all missed payments will be due.

The renters are simply gonna get evicted and move somewhere else while countless landlords will lose their rentals because they haven’t seen rent for a year.

All these toys and trucks will be available for pennies on the dollar, same goes for homes.

Shits gonna get bad, real bad. I’m excited, I need a couple more cheap rental homes.

I have been waiting, I think July or August will be the first wave. I need some rentals.

 

[Sandy Johnson]

This is exactly why I don’t take anything you say seriously.

You’re one of the most misinformed idiots ever and use your personal scenario as what’s happening across the board.

You obviously don’t realize that countless people not paying their mortgage don’t qualify for the payment deferral, but go ahead and keep preaching on subjects you know nothing about.

I'm not the one over there making blanket statements about "people". Sorry I challenged you view of the world with a personal example that contradicted it. What an idiot I am. :rolleyes:

 

[woods]

People haven’t been paying mortgages and rent since they stopped foreclosure and the eviction process. They’ve been blowing their money on toys and vehicles. This has severely inflated the cost of everything.

People are idiots and under the impression that their missed payments on the mortgage are simply going to be tacked on to the end of the loan, which it’s not. A balloon payment of all missed payments will be due.

The renters are simply gonna get evicted and move somewhere else while countless landlords will lose their rentals because they haven’t seen rent for a year.

All these toys and trucks will be available for pennies on the dollar, same goes for homes.

Shits gonna get bad, real bad. I’m excited, I need a couple more cheap rental homes.

Man, this had me SO nervous. Tenants have all paid. I even considered dropping the rent some as an incentive to keep them there and happy. Haven't needed to though.

 

[Rockbuggy84]

I have been waiting, I think July or August will be the first wave. I need some rentals.

The 2 banks I deal with both said that when the covid relief bullshit expires, the foreclosures will begin because the protections are gone.

Then on average, it’s 4-6 months before it starts really hitting the market because the people try everything to save their homes. This is where I think we’ll see (just like last time) the toy and vehicle market flooded for pennies on the dollar.

They’ll try and round up every penny to save their home and most won’t come up with enough, still lose their homes and have nothing to show at the end.

 

[Norm]

The 2 banks I deal with both said that when the covid relief bullshit expires, the foreclosures will begin because the protections are gone.

Then on average, it’s 4-6 months before it starts really hitting the market because the people try everything to save their homes. This is where I think we’ll see (just like last time) the toy and vehicle market flooded for pennies on the dollar.

They’ll try and round up every penny to save their home and most won’t come up with enough, still lose their homes and have nothing to show at the end.

The ATV credit agencies are going to get fooked, Biden may do something about home foreclosures by EO. But that shit has to get washed out at some point.

 

[JR4X]

The 2 banks I deal with both said that when the covid relief bullshit expires, the foreclosures will begin because the protections are gone.

Then on average, it’s 4-6 months before it starts really hitting the market because the people try everything to save their homes. This is where I think we’ll see (just like last time) the toy and vehicle market flooded for pennies on the dollar.

They’ll try and round up every penny to save their home and most won’t come up with enough, still lose their homes and have nothing to show at the end.

You don’t think the Dems are going to do bank and delinquent payer bailouts?

I knew people last time that were allowed to walk away from their homes but kept everything else. They weren’t even broke, they just owed more for the home than it was valued at so the took the Obama bailout. They all owned homes again in just a few years.

 

[toyotajeep]

There will certainly be bigger problems than overpriced bikes when this is over. Tomorrow is right around the corner and I feel for people who are deferring payments on everything. Fine for right now but at sometime things will become due.

This summer we had a lot of homeless people wandering in the woods around here. Homeless because they literally had lost their homes. Apparently there was an app or something where others mentioned water etc. I don't live near a city and people were just out driving around and camping for weeks at a time. Not normal for this area.

The worst was an emotional young couple, running to the high desert to escape the fires near Portland. They were overheating beside the road, about a 1/2 mile from our forest burning to the ground. Desperate, not thinking clearly, yelling at each other. It was a Grapes of Wrath moment. Sad.

 

[Rockbuggy84]

The ATV credit agencies are going to get fooked, Biden may do something about home foreclosures by EO. But that shit has to get washed out at some point.

Just like last time, They’ll do a mortgage bailout without a doubt. Meanwhile countless won’t qualify for modification or forgiveness.

On top of that, like you pointed out, the atv type credit agency’s are gonna get royally fucked. There are going to be so many repo’d boats, quads, trucks, etc, it’s gonna be crazy.

 

[Rockbuggy84]

You don’t think the Dems are going to do bank and delinquent payer bailouts?

I knew people last time that were allowed to walk away from their homes but kept everything else. They weren’t even broke, they just owed more for the home than it was valued at so the took the Obama bailout. They all owned homes again in just a few years.

I agree completely, I saw the same exact thing, over and over. But just like the other bailouts and modified mortgages they did, it didn’t prevent the inevitable.

This go around is much worse. Not only is the residential market severely impacted, but now you have a ridiculous amount of commercial buildings sitting empty with tenants that will never be returning.

The banks know what is coming and they’re all planning for it.
When the crutch is gone (covid relief bs), shits gonna start going bad.

 

[RunningProblem]

No one is going to get a great deal on a newly used toy. those with them will still want top dollar. Those without them will refuse to pay "damn near new prices" for something they CAN'T buy new because of limited stock/supplies. Just like people say motorcycles are cheaper to buy in winter months because no one wants to store them. No one also wants to lose $2,000 on their 1 year old bike.

 

[2big bronco]

People haven’t been paying mortgages and rent since they stopped foreclosure and the eviction process. They’ve been blowing their money on toys and vehicles. This has severely inflated the cost of everything.

People are idiots and under the impression that their missed payments on the mortgage are simply going to be tacked on to the end of the loan, which it’s not. A balloon payment of all missed payments will be due.

The renters are simply gonna get evicted and move somewhere else while countless landlords will lose their rentals because they haven’t seen rent for a year.

All these toys and trucks will be available for pennies on the dollar, same goes for homes.

Shits gonna get bad, real bad. I’m excited, I need a couple more cheap rental homes.

As far as I know the major banks are/were allowing people to sign some paperwork and tack thier missed payments to the end of their loan. Wells Fargo will just extend your loan term x months and BOA was writing it up as a "balloon payment" if you will. When this all started chase was allowing you to skip up to 3 payments but they were due at the beginning of the 4th month... I'm not sure if the stuck with that or it changed.

 

[JR4X]

shits gonna start going bad.

Seriously hoping it does. Let the failures fail and truly have to rebound from rock bottom.

Still not sure if I’m doing the right thing. Live modest, don’t take on debt I can’t pay back. I’ll be pretty pissed if I could have had a platinum pickup pulling a toy hauler full of SXS’s this whole time because the piper wasn’t allowed to come collect.

 

[toyotajeep]

No one is going to get a great deal on a newly used toy. those with them will still want top dollar. Those without them will refuse to pay "damn near new prices" for something they CAN'T buy new because of limited stock/supplies. Just like people say motorcycles are cheaper to buy in winter months because no one wants to store them. No one also wants to lose $2,000 on their 1 year old bike.

I agree. I wouldn't want to lose my shirt on a new bike. I would say for my local bikes, just come home from work and rip around for a bit, I haven't spent over 1k on any of them but one. The last one I bought was 2 years ago for $700. These are usually bikes like XR 600's, Older Husabergs etc. Not top of the line stuff. Same bikes are 3x's the price now. It is cool, just should have kept at least one of them LOL.

 

[Rockbuggy84]

As far as I know the major banks are/were allowing people to sign some paperwork and tack thier missed payments to the end of their loan. Wells Fargo will just extend your loan term x months and BOA was writing it up as a "balloon payment" if you will. When this all started chase was allowing you to skip up to 3 payments but they were due at the beginning of the 4th month... I'm not sure if the stuck with that or it changed.

You’re correct. The problem is, countless people simply stopped paying without ever even speaking to or contacting the bank.

They heard on tv or from a friend that their payments were gonna be tacked on to the end and that they can’t be foreclosed on, so they simply stopped paying. More misinformed idiots that didn’t do some research before they made a decision.

Add to that, all the tenants that haven’t been paying rent to landlords that don’t have the money to cover the mortgage.

 

[Norm]

You’re correct. The problem is, countless people simply stopped paying without ever even speaking to or contacting the bank.

They heard on tv or from a friend that their payments were gonna be tacked on to the end and that they can’t be foreclosed on, so they simply stopped paying. More misinformed idiots that didn’t do some research before they made a decision.

Add to that, all the tenants that haven’t been paying rent to landlords that don’t have the money to cover the mortgage.

Most states have extra covid rent grants available. But people have to sign up for it. More than a few are just using it as an excuse to not pay rent. .gov fugging landords hard with that bullshit.

 

[crispins]

Wonder if this has had any effect on crispins business.

Ir has and for the reasons listed above.

I am trying to buy as many units as I can for next year.

I was looking at buying 6 Passenger Yamaha Vikings.

I found a dealer not too far away that had just got 2 of them in.

I spent 2 days trying to figure if I wanted to finance them or how I wanted to handle it.

When I finally decided 2 days later I called them and they were both sold already.

I found 1 located 6 hours away, I put a deposit on it and drove to get it next day.

I have 3 RZR 1,000's on order from a local dealer but they have no delivery date to give me, they are not even sure if I they will come in before season starts.

As for deals, no deals. I couldn't even get a windshield thrown in after paying List plus fees on the Viking.

 

[ThePanzerFuhrer]

I think this weekend I’m gonna put my 1000xp up forsale. I don’t use it enough to justify having it. If people are paying stupid money might as well sell and save the money for when she takes a dive and buy another.

 

[[486]]

Still not sure if I’m doing the right thing. Live modest, don’t take on debt I can’t pay back. I’ll be pretty pissed if I could have had a platinum pickup pulling a toy hauler full of SXS’s this whole time because the piper wasn’t allowed to come collect.

no fuckin shit
might just start burning things

 

[evernoob]

No. The issue is that everything is closed, IE things you travel to do on vacation. So people are now branching out into the outdoors to get out of the city/suburbia. Also now they dont have to pay for that yearly trip to Caribbean or Europe or season tickets or whatever, so they have a bunch of extra cash laying around.

Ever since this covid BS, dirtbikes, ATVs and SxS's have become unobtainable. Guy i know running sales at the local Honda powersports dealer cant keep stuff on the floor. Everything is selling, all models all brands, doesnt matter. But its not just them, its literally everything related to going outdoors. Trailers, RVs, fishing stuff, camping equipment, boats, jetskis, hunting equipment.

Shit, my neighbor started AirBnB'ing his house on the weekend. Its a shitty little 3 BR 2 BH house, on the side of a mountain, no view, horrible access........... but its in the woods and within 20 minutes of Shenandoah National Park. $380 a night and its booked every single weekend and the entire week of both thanksgiving and christmas.

People just want to get out.

Sweet. About 70% of all personal power toys get used a little then sit collecting dust. This means that in 4 years there should be a glut of low-priced toys on the market.

 

[Rugby]

As far as I know the major banks are/were allowing people to sign some paperwork and tack thier missed payments to the end of their loan. Wells Fargo will just extend your loan term x months and BOA was writing it up as a "balloon payment" if you will. When this all started chase was allowing you to skip up to 3 payments but they were due at the beginning of the 4th month... I'm not sure if the stuck with that or it changed.

I looked right after all this started and my mortgage company would defer 3 payments but on that 4th month they wanted all 4 payments. Was no tacking it on the end of the loan.

 

[RunningProblem]

2017 rzr 1000 S is $12,000. Comes with a half windshield and a sun visor/roof. I wouldn't call that a ripoff. I'd call that a deal.

I'd also call this a deal.
Polaris RZR XP4 1000 - atvs, utvs, snowmobiles - by owner - vehicle... (craigslist.org)

Razor 1000 Turbo - atvs, utvs, snowmobiles - by owner - vehicle... (craigslist.org)
This is what I'd expect someone with this toy to ask.

So there are deals out there I just personally think buyers are expecting to bend over the seller.



anythign "rock crawler" related......might as well buy new because everyone seems to want 90% of new and thinks they're doing you a favor saving you sales tax.

 

[TRINDU]

Seriously hoping it does. Let the failures fail and truly have to rebound from rock bottom.

Still not sure if I’m doing the right thing. Live modest, don’t take on debt I can’t pay back. I’ll be pretty pissed if I could have had a platinum pickup pulling a toy hauler full of SXS’s this whole time because the piper wasn’t allowed to come collect.

We're living the same nightmare.

 

[Bill Jones]

We're living the same nightmare.

Me three. I want a new truck, and by all accounts can afford it. But I am scared about making payments even though I have enough money in the bank to cover 90% of it. But, I also don’t like the idea of taking the money out of the bank, even though it’s not making shit for interest.

 

[montrose818]

We're living the same nightmare.

I said fuck it and started buying.

 

[surpip]

I think this weekend I’m gonna put my 1000xp up forsale. I don’t use it enough to justify having it. If people are paying stupid money might as well sell and save the money for when she takes a dive and buy another.

I’ve been contemplating doing the same with my travel trailer. But I think I missed the boom.

 

[Void_of_Light]

My dad bought a new 5th wheel 2 years ago. He paid about $26k for it. It’s sitting at a consignment lot with a $29k for sale sign on it. We’ll see if there are any takers. You just about can’t buy a house, truck, camper, SXS or anything else around here. Prices are ridiculous.